Cryptocurrency

Bank of England Addresses Big Drop in Cryptocurrency Market in Latest Report

The Bank of England (BoE) has released its latest biennial Financial Stability report, the introduction of cryptocurrencies to mainstream financial markets “spread” warns of the threat.

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In the report published on Tuesday, the UK central bank pointed to the negative conditions in the crypto money market after the Bitcoin price fell by about 50%.

Bank, cryptocurrencies “expansion to wider financial markets” said that while finite, the growing interest in cryptoassets by institutional investors, banks and payment operators is a cause for concern.

In the report, “These developments may increase liaisons between cryptoassets and other systemic financial markets and institutions.” was said.

The Basel Committee of the Bank for International Payments suggested last month that banks should allocate capital in order to fully cover the losses, and drew attention to the cryptocurrency exposure in the middle of financial institutions as a threat.

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