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US Is Working Hard on Digital Dollar, Libra Was Wake-Up Call: Jerome Powell

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Tue, 02/11/2020 - 17:17
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  • Federal Reserve Chairman Jerome Powell has just said that the US is working hard on its own central bank digital currency

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Fed Chairman Jerome Powell has revealed that the US was "working hard" on its own digital currency his testimony before Congress. He acknowledged that Facebook's Libra was "a wake-up call."

Still, the Federal Reserve will not rush to introduce a digital dollar. Powell says that they need to understand what they are doing before making any definitive steps. 

"We should understand benefits and tradeoffs," Powell said.

Powell mentioned that it was "an importantly important thing" to preserve the centrality of the US national currency. 

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Numerous countries around the globe are scrambling to digitalize their economies. According to Powell, every major bank is taking "a deep look" at digital currencies. However, he also explained that there was no need to compare Sweden (where cash is now practically nonexistent) to the US. 

"A lot of Northern European economies have moved away from cash."

When asked about China's digital currencies, he made a case for private transactions. 

"A ledger where you know everybody's payments is not something that would be particularly attractive in the context of the US"   

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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Bitcoin (BTC) Price Targets $6,500 Before Future Pullback: Analysts

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Mon, 03/30/2020 - 12:34
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  • Two days ago Bitcoin (BTC) failed to conquer a bearish stronghold at $7,000, which sent it to sub-$6,000 areas. When can we expect the next attack?

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Contents

Two major cryptocurrency traders and analysts believe that $6,500 may be the final level of this ‘fake rally’ before a new fall for the crypto king.

Relatively calm but targets $6,500

Seasoned crypto trader and analyst Michael van de Poppe recommended his followers to switch their attention towards altcoins.  According to him, many of them may bring profit in the short-term perspective:

$BTC is remaining relatively calm, so you can see alts pop here and there. If $BTC goes in accumulation modus, that will probably be the time that they start to kick off.  Probably during the summer. 

Although, with today's bullish momentum, Bitcoin (BTC) could reach $6,400 and even $6,500 fast.  But once it reaches this level, the U-turn is over and we can brace ourselves for a new decline.

The views of Mr. van de Poppe were shared by CryptoBirb, a prominent analyst and founder of The Birb Nest educational platform. According to him, $6,400-$6,600 is the most comfortable area for the ongoing Bitcoin (BTC) price move.

At printing time, Bitcoin (BTC) trades at $6,340 on major spot exchanges.

Don’t recommend Bitcoin (BTC) to Peter Schiff

Famous ‘gold bug’ Peter Schiff never ceases mocking Bitcoin (BTC), with no regard to bullish or bearish sentiments in the market. Yesterday, he compared the declines from the ATH demonstrated by both his beloved gold and the flagship cryptocurrency. 

Since the Bitcoin (BTC) fall has been five times deeper, he doesn’t have enough words to characterize its advocates. 

About the author

 Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockhain. Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

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