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we closely monitor the cryptocurrency market

Representatives of the US Federal Reserve System (FRS) are closely monitoring cryptocurrencies amid increased volatility in the market. This was stated by the head of the department, Jerome Powell.

According to him, the Fed does not yet see any significant impact of the situation in the bitcoin market on the macroeconomics.

At the same time, Powell believes that the cryptocurrency industry needs a “better regulatory framework”:

“Many products of the digital finance sector are in some ways similar to products that exist in the banking system or in the capital market, but they are not regulated in the same way. We must resolve this.”

Recall that following the meeting on June 14-15, the Fed raised the key rate by 75 basis points at once – to the level of 1.5-1.75%.

A few days after that, the price of bitcoin fell sharply, but later recovered slightly. At the time of writing, the first cryptocurrency is trading around $20,300.

BTC/USDT daily chart on Binance exchange. Data: Trading View.

Analysts at Arcane Research assume that the price of bitcoin will continue to fall down to $10,350.

Read ForkLog bitcoin news in our Telegram – cryptocurrency news, courses and analytics.

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My profession is a journalist, but my hobby for 8 years has been studying Forex investing and trading. During this time, I managed to gain extensive experience in investing and trading cryptocurrencies and double my capital in the Forex market. To be the author of this magazine, the site owners invited me to participate in one of the 2020 trading webinars, and I will try to reveal the most relevant crypto market news for you.

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