Representatives of the US Federal Reserve System are closely monitoring cryptocurrencies amid increased volatility in the market. This was stated by the head of the department, Jerome Powell, writes Forklog.
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 need to resolve this,” he said.
Earlier, the Finance Ministry wrote 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 collapsed sharply, but later recovered slightly.
According to the interactive table of the Ministry of Finance, as of the morning of June 23, the cost of the first cryptocurrency is $20,322.
Earlier, Arcane Research analysts assumed that the price of bitcoin would continue to fall down to $10,350.
Current cryptocurrency rates at the Ministry of Finance