BTC Rate: Bitcoin Drops as Crypto Excitement Fades
- According to Elvira Nabiullina, head of Central Bank of the Russian Federation, the excitement towards cryptocurrencies has begun to fade.
- Binance is searching other stablecoins to add on its platform.
BTC RATE – On Friday, there was a decline in Bitcoin and other cryptocurrency prices. This is amid the statement of Central Bank of the Russian Federation Head Elvira Nabiullina that the excitement about cryptocurrencies has started to fade.
As of 1:09 PM ET (03:09 GMT), Bitcoin fell 1.8% to $6,584.9 on the Bitifinex exchange. This followed after its acquisition of support earlier this week from the Fidelity Asset Services which is a Bitcoin and Ethereum trading platform.
According to the Poloniex exchange, Ethereum declined 3.4% to $206.4 while the XRP fell 4.4% to $0.46723.
Nabiullina implied that investors have less enthusiasm in the cryptocurrencies during her talk at the FINOPOLIS innovative financial technology forum. This was after witnessing the failure of blockchain projects and their ICOs.
“We are holding the FINOPOLIS forum for the fourth time. Earlier, this event used to witness a cryptocurrency fever everywhere. But now, it is visibly beginning to disappear. Back in old times, technologies like blockchain caused a great deal of enthusiasm, but, in our opinion, now a more sober attitude towards such technologies has begun,” said Nabiullina.
In addition, Nabiullina expressed her belief that the ICO model is effective in terms of finding an efficient way of lifting the funds despite the incorporation of frauds in the first major waves of ICOs.
As per reports, the crypto exchange was mandated to leave its hometown following the issuance of tighter policies to banks made by the Reserve Bank of India to end business with crypto-firms.
Zebpay has stopped its rupee deposits and withdrawal services and gradually closed its entire exchange in India. On its website, Zebpay said that it will have a new exchange which will offer services to 20 European countries such as Malta.
BTC Rate: Binance Seeks to List New Stablecoins
Considered as the world’s largest cryptocurrency exchange by adjusted volume, Binance is in search to add more stablecoins aside from the three that it supports. Recently, Binance has incorporated the beleaguered tether (USDT).
“We hope to be able to list a few more stablecoins on our platform,” said Wei Zhou, chief financial officer.
However, this does not signify that Binance is increasing on USDT. On Monday, the USDT has lost its parity with the US dollar and needs to have a full recovery. On Thursday, it traded at $0.976.
“As a whole, we believe things will even out. We will continue to support USDT,” Wei said.
According to Wei, the Binance research team is conducting assessments to almost other stablecoins on the market. They are now eyeing to include the Gemini Dollar (GUSD).
“Rather than hold bitcoin, [institutions] actually prefer to hold more stablecoins, because the dollar is still the default currency in some of these countries. That’s just one use case that we’ve seen that’s different in this part of the world, versus other parts of the world,” Wei said pertaining to the recent expansion of Binance in Uganda.
User Review( votes)
Get the latest economy news, trading news, and Forex news on Finance Brokerage. Check out our comprehensive trading education and list of best Forex brokers list here. If you are interested in following the latest news on the topic, please follow Finance Brokerage on Google News.