China’s Central Bank seems to have noticed a spike in the interest rate of residents towards the country’s Digital Yuan.
The project is expected to help China join in the digital race by replacing a significant number of its fiat with the digital Yuan.
The people’s bank of China credits CBDC Interest rate to Bitcoin
If the Chinese Digital Currency becomes a success, part of the credit is Bitcoins’ to take, according to Wang Xin, the research bureau director at the People’s Bank of China. According to CNBC who translated his comments from Mandarin to English, Xin can be quoted saying;
“On one hand, this is related to more and more central banks in the world participating in the development of domestic digital currencies.”
Xin disclosed that the rising interest in the country’s incoming digital Yuan may be a result of other countries introducing a national digital currency.
But Wang is not giving all the credit to the aforementioned. Despite the country’s Bitcoin ban remaining functional to date, Xin asserts that the spike and bitcoin’s price may have influenced interest rates just as much.
“On the other hand, this (interest) may also be related to the large increase in the price of bitcoin.” He revealed.
At present, there’s no official date for the launch of the Chinese Digital Yuan, but the country intends to continue accelerating pilot projects that give residents of different parts of the country an opportunity to test the currency at retail shops. As Xin says, “Next, we will push ahead with digital RMB pilots, and accumulate more experience.”
CBDC – a threat to Bitcoin?
The integration of a Central Bank Digital Currency has become popular amongst many countries that are essentially looking to go digital.
Since 2020, there has been an uptick in activities aimed at accelerating the process of bringing CBDC to life. Countries like Japan, Sweden, Switzerland, and the United Kingdom, have begun to research, test, and explore CBDC.
The Bahamas was the first to debut a Central Bank Digital Currency, which is called “the sand dollar.” The Central Bank disclosed that the digital dollar is intended to facilitate “inclusive access to regulated payments and other financial services.”
The integration of CBDC has turned out to be a success for the Bahamas so far, as Mastercard recently collaborated with the Central Bank, to allow users to “convert the digital currency to traditional Bahamian dollars and pay for goods and services anywhere Mastercard is accepted on the Islands and around the world.”
There has been a fuss about a possible competition between CBDC’s and independent digital currencies like Bitcoin. However, because Bitcoin offers a level of decentralization that CBDC’s lack, the Bitcoin community is optimistic that these currencies will not outpace Bitcoin.
Polkadot, Cosmos, Zcash Price Analysis: 14 April
On the back of a significant uptrend, Bitcoin, the world’s largest cryptocurrency, climbed from under $60,000 to over $64,500 in less than 48 hours. At press time, however, the crypto’s bullish momentum seemed to be exhausting itself, with corrections setting in and pulling the value of the larger crypto-market south. The same was evident when the price charts of alts such as Polkadot, Cosmos, and Zcash were taken into account.
It’s been just under two weeks since Polkadot, the market’s 7th-largest crypto, was trading at its ATH. While corrections soon followed, thanks to BTC’s latest foray above $60k, market bulls once again spurred the movement of DOT’s price action. In fact, over the last few trading sessions, DOT hiked by almost 10%.
At press time, however, corrections affecting the Bitcoin market were taking the toll on DOT too, with the alt losing value by the hour.
Whether these corrections will amount to a definite trend reversal, however, is a question that cannot be answered at this moment. While the Parabolic SAR’s dotted markers were well under the price candles and suggested bullishness, the Chaikin Money Flow was healthy, despite noting a dip to correspond with the alt’s price fortunes.
The project was in the news recently after Tether announced that it will be launching on Polkadot and Kusama.
Cosmos, the crypto ranked 31st on CoinMarketCap’s rankings, has had a good last few weeks, with the alt consistently registering higher lows on the back of a sustained uptrend. While ATOM hasn’t been a stranger to brief periods of depreciation, the last few days did see the alt surge by over 17.5% on the charts.
Like DOT, the last few hours did see ATOM correct, however, with the crypto trading over 8% away from its ATH.
While the mouth of the Bollinger Bands was widening at press time to point to some degree of incoming price volatility, the Awesome Oscillator pictured positive market momentum on the histogram, despite some bearish signals.
The development team behind the project activated the Inter-Blockchain Communication (IBC) protocol following a vote by members of the Cosmos ecosystem recently.
One of the crypto-market’s leading privacy coins, Zcash has been on a steady uptrend for the past week, with the same punctuated by a set of brief price falls. One of these periods of depreciation was underway at press time after BTC failed to assert itself above the $64,500-mark. That being said, ZEC was still up by almost 10% in just over 48 hours on the charts.
Zcash’s indicators were very ambivalent, however. The MACD line was diverging away from the Signal line following the brief possibility of a bullish crossover. Finally, the Relative Strength Index exhibited buyer’s strength, with the same very close to the overbought zone.
Zcash was in the news recently after the ECC announced Halo Arc for the “next generation of Zcash.”
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Centurion Invest Launches Copy Trading System For CIEx Traders
Centurion Invest Exchange (CIEx) has launched its copy trading system for its traders. Notably, both novice and intermediate traders can use the new system to boost their earnings, especially in a volatile crypto market. Interested traders can manually copy trades from experienced traders and mutually benefit.
According to H.E. Ali Kassab, Chairman of Centurion Invest, the platform has 25 experienced traders to help cryptocurrency traders make informed and proper decisions.
“Cryptocurrencies are different from other asset types since the prices are volatile, making it much harder for junior traders and investors to establish proper investing strategies. Our copy trading service with over 25 expert traders onboard provides an immediate and convenient trading solution. CIEx novice traders can start trading with an immediate $100 bonus and instantly turn it into profit. As well as accessing the best copy trading feature on CIEx, including trade signals and guaranteed closing with profit, they can also opt for monthly secured income traded funds throughout our investment plans tailor-made for all users,” noted Kassab.
The company has set out a mechanism to incentivize traders who successfully participate in the copy trading system. Kassab further noted that the decentralized nature of the Centurion Invest copy trading platform enables traders to earn by both actively trading and through passive income. Vouching for the platform’s sustainability, Kassab noted that the developers made sure the new platform offers enhanced privacy and more robust security. “Depositing funds and accessing spot and futures trading are made effortless so that novice traders can gain confidence rapidly,” he explained.
By leveraging the power of blockchain technology and human expertise, Centurion Invest Exchange aims to help traders make more profit, especially from the ongoing rally.
In a bid to attract more customers to its platform, Centurion Invest has put in place different mechanisms. One, the company launched a referral program where anyone stands a chance to win bonuses from referring friends. Currently, the platform is running a limited offer to new customers who register an account with the exchange, whereby one stands a chance to win 100 USDT.
Notably, the company strategically launched its cryptocurrency wallet dubbed CI Wallet last month. The wallet provides key features such as Spot Trading, Futures, and Margins. For anyone interested in subscribing to the Centurion Invest Exchange services, the platform supports Visa, MasterCard, bank transfer, and also through top digital assets.
With Berlin looming, how is Ethereum’s price faring?
The 14th of April 2021 is a historic day for the crypto-community, with the Berlin ETH hard fork expected to go live, alongside a Coinbase IPO valued at over $100 billion. Ergo, it does not come as a surprise that altcoins in the top-25 are rallying, alongside Bitcoin’s run to its latest ATH on the charts.
A top metric that underlines how the current altcoin rally is in response to these two events is increased on-chain activity. For Ethereum, the top metric is the number of non-zero addresses, with the same climbing to touch a new ATH of 57 million recently, based on data from Glassnode.
Based on the attached chart, the number of non-zero addresses on the Ethereum network has increased consistently with the price and the trade volume. In addition to the number of non-zero addresses, there has been an increase in major activity and metrics on ETH’s network, just as it has been so on Bitcoin’s network.
As can be observed from the attached chart, despite a 63% correlation between ETH and BTC, on-chain activity has risen exponentially for both assets. The bullish sentiment among traders on top spot exchanges is visible in the Options market as well. ETH Option skews have been decidedly bullish with very little variability in Skew.
What’s more, the implied volatility is climbing steadily for ETH too. What these metrics highlight are a) The strong demand for Ethereum Options and, b) Large ETH call premiums were blocked in anticipation of the price rally post the hard fork.
And, it’s not just Ethereum. Besides ETH, top altcoins like ADA, XLM, LTC, and EOS are rallying in response to these updates and Ethereum’s price rally.
EOS’s trade volume, for instance, was up by nearly 50% in a 24-hour window, while the price was up by over 16%. One of the top EOS price drivers has been the fact that one of EOS’s top markets is Coinbase Pro.
Similar on-chain metric updates were noted for Cardano. On the back of two price rallies over the past month, Cardano’s price, at press time, was at a level where 100% of its HODLers are profitable. Similarly, in the case of XLM, the trade volume has been anticipated to increase since Bitcoin’s price rally gained steam. In fact, the trade volume was up by over 40%, with the price rallying with Ethereum. It is likely that the price rally driven by today’s events and Bitcoin’s run to its next ATH may leave the rally less than sustainable, however.
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