Cryptocurrencies are going down... What may signal a recovery?
Crypto assets are intact
On Thursday, crypto assets were generally intact against the backdrop of news that a new major bank report offered further arguments for why monetary authorities should stay away from issuing their own crypto assets.
The Bank of Korea has recently come up with a warning that a central bank-issued crypto asset could potentially power financial instability. Well, the introduction of such a specific financial product would have demand deposits held by local commercial financial institutions replaced, thus provoking a liquidity shortage and ramping up interest rates, as the study pointed out.
The Bank of Korea had already made up its mind not to go ahead with any such initiatives, so the report only supports that decision.
As a matter of fact, on the Investing.com Index, Bitcoin stuck with $3,410.00 range.
Digital coins were generally intact with the overall coin market capitalization accounting for $111 billion. Crypto assets have been thinly-traded for the last few days due to the fact that South Korea, China along with other Asian countries are involved in celebrating the Chinese new year.
As for Ethereum, this crypto asset managed to head north by up to 2% concluding the trading session at $105.13, although keeping to two-month minimums. Besides this, XRP rallied by about 0.3% ending up with an outcome of $0.2926. Litecoin was worth $33,593, tacking on by 2.55%.
In addition to this, conspiracy theories around QuadrigaCX chief executive Gerald Cotten soothed right after in India the state government of Rajasthan as well as the private hospital where Cotten passed away both came up with statements confirming his death. Eventually, the exchange turns out to owe its members up to $190 million in fiat as well as crypto assets. It has filed for creditor protection having told it was unable to access the funds because of Cotten having kept vital passwords in offline or cold storage.
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