Geopolitical tensions and major Covid-19 issues facing the world: CEO of Commercial Bank of Kuwait

RIYADH: Cryptocurrency investors should expect tougher times ahead as tighter financial conditions around the world stoke appetite for safer assets, the Bank’s Deputy Governor said on Tuesday. of England, Jon Cunliffe.

Asked at a Wall Street Journal conference if rising interest rates would increase the pressure on cryptocurrencies, Cunliffe said: “Yes, I think this process is continuing, as (quantitative tightening) begins in the United States… I think we will see an exit from risky assets.Cunliffe added that the conflict in Ukraine also has the potential to cause a new flight into safer assets.

Bitcoin, the world’s largest cryptocurrency, fell to $25,401 on Thursday, its lowest level since December 2020. It hit a record high of $69,000 in November.

However, it was trading higher on Tuesday, up 0.2% to $30,418 as of 08:52 a.m. Riyadh time.

Ether, the second most traded cryptocurrency, was priced at $2,077, up 0.32%, according to data from CoinDesk.

G7 meeting

Regulation of crypto-assets is expected to be discussed at a meeting of Group of Seven finance chiefs this week in Germany, French Central Bank President Francois Villeroy de Galhau said on Tuesday.

“What happened recently is a wake-up call for the urgent need for global regulation,” Villeroy told an emerging markets conference in Paris, referring to recent turmoil in crypto markets. -assets.

“Europe has led the way with MICA (regulatory framework for crypto-assets), we will probably discuss these issues among many others at the G7 meeting in Germany this week,” he added. .

Grayscale to Launch Digital Assets

Grayscale will list an exchange-traded fund in Europe comprised of companies representing the “future of finance,” the world’s largest cryptocurrency asset manager said in a statement on Monday.

The ETF, which tracks the “Bloomberg Grayscale Future of Finance” index, will be listed on the London Stock Exchange, Italy’s Borsa Italiana and Germany’s Deutsche Börse Xetra and will begin trading on May 17. This is the first time that the American company Grayscale has listed a fund in Europe.

The index contains a mix of companies involved in digital currencies, including asset managers, exchanges, brokers, technology companies, as well as companies directly involved in cryptocurrency mining. “For us, the digital economy is primarily driven by the proliferation of digital assets,” said Michael Sonnenshein, CEO of Grayscale.

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