10.11.202112:15 Forex Analysis & Reviews: Singapore's Central Bank is against cryptocurrency, but the flow of money into it is increasing

The Monetary Authority of Singapore (MAS) has warned retail investors who use crypto assets that there is a high risk of losses.

Ravi Menon, the managing director of the Singapore Central Bank, said at the financial technology festival that the Central Bank of Singapore condemns cryptocurrencies as an investment asset.

Last night, Bitcoin and Ethereum reached new record highs: the first reached the level of $68,549.67, and the latter reached $4,840.87.

Since the year started, Bitcoin has grown by more than 130%:

Meanwhile, Ethereum has also risen by 550%:

The current cryptocurrency rally comes from record inflows into bitcoin products and funds. According to the analytical company CoinShares, $6.4 billion has been transferred since the beginning of the year. Just last week, the influx of Bitcoins amounted to $ 95 million.

Prices for both cryptocurrencies have fluctuated so much this year, with the biggest pullback recorded in May after Tesla and SpaceX CEO Elon Musk announced that Tesla would no longer accept bitcoins as payment for its cars.

Central banks are increasingly talking about the risks associated with cryptocurrencies, as the total market capitalization of the space reaches $3 trillion.

The governor of the Bank of England, Andrew Bailey, noted that the growing popularity of crypto assets strengthens illegal activities.