China Could Roll Out Its CBDC Without Anyone Realizing

China has emerged as the world’s leader in central bank digital currency, or CBDC, development, driving speculation surrounding the country’s domestic and international ambitions for its CBDC. Speaking to Cointelegraph, Glenn Woo, Ledger Vault’s head of the Asia-Pacific region, predicted that China’s state-backed virtual currency will be the first to launch worldwide. Woo emphasized the speed with which China’s government can deploy major initiatives on a national scale, suggesting that its early CBDC trials with 19 businesses including Starbucks and McDonalds may quickly grow to encompass a much larger pilot.…

Chinese Companies to Bet Big on Blockchain Despite COVID-19 Crisis

A survey of 350 Chinese companies revealed that Blockchan’s pre-COVID-19 corporate bullishness remains alive in the region. According to Xinhua, the study, called “Blockchain in the Post-epidemic Age,” showed that 70% of the companies surveyed before the coronavirus outbreak remain optimistic about the potential of Blockchain technology. Up to 20% believe that they will invest even more to mitigate the effects of the crisis. Almost 10 types of industries remain “bullish” towards blockchain Most believe that blockchain technology implementation could help the national economy recover from the financial ravages of…

BTC in Peril, Quadriga “Ponzi,” Coinbase Punished: Hodler’s Digest, June 8–14

Coming every Sunday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link. Top Stories This Week Bitcoin price drop to key $9,000 support could place the uptrend in peril Will the drama surrounding BTC’s price ever end? Probably not any time soon. This week, Bitcoin fell $800 in a matter of hours to reach lows not seen since May 28. That…

Revamping E-Commerce During the Rise of Stablecoins

The world has been slowly recovering from the COVID-19 pandemic, while some countries are bracing themselves for a potential second wave, but the economic downturn in many fields is imminent. This has spurred debates on the current model of a cash-based society, which claim that it had become outdated long before the crisis struck the world. The coronavirus has arguably accelerated the transition to digital cash and cryptocurrency adoption across the globe. The tradition of using fiat currency has been on a path toward becoming obsolete, and cash as a…

Ethereum Options Open Interest Soars 315% — Are Institutions Bullish?

Ether (ETH) options were launched over a year ago at Deribit derivatives exchange but they have only recently gained traction. Open interest is the main gauge for derivative contracts activity, and on Ether options it has soared by 315% over the past two months to $158 million. This surge in OI has many retail investors issuing bullish calls for Ether’s future price but it’s important that participants take a deeper look behind the numbers. Deribit ETH option open interest. Source: Skew This open interest figure doesn’t necessarily mean that professional…

Chinese Banks Says They Will Not Freeze Legal Crypto Accounts

Rumor has it that Chinese banks are freezing client accounts that have a history of buying and selling cryptocurrencies. According to a Chinatimes report on June 13, banks in China have clarified that they are not shutting down any legit fiat to crypto accounts. Major banks reply According to the report, China Merchants Bank, Bank of China, Agricultural Bank of China, China Construction Bank and industrial and Commercial Bank of China all responded that:  “As long as the operation is legal, the channel is legal, the virtual currency source is…

BTC Futures Volume Posts 2020 Low, ETH Open Interest Surges

Trade volume on Bitcoin (BTC) futures exchanges has plummeted to new lows for 2020, with the BTC futures markets collective posting just shy of $5 billion in 24-hour volume on June 13. 76% of futures trading took place on OKEx, Huobi, and Binance — representing $1.4 billion, $1.3 billion, and $1.1 billion in volume, according to data published by market analysis firm Skew. BTC futures daily volumes: Skew The slump in activity has seen volume drop by approximately half for two consecutive days. Bitcoin open interest rallies strong While Bitcoin…

Community Donates 0.7 BTC to Phishing Victim Who Lost Entire Bitcoin Holdings

The crypto community has rallied in support of the victim of a phishing scheme who lost 12 Bitcoins (BTC) — the entirety of the investor’s holdings that had been accumulated over seven years. On June 12, Eric Savics, the host of Protocol Podcast, tweeted that he has lost his entire Bitcoin savings after entering aftering the seed phrase for his hardware wallet into a malicious imposter of KeepKey’s app from the Google Chrome store. Savics stated that he had hoped to purchase an apartment in future using the funds, stating:…

BRD’s CEO Dismissed Crypto Until Overhearing Andreessen Horowitz Execs

In an interview with Cointelegraph, Adam Traidman, the co-founder and chief executive of BRD, formerly Breadwallet, shared the story of his journey into crypto. BRD was founded in 2015, quickly rising to prominence as a popular wallet in the United States and emerging economies like Venezuela. After initially being skeptical regarding Bitcoin’s prospects for mainstream adoption, Tradiman was won over after overhearing a conversation between executives at Andreessen Horowitz concerning BTC. I told him he was out of his mind “I’m originally a computer chip designer, and it was in…