The United States Federal Reserve is not working on a digital currency of its own, said Fed Chair Jerome Powell. He said that cyber security issues are likely to deter central banks from releasing their own digital currency. However, reports suggest that China might launch its digital currency as early as Nov. 11. If the Chinese digital currency becomes a success, it will force other central banks to launch their own to keep up with the competition.
There are several important events lined up in the next few months that are likely to be positive for cryptocurrencies. The first such event is the launch of Bakkt futures later this month. We expect volatility to pick up just before the launch and remain high for the first few days as both bulls and bears attempt to establish their supremacy. Let’s study the charts to locate the critical levels, which will confirm the resumption of the uptrend.