US Fed Reserve Bank Tracks Prices of Four Cryptocurrencies
The Federal Reserve Bank of St. Louis is now tracking the prices of four cryptocurrencies – Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), and Litecoin (LTC).
The Federal Reserve Economic Data (FRED), a comprehensive database maintained by the St. Louis Fed, will offer data points for the four cryptocurrencies, CoinDesk reported. According to the announcement, all the data has been obtained from the US-based cryptocurrency exchange Coinbase.
“FRED has added four series on the prices of different cryptocurrencies: Bitcoin, Bitcoin Cash, Ethereum, and Litecoin. The price data are updated daily and span from as early as 2014 to the present. All data were obtained from Coinbase, a cryptocurrency exchange company, whose overall digital asset performance is depicted in the above graph (Coinbase Index),” the announcement reads.
St. Louis Federal Reserve has always been vocal about cryptocurrencies. Speaking at the CoinDesk Consensus 2018 conference in May, Federal Reserve Bank of St. Louis President James Bullard acknowledged the potential of blockchain and related technologies, while noting the gradual drift toward non-uniform currency trading arrangements in the United States.
“Cryptocurrencies are creating drift toward a non-uniform currency in the U.S., a state of affairs that has existed historically but was disliked and eventually replaced,” Bullard said.
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