Bank of America says cryptocurrencies are risk assets

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Updated September 26, 2022 | Published September 26, 2022

2 mins read

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).

If you want to use your cryptocurrencies for recreational purposes, you can explore entertaining and trusted websites such as 1xBit, Bitcasino or FortuneJack.

Isabella Aslam

Isabella is an experienced writer in B2B and B2C journalism. Alongside crypto, Isabella writes and discusses the topics of relationships and psychology. Isabella holds a first-class degree in music journalism and often interviews electronic artists and DJs.

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Looking for your next crypto casino? Check out: Bitcasino or FortuneJack.

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