Bitcoin and Ethereum slip with Saudi Arabia reportedly ramping research into CBDC

Cryptocurrencies retreated slightly today despite the Saudi Arabia Central Bank reportedly ramping up research into a Central Bank Digital Currency (CBDC).

Bitcoin fell by 1.57% over the last day to US$22,705, falling below US$23,000, which it briefly broke through yesterday.

“Bitcoin price is somewhat stable today as risk-on rally comes to standstill,” said Naeem Aslam, a market analyst at Avatrade.

“Bitcoin has developed a strong positive correlation with riskier assets such as stocks and tends to move in the same direction.”

Ethereum, on the other hand, fell by 5% to US$1,553.

Today’s falls come despite the Saudi Arabian government ramping up its research into a CBDC.

Widespread adoption of cryptocurrencies is often seen as a good thing for the sector and usually sends the prices higher.

According to data from the Atlantic Council, an American think tank group, 114 countries which represent 95% of the world’s GDP are exploring CBDCs.

In some of the altcoins, XRP slipped 3.98% to US$0.41, Solana fell 6.6% to US$23.23 and Dogecoin shed 5.9% to US$0.08469.