• Bitcoin hit a fresh nine-month high on Friday, as prices moved above the $27,000 level. Ethereum also rose in today’s session.
• The surge comes following the U.S. Federal Reserve’s decision to backstop embattled banks to a record tune of $152.9 billion.
• Prices for both Bitcoin and Ethereum have been bolstered by an upwards crossover between their 10-day (red) and 25-day (blue) moving averages, along with an RSI that has broken out of a key resistance level.
Bitcoin Hits Nine-Month High
Bitcoin (BTC) moved to a fresh nine-month high on Friday, having surpassed the $27,000 level. The surge followed the U.S. Federal Reserve’s decision to backstop embattled banks with a total of $152.9 billion, which has provided support to both BTC/USD and ETH/USD in today’s session.
An upwards crossover between the 10-day (red) and 25-day (blue) moving averages appears likely for both bitcoin and ethereum, suggesting that a longer-term bull run is on the way for these cryptocurrencies. In addition, the 14-day relative strength index (RSI) has broken out of its resistance level at 67.00 for bitcoin and 65.00 for ethereum, pushing into overbought territory in each case respectively.
Ethereum Price Surge
Ethereum (ETH) prices have surged back above $1,700 following yesterday’s low at $1,644 – this move past a price ceiling of $1,720 confirms that bullish momentum is still strong within this market segment too.. Both ETH/USD and BTC/USD appear set to continue their respective uptrends due to an upcoming upwards crossover between their 10-day and 25-day moving averages along with an RSI that is pointing firmly towards overbought territory again; however further gains may be limited by current resistance levels near these figures respectively..
Potential Price Ceilings
The potential price ceilings for Bitcoin currently sit just below $28500 while Ethereum could reach as far as 1800 dollars if bullish momentum continues – however it remains uncertain whether either asset will manage to break through these respective figures given their already strong performances in today’s session so far..
In conclusion, it appears that bullish momentum within both Bitcoin and Ethereum markets are still going strong despite current market conditions; however further gains may be limited by price ceilings near 28500 & 1800 respectively if they are unable to break through these figures soon enough before any bears take control of either market segment again..
• Plena Smart Wallet has launched a Referral Program offering rewards worth up to $1,000,000 in $Plena tokens.
• Users can earn 50 points each by inviting their friends and family to join the platform and successfully complete 3 transactions on the Fantom chain.
• The Top 100 users on the leaderboard will get rewards worth up to $100,000 in $Plena tokens.
Plena Smart Wallet Referral Program
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How To Participate
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The program has turned referrals into a game, where users can earn rewards in the form of $Plena tokens for each referral they make & track the leaderboard. In addition to individual rewards for each successful referral made, Plena Smart Wallet’s referral program also offers exciting rewards worth up to $100,000 in $Plena tokens for Top 100 users on its leaderboard.
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• Undersecretary for domestic finance at the U.S. Treasury, Nellie Liang, gave a speech to the Atlantic Council in Washington discussing central bank digital currencies (CBDCs).
• During her speech, Liang discussed President Joe Biden’s executive order which called on the government to develop an approach for the digital currency sector and highlighted key considerations that need to be addressed when developing a CBDC.
• The U.S. Treasury and White House have plans to meet regularly to discuss CBDCs and payment innovations.
U.S Treasury and White House to Hold Regular Meetings on CBDCs and Payment Innovations
On March 1, 2023, Nellie Liang, undersecretary for domestic finance at the U.S. Treasury, delivered a speech to the Atlantic Council in Washington concerning the subject of central bank digital currencies (CBDCs). She detailed that a CBDC is one of several options for “upgrading the legacy capabilities of central bank money,” and members of the Treasury, Biden administration and the Federal Reserve “will begin to meet regularly” to discuss this topic.
U.S Treasury’s Nellie Liang Discusses Key Considerations in Developing a CBDC
During her speech, Liang discussed U.S President Joe Biden’s executive order which called on the government to develop an approach for the digital currency sector. She also referenced potential risks such as crypto businesses collapsing last year, “runs on stablecoins” and “commingling of customer and firm assets” which reinforce recommendations made by regulators about protecting consumers with laws already in place.
Liang stated that an important decision is whether or not a government should create a wholesale or retail CBDC or both; these would need three core features including being legal tender, convertible one-for-one into other forms of central bank money – reserve balances or paper currency – along with clearing and settling nearly instantly. She noted that when developing a CBDC it needs address global financial leadership , national security , privacy , illicit finance as well as inclusion .
Global Financial Leadership
Liang mentioned that when considering global financial leadership there are trade-offs that need evaluating since each country has different approaches towards this issue; however if done correctly it can promote stability across different markets .
National Security & Privacy
National security was also highlighted by Liang who emphasized how essential it is for governments to ensure their citizens’ data is secure from any malicious actors trying to exploit these systems . The same applies with privacy where individuals have concerns over how their data can be used by governments ; therefore measures must be taken such as enabling users control over who is able access their information .
Inclusion & Illicit Finance
Finally Inclusion & Illicit Finance were two other points brought up by Liang during her speech who referred back again promoting equity within financial services while preventing criminals from using them illegitimately; she believes meeting these objectives will help bring societies closer together while protecting individuals from fraudsters .