Cryptocurrency News Update: Bitcoin's volatility at a two-year low, regulators push for CBDC

Here's what you need to know on Tuesday

Markets:

BTC/USD is trading at $9,180. The first digital coin has barely changed both on a day-to-day basis and since the start of the day, moving within a tight channel with the short-term bearish trend amid low volatility.

At the time of writing, ETH/USD is changing hands at $237.50. The price touched the intraday low of $235.81 during early Asian hours, but managed to recover the ground. ETH/USD has barely moved in the recent 24 hours and stayed unchanged since the start of the day. The coin is moving within a short-term bullish trend amid low volatility.

XRP/USD is changing hands at $0.1970. The price has stayed unchanged on a day-to-day basis and gained 1.2% since the beginning of Tuesday moving within the short-term bullish trend amid low volatility.

Among the 100 most important cryptocurrencies, Syscoin (SYS) $0.1504 (+168.5%), Synthetix Network Token (SNX) $3.84 (+12.3%), Flexacoin (FXC) $.0032 (+9.5%) are the most successeful. The day's losers are Swipe (SPX) $1.43 (-18.7%) , Elrond (RLC) $1.42 (-15.9%), Terra (LUNA) $0.3069 (-15.4%).

Chart of the day:
XRP/USD, 30-min chart

Market

Bitcoin’s mysterious creator Satoshi Nakamoto mined about 1,125,150 BTC ( about $10.9 billion at the current exchange rate), according to the recent research published by Whale Alert service. The researchers found out that he mined with the same rig through at least May 2010. Whale Alert cited Sergio Demian Lerner’s findings. The technique suggested by the expert showed that Satoshi may be in possession of 1 million coins. They found out that Satoshi maintained a constant mining scheme to protect the growing network from 51% attacks. 

The cryptocurrency data provider Skew found out that Bitcoin’s 10-day realized volatility reached 16%, which is the level since November 2018. The largest digital asset has been sitting in a tight range for over a week now, while market participants find it hard to forecast the direction of the next move. Meanwhile, if the history is any guide, the prolonged period of market indecision makes the coin is vulnerable to sharp downside moves.

On the other hand, Glassnode experts believe that on-chain fundamentals are growing stronger despite depressing price movements. they pointed out that Network Health and Liquidity metrics improved during the previous week, leading to an overall increase in the Bitcoin's network health.

Industry

Mitsubishi UFJ Financial Group (MUFG), the biggest lender in Japan, plans to issue its digital coin in the second half of 2020. t
The digital currency, dubbed as MUFG Coin, will be launched in partnership with HR firm Recruit Holdings, the Japanese newspaper Mainichi Shimbun reports. the digital token issued by the bank will be available in the payment app for member companies listed on Recruit’s website. The users will be able to pay for goods and services and make transfers to the accounts of other participants.

The cryptocurrency exchange OKEx decided to postpone the ATTN OKEx Jumpstart. The platform cited "some recent developments", however, the community seems to be unaware of what was going on.

In light of recent developments, OKEx will suspend the ATTN OKEx Jumpstart until further notice or clarification is brought on the subject.

 ATTN Token (ATTN) was supposed to become the is the 15th token sale on the Jumpstart. The launch was scheduled for July 29. 

Regulation

The Bank of France will test its central bank digital currency (CBDC) with eight financial institutions, according to the release published by the regulator. The chosen entities will include Accenture, Euroclear, HSBC, Iznes, LiquidShare, ProsperUS, Seba Bank and Societe Generale FORGE. They will focus on three aspects: CBDC regulation in cross-border payments, availability of fiat and the exchange of financial instruments for central bank fiat. While the central bank cannot adopt national CBDC being a part of the eurozone, the experiments are deemed to contribute to the European Union’s growing focus on CBDC.

 

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