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.

Post Disclaimer

The following content has been published by Stockmark.IT. All information utilised in the creation of this communication has been gathered from publicly available sources that we consider reliable. Nevertheless, we cannot guarantee the accuracy or completeness of this communication.

This communication is intended solely for informational purposes and should not be construed as an offer, recommendation, solicitation, inducement, or invitation by or on behalf of the Company or any affiliates to engage in any investment activities. The opinions and views expressed by the authors are their own and do not necessarily reflect those of the Company, its affiliates, or any other third party.

The services and products mentioned in this communication may not be suitable for all recipients, by continuing to read this website and its content you agree to the terms of this disclaimer.