5 Ways to Increase Acceptability of Cryptocurrency: From Skepticism to Mainstream Adoption
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2022-05-18 | Selina Mathew
At press time, Bitcoin and other major digital coins were trading in the green, with the global cryptocurrency market worth up 2.7 percent to $1.3 trillion.
On Tuesday, risk appetite improved significantly on the stocks side with soaring markets, but the joy on the cryptocurrency side was modest.
On Tuesday, the S&P 500 and Nasdaq finished 2% and 2.8 percent higher, respectively, while U.S. stock futures were marginally higher at press time.
In an interview with the Wall Street Journal, US Federal Reserve Chair Jerome Powell reaffirmed his commitment to battling inflation, admitting that there may be some discomfort.
"Restoring pricing stability is a non-negotiable imperative," he stated. It is something that we must do."
"We'll keep going until we feel we've arrived at a point where we can say financial conditions are suitable and inflation is decreasing."
According to OANDA senior market analyst Edward Moya, bitcoin's recovery is lagging equities because investors are wary of the "regulatory gauntlet" that the cryptocurrency world is facing.
The fall of the Terra USD (UST) algorithmic stablecoin last week has heightened regulatory constraints.
"Stablecoins will continue to receive all of the focus until Wall Street is satisfied that all of the big ones will be able to withstand any future difficulties."
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