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Cryptocurrency market set for heavy losses
Traders and speculators are poised for more volatile conditions over the upcoming weekend after they narrowly steered clear of feared heavy losses on Thursday night.
Crypto holders are growing increasingly frustrated at the lull market with widening spreads and evaporating liquidity during the past couple of months on the back of a pickup in risk aversion and fleeing institutional investors.
As of press time, in the Top 10 big caps, Bitcoin (BTC) is changing virtual hands at US $32,950, Ether (ETH) at US $2,127, ripple (XRP) at US $0.62, Binance Coin (BNB) US $301, cardano (ADA) at US $1.32, Dogecoin (DOGE) at US $0.19, ChainLink (Link) at US $18, UniSwap (UNI) at US $20, Polkadot (DOT) at US $15 and Stellar (XML) at US $0.23.
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How does RBA view cryptocurrencies?
With all the toing and froing over the cryptocurrencies recently, we looked at the Reserve Bank of Australia’s website to find out how the central bank views crypto assets and their potential role as digital legal tender in the future.
It appears the central bank is not among the fans of cryptocurrencies which, it sees as more likely to appeal to criminals than everyday Australian consumers.
The explainer article cities Reserve Bank of Australia Governor Philip Lowe’s previous speech at the Australian Payment Summit where he said history showed people prefer to hold centrally-backed currency in periods of uncertainty or stress.