Amount of BTC on exchanges hit 2-year low, CAR starts crypto hub, Lagarde says crypto is worth nothing

Amount of bitcoin held in exchanges hit Its 2-year lowest

The amount of bitcoin held in various crypto exchanges reached a 2-year low of 2,476,141 BTC on 15 May.

Nearly 3.05 million BTC were held by major exchange reserves in early March 2020, establishing an all-time high. This accumulation gradually declined and reached its low of 2.52 million BTC held across exchanges in November 2020.

Please note that a decreasing amount of bitcoin at exchanges means that there is potentially less sell power, but it does not generally mean that the price will increase.

Central African Republic teases ‘Project Sango’ crypto hub

A month after making bitcoin a legally recognized currency, the Central African Republic has unveiled plans to create a “crypto hub” to attract global crypto enthusiasts.

The plans have been dubbed Project Sango, according to a post on the government’s official Facebook page dated Monday that directed people to a landing page at sango.org. After registering for the waitlist, users were sent a link to a 24-page online presentation with further details on the proposed project.

Source: The Block

Christine Lagarde says crypto is worth nothing

Earlier this week, ECB president Christine Lagarde told Dutch television show College Tour that crypto assets were “worth nothing, based on nothing and there is no underlying asset to act as an anchor of safety.”

Lagarde called on global policymakers to put rules in place to protect inexperienced investors making big bets on digital assets.

“I’m concerned about those people who think it’s going to be a reward, who have no understanding of the risks, who will lose it all, and who will be terribly disappointed, which is why I believe that should be regulated.”

In the meantime, she emphasizes that the new digital euro project is backed by the ECB and that cryptocurrency’s are not backed by anything.

Source: CNBC

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