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The orders of one trader at Bitstamp brought down Bitcoin by 20%, the Fnality project united the 10 largest banks. The ECB does not recognize cryptocurrency as a means of payment.
The Bitstamp exchange will investigate the situation with the sale of Bitcoin at a lower price. As a result of the incident on this trading platform, the price of cryptocurrency for half an hour dropped by 20%, to the level of $ 6250. And on average on the world stock exchanges, the BTC / USD pair dropped from $ 8,200 to $ 7,260. According to the information received, this situation led to a massive closure of long positions, the volume of transactions amounted to about $ 250 million.
According to a number of experts, the trader of the Bitstamp exchange could have made a mistake by placing warrants for sale at $ 6,200 instead of $ 8,200. This spurred sales on other platforms. However, the global cryptocurrency market very quickly returned to its previous values. On Monday morning, the BTC / USD pair is again trading around the $ 8,000 mark.
Reuters reports that the banking consortium raised approximately $ 50 million for the Fnality project. This will be a new settlement system that will use blockchain technology to make payments between counterparties. Apparently, we are talking about reaching the final stage of the UBS bank project. In 2015, it began to develop a new transaction system.
As development progressed, a number of major credit institutions joined UBS — Deutsche Bank, Santander, Bank of New York, Barclays, Credit Suisse, and others. Now several companies are working on transferring transactions to the blockchain. And some of them are focused on transfers between credit organizations, and the other is ready to offer calculations in stablecoins for retail customers.
The published report of the European Central Bank (ECB) says that at the moment cryptocurrency does not have a significant impact on the real economy. Digital financial assets did not begin to fulfill the role of money, which is hampered by their increased volatility.
In addition, the development of cryptocurrency is hampered by the absence of a single coordinating center. At the same time, the ECB recognizes that the steakbloins can make a big difference. Especially if they are followed by large credit institutions or central banks. Apparently, it is in cryptocurrencies with a fixed rate that the potential for development of the blockchain in the financial industry is to be found. While at the macro level, the impact of new technologies is minimal.