The World Economic Forum (WEF) has published a cryptocurrency-related community paper that details getting started with cryptos, exploring blockchain technology, and a list of multiple cryptocurrencies meeting its scalability stamp of approval. This report has called cryptocurrencies transformational. It noted:
“As cryptocurrencies transform how we trade, transact and interact online, it has become more important than ever for technology leaders to have experience with these innovations.”
In its community paper, WEF has listed 6 cryptocurrency projects in the throughput and scalability section that are capable of handling large transaction volumes. These cryptos are:
- Algorand (ALGO)
- Cardano (ADA)
- Celo (CELO)
- XRPL (XRP)
- Solano (SOL)
- Stellar (XLM)
In addition, WEF has included an entire section that is dedicated to the two largest cryptocurrencies (in terms of market capitalization) including Bitcoin (BTC) and Ethereum (ETH).
In addition to this WEF report, The Bank for International Settlements’ Basel Committee on Banking Supervision, a European regulatory agency, has proposed to allow banks to hold various cryptocurrencies. It specifically proposed applying a 1,250% risk weight to a bank’s exposure to Bitcoin (BTC) and other cryptocurrencies. Reports say that this proposal is aimed at capping a bank’s risk exposure to cryptocurrencies.
In its report, the Basel Committee, which includes both the Federal Reserve and European Central Bank, has said:
“The growth of cryptoassets and related services has the potential to raise financial stability concerns and increase risks faced by banks… The capital will be sufficient to absorb a full write-off of the cryptoasset exposures without exposing depositors and other senior creditors of the banks to a loss.”
The third major news was Elon Musk’s announcement that his electric-car company Tesla will start accepting Bitcoins again after 50% of the BTC miners start using environment-friendly electricity for mining.
All these three news helped the Bitcoin price jump above the psychologically strong support at US$40,000 level. It also started to move towards the next major resistance level at US$42,000 but then came down after hitting the 24-hour-high at US$40,978.36. At press time, the BTC/USD pair is hovering around US$40,433.61 and is moving sideways.
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