Broader adoption of cryptocurrencies is a "double-edged sword."
Since November, the bank notes, the total crypto market cap has fallen around 40%. The slide is unique in that it was driven mainly by macroeconomic factors, that is developments that were outside digital markets, it said. The decline in bitcoin was highly correlated to the “drawdown in low-profitability tech stocks and recent IPOs,” which reacted negatively to the Federal Reserve’s move toward interest-rate increases, the report said.
Sharp falls in token prices resulted in liquidations and a decline in borrowing on decentralized finance platforms – which use coins as collateral – much like in the traditional financial system, the bank noted.
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