The bill for the Chinese digital currency could criminalize all stablecoins linked to the yuan.

The Chinese central bank, also known as the People’s Bank of China (PBOC), presented a bill on Friday to create a legal framework for the digital yuan, the central bank’s own digital currency (CBDC)

In this regard, the draft first states that the yuan is the official national currency of the People’s Republic of China, whether in physical or digital form.

With this, the central bank communicates, among other things, sovereignty over its own currency and therefore puts a stop to crypto projects of third parties who want to link their digital currencies to the yuan. Both individuals and companies are said to be banned from issuing digital currencies that could „replace“ the yuan.

This would mean that all stablecoins that are linked to the yuan would automatically be illegal

The penalties for violating this law are severe. All profits will be confiscated, all units of the respective digital currency will be destroyed and a fine will be levied that corresponds to five times the value of the original amount in circulation. There is also the risk of prosecution and imprisonment.

The Chinese central bank emphasizes that the draft is open to public feedback until November 23.

According to JPMorgan Chase experts, Bitcoin will face a „modest headwind“ in the near future.

JPMorgan Chase’s experts analyzed the current price of Bitcoin, comparing it to other goods: in their opinion, we may see moderate sales pressure in the near future.

According to a recently published article in BloombergQuint, a partner entity involving both Bloomberg and Quintillion Media, it says:

„JPMorgan analysts claim to have calculated the intrinsic value of Bitcoin by examining the cryptocurrency as if it were a commodity and taking into account the marginal cost of production.

According to JPMorgan Chase, Bitcoin will face a ‚modest headwind‘ in the short term, based on future market data and an estimate of the intrinsic value of the cryptocurrency“.

Usually the price of futures fluctuates slightly above or below market value, also called spot price. The price of futures tends to approach the spot price close to the expiry date of the contracts. Future prices above the spot usually indicate a bullish trend, and vice versa.

JPMorgan analysts have reported that at this moment Bitcoin’s bullish positions exceed the bearish ones. They have also shown an increase in buying pressure following the recent entry into Bitcoin by several financial companies: this year Paul Tudor Jones, MicroStrategy and Square have officially invested in BTC.

Bitcoin’s popularity as a commodity is also growing among the general public, so much so that nowadays cryptocurrency is often referred to as „digital gold“. According to Max Keiser, founder of Heisenberg Capital, the interest of traditional investors in BTC will raise the price to $50,000:

„Currently, the $100 trillion fund management business has invested less than 1% in gold. But now Buffett is approaching gold, I anticipate a minimum global allocation of 5%. This will bring the price of gold to $5,000.

I also foresee a minimum global allocation of 1% (1,000 billion dollars) in Bitcoin. This will bring the price of Bitcoin to $50,000″.

Il semble maintenant qu’il y ait en fait un guichet automatique Bitcoin à la Tesla Gigafactory basée au Nevada; Ceci malgré le fait que le fondateur de Tesla, Elon Musk, en minimise l’existence, à la suite d’un tweet du PDG de Fold, Will Reeves, qui a affirmé avoir aperçu le guichet automatique ce week-end.

Le tweet présentait également des images de carte google, qui révèlent que le guichet automatique se trouve à proximité de la section nord-est de la méga installation

Finbold, qui a également rendu compte de cette nouvelle hier, semble avoir obtenu des informations sur qui aurait pu installer le guichet automatique Bitcoin. Selon son rapport de dimanche, les spéculations étaient que le fabricant de guichets automatiques Bitcoin, LibertyX, est la société derrière ces développements chez Tesla. Dans le cadre du suivi de la même chose, Finbold a depuis reçu une confirmation de l’équipe LibertyX selon laquelle ils sont responsables de la mise à niveau.

LibertyX a tenu à souligner qu’il n’a pas installé de nouvelles machines, mais a mis à niveau le logiciel de trois guichets automatiques de l’usine pour intégrer une fonction de vente Bitcoin. L’entreprise, qui dispose déjà de 5 000 guichets automatiques en direct, prévoit de faire passer ce chiffre à plus de 100 000 dans un proche avenir; ses partenaires de fabrication ATM sont Hyosung et Genmega. LibertyX a également confirmé que les guichets automatiques Bitcoin de Tesla étaient actifs depuis août et ne sont accessibles que par les employés,

«Les sites Tesla sont en ligne depuis août. Le guichet automatique n’est actuellement accessible qu’aux employés.»

Bien que le fondateur de Tesla ne soit pas vraiment un taureau de Bitcoin , le PDG de Twitter et Square, Jack Dorsey , il a déjà remarqué qu’il possédait .25 BTC que lui avait envoyé un ami à l’époque. En fait, LibertyX espère que Musk augmentera la taille de son portefeuille BTC avec des guichets automatiques Bitcoin nouvellement intégrés à la Gigafactory de Tesla,

«Elon, 0,25 BTC ne suffit pas, et maintenant que vous pouvez acheter du bitcoin aux 3 guichets automatiques Gigafactory sur place, vous n’avez même plus besoin de quitter la maison.

Bitcoin’s price has crossed a symmetric triangle.

Long term technical indicators are bullish.

BTC is probably in the process of completing an ABC correction

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The price of Bitcoin Method reached a relatively positive monthly closing. Although price has broken out of a neutral pattern, short-term declines could occur before BTC resumes its uptrend.

BTC may have created a bearish candlestick in September, but it closed above a previous resistance zone. The current move is therefore probably a new test of the supports.

Price left a long lower wick behind, which is a sign of buying pressure.

Technical indicators are bullish. The RSI and MACD are on the rise, and the latter has turned positive. The Stochastic Oscillator is in the process of forming a bullish cross. This is a sign that the long term trend is probably bullish.

This rise was stable until the rejection at $ 10,959, which is the 0.786 fibonacci level of the previous decline. This rejection was found to be small, however, and the price is now in the process of trying again to overtake this zone.

Technical indicators have started showing weakness as both RSI and MACD are generating bearish divergences, albeit unconfirmed

If the price breaks above the aforementioned area, the next resistance would be at $ 11,200. This area also coincides with a long term descending resistance line.

The shorter-term, two-hour chart shows price is following an ascending support line and may have passed a symmetrical triangle (dotted). Due to this advance, the price is likely to test the $ 11,200 area again.

The MACD turned positive, although it is showing an unconfirmed bearish divergence.

It is likely that BTC started a bearish impulse on September 23 (blue below) and would have completed Wave 1 on September 26. The sub-wave count for waves 1 and 2 is shown in red.

If this count is correct, the BTC price is completing Sub-Wave B (in red), after which the Sub-Wave will complete Wave 2.

A possible target for its bottom would be at $ 10,542, or the 0.5 fibonacci level of the entire upward movement.

While it is possible that BTC completed its correction on September 30 with a low at $ 10,658, the upward movement seen since (in dark gray) seems more corrective than impulsive. It is therefore more plausible that the price is still in sub-wave B.

In conclusion, BTC could show a short term correction to $ 10,550, before resuming its upward movement.