Get the weekly summary of crypto market analysis, news, and forecasts! This Week’s Summary The crypto market ends the week at a total market capitalization of $2,17 trillion. Bitcoin continues to trade at around $62,300. Ethereum experiences no changes and stagnates at around $2,400. XRP is down by 2%, Solana by 1%, and Dogecoin by 3%. Almost all altcoins are trading in the red, with very few exceptions. The DeFi sector decreased the total value of protocols (TVL) to around…
PBoC
A Look at the Historical Impact of China FUD on Cryptocurrencies
The Chinese Communist Party (CCP) has maintained a hostile relationship with bitcoin and other cryptocurrencies for years now. The leadership in the Asian country considers crypto a threat to its ability to exert overarching influence on individuals' freedoms. Peer-to-peer, distributed networks like Bitcoin offer folks the ability to evade government surveillance and capital controls. They have therefore become the CCP's worst nightmare. The Chinese government has continued to expand the scope of its crypto bans since 2013. That's how it…
4 years ago
Chinese Central Bank To Issue Digital Yuan Worth $6.2M in Lottery System
According to Reuters, the People’s Bank of China (PBOC) is set to issue 40 million renminbi ($6.2 million) to Beijing citizens in the latest trial for the digital yuan (e-CNY). The giveaway will take the form of a lottery, where the bank will hand out 200,000 virtual red envelopes, each containing 200 yuan ($31.30). Residents of the Chinese capital wishing to participate in the trial must register in a lottery system integrated into a mobile app run by the Bank…
4 years ago
Digital Yuan Could Go Live by May in Four Cities, Says Reports
It seems China is gearing up its plans to introduce its digital currency. Reports have it that China could be ready for the introduction of its Digital Currency Electronic Payment (DCEP) by May this year. China plans to first test the use of digital currencies among its state employees. The official name given to China’s CBDC project is the digital currency/electronic payment (DCEP). In recent times, industry reports have it that digital Yuan will go live in China by May. According to China…
5 years ago
The PBoC Prepares to Issue Its Digital Yuan Soon
The People's Bank of China (PBoC) intends to launch its much-awaited central bank-backed Digital Currency (CBDC) in Shenzhen and Suzhou. The WHO recommends using digital currencies over banknotes. They suggested this after discovering that the COVID-19 virus could be transmitted through banknotes leading to many central banks speeding up issuing their digital currencies. Recent reports say that research into China's central bank digital currency (CBDC) is dragging because of the COVID-19 outbreak. Still, the central bank has completed another milestone…
5 years ago