Regulatory concerns and especially the so-called “China FUD” continue to draw their circles concerning the perception of cryptocurrencies outside the crypto markets.
Swiss banking giant UBS has raised concerns about the current state of crypto and ongoing developments to its clients, Business Insider reported Monday.
In a note published last week, UBS’ global wealth management team said the latest regulatory developments in China negatively impacted prices and operators. Further, regulatory crackdowns could pop ‘bubble-like crypto markets’ and turn bitcoin and co into unsuitable investments for professional investors.
“Regulators have demonstrated they can and will crack down on crypto. So we suggest investors stay clear and build their portfolio around less risky assets.”UBS Group
Apart from the recent events in China, there are also signs for stricter rules in western markets. In the past, Boston Federal Reserve President Eric Rosengren raised concerns about Tether, and in the UK, the Financial Conduct Authority banned crypto exchange Binance from operating in the country.