Bitcoin news Cryptocurrency downfall
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Bitcoin news
After a wave of strong rises for digital currencies, during which Bitcoin increased by more than 7%
and most major currencies rushed with it during trading on Tuesday, digital currencies fell again after a surprise attack from the Federal Reserve Chairman.
And digital currencies turned down until those moments of trading today, Wednesday, with continued concern about economic stagnation and raising interest rates by major central banks.
Federal Reserve Chairman Jerome Powell has called for better regulation of the cryptocurrency market, warning that the failure of the industry's slump to trigger broader financial turmoil may not be repeated in the future.
Fed Chairman Jerome Powell said: "Global rate hikes have exposed major structural issues in the decentralized finance system."
"But the good news from my point of view is that the interaction between the decentralized finance system and the traditional banking and financial system is not that great at this point," Powell added.
Powell said the situation may not go on forever, as more appropriate regulation is needed.