Market News

BY OLIVER KNIGHT AND COINDESK

Bank of England Governor Andrew Bailey reiterated his stance on cryptocurrencies, stating that the asset class has "no intrinsic value."

The longtime crypto skeptic was testifying in the U.K. Parliament the day after lending platform Celsius suspended transfers and withdrawals, helping to send Bitcoin (BTC) and the rest of the cryptocurrency sector into a tailspin.

"Crypto assets have no intrinsic value. This morning we have seen another blow-up in a crypto exchange," Bailey said.

Bailey's comments followed Celsius's decision Sunday night to halt transfers and withdrawals, citing extreme market conditions. Celsius is based in the U.K. and has said it plans to "honor withdrawal obligations" in spite of speculation about its solvency.

Bailey hasn't been shy about his disdain for crypto, having previously warned on the lack of value of the sector as a whole and saying Bitcoin is not a practical means of payment. In December he also urged U.K. banks to be "especially cautious" with crypto.