In the ever-changing world of cryptocurrency, Bitcoin (BTC) has experienced a slight retreat, now trading at $36,410, marking a 0.25% decrease on Saturday. This fluctuation is the result of diverse factors, including International Monetary Fund (IMF) Chief Kristalina Georgieva advocating for Central Bank Digital Currencies (CBDCs) and American cryptocurrency exchange Coinbase facing penalties for its data localization practices in Russia. Additionally, Fidelity’s ambitions to expand into the Ether ETF market and collaborate with BlackRock, plus the surging Bitcoin transaction fees driven by the growing interest in BTC ETFs, pose questions about its next support level and the broader implications for the cryptocurrency market.
IMF Chief Endorses CBDCs: Embracing the Digital Currency Era
Central bank digital currencies, or CBDCs, have been promoted by IMF Managing Director Kristalina Georgieva who believes they can effectively replace cash. During her speech at the Singapore Fintech Festival, she highlighted the need for public sectors to prepare for the implementation of CBDCs, aimed at facilitating cross-border payments. Georgieva highlighted the potential of CBDCs to improve financial inclusion and their cost-effectiveness, particularly in island economies. The IMF also published a CBDC guidebook to serve as a resource for international policymakers.
Coinbase’s Data Localization Woes: Facing Penalties in Russia
The American cryptocurrency exchange Coinbase has been fined over $11,000 by a Russian court for violating a regulation that requires foreign businesses to localize user data from Russian citizens. The court found Coinbase guilty of an administrative violation according to Russian law. Over 600 organizations are reportedly in compliance with the legislation, which has been in effect since the end of May and mandates foreign corporations to localize databases of Russian users.
Fidelity’s Crypto Leap: Venturing into Ether ETFs and BlackRock Partnership
In a significant move towards mainstream cryptocurrency adoption, financial giants Fidelity and BlackRock are now vying to launch exchange-traded funds (ETFs) for Bitcoin (BTC) and Ethereum (ETH). Fidelity’s latest endeavor involves filing for an ETF focused on Ethereum’s ether, hot on the heels of BlackRock’s similar initiative.
Bitcoin Fees Surge: The ETF Frenzy Effect
The Bitcoin blockchain recently experienced a 746% increase in average transaction fees on November 16, reaching $11.6 million, as expectations for a U.S. spot Bitcoin exchange-traded fund (ETF) approval soared. The average transaction fee now stands at $18.69, marking a 113% jump from the previous day. This surge is attributed to heightened demand driven by major asset managers filing for spot BTC ETFs with the SEC.
Bitcoin Price Prediction
Bitcoin’s critical pivot point is currently at $35,875, a key determinant of its short-term trajectory. It confronts immediate resistance at $36,656, with subsequent thresholds at $37,190 and $38,025, which could indicate bullish trends if surpassed. Support levels at $35,260