St. Louis Fed Starts Tracking Crypto

Federal Reserve Bank of St. Louis

In an announcement released Tuesday this week, The St. Louis division of the US Federal Reserve Bank says they are now tracking the prices of four cryptocurrencies in its research database.

According to the announcement, The St. Louis Branch, which maintains an extensive price database called Federal Reserve Economic Data (FRED), will start to offer data points for the cryptocurrencies bitcoin, bitcoin cash, ethereum, and litecoin.

The US-Based exchange Coinbase will provide price data to FRED and the data updates on a daily basis.

The announcement also revealed that the database also shows the historical price data of the four cryptocurrencies stretching all the way back to 2014.

The move to add market data for cryptocurrencies should not come as a surprise, given that the St. Louis Federal Reserve has never been shy in focusing on crypto.

In a speech given at CoinDesk’s Consensus 2018 conference in May, James Bullard, the president of the St. Louis Federal Reserve, raised concerns that the number of cryptocurrencies available these days may trigger a “chaos of exchange rates,” something only seen previously during the civil war.

The St. Louis Fed has been keeping an eye on Bitcoin since 2014 when its vice president, David Andolfatto, commented at a seminar on crypto that he was hosting that crypto is forcing traditional financial institutions to “adapt or die.”

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