Bank of America, cryptocurrency said its units continue to act as risk assets. In its latest research report, the bank said investors took a wait-and-see approach to future escalations. Ethereum indicated that it continued to decline.
Giant Bank Reiterates Cryptocurrencies Are Risky Assets
Bank of America (BAC) In his research report, he explained that digital assets showed a downward trend with the rise in global interest rates and risk situations continued.
However, among the positive signs of a possible recovery stablecoin stated that there are entries.
Stablecoins are a type of cryptocurrency whose value is pegged to another asset like the US dollar or gold.
The report noted that stablecoin inflows rose to $490 million last week, up 58% from the previous week, as real-life use adoption such as payments, remittances, and real data providers such as decentralized oracle networks increased functionality.
Bank of America is waiting for legislation to be passed to support the adoption of decentralized finance.
DeFi is an umbrella term for lending, trading and other financial activities carried out on a Blockchain without the use of traditional intermediaries.
The report states that the Ethereum blockchain Proof of Stake (PoS) Migration migration does not address scalability concerns or high fees.
Ethereum’s potential as investors move to a wait-and-see approach to future updates. (ETH) It was stated that there was a decrease in the price, reversing the jump from mid-July to mid-August.
From Proof of Work (PoW) The move to a more environmentally friendly Proof of Stake consensus mechanism was the first of five upgrades for the Ethereum Blockchain, called Merge.
*Not investment advice.
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