The US Treasury suggests a CBDC could rattle banks
According to a study by the United States Treasury, a CBDC or stablecoin might destabilise the banking system.
A massive 72% of the top 100 cryptocurrencies have taken a huge tumble as a result of the current bear market according to data from CoinGoLive.
Cryptocurrencies with a larger market cap seem to be holding out better than the others. Of the top ten cryptocurrencies – in terms of market cap – only one has dipped further than 90% leading into the crypto winter.
The leading cryptocurrency Bitcoin (BTC) is looking at over 70% slashed from its all-time high back in November. Currently, Bitcoin is sitting at a price tag of $21,107.66 USD, nearly 30% has dropped in the last seven days.
Bitcoin price, source: Coingecko
Ethereum (ETH), the leading altcoin, has slipped by its all-time high of $4,878 USD by almost 80%. Currently, Ethereum is trading at $1,099.88 USD – 5.5% down in the last 24 hours and a massive 38.5% drop in the last seven days.
Ethereum price, source: Coingecko
Bitcoin and Ethereum are tracking downwards, but the rest of the market is suffering worse. Ripple (XRP) is looking at a massive nearly 91% drop from its all-time high. Of the top ten cryptocurrencies, the market is looking at an average of 79% drop in price from all-time high trading values. Of the top twenty tokens, the average fall from all-time high trading values is 81.1%.
The only tokens that are tracking stability are the stablecoins like US Dollar Coin (USDC), Tether (USDT) and Binance USD (BUSD). Pegged to a fixed asset, stablecoins are designed to remain free from the volatility that the rest of the market faces.
According to a study by the United States Treasury, a CBDC or stablecoin might destabilise the banking system.
United States Senator Ted Cruz has introduced a new bill that aims to prevent the launch of a central bank digital currency (CBDC) in the...
Privacy cryptocurrencies are designed to offer the greatest anonymity and security possible with untraceable transactions.
Another cryptocurrency firm has announced that it will be reducing its workforce to better focus resources.