It's back below 40k, the rally seems to be over for now.

Disclose.tv @disclosetv
7m
JUST IN - Central Bank of #Venezuela announces its digital currency to enter circulation in October.

Let's see who will be the next country to do that.

Big day for BTC.

I wonder whether that was the end of the depreciation after all.

Interesting twitter thread.

Any move to a Central Bank Digital Currency (CBDC) requires removal of crypto currencies. That is the Rubicon moment: if they kill the cryptos, CBDC comes next.

3 questions arise:
i) What justification would they use?
ii) How would they do it?
iii) What would be the time interval between killing crypto & CBDC?

The justification is, of course, urgent action on climate change: massive & instant carbon reduction from shutting down digital miners is a big win from COP26. They can also cite consumer protection benefits too!

The how is actually quite easy: they announce they're going to kill the cryptos & peeps will be able to claim limited compensation. Everybody sells, value collapses, compo amounts to, what, 5% of pre-announcement value, if that? Govts say, there you go, we said they were risky

As to timing, I think they'll use COP26 for the international agreement to shut down the cryptos. Govts set up parallel structures for the compo from the kill-date, probably 31 December

Finally, the clue to all this is in what they deny: Rishi has denied using Britcoin to replace cash. Not to replace nongovernmental currencies.

Jules
@j_preparedmind

FinanceFeeds @FXFinanceFeeds
38m
The Bank Of Jamaica, in a ceremony, has minted the first instalment of its central bank digital currency (CBDC) JMD on August 10 as it looks set to adopt digital currencies in the coming months.

So I’m not happy about the value going down as it affects my investments but…memes always make things better

The price may be up, but the volumes are down. Crypto spot trading volumes have dropped with 31.5% in the past few months, largely because China banned the industry, more or less.

mlawson71 wrote: Thu Aug 12, 2021 10:47 pm The price may be up, but the volumes are down. Crypto spot trading volumes have dropped with 31.5% in the past few months, largely because China banned the industry, more or less.

if volume down why is it not good???