Bitcoin and cryptocurrencies saw a sharp sell-off this week, despite an audacious plan to bolster the bitcoin price.
The bitcoin price has lost around 10% over the past week—with ethereum, cardano, Binance’s BNB, Ripple’s XRP and the meme-based dogecoin recording even sharper falls—even as the country of El Salvador formerly adopted bitcoin as legal tender and banking giant Standard Chartered predicted the bitcoin and ethereum price could be about to explode.
Now, two high-profile central bankers have warned bitcoin and other cryptocurrencies are at risk of collapsing and are not “a good safeguard of value.”
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