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World's central banks launch new campaign against cryptocurrencies
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| Contributor | IndyGeorgia |
| Last Edited | IndyGeorgia Jun 24, 2021 11:06am |
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| Category | Analysis |
| Author | Don Pittis |
| News Date | Thursday, June 24, 2021 09:00:00 AM UTC0:0 |
| Description | Recent moves by China to crack down on cryptocurrencies have been devastating to those who jumped on the bitcoin bandwagon this spring after a new buying frenzy had sent the digital units soaring to record highs.
And a report out Wednesday from the Bank for International Settlements (BIS), a Switzerland-based financial institution often described as "the central bankers' central bank," may mean the worries of digital coin holders are not yet over.
Owned by the Bank of Canada, the Federal Reserve and the rest, the internationally respected financial institution hinted it may launch a renewed challenge, declaring that crypto works against the public good.
Long-time crypto holders are still in the money, and those who sold near the top of the market are likely thrilled. But in markets, for every sale, there has to be a buyer and on Tuesday, those who backed BTC — as bitcoin is known to traders — near its $63,000 U.S., peak lost more than half their investments as it fell below $30,000 U.S.
Owners of others, such as Dogecoin, the cryptocurrency that started as a joke, suffered even more in percentage terms. |
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