There is a glimmer of hope from the Feds even after the cryptocurrency markets keep losing value day after day. This is because the St. Louis branch of the US Federal Reserve has added four cryptocurrency price trackers to its extensive research database. The St. Louis branch announced that it will add pricing data for Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH) and Litecoin (LTC) to is Federal Reserve Economic Data (FRED).
The data points will be obtained from the popular cryptocurrency exchange of Coinbase and will be updated daily at 5 pm Eastern Time.
The St. Louis branch of the Federal Reserve has been surprisingly open-minded and curious about cryptocurrencies and blockchain technology. The Governor of the St. Louis branch, Governor James Bullard was even at the recently Consensus Summit in New York and had this to say about cryptocurrencies:
“Cryptocurrencies may unwittingly be pushing in the wrong direction in trying to solve an important social problem, which is how best to facilitate market-based exchange.”
Bullard meant that Cryptocurrencies have created ‘non-uniform’ currencies in the United States which could be problematic. He stated that Non-uniform currencies do not have a good track record in that they do not last long after they emerge in the markets. His points are valid in a sense that there are over 1,600 digital assets trading at any one time in the crypto-markets. Rather than converging to a select few, stable digital assets, the industry is diverging to more riskier and weaker digital assets every day. This further destabilizes the crypto markets.
The need for uniformity might be the reason the St. Louis Branch of the Federal Reserve has decided to track pricing data of only 4 of the most known and somewhat stable cryptocurrencies of BTC, ETH, BCH, and LTC. The Feds have clearly seen that these are the most promising digital assets of the aforementioned bunch of 1,600.
It is a bit heartbreaking that Ripple (XRP) is not on the list, but this is because the SEC has yet issued a statement on its fate as being a security or not. Once the government body gives a positive statement on this (that it is not a security), XRP will surely be on a level equal or greater than ETH in terms of being the preferred digital asset investment option.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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ur welcome pic.twitter.com/e2KF57KLxb
— Elon Musk (@elonmusk) February 4, 2021
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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //
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