Bitcoin Drops to $18K Levels After Cryptocurrency Federal Reserve Chairman Criticizes
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Answer Bitcoin Drops to $18K Levels After Cryptocurrency Federal Reserve Chairman Criticizes
In his latest exit, the Federal Reserve Chairman blasted the crypto market and digged a huge hole in the cryptocurrency ecosystem.
Speaking at an event organized by the French central bank, Powell stated that there are very important structural transparency issues around DeFi.
The event organized by the French Central Bank is entitled:
“Where is the role of central banks?”
The event discusses the coding of finance and the role of central banks in it.
The event was attended by Jerome Powell, Chairman of the Federal Reserve, and Christine Lagarde, President of the World Bank.Read:The COTI project and the Fantom project partner to build a new payment system
According to Powell, there is a real need to regulate the cryptocurrency market.
The Fed Chairman’s opinion on the crypto market:
Fed Chairman Powell has a stark warning about the DeFi ecosystem.
He believes that the process of financial normalization through higher interest rates has exposed the flaws of DeFi.
He added that cryptocurrencies ballooned during the pandemic when the Federal Reserve engaged in quantitative easing.
While the Federal Reserve has engaged in a restrictive monetary policy, the cryptocurrency market has seen a deep selloff.
Powell also expressed the importance of the CBDC digital currency.
European Central Bank President Christine Lagarde believes that digital central bank currencies will allow central banks to remain a pillar of the crypto era.
The idea of a central bank digital currency is very controversial.
Where describe it Laiah Heilburn, author of Undressing Bitcoin, describes it as an unethical form of money.
She believes that because central bank digital currencies are programmable money, central banks can abuse them.
Central bank digital currencies are also a hot issue within the Federal Reserve.Read:OpenSea’s Discord channel hacked, hackers are promoting NFT scams through it
Neil Kashkari of the Federal Reserve Bank of Minnesota revealed that he does not see real use cases of digital currencies for central banks in the United States.Read:A scammer takes advantage of the Yearn decentralized finance project and steals about $60,000
Kashkari believes that CBDCs can be used as mass surveillance tools.
The crypto market reacts negatively to “Powell” statements:
The crypto market is not happy with Jerome Powell’s comments.
Powell commented that the central bank will always be the main source of confidence behind the money.
Since this idea is completely contrary to Satoshi Nakamoto’s vision, the cryptocurrency ecosystem is not happy with these comments and reacted negatively with Bitcoin dropping below $19,000 and trading at press time at $18,700.
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