Forbes reports, citing two sources familiar with the matter
People’s Bank of China is close to issuing its own cryptocurrency (12 August)
This has been rumoured for a while now but the latest report suggests that China is looking to issue its own cryptocurrency just in time for Singles’ Day (11 November) – which is the country’s biggest shopping day for online sales.
China is said to have accelerated their push for digital money after Facebook announced plans back in June to launch Libra within a year. The report adds that:
“The PBOC plans to distribute its cryptocurrency through at least seven institutions in the initial stage, including Chinese tech giants Alibaba and Tencent, China’s largest payments card issuer China UnionPay, and four Chinese state-owned banks.”
I reckon this could either be a massive game-changer in the industry or a massive flop. But given that this is China, I’m inclined to lean towards the former.
As such, watch this space as other central banks around the world may look to ride on the trend soon enough; should they have the capacity and infrastructure to do so.
A week like this has to make Bitcoin traders wish they had a weekend to catch their breaths.
That doesn’t look like it will be the case as Bitcoin jumped $350 in the past 30 minutes to $12,270.
It made the parabolic move to $13900 on Wedneday, crashed down to 10330 yesterday but has now jumped nearly 20% from the low.
June CME Bitcoin futures expired earlier today but the volume had already moved over to the July contract so I don’t see the roll as a real factor.
Craig Wright is in court today trying to prove that he’s Satoshi but lost his early-Bitcoin addresses. In theory you could argue that’s bullish but no one believes he’s Satoshi and everyone already assumed those accounts were lost.
The price of Bitcoin moved up by about 22% to the high yesterday. Today from the high the price fell 25%. Wow!
Technically, the first low (going into the close yesterday) stalled at the 100 hour MA (blue line in the chart above). There was a sharp run back higher but the 2nd run lower cracked the 100 hour MA, the 200 hour MA (green line) and finally stalled near a lower trend line at $10300 (the low reached $10330).
The price is trading above and below the 200 hour MA at $10809.76. The 50% midpoint from the June 10 low comes in at $10688.61. If the price can’t stay above those levels, the sellers remain more in control. If the price can get and stay above, a move back above the 100 hour MA at $11636.83 will need to be breached.