Bitcoin drops below $26,000 as market awaits central bankers' meeting at Jackson Hole, BNB hits lowest level in over a year due to regulatory and legal pressure, and Australia delays decision on central bank digital currency (CBDC) due to unresolved issues.
The growing support for central bank digital currencies (CBDCs) is driven by efforts to shorten financial settlement cycles, with 87% of survey respondents seeing CBDCs as a viable option for faster settlements by 2026, according to a report by Citi.
Central banks are exploring the issuance of digital currencies to promote financial inclusion and provide easier access to money for unbanked populations, with the potential to reduce dependence on cash, increase local currency adoption, and impact the role of international currencies such as the US dollar.
The Digital Dollar Project collaborated with Western Union on a pilot project exploring the use of central bank digital currencies (CBDCs) for cross-border remittances, revealing several benefits such as reduced counterparty risk and increased accessibility for the unbanked.
Bitcoin experienced a dip in price after the U.S. Federal Reserve Chair hinted at the possibility of an interest rate hike, but an on-chain indicator suggests that Bitcoin is undervalued and presents a good opportunity for long positions in the coming week.
Bitcoin, as the world's first decentralized digital currency, is challenging traditional notions of money by empowering individuals, offering a store of value, and demonstrating a growing network effect. With its scarcity, transparency, and potential for financial inclusion, bitcoin is positioning itself as a transformative force in the digital age.
Concerns arise that the struggling Chinese economy and volatility in the stock market may negatively impact Bitcoin's price and hinder its role as an alternative store of value in the face of a strengthening U.S. dollar.
Brazil's central bank aims to address privacy concerns and increase understanding of blockchain technology before launching its central bank digital currency (CBDC), named DREX, in May 2024.
Crypto analyst Benjamin Cowen believes that Bitcoin is likely to follow its historical bearish price action seen in pre-halving years and predicts that the cryptocurrency will remain within a range of $12,000 to $35,000 for the rest of 2023.
China's central bank digital currency (CBDC), the digital yuan, is undergoing upgrades and wallet providers should enable payment options in all retail scenarios through the integration of CBDC QR codes.
Singapore's new president, Tharman Shanmugaratnam, who has called cryptocurrency "purely speculative" and "slightly crazy," may have an influence on shaping policies related to finance, including cryptocurrencies and central bank digital currencies (CBDCs), despite the largely ceremonial nature of the role.
The Reserve Bank of India is set to introduce its central bank digital currency (CBDC) in the call money market as tokens for call money settlement.
Thailand's newly appointed government plans to distribute a cash handout to citizens using blockchain and crypto wallets, aiming to promote digital finance and reduce income disparities. The move is seen as a warm-up for the deployment of Thailand's central bank digital currency (CBDC) and is expected to add at least 2 trillion baht ($56 billion) to the economy. However, critics have raised concerns about the source of the funds and the potential erosion of privacy and financial freedom.
The United States House Financial Services Subcommittee on Digital Assets, Financial Technology, and Inclusion will hold a hearing on September 14 to discuss central bank digital currencies (CBDCs) and potential private sector alternatives, marking the first time in months lawmakers will address the issue.
The United States Federal Reserve's financial woes and potential implications for cryptocurrency are discussed on the latest episode of "Macro Markets," highlighting challenges posed by inflation and the consequences of loose monetary policies during the pandemic.
Proponents of a digital euro face political opposition, with some critics portraying it as a tool for state control and surveillance, which makes defending the central bank digital currency (CBDC) challenging for central bankers who are more accustomed to technical and economic arguments; however, officials are attempting to address concerns by emphasizing privacy features and maintaining a continuous dialogue to gain people's trust.
The USA is unlikely to launch a Central Bank Digital Currency (CBDC) anytime soon, according to Michael Barr, the Federal Reserve's Vice Chair for Supervision, as it could pose risks to financial stability and the US payments system.
Popular analyst Arthur Hayes argues that traditional economic theories about Bitcoin's relationship with interest rates will fail due to the US government's substantial debt, as inflation may become "sticky" and bond yields may not keep up with GDP growth, leading bondholders to seek higher yielding "risk assets" like Bitcoin.
The Bank for International Settlements (BIS) has successfully used novel intermediaries to reduce liquidity risk and enhance security for central bank digital currencies (CBDCs) in its Project Sela, which feeds into CBDC projects for the Israeli shekel and Hong Kong dollar. The project has demonstrated the feasibility of implementing secure and private CBDC systems on a central bank's ledger, protecting against hacks and ensuring privacy for users.
Crypto veteran Arthur Hayes believes that Bitcoin (BTC) can rise in price regardless of the U.S. Federal Reserve's decision on interest rates due to the government's continued spending and the shift towards hard financial assets.
A 0% interest rate increase by the Federal Reserve is expected to be bullish for Bitcoin, as historically BTC's price has correlated with risk equities and central bank policy.
The Federal Reserve's upcoming rate decision is expected to have little impact on Bitcoin and traditional markets, with low volatility predicted due to the central bank's data-dependent stance and lack of surprises anticipated.
Crypto analyst Will Clemente suggests that the US economy's need to issue more dollars to service its debt will inevitably lead to significant currency debasement, making Bitcoin the most promising asset for investors looking to protect their wealth. With the growing digital trend and a wave of Bitcoin adoption, Clemente believes that alternative monetary systems will become increasingly favorable.
Bitcoin and other cryptocurrencies experienced a decline after the Federal Reserve decided not to raise interest rates, suggesting that significant gains may not be anticipated in the near future.
The Federal Reserve's decision to maintain interest rates and raise its long-term forecast for the Federal Funds Rate surprised many market participants, causing a slight pullback in the stock and cryptocurrency markets while highlighting the need for investors to focus on the actual health and viability of companies and the utility of the crypto ecosystem. Additionally, the article speculates on the impact of the U.S. Securities and Exchange Commission's ruling on Bitcoin spot ETF applications and the potential for cryptocurrency to become a mainstream alternative investment.
Cryptocurrency prices remained stable over the past week, with Bitcoin holding steady at $26,569 and Ethereum experiencing a slight 2.8% drop to trade at $1,592, while Chainlink saw a 12% increase. Adoption of cryptocurrencies continues, with Citigroup launching a digital token service and PayPal enabling Venmo users to purchase its stablecoin. In political news, the former chair of the FCA admitted facing political pressure regarding crypto regulations, and the HFSC passed the CBDC Anti-Surveillance State Act to prevent the issuance of a Central Bank Digital Currency in the US.
Ethereum co-creator Vitalik Buterin says that central bank digital currencies (CBDCs) have become "front ends" for the traditional banking system instead of being blockchain-friendly with transparency and privacy features, making them even less private and breaking down barriers against corporations and the government. He believes that Ethereum may be more resistant to government interference with its proof-of-stake consensus mechanism.
Cryptocurrency faces regulatory challenges that could shape its future, but despite these challenges, the industry holds promise with developments such as increased institutional adoption, central bank digital currencies (CBDCs), DeFi innovation, interoperability, and expected regulatory clarity.
Bitcoin may eventually be replaced as the top digital asset, despite being the best form of money currently available, according to BitGo CEO Mike Belshe.
Eurozone central banks are planning to introduce a wholesale central bank digital currency (CBDC) to facilitate faster settlement of securities and forex transactions, while plans for a digital euro for regular citizens are facing concerns over privacy and the impact on commercial banks. The central banks aim to explore new technologies and protocols, including blockchain, and trials with real transactions will be conducted next year.
Bitcoin could face difficulties in the long term due to tightening liquidity in the current macroeconomic environment, according to crypto analyst Nicholas Merten. Merten believes that Bitcoin's price is heavily influenced by monetary policy and warns that if sentiment turns bearish, investors may start cashing out.
OpenAI CEO Sam Altman believes that Bitcoin is a logical and important step towards a global currency free from government control, which can help combat corruption and reduce hindrances to progress in society. Altman and podcast host Joe Rogan express optimism for Bitcoin's potential as a universal viable currency, but they express concern and opposition towards central bank digital currencies (CBDCs) due to fears of increased government control and surveillance.
Bitcoin's price is trading at around $28,000 with no clear direction, as on-chain metrics suggest that holders are at a no-profit, no-loss state, and the macro outlook, including the possibility of a rate hike by the US Federal Reserve, could influence its future movement.
Bitcoin is a superior form of digital money that is unlikely to be supplanted by other cryptocurrencies due to its security and decentralization, making it an attractive store of value in a digital world, according to Fidelity Digital Assets.
Bitcoin (BTC) remains stable as U.S. inflation data surpasses expectations, leading to uncertainty in monetary policy and the Federal Reserve's ability to cut interest rates; market participants are cautious about a potential upside for BTC in the short term.
Bitcoin is predicted to benefit from a return to currency debasement by the US government, making it a potentially valuable asset for investors.
Bitcoin, along with other major cryptocurrencies, has been impacted by the unstable U.S. fiscal situation and the potential collapse of the U.S. dollar, while Wall Street giants like BlackRock are poised to embrace bitcoin and revolutionize finance.
Bitcoin is potentially in a bull market, with the recent surge to $31,000 likely being the disbelief rally of the first stage, according to crypto strategist Jason Pizzino, although he acknowledges the possibility of a deep corrective move before a full-blown bull market begins.
Bitcoin is potentially in a bull market, with the recent surge to $31,000 being the "disbelief rally," according to crypto strategist Jason Pizzino, who also warns of a possible deep corrective move before a full-blown bull market.
Bitcoin's current price, which is below $30,000, presents an opportunity for investors to add it to their portfolios due to potential near-term catalysts like the upcoming halving, the possibility of approved Bitcoin exchange-traded funds, and a more accommodative Federal Reserve policy that could boost the cryptocurrency's price in the long term.
Australia's central bank is studying the potential launch of a central bank digital currency (CBDC) and exploring the benefits of tokenised money, which could save billions of dollars in costs in domestic financial markets.
Central bank digital currencies (CBDCs) have the potential to transform our perception and interaction with money, with success dependent on three core pillars: technology, policy, and usability.
Bitcoin is considered a good alternative by reputable financial professionals amidst concerns about bond market volatility, the Federal Reserve's rate path, and a potential recession, according to Sean Farrell, VP of Digital Asset Strategy at Fundstrat Global Advisors.
Deutsche Bank and Standard Chartered are testing a system that will enable blockchain-based transactions, stablecoins, and central bank digital currencies (CBDCs) to interoperate, similar to the SWIFT messaging layer in traditional banking infrastructure.
Strategists at Wells Fargo Advisors predict that the US could develop and release a central bank digital currency (CBDC) within the next three to five years, as the country studies the potential of a CBDC following an executive order from President Joe Biden. The analysts note that while there is no formal CBDC design yet, the debate over a potential US CBDC will continue to grow, particularly in relation to privacy concerns.
