1 month ago
Cryptocurrency News

Crypto Steady; Korea Warns Over Central Bank-Issued Coins

Investing.com - Cryptocurrency prices were steady on Thursday, while Bank of Korea said that digital currencies authorized by a

Investing.com - Cryptocurrency prices were steady on Thursday, while Bank of Korea said that digital currencies authorized by a central bank would have a negative impact on financial stability.

The study from the central bank reinforces its decision to not issue a virtual currency.

The introduction of such a product would replace demand deposits held by local commercial banks, causing a liquidity shortage and increasing interest rates, the study found.

Bitcoin remained in $3,410.00 range as of 8:36 AM ET (13:36 GMT) on the Investing.com Index.

Cryptocurrencies overall were steady with the total coin market capitalization at $111 billion at the time of writing. Virtual currencies are thinly-traded over the past few days as China, South Korea and other Asian countries celebrate the Chinese new year.

Ethereum jumped 2% to $105.13 but still remained near two-month lows and XRP inched up 0.3% to $0.2926 while Litecoin was at $33,593, up 2.55%.

In other news, police in New Zealand said they were making progress and working with international law enforcement to track down the hackers who allegedly stole $16.1 million from exchange Cryptopia.

A press release from the police department notes that the “investigation is expected to take a considerable amount of time to resolve due to the complexity of the cyber environment.”

Cybersecurity is one of the biggest threats to the cryptocurrency space and exchanges are especially susceptible to hacks.