It’s a new week and here is the list of top cryptocurrency news we’re reading today as we expect bitcoin, ethereum and blockchain world to bring something new.
China Hopes To Use New Digital Currency To Weaken US Dollar Dominance
While other apex banks across the world may not be seeing a need to jump into new digital currency, China says the New Digital Currency have lots of possibilities and as such it’s moving towards adopting it.
China is seeing the benefits in being the first country to launch a digital currency, according to China Finance, a magazine from the People’s Bank of China (PBoC).
According to a report on Reuters on Monday, China believes that adoption of digital currency dubbed digital currency electric payment (DCEP) would be the weakening of the dollar’s role in international finance in favour of the yuan.
Bitcoin price Reacts to Stocks Fall Over European Coronavirus Fears
In other news, the most valuable cryptocurrency, bitcoin is facing selling pressure amid coronavirus-led risk aversion in the stock markets.
At the time of this report, bitcoin price is in the red near $10,650, down 2.9% on the day, having faced rejection near $11,00 earlier on Monday.
European stocks and U.S. stock are playing major roles as a rise in the U.S. dollar look to be weighing over the top cryptocurrency by market cap.
For instance, major European indices like Germany’s DAX, France’s CAC, and the U.K.’s FTSE are down more than 3%, according to data source investing.com.
5 things to watch in Bitcoin this week
Are you bitcoin investor or short term trader? There are certain things you need to watch out for this week across international stocks as coronavirus spoils stocks sentiment.
Bitcoin (BTC) starts a new week still looking for $11,000 support as macro markets wobble over coronavirus and banks’ criminal activities.
In a report by Cointelegraph, there are five factors that could shape bitcoin price action as we drive into the new week.
BitFlyer integrate PayPal deposits for Europe users
From Japan comes the report that the European subsidiary of bitFlyer, one of the largest Japanese cryptocurrency exchanges, has integrated PayPal deposits on its platforms.
BitFlyer described the integration of the internet payment giant as a significant move in bridging the gap between the fiat and cryptocurrency world for European users.
With the integration of PayPal, deposits is expected to be almost instant, meaning bitFlyer Europe users will now be able to directly deposit euros to their wallet to trade cryptocurrencies, bitFlyer Europe business strategy manager Jacek Bastin said.
“BitFlyer charges no handling or processing costs on top of the fees charged by PayPal,” Cointelegraph quoted him as saying.