RATE Group | First Mover: Bitcoin Could Get a Boost From Central Bank Digital Currencies
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First Mover: Bitcoin Could Get a Boost From Central Bank Digital Currencies

27 May First Mover: Bitcoin Could Get a Boost From Central Bank Digital Currencies

Posted at 08:03h in Cryptocurrency News by

Bitcoin price is caught in a downdraft after a series of rallies in recent weeks that repeatedly fizzled out at the $10,000 mark. 

“There is no clear understanding where bitcoin will go,” Yuriy Mazur, head of data analytics at cryptocurrency exchange CEX.IO told CoinDesk’s Omkar Godbole. “It may either retrace back to $6,500 or reach $10,000.”

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fm-may-26-chart-1-bitcoin-price
Source: TradingView

With the near-term picture cloudy, some analysts are focusing on a longer-term trend that could be surprisingly bullish for bitcoin: the emergence of digital currencies issued by central banks. 

It’s not an obvious investment thesis because bitcoin was invented to…

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