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Davos hits Bitcoin

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Participants at World Economic Forum Summit in Davos also touched on the cryptocurrency markets.

Huw van Steenis, the senior adviser of Bank of England stated that cryptocurrencies are failing the ‘’fundamental tests of financial services.’’

Jeff Schumacher, founder of BCG Digital Ventures said that Bitcoin would go to zero.

83 cryptocurrencies have lost value in 24 hours following the statements.

Bitcoin dropped by 0.88%, depreciating to $3,573.

Among the top 10 cryptocurrencies, only Tron appreciated.

Jeremy Allaire, CEO of cryptocurrency platform Circle also commented on the issue.

“Crypto is fundamental to the future; we need tamper-proof, resilient, decentralized infrastructure if we want society to survive the digital age,” Allaire said.

 

 

 

 


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