Japan will have more clarity on what a digital yen would look like late next year, a lawmaker overseeing the ruling party’s digital currency plan said. The Bank of Japan in April launched the first phase of its central bank digital currency (CBDC) experiment, joining counterparts aiming to match the rapid pace of private innovation.
Federal Reserve Chair Jerome Powell, who is presiding over the central bank’s examination of digital currencies, met with the head of cryptocurrency exchange Coinbase Global Inc. on May 11 and crypto advocate Christopher Giancarlo a day later, the Fed chair’s monthly diary shows.
“We are possibly looking at a good start to the week after there was some profit booking. The possibility of Ether decoupling from Bitcoin and not following the latter’s price movements is becoming clearer. Investor attention is turning towards the largest Altcoin. Polkadot, Ripple, Algorand all shot up almost 5% before facing some minor correction,” said Edul Patel, CEO and Co-founder, Mudrex.
Back home, as high-net-worth individuals continue to invest in cryptocurrencies to diversify their portfolio, non-fungible tokens (NFTs) are slowly gaining asset-class credibility. Indians are also warming up to this new digital asset that has given creators and collaborators a fresh platform to earn better money.
Also, Nasdaq-listed crypto exchange Coinbase is looking to expand its India operations. Its co-founder & CEO Brian Armstrong tweeted on Friday inviting people to join him.
Hitesh Malviya, Founder of itsblockchain.com said, “With the positive statement coming from Philippine Stock Exchange (PSE), Filipinos will become more involved in cryptocurrency trading, and usage soon, and that will benefit the whole market In the longer run.”
Tech View by Siddharth Menon, COO WazirX
Bitcoin looks ready for a reversal to an uptrend. If all goes well, we should see Bulls coming back to crypto markets in the coming month if the stock markets sustain the current levels. Ethereum looks strong as compared to Bitcoin which is good news for the Alt season. The DEFI sector has shown strong bounce back as seen in the previous market cycle.
SANDBOX is showing strength amongst the NFT pack. NFT has been the talk of the town and in the last 6-8 months, have bought a lot of artists & musicians to crypto with some record breaking sales. We could see NFT markets leading this alt season, only time will tell us.
All in all, markets are performing within the trend lines but they are usually with surprises to shake away some final disbelievers so be careful, don’t leverage trade. If we get out of this phase it’s a good sign for Bitcoin and last 2months consolidation will help it make new highs.
(Views and recommendations given in this section are the analysts’ own and do not represent those of ETMarkets.com. Please consult your financial adviser before taking any position in the asset/s mentioned.)