Fed may add crypto crash to its stress tests

Summary:

  • French President encourages to use blockchain to track agricultural products
  • US Federal Reserve may add a possible crypto crash to its stress tests
  • Bitcoin moves lower after losses seen over the weekend

The weekend was not so successful for the cryptocurrency market as major virtual currencies experienced some drops. Monday’s trading has not also seemed to be rosy. Moreover, the largest digital currency Bitcoin hit its two-week low during today’s trading. According to CoinMarketCap, the capitalization of whole crypto market stands a little below the $127 billion handle whereas Bitcoin accounts for roughly 52.4% of this value on Monday morning.

Bitcoin (BITCOIN on xStation5) dropped on Saturday and Sunday, but the cryptocurrency has declined more significantly during Monday’s trading. The largest virtual currency is trading a little below the $3700 mark at press time. Source: xStation5

Macron encourages to use blockchain in agriculture

The French President Emmanuel Macron participated in the 56th International Agricultural Fair in Paris. Macron encouraged the agriculture industry during his speech to increase the use of new technologies such as blockchain to track agricultural products, according to Agridigitale.net. The French President called also to wider adoption of innovations amid agriculture producers. Moreover, Emmanuel Macron said that innovations could bring some benefits for consumers, but also it could cause a shared excellence.

Ethereum (ETHEREUM on xStation5) experienced two hard forks dubbed Constantinople and St. Petersburg on Thursday evening. Source: xStation5

Federal Reserve may add crypto crash to its stress tests

On Thursday the Board of Governors of Federal Reserve published a document titled “Amendments to Policy Statement on the Scenario Design Framework for Stress Testing” in which it is said that a crypto crash could be a crucial market risk. According to the Fed’s document, the commented proposed to the Board to include “extraordinary shocks, such as a war with North Korea, the collapse of the Bitcoin market, or major losses caused by trader misconduct” in its stress test scenarios. “Where appropriate, the Board intends to continue augmenting the scenarios with risks it considers to be salient”, as we could read in the mentioned publication.

The weekend was rather gloomy for the third largest virtual currency as Ripple (RIPPLE on xStation5), like other major cryptos, saw some declines. As a result, the digital currency is moving in the vicinity of the $0.30 handle at press time. Source: xStation5

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