The Bank of America Corporation has said that cryptocurrencies are failing as global interest rates rise, thus continuing to act as risk assets.
Recent research showed that positive signs of an eventual recovery included stablecoin inflows. Last week such inflows increased to $490m, a 58% jump from the previous week.
“Real-world use cases like payments/remittances are adopted and real-world data providers like decentralized oracle networks increase functionality”, said the report.
The Bank of America is hoping for further refined regulatory clarity to support the adoption of decentralized finance (Defi).
Another factor to support the banks’ theory of digital assets becoming a risk is Ethereum's (ETH) decrease in price from mid-July to mid-August as the blockchain completed its merge switching from proof-of work (PoW) to proof-of stake (PoS).
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