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The ECB Warns Financial Stability Risks If Central Banks Fails to Issue Digital Currencies


The European Central Bank (ECB) warns that nations who decide not to issue CBDCs may encounter risks to their monetary autonomy and financial systems. (Read More)

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The European Central Bank (ECB) has published a report highlighting the euro’s international role and talks about the significance of CBDCs for future financial stability, Bloomberg reported Wednesday.

In the report published on Wednesday, June 2, the ECB warned countries to pay attention to the rising risks of their monetary autonomy and financial systems if their central banks decide not to issue a digital version of their fiat currencies.  

The report stated that the issuance of a CBDC would assist in maintaining the autonomy of domestic payment systems and the global use of a currency in a digital world.

The report also said that businesses and consumers in regions that do not have their digital currency could end up relying on a small number of dominant payment-service providers, including foreign tech giants such as PayPal, Square, and others. The ECB further mentioned that it could affect central banks’ ability to fulfil their mandates and act as a lender of last resort.

The ECB is one of many central banks considering the idea of issuing a digital version of their fiat currencies. The ECB has not decided to launch a digital euro until this summer to determine whether it will move forward with practical experimentations on a digital euro. 

Christine Lagarde, the President of ECB, stated that introducing a digital euro could occur within the next four years if officials give the green light. The initiative could help expand the euro’s international reach if it is designed to focus on low transaction costs, safety, and compatibility with other services, the report said.

The report stated that if ECB officials approve the use of a digital euro in cross-border payments, this would also impact the euro’s international role.

CBDCs As the Next Big Disruptive Force

Traditional banks view CBDCs as the next big financial disruptor. Led by nations like China, Bahamas, and Cambodia, the digital version of fiat currency draws closer to the future of an increasingly cashless society.

The US Federal Reserve is taking a cautious approach though it has a CBDC project with MIT.

The fears of losing control over the supply of money and payment systems of cryptocurrencies like Bitcoin or even the planned Facebook-backed stablecoin Diem push Central banks to accelerate to launch CBDCs.

CBDCs would resemble cryptocurrencies in some limited aspects but differ in significant ways.

The CBDCs would function more like dollars and have widespread acceptance, including assisting people without banking access to the financial system. Potential losers from the CBDCs include some financial institutions, both in fintech and traditional banking, that could lose deposits due to people putting their funds into central banks accounts.

Image source: Shutterstock Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://Blockchain.News/news/the-ecb-warns-financial-stability-risks-if-central-banks-fails-issue-digital-currencies

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‘Bitcoin’s six-week run of outflows has been driven’ by these factors

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The Bitcoin market was witnessing strong sell-offs for over a month now. On Monday, the largest digital asset plunged to its monthly lows of $31k, triggered by the ongoing crackdown by China. This has spread panic among investors.

Over the past week, Bitcoin outflows totaled a massive sum of $89 million, while the bitcoin outflows value hit $487 million for the year. This was 1.6% of assets under management as indicated by the data offered by CoinShares.

Source: CoinShares

The above chart indicated that the top cryptos like Bitcoin and Ethereum were both noting a higher selling pressure in the current market.

This was the third consecutive week of outflows for the entire crypto market and it amounted to $79 million leaving the market. Researchers have termed this as ‘the longest bear run in outflows since February 2018’. Currently, for June, the net outflows remained high at $210.5 million with another week left of the month.

According to Matt Weller, global head of market research at Forex.com:

“Bitcoin’s six-week run of outflows has been driven by the combination of environmental concerns and an increasingly antagonistic regulatory environment in China. With these themes still in effect and prices subdued, it may be a while before we start to see another period of sustained fund inflows.”

Following China’s crackdown, authorities in one of the largest Bitcoin mining provinces, Sichuan ordered the closing of the cryptocurrency mining projects. Owing to such negative sentiments in the market, BTC value has remained low at $32k, at the press time.

Data from Alternative.me also suggested ‘Extreme Fear’ in the market and its value has fallen to 10, suggesting more fear than greed.

Source: Alternative.me

Bitcoin has now lost almost 50% of its value since the peak observed in April.

Ethereum, the second-largest cryptocurrency was also seeing minor outflows of $1.9 million last week. In the previous week, it reported a total outflow of $14.6 million, which was restricted compared to Bitcoin’s outflows. Ether outflows represented only 0.14% of assets under management, suggesting the negative sentiment had remained focused on Bitcoin.


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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://ambcrypto.com/bitcoins-six-week-run-of-outflows-has-been-driven-by-these-factors

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Terra Virtua’s Mechagodzilla NFT sold for $33,700 by Blockmuse

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Terra Virtua’s Mechagodzilla NFT sold for $33,700 by Blockmuse

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Blockmuse wins the bidding war for Terra Virtua’s Mechagodzilla non-fungible token (NFT). As per the announcement, Blockmuse, a big Terra Virtual (TVK)  fan who has been collecting all Mechagpzilla and Godzilla NFTs, has acquired the NFT for $33,700.

While commenting on the win, Blockmuse stated:

“What’s up, everyone? So delighted to have completed the Mechagpzilla set! Big thanks to Legendary and TVK for what they are doing in this tough market right now. I am working hard at trying to lift my game and continually lar with the NFT community. We need more @Tishran88 &@badass_crypto, who put in the hard work to grow this space.”

Blockmuse further er went on to quote Albert Einstein, stating:

“The most beautiful thing we can experience is the mysterious. It is the source of all true art and all science. He to whom this emotion is a stranger, who can no longer pause to wonder and stand rapt in awe is as good as dead: his eyes are closed.”

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Notably, the action was a 1 in 1 event that entailed bidding on a fully animated Mechagodzilla NFT that included the 4 individual animations previously released and some new, never seen animations.

Blockmuse’s latest collection completes his Mechagodzilla and Godzilla collection, which he has been adding to as soon as they get released by the company. 

The sale is reportedly the highest-selling Non-Art NFT to be sold on the Terra Virtua platform. This breaks the previous record set in April 2021 by the sale of Kong’s wand, which was sold for $17000.

NFTs or digital collections continue to gain popularity as many seek to explore this new technology. Others know the befits of having digital collections, especially on the blockchain. With his now complete set, Blockmuse will no have to worry about the mint condition of his colligation, nor does he  

Terra Virtua is a genuinely immersive collectible platform across Mobile, AR, and VR with unique social, gaming, and creative experiences enabled by blockchain.

In the coming days, Terra Virtua will be unlocking a completely new area in NFTs in terms of 3d animated collectibles

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://zycrypto.com/terra-virtuas-mechagodzilla-nft-sold-for-33700-by-blockmuse/

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Crypto Trader’s $20 Investment Explodes to $1,184,154,683,482 on Coinbase – But He’s Not Cashing Out

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After investing $20 in the crypto markets, one crypto trader just woke up to a one-trillion dollar fortune in his Coinbase account.

Chris Williamson, a nurse from Georgia, says he invested $20 in Rocket Bunny (BUNNY) cryptocurrency on Coinbase last week. After the trade, his portfolio balance soon skyrocketed to a staggering $1,184,154,683,482.

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On paper, this made Williamson the richest man in the world.

‘I woke up, it’s like 9:00 a.m. and I always check my phone to check how my crypto to see how it’s doing and I’m just like, ‘Naw, I’m sleeping.

I look at it again and I’m like… at that point I fall out of my bed, literally.”

Despite the big balance, Williamson says he was unable to cash out or send the crypto to a private wallet. He contacted both Coinbase and Rocket Bunny. A representative from Coinbase told him they were looking into the problem, while Rocket Bunny did not immediately respond.

Coinbase later confirmed the trader’s massive balance was a glitch, and would be corrected. 

This isn’t the first time the crypto exchange giant had a glitch in its system. Back in April 2020, crypto analyst Captain Scio pointed out a massive blunder on the Coinbase Pro app, showing that someone had purchased 42,085 BTC, worth $306 million at the time, for just 18 cents. 

Williamson is keeping a positive attitude on the situation.

“The ongoing joke right now between me and my friends in Coinbase and one of the emails I sent them was like: ‘Look, I need y’all to let me know what’s going on because I got a mega-yacht company ready to build me a penguin-shaped yacht.

‘So, you know, let me know.’”

BUNNY is a utility token on Binance Smart Chain. It’s used to power the broader Rocket Bunny ecosystem of dApps (decentralized applications), which includes Rocket Drop (launchpad), Rocket Swap (DEX) and Rocket Labs (testing ground).

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/GrandeDuc

Source: https://dailyhodl.com/2021/06/22/crypto-traders-20-investment-explodes-to-1184154683482-on-coinbase-but-hes-not-cashing-out/

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