Crypto Market Awaits Its 2024 Bull Run, China’s CBDC Development

Trending Tokens on BTSE:

(as of  3:45 AM UTC, July 12, 2023) 

As the sun rose in Asia, Bitcoin (BTC) continues to anchor at around $30,000, showcasing resilience despite a broader market lull, while Ethereum (ETH) is flat. This stability reflects a substantial uptick from its January position, offering a glimmer of hope for investors navigating this “bear” market.

Analysts are painting a hopeful picture beyond the present impasse, forecasting a potential market price rebound in the coming year. Standard Chartered’s prediction is notably ambitious, with projections that Bitcoin will surge to $120,000 by the end of next year. Others posit that the impending Bitcoin halving could catalyze a resurgence in Bitcoin-centric stocks, including MicroStrategy led by Michael Saylor. It’s important to note, however, that these predictions don’t exist in a vacuum. They are underpinned by critical factors such as a halt in rate hikes, the resolution of ongoing regulatory storms, and many others.

On the other side of the digital currency spectrum, we witness significant strides in the development of central bank digital currencies (CBDCs). The Bank of China’s testing of SIM card NFC payments for its digital yuan, or e-CNY, signifies a promising milestone in offline digital payments. Although this technology is currently limited to specific regions and Android phones, its successful implementation could revolutionize the CBDC landscape. This development, alongside the expanding digital yuan pilot program by the People’s Bank of China and the e-HKD pilot program in Hong Kong, underscores the progressive movement towards a globally interconnected digital currency environment.

Trade Bitcoin on BTSE here.

Join our Telegram news channel here.

Our aim is to create a platform that offers users the most enjoyable trading experience. If you have any feedback, please reach out to us at feedback@btse.com or on Twitter @BTSE_Official.

Note: BTSE Blog contents are intended solely to provide varying insights and perspectives. Unless otherwise noted, they do not represent the views of BTSE and should in no way be treated as investment advice. Markets are volatile, and trading brings rewards and risks. Trade with caution.