BTC capitalization jumps over $1 trillion, and the Fed notes about the threat in further cryptocurrency development
The Fed doesn’t rule out the threat to the dollar from crypto assets
The Federal Reserve System expert commission has posted a statement over the international role of the dollar.
The Federal Reserve System expert commission has posted an article on the international role of the dollar. For decades this currency has been dominating the global financial system, so the situation will not change shortly.
But in a long-term period, the yuan, euro or even cryptocurrencies could threaten the old financial paradigm. Such a situation is highly likely due to digital assets’ impact, which could even change the payment system. Nonetheless, the experts believe that to make this idea true, and there must be large scale political and economic changes.
Bitcoin market cap surpasses $1 trillion for the first time since May 2021
The total BTC market cap has jumped over $1 trillion. Previously such a situation took place 5 months ago, 10th May 2021. By 7th October, the first cryptocurrency rate fluctuates at 54'000–55'300 dollars with slightly positive daily dynamics.
Recently BTC has jumped over $ 50'000, regain its position after a giant dump. Capitalization at that time was close to the level of $1 trillion but stopped at $989 billion. Then the price fell back to $ 40'000.