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Major crypto market news for October 19: Bank of England warns of new financial crisis


Bitcoin continues its upward trend with targets located around $64,768, where it stopped its growth last time this spring. The markets can only wait now to see what will happen around this mark. A successful attempt to break through it will indicate that the market is ready for further Bitcoin purchases, which may lead to an even greater appreciation of its rate in 2021.

John Cunliffe Warns of New Financial Crisis

The Bank of England's deputy governor John Cunliffe warns that the cryptocurrency market and its excessive bloat could lead to a similar financial crisis back in 2007-2008. Cunliffe compared the explosive growth of the cryptocurrency market from $16 billion to $2.3 trillion over the past five years, stressing that this is the same pace at which the mortgage market in the United States developed until 2008.

"When something in the financial system is growing very quickly, and growing in a practically unregulated space, the financial stability authorities should pay attention to it as soon as possible," said Cunliffe. He also recalled that all cryptocurrencies have no real value and are subject to frequent corrections and high volatility.

BoE's deputy governor also believes that at this stage, cryptocurrencies do not pose a direct threat to the stability of the financial system, however, the deeper they integrate into it, the more the financial system is exposed to risks. "Many central banks have already begun work on tools that will curb the exponential growth of crypto assets," Cunliffe said, "but they should get the job done much faster."

Fidelity predicts Bitcoin will rise to $100,000

Fidelity's director of macroeconomic research, Jurrien Timmer, said that the price of bitcoin could rise to $100,000 by 2023. Timmer believes that the situation in the cryptocurrency market is not like a "bubble," and bitcoin is growing due to the seamless growth of demand for it. "This is not an impulse for one-day speculators, so I am confident that this is a steady movement now, and not a bubble that could burst at any moment," Timmer said.

Protests in El Salvador

A series of rallies and protests against the policies of President Nayib Bukele again took place in San Salvador. It is reported that about 4,000 protesters took part in the march, and at the end of the procession, a doll depicting the President of El Salvador was burned.

El Salvador is the first state in the world to legalize bitcoin payments, and the Salvadorans are unhappy with how the unstable bitcoin rate affects the economy of the country, particularly in their salaries, social benefits, and pensions. One of the poorest economies in the world requires stabilization, not bitcoin experiments, many experts say. Nevertheless, bitcoin continues to be legal tender on a par with the dollar. The country has already installed bitcoin ATMs and terminals, as well as launched a local wallet for payments and exchange, which, however, according to local residents, constantly fails.

Thus, in general, nothing prevents bitcoin from continuing to rise. There have been no major changes in the economy lately, no serious tightening of the circulation of bitcoin, either. The Fed is still pondering when to start tapering QE, and until that happens, Bitcoin may continue to rally.

The material has been provided by InstaForex Company -