Last week, US stocks declined for the eighth week in a row, keeping the cryptocurrency under pressure but not setting a new low. Early trading this week is favorable for the Dow Jones and S&P 500 based on futures contracts, but cryptocurrencies do not seem to be on the rise yet.
In addition, the President of the European Central Bank (ECB), Christine Lagarde, on the air of the Dutch talk show “College Tour” expressed herself very skeptical about cryptocurrencies. Announcing the likelihood of a rate hike in July, she stated:
“I have always said that crypto assets are very speculative and very risky. My humble assessment is that they are of no value. It is not based on anything, there are no underlying assets that could act as a security anchor.”
One of the viewers of the show said that he lost 7,000 euros after buying the Cardano token, to which Lagarde replied: “It hurts.”
The ECB has already said it is working on its own virtual alternative to money, and according to Lagarde, the digital euro will be “very different” from private cryptocurrencies .
Until the end of the week, there are several events on the economic calendar that could affect Bitcoin as well as other markets. These include a speech by US Federal Reserve Chairman Jerome Powell and Lagarde on Tuesday night, a Federal Reserve meeting on Wednesday, and a new US GDP estimate for the first quarter on Thursday.
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