The Federal Reserve of St. Louis began to track prices of 4 cryptocurrencies

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The Federal Reserve Bank of St. Louis has started tracking the rates of four cryptocurrencies using its database Federal Reserve Economic Data (FRED), according to CoinDesk.

For daily monitoring of prices of Bitcoin, Bitcoin cash, Ethereum, and Litecoin FRED uses the data of the American cryptocurrency exchange Coinbase.

In addition, FRED contains the history of quotations of the four assets since 2014.

The move to add crypto data is not, perhaps, entirely surprising, given that the St. Louis Federal Reserve – a center for local, national and global economic research – has never shied away from taking a focus on cryptocurrencies.

Earlier, the president of the Saint Louis branch of the St. Louis, James B. Bullard expressed concern that today a huge amount of cryptocurrencies can cause an “exchange rate chaos” that was already noted earlier in US history – especially during the Civil War.