Bitcoin and Ethereum are losing their value as Saudi Arabia is reportedly increasing research into CBDC

Although cryptocurrencies fell slightly Wednesday, the Saudi Arabia Central Bank increased research into a Central Bank Digital Currency.

Bitcoin fell 1.57% to US$22.705, falling below US$23,000 on Tuesday.

According to Naem Aslam (a market analyst at Avatrade), “Bitcoin’s price is fairly stable today as the risk-on rally comes halt.” “Bitcoin is prone to moving in the same direction as riskier assets like stocks, and has a strong positive correlation.”

Ethereum fell by 5% to US$1,553.

Today’s fall is despite Saudi Arabian government intensifying its research into CBDC.

The widespread adoption of cryptocurrency is often seen as a positive thing for the sector, and it usually drives prices higher.

The Atlantic Council, an American think tank, has data that shows that CBDCs are being explored by 114 countries, which accounts for 95% of the world’s GDP.

XRP fell 3.98% to US$0.41, Solana fell 6.6% at US$23.23, and Dogecoin lost 5.9% to US$0.08469 in some altcoins.