Serious ‘Fast Evolving’ Global Crypto ‘Threat’ Warning After Huge Bitcoin And Ethereum Price Swings

Bitcoin

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Ethereum and other “rapidly evolving” cryptocurrencies could soon pose a threat to global financial stability, according to the chair of an international organization whose mission is to strengthen the financial system.

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Bitcoin prices have skyrocketed over the past two years, jumping from about $ 10,000 per bitcoin to about $ 70,000 at the end of last year. Ethereum, the second largest cryptocurrency, has skyrocketed as well. This is driven by the surge in popularity of so-called decentralized finance (DeFi), a blockchain-based alternative financial system.

Later, both Bitcoin and Ethereum prices plummeted, losing about 40%, putting an end to investors’ rapidly rising interest rates and stimuli in the pandemic era.

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More from Forbes“Many Single Points of Failure”-Twitter Founder Jack Dorsey Issues Severe Ethereum Warning in Price FluctuationsTo Billy Bambro

Dutch Central Banker, Dutch Central Banker, Financial Stability Board wrote openly letter This week, we warn the finance ministers of a group of 20 top economies that global financial stability is not a matter of course.

In February, Knot called for “urgent” action to curb the red crypto market, pointing out Russia’s invasion of Ukraine as exacerbating the threat from Bitcoin, Ethereum and other cryptocurrencies. bottom.

“The Russian-Ukraine war has strengthened existing concerns about the growth and potential illegal use of crypto assets,” Knot wrote, adding that “there is no room for self-satisfaction.”

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More from ForbesThe massive 2022 “highest ever” Bitcoin price forecast comes with serious Ethereum, BNB, XRP, Solana, Cardano, Luna and avalanche warnings.To Billy Bambro

This week, U.S. officials are concerned that Russia may “monetize natural resources” to mine cryptocurrencies that consume large amounts of electricity to avoid sanctions, Russia in the latest sanctions round. Targeted a Bitcoin mining company in Russia.

Earlier this month, due to concerns about Bitcoin, Ethereum and cryptocurrencies, the European Parliament drafted a draft regulation on digital assets. It is designed to allow regulatory agencies to monitor potential money laundering and terrorist financing and direct various federal sectors in accordance with the executive orders of the US Biden administration. An institution that cooperates in cryptographic regulations.