Technology / 24 January 2022
Crypto crash in a nervous market
Global markets, including Australia’s, are a bit jittery at the moment… A big driver is America’s central bank is expected to move on from its COVID-emergency stance by announcing plans to raise interest rates when it meets this week. The uncertainty saw the Nasdaq – a global stock exchange based in New York – fall 7.6% last week, which was its worst performance since March 2020… And Australia’s ASX200 index experienced its worst performance since October 2020. Also not faring well in recent times is cryptocurrency. Bitcoin, the largest of the digital currencies, has lost half of its value since November. Critics say it’s too speculative to get serious about in these uncertain times, and Russia is talking about banning it. But America’s Federal Reserve is talking about creating a digital version of the US dollar. At least it might save them from printing all those $1 bills…
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