Ethereum Runs its 8th Losing Week as Cryptos Get Bashed by High Profile Speakers

Crypto Criticism

In the aftermath of the recent Cryptocurrency route, we have seen some high profile speakers criticizing digital assets, given their wild volatility.

The President of the European Central Bank, Ms Lagarde made some pointy remarks, speaking on Dutch TV show College Tour over the weekend. She said that cryptos are "highly speculative, very risky assets" and called for regulation. She also expressed her "very humble assessment" that crypto "is worth nothing. It is based on nothing, there is no underlying assets to act as an anchor of safety". [1]

Fed Vice Chair Ms Brainard is set to speak later today in the U.S. House of Representatives, regarding digital assets, with her prepared remarks having already been published. She noted that digital money such as stablecoins "could reintroduce meaningful counterparty risk into the payments system" and that the recent crypto turmoil "makes clear that the actions we take now—whether on the regulatory framework or a digital dollar—should be robust to the future evolution of the financial system". [2]

Scott Minerd of Guggenheim Partners who regularly appears on Bloomberg, had some harsh word around Cryptos and Bitcoin, speaking on the network at Davos yesterday. He noted that those digital currencies have "not established" themselves as credible institutional investments. [3]

ETH/USD Analysis

Cryptocurrencies have taken a massive beating lately and have failed to leave up to talk of them acting as a hedge to inflation as we argued last week, nor as safe havens. Furthermore, they have been under scrutiny and face a tightening regulator environment.

ETH/USD is on the back foot today and heads towards the eight straight losing week, erasing around 60% from its November record high at the time of writing. As such, it remains exposed to the June 2021 lows (1,699), although bears may need fresh impetus for a breach, that would bring 1,397 in the spotlight.

Start Trading Bitcoin with Confidence

Get a free practice account today.

The popular altcoin had managed to stabilize after its plunge earlier in the month and a return above the 2,000 mark would not be surprising, but a significant reversal in sentiment would be required for a recovery past 2,157-62.

Nikos Tzabouras

Senior Financial Editorial Writer

Nikos Tzabouras is a graduate of the Department of International & European Economic Studies at the Athens University of Economics and Business. He has a long time presence at FXCM, as he joined the company in 2011. He has served from multiple positions, but specializes in financial market analysis and commentary.

With his educational background in international relations, he emphasizes not only on Technical Analysis but also in Fundamental Analysis and Geopolitics – which have been having increasing impact on financial markets. He has longtime experience in market analysis and as a host of educational trading courses via online and in-person sessions and conferences.



Retrieved 26 May 2022


Retrieved 26 May 2022


Retrieved 26 Jun 2024

${} / ${getInstrumentData.ticker} /

Exchange: ${}

${} ${getInstrumentData.divCcy} ${getInstrumentData.priceChange} (${getInstrumentData.percentChange}%) ${getInstrumentData.priceChange} (${getInstrumentData.percentChange}%)

${getInstrumentData.oneYearLow} 52/wk Range ${getInstrumentData.oneYearHigh}

Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, as general market commentary and do not constitute investment advice. The market commentary has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and it is therefore not subject to any prohibition on dealing ahead of dissemination. Although this commentary is not produced by an independent source, FXCM takes all sufficient steps to eliminate or prevent any conflicts of interests arising out of the production and dissemination of this communication. The employees of FXCM commit to acting in the clients' best interests and represent their views without misleading, deceiving, or otherwise impairing the clients' ability to make informed investment decisions. For more information about the FXCM's internal organizational and administrative arrangements for the prevention of conflicts, please refer to the Firms' Managing Conflicts Policy. Please ensure that you read and understand our Full Disclaimer and Liability provision concerning the foregoing Information, which can be accessed here.

Past Performance: Past Performance is not an indicator of future results.

Spreads Widget: When static spreads are displayed, the figures reflect a time-stamped snapshot as of when the market closes. Spreads are variable and are subject to delay. Single Share prices are subject to a 15 minute delay. The spread figures are for informational purposes only. FXCM is not liable for errors, omissions or delays, or for actions relying on this information.