Did the era of the Dogecoin, the most famous cryptocurrency, come to its end, or it is just a calm before the storm? Let’s find out!
Digital coins are mixed
On Thursday, digital currencies showed mixed performance, with slight price movements in both directions.
Investors took another shot at cryptocurrencies. An international banking watchdog, the Basel Committee on Banking Supervision drew attention to the threat that digital coins pose to financial institutions as well as financial stability. By the way, the BCBS turns out to be a committee of banking supervisory authorities underpinned by the Bank for International Settlements, with up to 60 of the world’s key financial institutions as members.
As the BCBS told, the ongoing surge of crypto-asset trading platforms along with new financial products related to digital coins has the potential to lift financial stability worries and spur risks faced by banks. He added that digital coins have failed to provide the standard functions of money. What’s more, from his point of view, they aren’t safe to rely on as a store of value or medium of exchange.
However, digital coins didn’t react much to that warning.
Bitcoin headed south by 0.08%% in Asia coming up with $3,873.1. As for Ethereum, it went down by about 0.48% showing $132.15. Litecoin dived by 0.40% hitting $55.91. Besides this, XRP rallied by nearly 1.24% reaching $0.31397.
Crypto enthusiasts also noted Russia’s adoption of fresh digital rights legislation that this country’s legislative body approved in October. The fresh legislation determines how digital rights should be exercised and transferred. Moreover, it formulates rules for digital transactions, in particular, contracts.
Vyacheslav Volodin, State Duma Chairman told that the digital rights law creates the foundation for the development of the Russian digital economy.
In general, Russia is rapidly embracing crypto solutions. It’s believed that a crypto bill is going to be approved by the end of March. Moreover, Russia’s leader has ordered that crypto regulations come into effect by July.
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Main news that will drive the market in the upcoming week include CB Consumer Confidence Index, Canadian GDP, and US Core PCE Price Index
The Federal Reserve (Fed) will announce its Interest Rate Decision and make a statement about the future monetary policy on Wednesday, September 21, GMT+3. After the higher-than-expected inflation numbers published on September 13, there’s almost no doubt the Federal Reserve will come up with another 75-basis-point rate hike. However, surprised by the CPI numbers, several Fed members announced the possibility of a 100-basis-point rate hike on Wednesday.
Every week we expect many interesting events that can shake the market.