The digital currency, Bitcoin, witnessed a decline during the past week, recording its lowest level in a week at 3,353 dollars, and it recorded the third weekly loss in a row.
Bitcoin, the largest digital currency in the world, continues to suffer from turmoil, as fears of a major sell-off of digital currencies increase, as a result of which Bitcoin slides to levels of $ 3000, amid uncertainty about the future of digital currencies, in addition to tightening regulatory and supervisory measures in many countries. the scientist.
Some of the reports published last week by several trading brokers such as FP Markets Since the beginning of 2019 until now, the digital market is witnessing a further decline in trading volumes, and it is likely to witness new bottoms for the currency of Bitcoin, as the price movement in the near term is very frustrating in addition to the fact that the demand for the digital market is still very weak and needs strong catalysts. to revive him.
Last week, it was reported that Twitter CEO and co-founder Jack Dorsey said that Bitcoin was born online and was also developed and tested on the Internet, so Bitcoin is the original currency of the Internet. Specific to banks and financial institutions.
Last week, it was reported that QuadrigaCX, the largest cryptocurrency exchange in Canada, lost about $145 million in digital assets after the sudden death of the exchange's founder, Jerry Cotton, last December.
The Globe and Mail said it had not been able to locate the funds since Cotton's death as he was the only person with the passwords and recovery key and no one had access to the system where they stored the funds.
The QuadrigaCX platform has about 363,000 users, and owes about 250 million Canadian dollars to 115,000 affected users. The exchange filed for creditor protection in Nova Scotia Court last week.
Ernst & Young has been appointed as an external controller to contribute to the management of the finances of the Canadian Stock Exchange.
In other news, a study from the Bank of South Korea reported that the digital currency issued by the central bank could increase the level of financial instability, because the digital currency will replace deposits held by local banks, which will lead to poor liquidity and raise the interest rate, which will harm the policy. cash to banks.
Fundstraat, an investment company, warned that the digital market has not yet reached its lowest levels, and added that the bear market is still continuing, based on the current situation of most currencies.
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