By Marcus Sotiriou, market analyst at the publicly traded digital asset broker GlobalBlock (TSXV: BLOCK)
Bitcoin continued its comeback over the weekend, reaching a high of nearly USD 24,000. This morning, however, it has reversed all of its weekend gains as it is now around $23,200, matching the high range of the short-term range that Bitcoin broke out of over the weekend. The way Bitcoin reacts at this level could be key in determining Bitcoin’s next move.
The UK is showing more urgency to launch a CBDC as the British treasury posted a job posting on LinkedIn titled “Head of Central Bank Digital Currency.” The bank of England will work with the Treasury team to build out the digital pound. This role is separate from the current head of crypto assets and digital currencies, but will exist in the already established Payments and Fintech Team.
The message states: “the successful candidate will be responsible for leading HM Treasury’s work on a potential digital pound – a UK central bank digital currency (CBDCThis follows Bank of England Deputy Governor Jon Cunliffe announcing in November that the need for a digital pound has been proven with the collapse of FTX.
We could see an influx of CBDCs in the next 10 years. In fact, in a recent survey by the Official Monetary and Financial Institutions Forum (OMFIF), two-thirds of central banks said they would issue a CBDC within 10 years.