Sat, January 28, 2023

Bitcoin Rises amid People’s Bank of China’s Crypto Pilot

Stock markets on September 9

On Monday in Asia, the price of Bitcoin strengthened. Meanwhile, the People’s Bank of China (PBOC) said its digital coins “can now be said to be ready”. Although it will not affect the overall movement of the market.

Bitcoin increased 0.1% to $11,409.8. Ethereum grew 1.1% to $212.66, while XRP traded 1.0% to $0.30274 and Litecoin soared 2.4% to $88.630.

According to a crypto news site which mentioned a local news site Shanghai Securities News, PBOC deputy director Mu Changchun said at the China Finance 40 Forum that new digital coins are utilizing pure blockchain architecture.

After five years of research, it has now been successfully developed.

Mu stated, to cater to China’s “complex economy with a vast territory and a large population,” the unnamed new coin will adopt a “two-tier operating system.”

He also noted that the central bank will be functioning on the upper level, while commercial banks will be on the secondary level.

The digital currency will be beneficial for “small-scale retail high-frequency business scenarios”, according to the PBPC executive.

Last week, major cryptocurrency prices gained. This is after some analysts suggested that bitcoin is set to benefit from the flight-to-safety trade as U.S. President Donald Trump and Beijing are set to deepen their trade conflict.

Trump stated, he is “not ready to make a deal” with China on Monday. He also added, it would be “fine” if Chinese negotiators postpone the scheduled meeting between the two sides next month.

Ethereum Price Scrutiny

Recently, a sharp decline was noticed in ETH price. It is under the $220 and $215 supports versus the US Dollar.

The support level price of $210 broke and settled below the 100 hourly simple moving average.

The price also tested the $200-$201 support area. A fluctuation was formed near $201 and the price started an upside correction above the $205 level.

Moreover, there was a break above the 23.6% Fib retracement level of the downward movement from the $226 stroke high to $201 swing low.

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