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The US election seals China’s victory in digital currency supremacy

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The world is engaging in financial warfare, and China is winning. China’s digital yuan — also referred to as Digital Currency Electronic Payment, or DCEP — will soon be used around the world. The People’s Bank of China is one of the most advanced central banks in the world. For that reason, it has been advancing on the digital currency front, while by all appearances, the United States Federal Reserve has not.

And now that Donald Trump and his “America First” policy has been defeated — though counting remains ongoing and court cases over the results are pending — China’s supremacy in the area of digital currency has been assured.

Joe Biden has not outlined a clear technology policy, let alone a digital currency policy. That will assure China the opportunity to increase its lead in the digital currency race. Maintaining the American position as the world’s superpower does not appear anywhere in Biden’s agenda. Back in 2015, as a vice president, Biden once made a toast to China:

“To the hope and expectation that 50 years from now our great grandchildren will look back and say what a beautiful history we wrote together.”

In 1979, Biden traveled to China as a junior senator after President Richard Nixon normalized relations between the U.S. and China. During his visit to Sichuan University as Barack Obama’s vice president in 2011, he mentioned:

“I believed in 1979 and said so and I believe now that a rising China is a positive development, not only for the people of China but for the United States and the world as a whole. A rising China will fuel economic growth and prosperity and it will bring to the fore a new partner with whom we can meet global challenges together.”

In the meantime, China marches forward, rolling out the world’s first digital currency.

Related: Digital cold war? United States and China vie for blockchain supremacy

According to announcements, the administration of Biden and Kamala Harris is focused on the coronavirus, racial equality and climate change. In its foreign policy and American leadership plan, dubbed “The Power of America’s Example: The Biden Plan for Leading the Democratic World to Meet the Challenges of the 21st Century,” the word “digital” doesn’t appear once. In addition, Biden has long ties with China and has long been a proponent of its industrialization and growth into a world leader. When asked by a National Public Radio journalist if he as president would keep Trump’s tariffs on China, Biden shot back with a resounding “No.”

The Chinese yuan via the DCEP will become the dominant global currency. DCEP won’t only be successful because of the forward-thinking PBoC but also thanks to the fact that over 12 million Chinese people live outside of China — in fact, 2.5 million live in the United States. They could adopt the digital currency and spread the yuan globally.

With their help, the Chinese yuan can become an international currency. If the Chinese yuan is used by such individuals throughout the world, the Chinese currency can surmount U.S. monetary sovereignty.

Related: Central bank digital currencies are dead in the water

The current situation has been made possible by the COVID-19 pandemic, which has increased reliance on digital services. As tensions soar in the U.S., China could siphon off global influence. While the Federal Reserve has experimented with distributed ledger platforms to understand their potential benefits and tradeoffs, it has apparently not made a definitive decision to adopt such a currency.

Related: China and US must learn from one another and collaborate on CBDC

Jerome Powell, chairman of the Federal Reserve, has said the U.S. government is not particularly concerned with speed when it comes to developing a central bank digital currency. Morgan Creek Digital co-founder Anthony Pompliano sounded the alarm on this slipshod approach.

Powell explained the U.S.’s slow-moving efforts:

“We have not made a decision to issue a CBDC, and we think there’s a great deal of work yet to be done.”

Powell suggested that building a CBDC correctly was more important than winning the digital currency race. In the meantime, China marches forward. Pompliano sees this as an existential threat to the U.S. dollar. “They’re talking about, like, maybe we’ll build one in the next couple of years,” Pompliano said of Powell’s recent comments on CBDCs. “This is not a next-couple-of-years thing.” He added:

“This is a right-now thing, and if they don’t act, the U.S. is going to fall really far behind China because it all comes down to accessibility.”

Pompliano said accessibility to a digital fiat currency will determine the winner on this new fintech frontier. “If I’m sitting somewhere in the world and I can use the internet connection and I want a global currency, can I get a yuan, or can I get the dollar?”

Pomp is right. The U.S. dollar’s relevancy is on the line. But, the hour is late — perhaps, too late.

The views, thoughts and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Alex Zha serves as director of global operations at MXC Exchange, a one-stop cryptocurrency service provider. Prior to MXC, he gained experience at OKEx as senior global marketing manager. Alex is a veteran in the cryptocurrency and blockchain industry and is a well-versed marketing and operations specialist who believes blockchain and cryptocurrency will usher in the era of modern financial inclusion. He holds a master’s degree from the National University of Singapore.

Source: https://cointelegraph.com/news/the-us-election-seals-china-s-victory-in-digital-currency-supremacy

Blockchain

TA: Why Bitcoin Must Clear $19.3K To Start A Fresh Rally Towards $20K

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Bitcoin price remained in a range above the $18,500 support against the US Dollar. BTC is trading above $19,000 and it could start a strong surge if there is a clear break above $19.3K

  • Bitcoin is currently holding the $18,800 and $19,000 support levels.
  • The price is facing a major resistance near $19,300, but it is above the 100 hourly simple moving average.
  • There is a major contracting triangle forming with resistance near $19,300 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could start a strong rally if there is a clear break above the $19,300 resistance zone.

Bitcoin Price is Stuck In Range

Yesterday, we discussed the importance of the 100 hourly simple moving average and $18,800 for bitcoin price. BTC did find a strong support near the 100 hourly simple moving average and there was no downside break below the $18,500 support.

The price seems to be trading in a broad range above the $18,500 and $18,800 support. The last swing low was formed near $18,117 before the price climbed above the 50% Fib retracement level of the key downward move from the $19,957 swing high to $18,117 swing low.

The price is now facing a major resistance near $19,300, but it is above the 100 hourly simple moving average. It seems like there is a major contracting triangle forming with resistance near $19,300 on the hourly chart of the BTC/USD pair.

Bitcoin Price

Source: BTCUSD on TradingView.com

The triangle resistance is close to the 61.8% Fib retracement level of the key downward move from the $19,957 swing high to $18,117 swing low.

Therefore, a close above the triangle resistance and $19,320 could open the doors for a larger increase. The next key resistance is near the $19,500, above which bitcoin might test the $20,000 zone.

Downside Break in BTC?

If bitcoin fails to clear the $19,300 resistance level, there is a risk of a downside break. An initial support is near the triangle lower trend line at $18,800 and the 100 hourly simple moving average.

A downside break below the $18,800 support level could push the price towards $18,500. Any more losses may possibly spark a sharp decline towards the $18,000 level.

Technical indicators:

Hourly MACD – The MACD is slowly gaining momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently just above the 50 level.

Major Support Levels – $18,800, followed by $18,500.

Major Resistance Levels – $19,300, $19,500 and $19,800.

Source: https://www.newsbtc.com/analysis/btc/bitcoin-must-clear-19-3k-to-start-rally/

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Chainlink recovery hampered under $14.5 but these key support levels hold the fort

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  • Chainlink holds above the critical support provided by the 50% Fibo in conjunction with the 100 SMA.
  • LINK/USD could resume the uptrend as long as the price reclaims the position above $14 and holds the 50% Fibo support.

Chainlink’s upside recently hit a wall amid the recovery from the Thanksgiving Day crash to $11. Several barriers were pushed into the rearview but LINK failed to sustain gains above the stubborn resistance at $14.5. Meanwhile, it is still difficult to sustain the uptrend, now that the price slipped under $14.

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StormGain

Chainlink holds above critical support

At the time of writing, the decentralized oracle price feed token is trading at $13.9. Immediately on the downside, the 50% Fibonacci level is providing support. Additionally, the 100 Simple Moving Average on the 4-hour chart, adds credibility to the support.

Holding anchor above will cement the bulls’ position in the market while setting up Chainlink for a price action eyeing $18 in the medium term. As mentioned earlier several resistance levels are likely to delay the recovery, including $14.5, $15 as well as $16.

LINK/USD 4-hour chart

LINK/USD price chart
LINK/USD price chart by Tradingview

On the other hand, trading under the 50% Fibo and the 100 SMA might trigger massive sell orders. If enough volume is created, LINK would be forced to seek balance at the 50 SMA and the 38.2% Fibo. The bearish outlook has been reinforced by the Relative Strength Index after stalling slightly above the midline.

In case of extended declines, the 200 SMA is in line to cushion Chainlink from a massive drop. However, last week’s support at $11 would be the last resort before LINK enters into a downtrend with the potential of refreshing levels under $10.

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Chainlink intraday levels

Spot rate: $13.9

Relative change: -0.034

Percentage change: -0.2

Trend: Short-term bearish bias

Volatility: Low


To keep track of DeFi updates in real time, check out our DeFi news feed Here.

Author: John Isige




John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige

Source: https://coingape.com/77191-2/

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TrustToken and Syscoin Partner on a Stablecoin Bridge

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Decentralized marketplace and e-commerce protocol Syscoin has partnered with the stablecoin platform TrustToken.

The goal of the collaboration is to speed up payments and to provide further solutions to Ethereum’s blockchain. It also means that the five stablecoins of TrustToken, namely TUSD, TGBP, THKD, TCAD, and TAUD, will run on Syscoin’s blockchain and be available for users.

A Collaboration Between Syscoin and TrustToken

According to a release shared with CryptoPotato, the popular decentralized marketplace and e-commerce protocol Syscoin has teamed up with stablecoin platform TrustToken.

Right off the bat, this means that the stablecoins provided by the platform will now run on Syscoin’s blockchain as well. These are TUSD, TGBP, THKD, TCAD, and TAUD.

Stablecoins have grown in popularity over the past few months, mainly because of the DeFi boom, where they are used to enable staking, liquidity provision, and so forth. However, there was also an obvious challenge with all of it – scaling. Supposedly, Syscoin is intended to help with that. Using Z-DAG (Zero Confirmation Directed Acyclic Graph), the protocol claims to be able to settle transactions in less than 10 seconds with comparatively low fees.

The partnership will also enable users to mine two cryptocurrencies at the same time – SYS and BTC.

Distribution of the Roles

While Syscoin’s task would be scalability, TrustToken comes in for the stablecoin part. It’s a platform that aims at an open financial system through a selection of stablecoins.

The stablecoins it offers are collateralized, and it has also partnered with Chainlink, as well as other protocols.

The overall partnership is aimed at creating a solution for scalable and secure token payments at a lower risk interoperability with Ethereum’s network. It should make TrustToken’s stablecoins function quicker and cheaper following the enabling of the bridge.

Speaking on the matter was Syscoin’s Foundation Chairman Jag Sidhu, who said:

“Digital assets have growing needs for better usability, robust decentralized security, and a scalable way of ensuring every transaction complies with regulations. Syscoin uniquely aligns with all of these requirements. We look forward to TrustToken’s family of stablecoins becoming future-proof and gaining significant advantage with Syscoin.”

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Source: https://cryptopotato.com/trusttoken-and-syscoin-partner-on-a-stablecoin-bridge/

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