Cryptocurrency Trend Table (UTC time)
Over the past week, the Bitcoin price (BTC) failed to break through $ 10,300 before falling to $ 9,260 during the correction. As the price of BTC consolidates from its February high, traders set their target price below $ 9,000. The famous cryptocurrency trader Jacob Canfield said that the gap between CME at $ 9,100 and $ 8,550, respectively, was not properly filled, and that the CME gap was filled 90% of the time. Since January 1, Bitcoin price has climbed from $ 7,100 to $ 10,500, a 47% increase. As Bitcoin’s momentum begins to decline, traders expect transaction volumes to decline, putting Bitcoin under pressure around $ 9,000.
Cryptocurrency in relation to other markets
We selected some alternative investment markets to determine to what extent they correlate with the crypto markets. As we can tell, there was no significant correlation between BTC and other alternative investment markets. Correlation between BTC and stock market volatility is low this week.
Cryptocurrency Market Panic Index
Instead of using social media panic factors that are difficult to quantify, we calculate the BTC market panic index completely based on volatility. Based on the CBOE calculation method for the S&P VIX index, we use the near- and next-term put and call BTC options to calculate the VIX trend chart (The lower the VIX, the lower the market panic). As shown in both graphs, the correlation between BTC and ETH panic indexes is extremely low this week.
Digital currency prices (2020-02-24 UTC 05:00)
News of the week
The Swedish central bank will soon trial a blockchain-based digital currency, but it is still in a very early stage.
Sveriges Riksbank’s electronic Swedish Kronor trial is the bank’s latest attempt at the central bank’s digital currency (CBDC), which is based on distributed ledger technology (DLT).
Riksbank’s digital currency experiment will be built by Accenture based on R3 Corda and will be simulated by February 2021. At that time, Riksbank can extend the project for another 6 years.
The simulation will not involve any banks or end-users; everything will be simulated in the closed network of the central bank. The Bank of Sweden’s press office said Accenture is still preparing the final test system.