Bitcoin again fell below the support of $40,000 and reached the level of 39700. Ethereum is trading around the level of $2300. The price of XRP strengthened to 72 cents. The total capitalization of the cryptocurrency market was $1.55 trillion.
Over the past week, the hashrate of the leading cryptocurrencies has been restored. This is due to the transfer of capacity from China, where mining bans have led to the shutdown of many farms. The bans of the Chinese authorities led to a drop in the bitcoin hashrate by 45% - to the levels of the beginning of 2020. The bans of the Chinese authorities affected the network of the second cryptocurrency less significantly ― the drop was about 20%. But even here, recently, there has been a tendency to restore the indicator, which is facilitated by the migration of mining equipment outside of China. Some companies export their devices to the United States, others choose Kazakhstan or Russia.
Bank of America analysts believe that state-owned cryptocurrencies can form a much more efficient payment system than cash, as well as reduce the popularity of stablecoins. The bank said that the introduction of state-owned cryptocurrencies is inevitable, citing the decline in the role of cash, the expansion of the use of blockchain by the private sector, the loss of control over the currency and the potential of state-owned cryptocurrencies to stimulate the economy. According to the document, central banks that do not issue their own digital currencies may face a serious decline in demand for their currencies and a change in their global role.
Analysts emphasize the "very cautious approach" of Central Banks to the issuance of state cryptocurrencies, which is associated with the possible competition of new systems with bank deposits, the departure of customers from private banks and the threat to the security of individuals. State-owned cryptocurrencies can reduce the need for stablecoins, the latter can pose a serious risk to financial stability during periods of market stress, according to Bank of America.
The forecast expects a decline in bitcoin to the levels of 39500, 39300 and 39000 dollars. Ethereum will decline to the levels of 2270, 2250 and 2200 dollars, and XRP - to the price values of 70, 68 and 65 cents.