“Don’t do it,” said incoming Federal Reserve President of the Atlanta Bank Raphael Bostic. This was in front of an audience in Atlanta, Georgia on Tuesday. He was speaking at the Hope Global Forums annual meeting. This conference helps to promote financial inclusion in the markets to young entrepreneurs. This conference also talks about affordable housing.
Bostic said that “they are speculative markets. They are not currency. If you have money you really need, do not put it in these markets.” That was Federal Reserve Bank of Atlanta President Raphael Bostic’s very short, blunt and succinct message on cryptocurrencies.
Cryptocurrencies, over the last several weeks, have been subject to a number of unflattering and unhelpful headlines. Cryptocurrencies are not money is just one of the topics being debated around the world. This latest knock on digital coins, from Bostic, was reported in Bloomberg.
Raphael Bostic just took over as Atlanta’s Federal Reserve President last June. While he was very succinct and blunt, he reflects a shared skepticism with the global cryptocurrency market and whether or not they can be used as an alternative to fiat currencies.
Cryptocurrencies have been under pressure as of late. They are all reeling. This includes the price of Ethereum, which has been taking a pounding. Price action in the Ethereum spot market has declined sharply. The Ethereum digital coin is now well below $490 and is trading below the $466 swing low price level.
Market Volatility in the Cryptocurrency Markets Remains High
This past week, the entire digital coin industry including bitcoin has been volatile. Volatility has been in the $300 billion region. It has fluctuated, as it gyrates up and down, between $280 billion towards $350 billion. The cryptocurrency market has seen its volume stay within this range throughout the month of March.
The digital coin market has struggled, the entire month, to find any semblance of a strong short-term recovery and have not been able to sustain any bullish momentum. This trend, especially with all the new regulatory attention, whether good or bad, is likely to impact daily trade volume as well as price action over the coming days.