Central banks join forces to study digital currencies
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Major central banks have joined forces with the Bank for International Settlements (BIS) to study potential use cases for central bank digital currencies (CBDCs).
The group will include central banks of Sweden, Canada, Switzerland, the U.K. and Japan, as well as the European Central Bank (ECB) and will be chaired by head of BIS' Innovation Hub, Benoît Cœuré, and Jon Cunliffe, the Bank of England's deputy governor.
The members will assess the "economic, functional and technical design choices, including cross-border interoperability" of CBDCs and will share the findings.
The topic of central bank digital currencies gained momentum after Facebook unveiled its cryptocurrency Libra in June 2019.
The social media giant's cryptocurrency could pose post a challenge to cross-border payments, monetary policy and even financial sovereignty, as Facebook is already in the hands of over a quarter of the world’s population.
These concerns have likely forced central banks to come together to study digital currencies. The People's Bank of China also stepped up research into creating its own digital currency following Facebook's announcement.
All this could end up boosting bitcoin's appeal as an anti-establishment asset - part of a decentralized monetary system with less government intervention. |
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Bitcoin Holds Key Support
BTC: Price: $8,630 | Market cap: $157 billion | 24-Hr Volume: $24.5 billion
Trend: Bullish
Bitcoin's bounce from key price support is struggling to gather steam.
The top cryptocurrency by market value made a reversal from levels near $8,461 (Sunday's low) during Tuesday's U.S, trading hours, rising to a high of $8,793 earlier today, according to CoinDesk's Bitcoin Price Index.
The bulls have defended support near $8,460 multiple times since Sunday, teasing an end of the pullback from recent highs near $9,200.
Prices, however, need to find acceptance above $8,750 to confirm an end of the price pullback. This is due to the fact that bulls have repeatedly failed to force a convincing move above that level in the last 48 hours.
A breakout above $8,750 looks likely and could yield a quick move above $9,000, since longer-duration charts are reporting bullish conditions. For instance, the weekly chart reporting a bullish breakout from a six-month-long falling channel.
However, if prices violate the support at $8,460, a deeper pullback to $8,200-$8,000 could be seen. Read Analysis |
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| | | | Disclaimer: The information presented in this message is intended as a news item that provides a brief summary of various events and developments that affect, or that might in the future affect, the value of one or more of the cryptocurrencies described above. The information contained in this message, and any information liked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments. |
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