One Step Closer — May 11

Chart of the Day

Inching up, slamming down. In the aftermath of a particularly brutal correction — one that tanked the price of Bitcoin below its $1 trillion market cap level near $53,500 — market participants have finally buoyed the price back above a major on-chain support level. These price levels at which BTC changed hands become the most concrete support since $11k. However, strong resistance at $60k persists, and failure to clear the psychological barrier may extend BTC’s decline. 

Talk of the Town

Permission to activate: Granted. The Industrial and Commercial Bank of China (ICBC), one of the largest banks in the world by total assets, has allowed users in Chengdu to activate China’s central bank digital currency via its mobile app. Meanwhile, Chinese media reported that a digital module has become available for some AliPay users, indicating that a full launch of digital yuan is around the corner. As the world’s undisputed leader in mobile payments, China’s venture into CBDC opens up the prospect of minting the money of the future, with added “perks” of enhanced control and surveillance.