Summary:
- Bank of Canada, Bank of England and Monetary Authority of Singapore come up with an idea of central bank digital currencies as a solution for cross-border transactions
- ECB’s Executive says Bitcoin is “evil spawn of the financial crisis”
- Bitcoin (BITCOIN on xStation5) struggles after huge drops
Recent days have brought quite interesting moves n the cryptocurrency market. BitcoinCash (BITCOINCASH on xStation5) hard fork frightened investors, and the whole market experienced huge declines. Even Bitcoin (BITCOIN on xStation5) did not resist the downward pressure and it dropped around 10% over a single day. Today’s overview seems to be somewhat less pessimistic as major cryptocurrencies (excluding BitcoinCash) appear to have settled down after recent drops. A capitalization of the whole market stands around $185B. Friday brings the newsflow concerning some major central banks’ thoughts and remarks which one day could revolutionize the central banking.
BITCOIN has settled down today. However, long wicks of the Friday’s candlestick may indicate investors’ sentiment looks fragile. Source: xStation5
A two-month period of the Bitcoin price stability came to an end, but… may the price further go down? Next days may bring an answer to this question.
BoE, BoC, and Singapore’s Central Bank eye on CBDCs (central bank digital currencies)
The central banks of Canada, England and Singapore suggested a report that central bank digital currencies (CBDCs) may be useful as a solution for problems related to cross-border payments. The central banks said that CBDCs offer some advantages such as 24-hour availability and anonymity. Let us recall that more and more countries have thought over an implementation of state-run cryptocurrencies recently.
The ETHEREUM price has been situated close to the important support level around $170 today so far. The second largest cryptocurrency, like other major peers, experienced significant declines earlier this week. Source: xStation5
ECB Executive Board Member calls Bitcoin as “evil spawn of financial crisis”
Yesterday, Benoît Cœuré, the European Central Bank executive board member, had a speech at the Economics of Payments IX conference. During his appearance, he expressed some remarks on Bitcoin. Namely, the ECB’s executive called Bitcoin as “the evil spawn of financial crisis”. However, the central bank’s official added that blockchain technology is promising, indicating blockchain may be more useful than the cryptocurrency itself. Nevertheless, Cœuré said that Bitcoin was “an extremely clever idea”.
