Fabio Panetta – Member of the Executive Board of the European Central Bank – revealed that the digital version of the euro might become a legal tender inside the European zone.
Digital Euro ‘Should Not Be Taken for Granted’
As Bloomberg reported, the Italian economist and member at the ECB – Fabio Panetta – hinted about the initiative during a panel discussion in Helsinki, Finland. He asserted that if the European Central Bank proceeds with its efforts of launching a digital currency, the new form of money will have all chances to become legal tender inside the borders of the EU.
Panetta added that the authorities will thoroughly examine the endeavor in the next two years. Nonetheless, the Italian opined that achieving such a move “should not be taken for granted,” and the financial institution must be extra cautious.
Last week, he opposed the argument that the digital euro will be “redundant” amid other alternative currencies as the ECB will aim to make its CBDC cost-effective and guarantee its usability. The latter is vital as it could provide for more widespread adoption among the general population. The Italian economist added that the central bank digital currency will be “attractive enough” to capture society’s attention.
Fabio Panetta, Source: Reuters
During the event, Elvira Nabiullina – the head of the Bank of Russia – agreed with Panetta about how a central bank digital currency should look like.
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A few months ago, she opined that CBDCs, working under government control, will represent the future of the financial network. On the other hand, she is a fierce critic of private digital assets, which in her opinion, are highly volatile, and investors could lose “colossal sums” if they deal with them.
Digital Euro Could Be Greener Than Bitcoin
Earlier this year, the European Central Bank highlighted its plans to launch an investigation phase of a digital euro project that will go on for 24 months. Within the testing period, the ECB’s research department will “aim to address key issues regarding design and distribution” as the digital version of the euro “must be able to meet the needs of Europeans.”
In addition, the CBDC should “prevent illicit activities and avoid any undesirable impact on financial stability and monetary policy.” Christine Lagarde – President of the European Central Bank – said the financial product should be “the safest form of money.”
Last but not least, the ECB promised that the digital euro’s energy consumption would be “negligible” compared to bitcoin’s. It is worth mentioning, though, that central bank digital currencies and the primary cryptocurrency are significantly different assets.
A CBDC is a digital version of a nation’s fiat currency where the Central Bank is still in complete control. It lacks any sort of decentralization as there is a single authority that’s shaping the monetary policy and regulation.
Bitcoin, on the other hand, is the complete opposite, which is why many believe that the emergence of a CBDC could push people towards BTC even more.
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A popular crypto strategist and trader is highlighting a crucial resistance area for XRP that it must take out to clear the way for a new all-time high.
Pseudonymous crypto analyst Credible tells his 263,300 followers that XRP is currently taking it one level at a time and should see clear skies to new all-time highs (ATH) once it breaches a high timeframe (HTF) resistance.
“Once we manage to clear $1.70 on HTF, we are going to absolutely take off targeting new ATH… You can see here why this region, in general, is so significant.”
Source: Credible/Twitter
According the Credible’s chart, the area between $1.50 – $1.70 was the point of breakdown in May, which ignited a multi-month bear trend for the seventh-largest crypto asset until it bottomed out in July.
Looking at Bitcoin, Credible says that BTC is primed for a short-term bounce after retesting support around $62,000.
“[BTC] decided to take the lows first. Let’s run it back to $66,000 = now. Note that while BTC made a local lower low here, most alts did NOT. This is a good sign.”
Source: Credible/Twitter
On November 8th, when Bitcoin rallied above $67,000, Credible predicted the rally would fall short and BTC would go through a short-term pullback.
The crypto strategist is also looking at Hedera Hashgraph (HBAR), which is a public network for peer-to-peer payments. According to Credible, HBAR looks bullish after climbing above a critical level.
“Ladies, gents, and HBAR-barians, we just got our first confirmed daily close above the supply zone that I was referring to below ($0.42). Buckle up. Your patience is about to be handsomely rewarded.”
Source: Credible/Twitter
Credible also says most altcoins look bullish despite the recent across-the-board correction.
“Downside limited from current levels. Most alts took big hits but ultimately were retesting key breakout levels and have maintained their bullish structure, leaving long [liquidation] wicks in their wake. This was just a shakeout and most of the damage is done in my opinion.”
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This year has seen a number of high profile partnerships formed between the cryptocurrency sector and major sports leagues, teams and individual players. Nowadays players engage with their fans by issuing limited edition NFTs and other perks that are associated with crypto and blockchain technology.
Crypto companies are also making their presence known stitching their names on jerseys, buying stadium naming rights and paying for cleverly placed primetime commercials between game breaks.
One project that has seen a recent surge in interest thanks to its focus in the world of sports and helping fans interact with their favorite teams and players is Chiliz (CHZ), the blockchain network behind the Socios.com fan engagement platform.
Data from Cointelegraph Markets Pro and TradingView shows that since hitting a low of $0.243 on Sept. 29 the price of CHZ spiked 171% to a daily high at $0.657 on Oct. 31 and recent developments are now pushing the price back towards the swing high.
CHZ/USDT 4-hour chart. Source: TradingView
Three reasons for the growing strength of CHZ include the launch of live in-game NFTs, recent exchange listings for CHZ as well as its newly released fan tokens and the protocol’s rapidly expanding ecosystem of partners.
Live in-game NFT drops
The development that kicked off the current rally was the rollout of the platform’s first live, in-game NFT drop which took place a match between A.C. Milan and A.S. Roma.
This Sunday, history will be made as we release the first ever @acmilan NFT.
Here’s how you can be one of ONLY 100 to own one #ACMNFT | $ACM ⚡️ $CHZ pic.twitter.com/0z1aGyFgAC
— Socios.com (@socios) October 29, 2021
With this design, new NFTs are minted as they happen based on key moments in live matches and then they are dropped to the wallet of fan token holders who correctly predict the outcome of the game.
The announcement that this new method of distributing NFTs was followed by a spike in demand for the token which has continued to build in the following weeks.
CHZ and fan token support
Another reason for the building momentum of CHZ has been the addition of new exchange listings, as well as its newly released fan tokens for clubs like São Paulo FC, AC Milan and Manchester City.
Introducing Manchester City @ManCity Fan Token $CITY on Binance Launchpool! Farm $CITY by Staking #BNB, $CHZ and $BUSD Tokens
In addition to the listings, Binance is also allowing fans to earn tokens from their favorite teams by staking Binance Coin (BNB), Binance USD (BUSD) and CH.
OKEx also announced that it will support tokens from the Chiliz ecosystem and CHZ appears to have benefited from a new listing eToro’s crypto exchange on Nov. 9.
Expanding ecosystem backs the current rally
Ecosystem expansion could be another recent development that is strengthening CHZ’s fundamentals.
More than 80 sports properties announced partnerships with @chiliz x @socios, more than +100 already signed. While improving our product and starting to prepare a global marketing campaign, we focus on building a leading new fan ecosystem (engagement x monetization). #innovation pic.twitter.com/mZKOL6IyDH
— Alexandre Dreyfus (@alex_dreyfus) November 6, 2021
Recently, the platform unveiled a partnership with Kraft Sports and Entertainment which will see the National Football League’s (NFL) New England Patriots and Major League Soccer’s (MLS) New England Revolution join the Chiliz and Socios ecosystem.
This partnership marks the first foray for Chiliz into the NFL and MLS and indicates that the protocol has its sights set on expanding to cover all major sports leagues where there is a demand from fans for more engagement.
VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for CHZ on Oct. 28, prior to the recent price rise.
The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.
VORTECS™ Score (green) vs. CHZ price. Source:Cointelegraph Markets Pro
As seen in the chart above, the VORTECS™ Score for CHZ began to pick up on Oct. 27 and reached a high of 70 on Oct. 28, just as its price began to increase 125% over the next two weeks.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
Bloomberg Intelligence’s senior commodity strategist Mike McGlone says crypto may have one big advantage over the stock market.
The closely followed strategist compares the S&P 500 to the MVIS CryptoCompare Digital Assets index which tracks the performance of the 10 largest and most liquid digital assets. According to McGlone, the ability of digital assets to shake out excess leverage from the system with sudden plunges and rebounds is one advantage crypto has over the equities market.
“It’s almost guaranteed that the Federal Reserve will expand easing the next time the stock market wobbles, if past patterns hold, which should solidify underpinnings for Bitcoin. A cleansing of speculative excesses in 1H (1 hour) may be an advantage crypto assets have over the S&P 500.”
Source: Mike McGlone/Twitter
Looking at Bitcoin, McGlone says that BTC continues to build a solid base as prices of crude oil and commodities show that peak inflation is in sight.
“Crude oil and commodities are good indicators that peak inflation is near. We believe crude is fundamentally a bear market bumping against the upper end of its price range since the 2014 plunge. Bitcoin is becoming digital collateral and part of the technology revolution.”
Source: Mike McGlone/Twitter
McGlone also highlights the three main components driving the growth of the crypto markets, which include Bitcoin, Ethereum (ETH), and the vast amount of stablecoins, which he refers to as “crypto dollars.”
“Three crypto musketeers driving $3 trillion market cap – representing a better way to transact, a strengthening ecosystem and here-to-stay asset class, crypto dollars are the most significant advancing part of the digital-money revolution and the third leg of the crypto stool.”
Source: Mike McGlone/Twitter
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Bloomberg recently found that investors are protecting themselves from fears of rising inflation by using Bitcoin. In a tweet, the company even called it “the best inflation hedge around” depending on how one looks at it.
Bitcoin Beats Inflation
After crunching the numbers, Bloomberg Opinion’s John Authers found that Bitcoin has achieved 99.996% deflation over the past 10 years. What cost one Bitcoin in 2011 now costs just 0.004% of a Bitcoin today. Meanwhile, the CPI has risen 28% in dollars during that time.
Just days ago, Bitcoin surged to a new all-time following the release of US inflation numbers for October. Since last year, the CPI has risen by 6.2% across the country – the fastest rise since 1990. What’s more, when using the 1980’s measure for CPI, inflation has increased by closer to 15%.
Bloomberg’s economists estimate that roughly half of Bitcoin’s recent price surge has been driven by inflation fears. The other half is due to momentum trading:
“Our model shows that for Bitcoin, the importance of inflation and hedging against uncertainty become more important drivers over time, accounting for 50% of price moves in the latest cycle relative to 20% in 2017,” said Björn van Roye and Tom Orlik.
Why Is Bitcoin An Inflation Hedge?
Public recognition of Bitcoin as an inflation hedge is growing strong. Last month, billionaire hedge fund manager Paul Tudor Jones called the asset a better hedge than gold. JP Morgan views Bitcoin as valuable for the same reason.
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The association is unsurprising: while the US M2 money supply has increased by nearly 40% in the past two years alone, Bitcoin’s monetary policy is fixed and decreasing. There will never be more than 21 million Bitcoin to ever exist, giving the asset trustworthy scarcity.
However, Bloomberg acknowledges that Bitcoin has yet to gain enough trust to be counted as a guaranteed inflation hedge. Wilfred Daye, head of Securitize Capital, still says gold is a better alternative, even though Bitcoin is “a new sexy concept”.
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Bitcoin’s (BTC) bullish sentiment received a minor setback on Nov. 12 afte the Securities and Exchange Commission (SEC) rejected VanEck’s Bitcoin exchange-traded product that planned to track Bitcoin’s spot price.
However, this negative development was followed by the successful activation of the Taproot soft fork on November 13. Bitcoin developer Hampus Sjöberg, who runs a Taproot dedicated website, told Cointelegraph that the “greatest win” was that Taproot showed that Bitcoin could do network upgrades and that was important for the longevity of the network.
Crypto market data daily view. Source:Coin360
Analysts from Decentrader also pointed out that Bitcoin’s last major upgrade was the implementation of Segwit in August 2017 and this was followed by a sharp rally from $4,000 to $20,000 in four months.
Could Bitcoin repeat its previous bullish performance following the Taproot upgrade and pull altcoins higher? Let’s study the charts of the top-5 cryptocurrencies that may resume the uptrend in the next few days.
BTC/USDT
Bitcoin has pulled back to the 20-day exponential moving average ($62,954), which is an important support to keep an eye on. Traders generally buy the dip to the 20-day EMA in a strong uptrend.
BTC/USDT daily chart. Source: TradingView
The upsloping moving averages indicate that buyers have the upper hand but the negative divergence on the relative strength index (RSI) warns that the bullish momentum may be weakening.
If the price rebounds off the 20-day EMA, the bulls will try to push the price above the all-time high at $69,000 and resume the uptrend. The BTC/USDT pair could then rally to $75,000.
Alternatively, a break and close below the 20-day EMA will indicate that traders may be rushing to the exit. The pair could then drop to the 50-day simple moving average ($57,938). A break below this support could signal the start of a deeper correction to $52,920.
BTC/USDT 4-hour chart. Source: TradingView
The 4-hour chart shows that the pair is consolidating between $60,000 and $67,000. Although the bulls pushed the price above the resistance of the range, they could not sustain the higher levels. The pair has again dipped back into the range.
The 20-EMA is sloping down marginally and the RSI is just below the midpoint, suggesting that the price may gradually drift down to $60,000. A strong bounce off this level could extend the range-bound action for some more time but a break below it could signal a trend change.
Alternatively, if the price turns up from the current level, the bulls may challenge the overhead resistance zone at $67,000 to $69,000.
LTC/USDT
Litecoin (LTC) completed a rounding bottom formation when it broke and closed above the overhead resistance at $225.30. The price quickly picked up momentum and rose to the psychological barrier at $300 where the bears mounted a stiff resistance.
LTC/USDT daily chart. Source: TradingView
The altcoin has been correcting for the past few days but the 20-day EMA ($224) has started to turn up and the RSI is just below the overbought zone, indicating that bulls have the upper hand. If the price turns up from the current level or rebounds off $225.30, the buyers will attempt to resume the uptrend.
A break and close above $300 could open the doors for a further rally to $340. The bears are likely to have other plans as they will try to pull and sustain the price below the breakout level at $225.30. If they can pull it off, the LTC/USDT pair may drop to the 50-day SMA ($192).
LTC/USDT 4-hour chart. Source: TradingView
The 4-hour chart shows that the pair is trading inside a falling wedge pattern. The 20-EMA has flattened out and the RSI is near the midpoint, indicating a balance between supply and demand.
This equilibrium could tilt in favor of the bulls if they push and sustain the price above the wedge. The pair could then rise to $280 and later to $295.70. This level may act as a stiff resistance but if bulls overcome this hurdle, the pair could rally to the target objective at $302.10.
Alternatively, if the price breaks below the 50-SMA, the selling could intensify and the pair may drop to the strong support at $225.30.
LINK/USDT
The bulls drove Chainlink (LINK) above the overhead resistance at $35.23 on Nov. 9, 10 and 11 but could not sustain the price above it. This suggests that bears are defending this level with vigor.
LINK/USDT daily chart. Source: TradingView
Both moving averages are sloping up and the RSI is above 55, suggesting that bulls have a slight edge. If the price rebounds off the 20-day EMA ($32.27), the buyers will make another attempt to clear the overhead hurdle.
If they manage to do that, the LINK/USDT pair could signal the start of a new uptrend. The first target on the upside is $42.50 and then $47.50. This bullish view will be negated if the price breaks below the 20-day EMA. Such a move could pull the price down to the 50-day SMA ($28.83).
LINK/USDT 4-hour chart. Source: TradingView
The pair has been rising inside an ascending channel for the past few days. The bulls attempted to push the price above the channel on Nov. 10 but failed. This may have prompted profit-booking by the bulls and shorting by the aggressive bears.
The price could now drop to the support line of the channel where buying may emerge. A strong rebound off this support will suggest that bulls continue to buy at lower levels. The pair may then continue to move up inside the channel. A break and close below the channel will signal a possible change in trend.
Related:Bitcoin sets up nail-biting weekly close after Taproot goes live
VET/USDT
VeChain (VET) broke above the stiff overhead resistance at $0.15 on Nov. 4, indicating that bulls had overpowered the bears. The price has dipped back to the breakout level and the bears are attempting to pull the price below it and trap the aggressive bulls.
VET/USDT daily chart. Source: TradingView
The 20-day EMA ($0.15) is sloping up and the RSI is in the positive territory, indicating a minor advantage to the bulls. If the price rebounds off the current level, the bulls will try to push the VET/USDT pair above $0.19 and resume the up-move. The pair could then rally to $0.24.
Contrary to this assumption, if the price breaks and sustains below $0.15, it will suggest that markets have rejected the higher levels. The pair could then drop to the 50-day SMA ($0.12) and later to $0.10.
VET/USDT 4-hour chart. Source: TradingView
The 4-hour chart shows that bulls pushed the price above the resistance line of the ascending channel pattern but they could not build upon this advantage. This indicates that demand dries up at higher levels.
The price has again dipped back into the channel and the moving averages have completed a bearish crossover. This suggests that the pair could gradually slide to the support line of the channel.
A strong rebound off the support line could keep the uptrend intact and the price may continue to trade inside the channel. The bears will have to pull and sustain the price below the channel to gain the upper hand.
AXS/USDT
Axie Infinity (AXS) is correcting in an uptrend and has been trading inside an ascending channel pattern for the past few days. The price has dipped to the 20-day EMA ($141) where the bulls are trying to arrest the decline.
AXS/USDT daily chart. Source: TradingView
The 20-day EMA has flattened out and the RSI has dropped near the midpoint, suggesting that buyers may be losing their grip. A break below the 20-day EMA could pull the price to the support line of this channel.
The buyers are expected to defend this level aggressively. If the price rebounds off the support line, it will suggest that the up-move remains intact. The AXS/USDT pair will then try to rise to the all-time high at $166.09.
A break and close above the all-time high could clear the path for a possible rally to the resistance line of the channel at $183. This positive view will invalidate on a break and close below the ascending channel.
AXS/USDT 4-hour chart. Source: TradingView
The pair has been consolidating between $166.09 and $131.18. The price has been trading below the 20-EMA on the 4-hour chart, indicating that bears are defending this resistance aggressively. This increases the possibility of a drop to the support of the range at $131.18.
If the price rebounds off this support, it will suggest that bulls continue to accumulate at lower levels. The pair may then extend its range-bound action for a few more days.
Conversely, a break and close below $131.18 could signal a possible change in the short-term trend. The pair may then drop to the $115 to $120 support zone. If this zone also cracks, the decline could extend to the psychological support at $100.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.
Washington-based think tank Pew Research Center is revealing that a considerable number of young American adults have dabbled in cryptocurrencies.
Based on results from a new survey, Pew says that most Americans are familiar with digital assets.
“Overall, 86% of Americans say they have heard at least a little about cryptocurrencies, including 24% who say they have heard a lot about them, according to the survey of U.S. adults, conducted Sept. 13th-19th, 2021.”
Pew’s research also notes that younger Americans are more likely to say they have used cryptocurrencies compared to their older counterparts.
“Roughly three-in-ten Americans ages 18 to 29 (31%) say they have ever invested in, traded or used a cryptocurrency such as Bitcoin (BTC) or Ethereum (ETH) compared with smaller shares of adults in older age groups.”
The study also highlights the differences between genders, saying that American men are more likely than women to use crypto, especially when comparing younger age groups.
“Men are about twice as likely as women to say they ever used a cryptocurrency (22% vs. 10%). These differences are especially pronounced when looking at age and gender together.
About four-in-ten men ages 18 to 29 (43%), for example, say they have ever invested in, traded or used a cryptocurrency, compared with 19% of women in the same age range.”
Overall, 16% of American investors say they have personally used, traded or invested in cryptocurrencies, according to the poll.
You can read the full report here.
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Featured Image: Shutterstock/spainter_vfx/OSTILL is Franck Camhi
Polkadot is down more than 16% since the $55.20 all-time high of Nov. 4.
Now, prices have reached a critical support level that may serve as a rebound point.
As long as DOT holds above $41,40, it could target $89.35.
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Polkadot could be gearing up for a sustained rebound toward new all-time highs, depending on DOT’s ability to hold above a crucial support barrier.
Polkadot Holds at Crucial Support
Polkadot looks ready for another rally despite the 25% correction it suffered shortly after hitting a record high at $55.20 on Nov. 4.
As excitement surrounding last week’s parachain auction launch intensifies, the number eight cryptocurrency by market cap has reached a crucial support level represented by the lower boundary of a parallel channel, which developed on the 12-hour chart since early July.
Every time DOT has dropped to this technical pattern’s lower trendline, it has rebounded, surging to the pattern’s middle or upper edge. From this point, it tends to get rejected, which is consistent with the characteristics of a parallel channel.
Similar price action suggests that the channel’s lower trendline will continue to hold and serve as a rebound point for Polkadot. Therefore, a spike in buying pressure around the current price levels could push DOT toward the channel’s middle or upper trendline. These resistance points sit at $60.60 and $89.35 respectively.
Source: TradingView
The Tom DeMark (TD) Sequential indicator adds credence to the optimistic outlook. It presented a buy signal in the form of a red nine candlestick on Polkadot’s 12-hour chart. The bullish formation anticipates a one to four candlestick upswing or the beginning of a new uptrend.
As long as DOT holds above $41.40, the bullish thesis should remain valid. However, if it fails to hold, traders may be encourages to exit their long positions in anticipation of a steep retracement. The increase in selling pressure could then ignite a correction toward $34.80 or even $30.10.
Disclosure: At the time of writing, the author of this feature owned BTC and ETH.
This news was brought to you by Phemex, our preferred Derivatives Partner.
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