What is the reason for the drop in crypto currency prices?

Continuing his negative statements about cryptocurrencies, Kashkari stated that those who argue that digital assets are needed are funny, claiming that the USA is heading towards communism and may collapse like Venezuela. After the statements, Bitcoin fell below $ 45 thousand, while Ethereum fell to the level of $ 3 thousand.

“95 PERCENT OF CRYPTO COINS ARE FRAUD”

Speaking at the Pacific Northwest Regional Economics Annual Summit, Kashkari said, “I was very optimistic about crypto and Bitcoin 5-6 years ago. Now, 95 percent of cryptocurrencies are scams, deceptions, bullshit and mayhem.”

“I haven’t seen any of their uses other than funding illegal activities,” Kashkari said.

Bitcoin price is currently at the level of $ 45 thousand 190 after falling below $ 44 thousand 250. Despite the decline, the Bitcoin price is still 40 percent higher than a month ago and 54 percent higher than the beginning of the year.

Ethereum, on the other hand, fell to the level of $ 3,000.

Other cryptocurrencies are also affected by the drop in Bitcoin and Ethereum.