The crypto markets are going through a phase of uncertainty with several cryptocurrencies failing to show a firm trend. This is because the markets lack a catalyst that can either pull prices higher or plunge them lower.
However, a developing catalyst could be the launch of the China-backed central bank digital currency (CBDC). Jack Lee, a founding partner at HCM Capital, believes that China’s central bank is ready and the digital currency could be launched within the next two to three months. If this experiment is successful, it would likely force the other developed nations to follow suit.