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BTC ready to reach $ 70,000 even today – if he gets enough support from the whales. Along with the largest digital currency, leading altcoins are preparing to update records – ether (ETH) and Litecoin (LTC).
It is curious that the rise of the crypto world to a capitalization of $ 3 trillion pushed many countries to reanimate or accelerate national CBDC projects (digital currencies of central banks).
For example, Russia plans to present a test version of the platform for the digital ruble early next year. At the same time, the Central Bank is preparing to announce its token. Switzerland…
Whales keep hoarding
Large investors have been tirelessly accumulating military-technical cooperation for 12 months. According to experts, this factor has become one of the main drivers of growth in the value of the leading cryptocurrency.
Glassnode analysts report that whales are buying up coins despite a rally that started in October. Their strategy suggests that big capital expects an even higher value for bitcoin in the coming months.
Whales are actively withdrawing cryptocurrency from trading floors. Currently, up to 12.9% of the total Bitcoin supply is placed on centralized exchanges. The BTC balance on these sites has dropped to a minimum since the beginning of 2019, says Glassnode. Over the past week, more than 5,000 coins worth $ 338.6 million were withdrawn from exchanges.
“The market is in a phase of accumulation, and it is accompanied by low activity against the background of a significant outflow of cryptocurrency,” analysts emphasize. Glassnode…
Santiment experts confirm Glassnode’s findings. In about a month, addresses holding from 100 to 100,000 BTC acquired an additional 92,000 coins. During this period, the cost of the cryptocurrency has grown by more than 15%, experts summarize.
Technical data is encouraging
The ether took a new high tonight, and in the afternoon re-updated ATH at $ 4,837.59 and is trading above $ 4.8K. But so far he does not have enough strength to overcome the $ 5,000 milestone, and this is what observers and traders expect from him today.
However, the technical indicators look positive, so a resumption of growth can be expected in the near future. According to IntoTheBlock, the supply of ETH is shrinking in the market: 8 million coins are locked in the DeFi market.
Investors have been withdrawing altcoins from cryptocurrency exchanges for more than a month now, which reduces the pressure of sellers on the asset. The outflow from trading floors, recorded since October 1, exceeded 860,000 ETH. If the trend continues, you can count on taking the $ 5,000 mark today or in the coming days.
The advent of the digital ruble
The Bank of Russia plans to access a prototype platform for the national CBDC in early 2022. According to the head of the Central Bank of the Russian Federation Elvira Nabiullina, the final decision on the launch of a token pegged to the ruble will be made solely on the basis of the results of its testing.
And the State Duma is not just expecting the start of tests, but fully support the initiative of the Ministry of Economic Development, which proposed to impose taxes on miners.
Anatoly Aksakov, representing the financial committee of the lower house of parliament, believes that miners are obliged to pay taxes to the treasury. To do this, the state needs to create a regulatory and legal framework to legalize crypto mining.
Aksakov supports the idea of the Bank of Russia to amend the legislation. This is necessary to simplify the integration of the digital ruble into the Russian financial system. The 12 largest banks in the country, including Sberbank and VTB, will take part in testing the token.
At the same time, the Central Bank of the Russian Federation is categorically against the use of bitcoin in the domestic market to pay for goods and services. Moreover, the authorities are ready to put pressure on banks so that they restrict clients in the right to use their accounts for trading on crypto-exchanges.
Swiss token on the way?
In January, the Swiss Central Bank in partnership with the SDX exchange may present its version of the national digital currency. The coin will be used in retail payments.
According to Thomas Moser, a representative of the regulator’s board, before the regular launch of the digital currency, it should be tested. The wCBDC token will be available on the SDX platform, and its implementation requires the political will of the authorities. In addition to the crypto exchange, the Bank for International Settlements (BIS) and the Bank of France are partners of the Swiss Central Bank.
The Helvetia project was first talked about in 2019. Central banks will provide the necessary infrastructure for the token, Moser said. In parallel, the SDX exchange is developing a private stablecoin backed by the Swiss franc. It is quite possible that this tool will also be used in transactions within the Helvetia project.
Sources: Glassnode, Santiment, IntoTheBlock, CoinTelegraph, CoinMarketCap, Reuters, Twitter
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