In Crypto: Cryptocurrencies are worthless and founded on nothing
The president of the European central bank says that cryptocurrencies are “worthless” and “based on nothing”.
Christine Lagarde said on Dutch television that her son had invested in cryptocurrencies, without success.
Reading: Bitcoin is worthless
“My extremely modest opinion is that cryptocurrencies are worthless. it’s not based on anything and there are no underlying assets to serve as a security anchor,” he told the college tour.
“I have always said that these types of assets are highly speculative and extremely risky.
“[Those who don’t understand the risks] will lose everything.”
lagarde says the bloc’s planned central bank digital currency (cbdc) is different and will be backed by the bank.
Implementation of the ‘digital euro’ is expected to start in 2023.
“The day we have the central bank’s digital currency, any digital euro, I will guarantee it,” Lagarde said. “then the central bank will be behind this.
“I think it’s very different from any of those things.”
china will implement a blockchain company internationally
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A Chinese state-backed blockchain company is planning international expansion.
yifan he, chief executive of blockchain-based service network (bsn), told cnbc that his goal was to launch it overseas in August and that its code would be open sourced to build trust.
The company is not linked to cryptocurrencies, which are frowned upon by the Chinese communist government, and aims to link blockchains to help companies implement the technology through the “Spartan network”.
one of its half dozen blockchains will be a non-crypto version of ethereum, with gas fees paid in US dollars instead of ether.
manchester city, which were crowned premier league champions amid final day drama on sunday, have launched an nft collection of 3d interactive cards featuring their players on animoca brands quidd platform.
Luxury watchmaker Tag Heuer, founded in Switzerland more than 150 years ago, has introduced cryptocurrency payments for customers in the United States through BitPay.
Ethereum co-founder Vitalik Buterin has said on Twitter that he is no longer a billionaire after the cryptocurrency carnage of recent weeks.
The overall market capitalization of the 19,500+ coins is $1.29 trillion at the time of writing (7am UK), up from $1.28 trillion on Friday evening. tomorrow.
Market leader bitcoin, the original cryptocurrency created by the mysterious satoshi nakamoto, added more than $150 to around $30,300. btc has risen slightly in a week.
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ethereum, the second most valuable crypto currency, created as a decentralized network for smart contracts on the blockchain, added $20 to around $2040. eth is down 1% over the course of a week.
binance coin is a cryptocurrency created by popular cryptocurrency exchange binance to help its goal of becoming the infrastructure service provider for the entire blockchain ecosystem. his bnb token gained $14 to $323, leaving him 8% higher over seven days.
ripple’s xrp token, a payment settlement asset exchange and remittance system, acts as a bridge for transfers between other currencies. xrp lost 1 cent to 42c and is down 1% in seven days.
cardano is an open source network that facilitates dapps and is considered an updated version of ethereum. Its ADA token, designed to allow owners to participate in the operation of the network, gained more than 1c to top 54 cents. it’s 4% less over the course of a week.
solana is a blockchain created to make decentralized finance accessible on a larger scale and capable of processing 50,000 transactions per second. its sol token added over $1 to $52.50 but is down 5% compared to a week ago.
meme coin doge was created as a satire on the hype surrounding cryptocurrencies, but is now a major player in the space. doge stayed around 8.6c, leaving him down 4% in a week.
polkadot was founded by the Swiss web3 foundation as an open source project to develop a decentralized web. Its points token, which aims to connect blockchains securely, rose slightly to $10.20 but is 9% lower than its price a week ago.
avalanche is a lightning-fast verifiable platform for institutions, businesses and governments. its avax token is up $1.50 to $31.33, but is down 8% in a week.
To see how major coin valuations have changed in recent times, and for summaries of the latest cryptocurrency news, click here.
For valuations of the top 100 coins by market capitalization in US dollars, plus 24-hour price change, see below.
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