Unlike how the week started with negative reviews from BIS, Bank for International Settlements, cryptomarkets are seeing huge success in the digital currency world as it gained nearly $13 billion in one hour on 21st June.
On June 18, BTC and ETH had gone up around 4 percent unexpectedly, according to the Coin Telegraph (https://cointelegraph.com/news/crypto-markets-see-13-bln-price-spike-in-one-hour-despite-negative-bis-report). Due to this reason, the cryptomarket prices went as high as $13 billion in just one hour, despite the negative report of the Bank for International Settlements.
In our report last week (https://www.techjuice.pk/paper-money-will-not-be-replaced-by-digital-currency-bank-for-international-settlements/), BIS was unsupportive of the whole idea regarding cryptocurrency. As the future progresses and technology advances in all spheres of life, including finance and business, crypto enthusiasts believe that the future will soon replace real paper money with digital currency. The prediction has been proved wrong by an international financial institution owned by central banks, Bank for International Settlements. BIS stated:
“Money has value because it has users, we use it as money. Without users, it would simply be a worthless token and that’s true whether it’s a piece of paper with a face on it or a digital token.”
Bitcoin is now trading at $6,735 whereas Ethereum is trading at $496. The total market capitalization was $300 billion last week on June 12. It had gone lower due to the unexpected downfall by the end of last week. Today, it sparked again to a total of $298 billion with a $13 billion rise in just one hour.