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Crypto Industry News:
Research into the opportunities and challenges of central bank digital currency (CBDC) is ongoing in 81 countries, while five countries have fully implemented the digital version of their currency, according to a new Atlantic Council tracker.
The Caribbean region is home to all five currently used CBDCs, with the Bahamas, Saint Kitts and Nevis, Antigua and Barbuda, Saint Lucia and Grenada already implementing their digital currency systems.
As the tracker shows, CBDC is in a pilot phase in 14 other countries, including South Korea and Sweden.
Formed in 1961, the Atlantic Council describes itself as a non-partisan organization that seeks to promote US leadership on a variety of global issues. The CBDC tracker, which was unveiled on July 22, currently monitors 83 countries and currency unions.
Among the countries with the four largest central banks - the United States Federal Reserve, the European Central Bank, the Bank of Japan and the Bank of England - the United States is the most lagging behind in CBDC development.
The Federal Reserve has been researching CBDC for several years, and chairman Jerome Powell indicated in January that developing the digital dollar was a "very high priority" in the fight against financial crime. Meanwhile, New York-based Fed Bank president John Williams believes that the emergence of cryptocurrencies is posing tough questions for central banks.
China recently indicated that foreign visitors will be able to use the digital Yuan at the 2022 Winter Olympics - provided they share their passport details with the central bank. A group of US senators, including Bitcoin supporter Cynthia Lummis, called on US Olympians to boycott the digital Yuan, to which Beijing responded with US senators to "stop causing trouble."
Technical Market Outlook:
The ETH/USD pair has broken out of the trading range and is getting closer to this month's high at the level of $2,405. The recent high was made at the level of $2,395, but the bears were active at this level and pushed the price back under the short-term trend line resistance seen around the level of $2,370. If the momentum will keep going up, then the next target for bulls is seen at the level of $2,405 and $2,453. The key short-term support is seen at the level of $2,201.
Weekly Pivot Points:
WR3 - $2,880
WR2 - $2,525
WR1 - $2,386
Weekly Pivot - $2,056
WS1 - $1,1912
WS2 - $1,571
WS3 - $1,423
Trading Recommendations:
Ethereum might have started the next wave up as the next long-term target for bulls is seen at the level of $3,000. Nevertheless, in order to resume the long-term up trend, bulls have to break through the last swing high seen at the level of $2,880. The level of $1,728 (61% Fibonacci retracement of the last big impulsive wave up) is still the key support for bulls.
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