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Representatives of the US Federal Reserve System (FRS) are keeping a close eye on cryptocurrencies amid increasing market volatility. This was stated by department head Jerome Powell. According
Representatives of the US Federal Reserve System (FRS) are keeping a close eye on cryptocurrencies amid increasing market volatility. This was stated by department head Jerome Powell.
According to him, the Fed is yet to see a significant impact of the situation in the bitcoin market on the macroeconomics.
At the same time, Powell believes the cryptocurrency industry needs a “better regulatory framework”:
“Many products of the digital finance sector are in some ways similar to those that exist in the banking system or capital market, but are not regulated in the same way. We have to figure this out.”
Recall that after the meeting on June 14-15, the Fed raised the key rate by 75 basis points at once – to 1.5-1.75%.
A few days after that, the bitcoin price dropped sharply, but then rebounded a bit. At the time of writing, the initial cryptocurrency is trading around $20,300.
Analysts at Arcane Research assume that the bitcoin price will continue to drop to $10,350.
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Source: Fork Log
I’m Sandra Torres, a passionate journalist and content creator. My specialty lies in covering the latest gadgets, trends and tech news for Div Bracket. With over 5 years of experience as a professional writer, I have built up an impressive portfolio of published works that showcase my expertise in this field.
