Cryptocurrency Market Update: Bank of France tests digital euro as Bitcoin snoozes in a tight range

• The French central bank launched a pilot program of digital euro.
• The cryptocurrency market is dormant in tight ranges.

Bank of France has performed the successful tests a digital euro, according to the recent announcement published by the regulator. The central bank said that it had managed to sell securities for central bank digital currency (CBDC) on May 14 and declared the beginning of the testing procedures. 

Bank of France backed the development of the CBDC at the end of March, now the prototype is operational on a blockchain. 

While the bank did not go into the detail, it made clear that the pilot project is focused on wholesale rather than a retail segment.

Top-3 cryptocurrencies price updates

Bitcoin (BTC) has retreated from the intraday high to trade above $9,700 at the time of writing. The first digital asset continues moving within a short-term bearish trend amid shrinking volatility, locked in a tight range; a strong move above $10,000 is needed to improve the technical picture and bring more buyers to the market. Once it is out of the way, the upside pressure is likely to increase with the next focus on the highest level of 2020 at $10,511.

Ethereum attempted to recover above $215.00 on Wednesday but quickly retreated to $213.50 ahead of the US opening. The second-largest digital asset needs to recover above this week’s high at $217.00 to improve the technical picture and allow for a sustainable move towards $220.00.

XRP/USD is locked in the middle of $0.2000-$0.2100. The coin managed to settle above $0.2040, but the further upside seems to be limited by $0.2080 (this week’s high), followed by $0.2100.