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A CBDC or digital euro may be required to head off the spectre of “artificial currencies” dominating cross-border payments, the European Central Bank has warned.

Economists Massimo Ferrari and Arnaud Mehl conveyed concerns over the rise of artificial currencies led by unnamed “foreign tech giants” — likely a veiled reference to Facebook’s Diem project, in ECB’s annual review of the euro dubbed “The international role of the euro”,

“One concern could be a situation in which domestic and cross-border payments are dominated by non-domestic providers, including foreign tech giants potentially offering artificial currencies in the future.”

“Not only could this threaten the stability of the financial system, but individuals and merchants alike would be vulnerable to a small number of dominant providers with strong market power,” the pair added.

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JPMorgan Chase analysts suggested that large institutional investors are now dumping Bitcoin (BTC) in favor of gold, Amid Bitcoin touching five-month lows near $30,000.

Reversing a major bullish cryptocurrency market action that drove Bitcoin’s price above $64,000 in mid-April, in its Tuesday note to clients, JPMorgan suggested that institutional investors are going back to gold.

The American megabank said that BTC futures now saw the first biggest decline since the bull market that started in late 2020, citing open interest data in Bitcoin futures contracts on the Chicago Mercantile Exchange.

“The bitcoin flow picture continues to deteriorate and is pointing to continued retrenchment by institutional investors. Over the past month, bitcoin futures markets experienced their steepest and more sustained liquidation since the bitcoin ascent started last October.”

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The dip of Bitcoin has triggered an almost commensurate plunge in the percentage of wallets in profit, because Bitcoin (BTC) has been down almost 30% in the last seven days.

Bitcoin’s price drawdown has led to almost a quarter of unique on-chain entities being at a loss, according to Data from crypto data provider Glassnode. This situation also bears some parallels to previous extreme downside price action periods that interrupted bullish advances.

Unique on-chain entities at a loss also approached the 25% mark as Bitcoin fell almost 50%, during the Black Thursday crash of March 2020.

Also, had a similar temporary break that saw the percentage of unique wallets at a loss also slide toward 25%, was the $3,500 bottom of the 2018 bear market.

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Tether’s recent disclosure about the stablecoin’s reserves may have contributed to the altcoin selloffs last week, as claimed by the The founder and CEO of Avanti Financial.

Tether Holdings Limited’s breakdown of Tether’s (USDT) reserves were not invested in “short-term, lower-risk, liquid securities,” but rather credit assets of “who-knows-what quality.” According to series of tweets by Caitlin Young. Given that the stablecoin — ranked sixth with a $58 billion market cap — has the potential to bring down other tokens amid a credit market correction, traders may have felt compelled to sell other cryptocurrencies to reduce their total risk exposure, according to the the Avanti CEO

“If Tether stays a de facto credit hedge fund by investing reserves this way, markets now can safely predict that Bitcoin and crypto prices will likely exhibit high correlation with credit markets,” said Long. “They will probably correct together.”

Long added that authorities may still choose to crack down on stablecoins following Tether’s full reserve breakdown, but said the crypto industry could benefit from regulatory clarity:
“One of the best things for industry at present would be getting stablecoins to be okay with U.S. regulators, especially the Fed and the SEC. Stablecoins are very important bridges between crypto and the U.S. dollar.”

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SoftBank still prefers to take a more cautious approach, despite Tesla’s tag game with Bitcoin (BTC) which have triggered a race in the corporate world to invest in crypto

SoftBank CEO Masayoshi Son admitted that he doesn’t know whether crypto is good or bad, while answering and which he said at Softbank’s earning news conference.

“There’s a lot of discussion over if it’s a good thing or a bad thing, what’s the true value or is it in a bubble — honestly speaking, I don’t know,” Son said, according to Bloomberg.

Son did not comment on the high-volume Bitcoin purchases made by major companies, such as Tesla and Square. Comparing cryptocurrencies to more traditional commodities, he said:

“The popularity of cryptocurrency has made it into a platform that can’t be ignored, like diamonds and bonds.”

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After Newsweek published the article headlined “46 Million Americans Now Own Bitcoin, As Crypto Goes Mainstream” on May 11, Crypto social media was abuzz

Also, most Bitcoiners re-posted the figure and one of such figures is the CEO of Microstrategy, Michael Saylor and in in his tweet, he stated that crypto mainstream is being taken over by finance industry and in which they do bitcoin building in banking, insurance and investment products. Also 46 million Americans owns Bitcoin.

Also sheer number of Bitcoiners represents “a powerful constituency that cannot be ignored. Political dividends for embracing Bitcoin are enormous.” According to Nic Carter the Coin Metrics Co-founder.

Dan Held, the growth lead at Kraken was another celebrating the milestone, tweeting: “46 Million Americans own Bitcoin. 22% of all adults. It’s happening.”

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A blockchain-powered passport built on top of IBM’s Digital Health pass has been lauched by the New York Governor, Andrew Cuomo.

On March. 26. The city’s blockchain powered ‘Excelsior Pass’ was launched by Cuomo.

A free and voluntary platform that verifies Covid-19 vaccination or negative test result through a QR Code for smartphone printing or scanning is where the passport is issued.

In order to assist in reopening public venues and businesses, Excelsior pass was launched by Cuomo.

IBM’s blockchain-powered digital Health pass, which enable’s user;s identity, test result and vaccination history is the platform on which the passport was built. The platform is secure and has been verified, which it won’t divulge unrelated information.

The vaccination passport is built on IBM’s blockchain-powered Digital Health Pass, which enables a user’s identity, vaccination history, and test results to be verified and securely shared without revealing unrelated personal information.

In the announcement, Governor Cuomo emphasized the importance of utilizing technology to reopen in a way that caters to both public health and the economy:

“As more New Yorkers get vaccinated each day and as key public health metrics continue to regularly reach their lowest rates in months, the first-in-the-nation Excelsior Pass heralds the next step in our thoughtful, science-based reopening.”

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