TechnologyFed officials: Crypto rout not a systemic concern
Reuters
1 minute read
St. Louis Fed President James Bullard speaks about the U.S. economy during an interview in New York February 26, 2015. REUTERS/Lucas Jackson/File Photo
The steep sell-off in cryptocurrencies including Bitcoin does not pose broader risks to the financial system, two Federal Reserve policymakers saidon Wednesday. By itself I don t see that as a systemic concern at this point, St. Louis Federal Reserve president James Bullardsaid. We are all quite aware that crypto can be very volatile.
Speaking to Bloomberg TV, Atlanta Fed President Raphael Bostic made a similar observation.
Bitcoin plunges: A bust or a buy?
By Tommy Wilkes, Sujata Rao and Gertrude Chavez-Dreyfuss
Reuters
NEW YORK/LONDON (Reuters) -Cryptocurrencies that seemed to be defying gravity just weeks ago came back down to earth with a bump on Wednesday after a roller-coaster ride which could undermine their potential as mainstream investments.
The two main digital currencies, bitcoin and ether pared back their losses in early afternoon trading after two of their biggest backers Tesla Inc. chief Elon Musk and Ark Invest s chief executive officer Cathie Wood reiterated their support for bitcoin.
While many analysts thought the explosion in crypto interest this year was not sustainable, the trigger for the shake-out was China s move on Tuesday to ban financial and payment institutions from providing cryptocurrency services. It also warned investors against speculative crypto trading.
Publishing date: May 19, 2021 • 20 hours ago • 3 minute read •
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NEW YORK/LONDON Cryptocurrencies that seemed to be defying gravity just weeks ago came back down to earth with a bump on Wednesday after a roller-coaster ride which could undermine their potential as mainstream investments.
The two main digital currencies, bitcoin and ether, fell as much as 30% and 45% respectively, but significantly pared losses after two of their biggest backers – Tesla Inc chief Elon Musk and Ark Invest’s Chief Executive Cathie Wood – indicated their support for bitcoin.
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