Bitcoin and Ethereum dropped below 20k and 1 thous. USD

Both BitcoinAnd Ethereum fell below key support levels. This is because the cryptocurrency markets continue to face significant difficulties from rising inflation and interest rates.

BTC plunged sharply below $ 20 last week, while ETH fell below $ 000 on Saturday. This morning, on eToro platform Bitcoin is trading at just under $ 20, while ether is trading at just over $ 000.

The current market conditions do not leave much room for optimism. After they recorded very good results in the last 18 months, valuations are strongly underestimated. We are now back at 2020 levels, but prices are still above the levels we saw just 1,5 years ago.

Since the highs in December 2017, Bitcoin has receded by about 84%, to its lowest level in December 2018. In the current situation, from ATH of around $ 69, compared to the current level of $ 000, the decline is 20 percent

While pinpointing the long-term perspective for each asset is not always easy for investors who have purchased them at the higher tiers, it is paramount that all long-term cryptocurrency investment arguments remain the same (especially when you consider underlying ideas and historical price trends). .

Cardano updates are coming

Founder CardanoCharles Hoskinson announced several updates to the Cardano blockchain that will go into effect by the end of June. Updates under the name "Vasil" hard fork they will improve network bandwidth, transaction speed and - theoretically - lower fees. Blockchain will also receive other improvements, including new smart contract features.

Updates, although they come at a difficult time for the markets, provide an incentive for investors who, beyond the short-term buzz of an unfavorable price situation, want to look to the future and network opportunities to strengthen their investments.

Over the past few years, Cardano has become a serious competitor to Ethereum. The prices do not always reflect the work put into such projects - since last September, Cardano's use on the web has increased sharply, despite the fact that the token's price fights with competition and the wider market.

BIS is launching a crypto-intelligence platform

Bank for International Settlements (BIS) launches a new cryptocurrency intelligence platform. The Innovation Hub of this international institution launches the platform to provide carefully checked data on cryptocurrency projects.

The launch of the platform is a welcome innovation in a difficult time for cryptocurrency markets. Transparency is a key element in building trust in this sector, so providing users and investors with thoroughly verified information is a great step.

The BIS project will also look at the issuance of CBDCs by intermediaries. Cryptocurrencies is a broad spectrum of innovation, ideas and projects, so it is very important that institutions such as BIS oversee and follow the development of different areas. This gives you more control and protects your users from key threats.

Israel and Hong Kong are testing a digital currency

The Bank of Israel (BoI) and the Hong Kong Monetary Authority (HKMA) are working together to test the central bank's digital currency (CBDC). According to BoI, the test will cover the key risks related to CBDC cybersecurity.

The project is expected to start in QXNUMX and BoI will issue CBDC to financial institutions such as banks. Many regions are actively exploring the use of CBDC. This test can provide invaluable information on how institutions such as banks interact with digital assets.

Israel initially withdrew from CBDC as early as 2018, so it is clear that the technological potential cannot be ignored. International competition in this area is also an important factor. For example, China is already conducting CBDC tests with millions of participants, and countries like the UK are also actively exploring the possibilities.