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19.10.[News of the day] • Ghana will examine offline transactions for upcoming CBDC • and other articles

4 min read

Welcome to today’s overview of crypto news:

MARKETS

The most important news in the field of cryptocurrencies in recent days is that the United States will finally have its own ETF on BTC, even if it is futures. Since last week, there have been several reports claiming that such a product is indeed being prepared. The latest from yesterday even indicated that the ProShares BTC Futures ETF will be launched today – October 19.

Expectations of such a significant event led to increased volatility of the primary digital asset. The BTC traded for $ 57,000 on October 15 before firing over $ 60,000 and a day later even approached $ 63,000. At first, failed to reach that price, and on Sunday, the Bears drove the BTC south below $ 59,000. However, the bulls returned to the game and in the following days pushed BTC north again.

This culminated in the touch of $ 63,000 a few hours ago, the highest price level since April this year. At the moment, BTC has backed down by about $ 1,000.

Most altcoins have failed to make significant profits, as evidenced by BTC’s growing dominance. ETH got over $ 3,900 a few days ago, but couldn’t keep up. A 1.2% drop since yesterday knocked the second largest cryptocurrency below $ 3,800.

BTC analysis – just overcome the last resistance on the way to ATH

Cryptocurrencies

El Salvador removes the BTC price channel from the Chivo app to suppress arbitrage dealers

El Salvador government is trying to prevent users of its Chivo digital wallet from abusing the price-freezing feature in the app to make risk-free profits through arbitration.

On October 19, Chivo’s Twitter account announced that wallet users would not be able to see the reference price provided for trades using the price freeze feature, which allows merchants to maintain the price of BTC  quoted by the app for up to one minute.

Chivo said on Twitter that opportunistic traders use the price freeze feature to scalp arbitrage on other cryptocurrency trading platforms around the world during periods of significant BTC price volatility.

Record order to sell 10,000 BTC on OKEx

According to the latest data from TradingView, the trading pair BTC / USDT on the OKEx exchange showed a large increase in trading volume. According to Colin Wu, the increase in volume occurred due to the fulfillment of orders on the exchange.

As the effect of the sales order did not appear in the chart, it was most likely “eaten” by the purchasing power in the market.

Once such large orders are realized, traders would usually see a distinctive wick inside the daylight. The main conclusion that traders draw from the stable image of the price action is that the current trend is with strong support and high liquidity below it.

Banks, crypto exchanges, companies

Invesco has reportedly abandoned plans to launch the BTC Futures ETF

Hours before the expected start of trading in the first BTC Futures ETF on the New York Stock Exchange (NYSE), Invesco reportedly abandoned plans to launch a similar product.

According to Bloomberg, a major investment management company, Invesco, no longer appears to be interested in the BTC Futures ETF.

Although Invesco did not give any reason for its withdrawal, as it was close to also receiving approval, a company spokesman said it would work to launch a BTC ETF.

CBDC, Regulation

The French central bank is piloting a blockchain-based CBDC

The French central bank continues to actively explore the digital currency of the central bank (CBDC) and has completed a major CBDC test based on a blockchain in the country’s bond market.

More than 500 institutions in France took part in a ten-month CBDC-testing experiment issued by the Banque de France for government bond trading, The Financial Times reported on October 19.

The CBDC test was conducted by the Belgian financial services company Euroclear, which used a system developed by the American technology giant IBM. In addition to the central bank, the CBDC also included the French National Debt Office and a consortium of large financial companies operating in France, including companies such as BNP Paribas, Crédit Agricole CIB, HSBC and Société Générale.

Ghana will examine offline transactions for the upcoming CBDC

Ghana is working to develop offline capabilities for its forthcoming digital currency, the central bank (CBDC), in an effort to promote its use in all segments of Ghanaian society.

According to a Bloomberg report on October 18, Kwame Oppong, head of fintech and innovation at the Bank of Ghana (BoG), revealed during Monday’s Ghanaian Economic Forum that the country’s digital currency “e-cedi” will support offline transactions.

Oppong stressed that the offline feature will allow Ghanaians who do not have reliable access to electricity and internet to accept CBDC.

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