n How centralized chokepoints and blacklists will affect interoperability of the Chinese CBDC with the decentralized worldn
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US Fed Weighs Up Potential CBDC as Countermove Against China
n Fed Chairman Jay Powell puts the agencys economic theories on display in a recent letter to U.S. representatives asking What about a USD stablecoinn
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Exclusive Nothing Is Above Bitcoin, No CBDC, No Stablecoins,’ Says Blockstream CEO Adam Back
n Just wait until you hear what he has to say about Libran
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Tunisia Denies CBDC Reports Here Is How the False News Spread
n The Tunisian CBDC situation has been a mess. It started with fake reports run by Russian media, possibly caused by a Russian startup exaggerating its partnership with the Tunisian governmentn
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U.S. Fed Says No Plans for CBDC, but Evaluation of Costs and Benefits is Ongoing
The post U.S. Fed Says No Plans for CBDC, but Evaluation of Costs and Benefits is Ongoing appeared first on DCEBrief.
Circle CEO Says China’s CBDC Could Help ‘Internationalize’ Yuan
The post Circle CEO Says China’s CBDC Could Help ‘Internationalize’ Yuan appeared first on DCEBrief.
Russian Central Bank Head CBDC Under Consideration, But Not For Near Future
n The head of Russias central bank has said that while the launch of a central bank digital currency is being explored, it is not a matter for the near futuren
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Will Bitcoin Shine? After Ponzi Jab, BIS Boss Says CBDC Destabilizing
- Bitcoin price under pressure
- Carstens of BIS against central bank digital currencies (CBDCs)
- Volumes low and drop below or above Mar 21 high-lows must exceed 13k
According to BIS’s Carstens, central banks shifting to CBDCs will destabilize the economy. However, that is not stopping some central banks from experimenting with them. Meanwhile, Bitcoin (BTC) is under pressure and could drop to ,500—800 zone in days ahead.
Bitcoin Price Analysis
Fundamentals
True, we cannot ignore the effects of digitization. It is broad and profound. We expect the rate of digitization to pick up as millenials surpass baby boomers. Impressive as it is, regulators and central banks included are not hiding their heads in the sand.
The rise of global digital assets like crypto is a headache to many as they provide an alternative to government-issued fiat. Up against internal and external factors, these paper issued currencies have an infinite supply. Besides, the value depends on the state of the economy. A weak government means watered-down paper money. We need not look far. Venezuela, despite its richness and vastness in oil reserves, is struggling to stay afloat after years of mismanagement and sheer corruption. As its economy tank, the Bolivar is what it is—paper.
Surprisingly, even with all these evidence and trust links, senior BIS executive and a Bitcoin critic is against central bank digital currencies. In his view, CBDCs are faster and therefore possible facilitators a bank run destabilizing the system in the process. Apart from fears of a bank run, Carstens believes CBDC can affect interest rates thereby increasing the balance sheet of the adopting central bank.
Candlestick Arrangement
All the same, Bitcoin (BTC) is wavy and undoubtedly under pressure. Days after collapsing on Mar 21, bulls are struggling to recover. It is likely that the week will close lower. However, a significant take away in days ahead is not the resilience of bulls but the source of this liquidation.
Regarding Feb 24 bar, a simple Fibonacci retracement tool reveals that Mar 21 weakness is at a key reaction level—the 6.18 percent mark. Even though liquidation is yet to be affirmed, any drop below Mar 21 lows reveals weakness increasing odds of a collapse to ,500-800 zone.
Technical Indicators
Regardless of our BTC weakness, Mar 16—13k versus 7k anchors of analysis. Although bears of Mar 21 and the resulting double bar bear reversal pattern stands out, sellers will only be in charge once several trade conditions are live. Any drop below Mar 16 or 21 lows must have high volumes exceeding 13k of Mar 16 and 11k of Mar 21.
Chart courtesy of Trading View–BitFinex
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