Bank of America Draws Attention To These Coins In Its Cryptocurrency Report!

American investment bank Bank of America (BAC) referred to cryptocurrencies as risky assets in a report released Friday.

Investors are more cautious about development activities

According to BAC’s report, investors are now less and less responsive to news of network booms. In the example given on Ethereum in the report, it was mentioned that its price continued to fall as investors took a wait-and-see approach to future upgrades.

On September 15, the Ethereum network switched from mining to PoS mechanism. It has officially abandoned the power-heavy, miner-based system it used before. The merge, which is an expected rise since 2015, was in the focus of investors until its release date. In the cryptocurrency market, the merge event was observed as a holiday. However, in terms of price, the expected effect of ETH did not occur.

Cryptocurrency prices fall as central banks raise interest rates

BAC also says that cryptocurrencies have fallen as a result of the Fed raising interest rates to cool inflation. According to Bank of America, the price of cryptocurrencies continues to fall as interest rates rise. However, the positive sign is the market-returning measure of stablecoins. Last week, these entries jumped to $490 million, up 58% from the previous week. The report states that the reason for the explosion in logins is “adoption of real-world use cases such as payments/remittance and increased functionality of real-world information providers such as decentralized oracle networks”.

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