Today in Crypto: Sudan Central Bank Warns of Crypto Risk; Bitcoin Rally Excites Bulls
Coindesk reported Monday, March 28th, that the Central Bank of Sudan warned citizens against using cryptocurrency due to tokens’ supposed risks.
The bank cites financial crime, electronic theft and loss of value as potential risks.
The central bank warned that crypto should not be used due to legal concerns. It noted that assets aren’t classified as money, private money, or property.
Since a military coup in October last year, the economy of Sudan has been in decline. This led to inflation rising 360% by 2021. Inflation was at 260% in February. Coindesk suggested that the central bank might have issued this warning in response to crypto’s increased use during the crisis.
Bloomberg reports that Bitcoin’s rally over the past few days is under-the radar and bulls see potential for levels not seen since last year.
Monday’s price of the coin rose by up to 4.6%, reaching $48,215. It fluctuated between that level and the next.
This was the largest amount of coin this year.
Bitcoin and other cryptos have been in a downtrend over the past few months. However, things started to look up recently.
Grayscale Investments CEO Michael Sonnenshein said that it was a difficult start for crypto and other asset classes.
He said, “So I think it’s an exciting day in the crypto community, to see that yearlong, thus far, of losses erased and also to see Bitcoin break above that psychological $45,000 mark,”
Final, the $193 million in digital asset investments last week was the highest amount since December 2021, according to a Coinshares analysis.
This comes after last week’s price recovery when total assets under management reached $57 billion.
Bitcoin was the focus of investors, with inflows of $98million last week. But Solana saw the largest single week of inflows, at $87million.
In an unusual development, outflows from multiasset investment products only occurred for the second year in a row.
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