Crypto needs regulation — technology can't remove all financial risks, BOE's Cunliffe says
— Assets, World, Risk, Remove, Cunliffe, Technology, Boes, Dollar, Regulation, Crypto — 1 min read
Bank of England deputy governor Jon Cunliffe says regulators need to "get on with the job" of bringing use of crypto technologies within the "regulatory perimeter" Bitcoin has fallen more than 70% from its record high hit in November and was trading below $20,000 on Wednesday. The market cap of crypto fell below $1 trillion, down from $3 trillion at its peak in November. Bitcoin and other cryptocurrencies fell sharply as investors dumped risk assets amid a broader sell-off in risk assets, the market cap has fallen to $1.2 trillion. The collapse of terraUSD (UST), a so-called "algorithmic" stablecoin that's pegged to the U.S. dollar sent shockwaves through crypto markets. Source