Chart of the Day
A fresh start. Post-meltdown recovery ensued as on-chain volume accumulated near the $55k level, forming some level of support that fuelled the hopeful, albeit feeble, Monday comeback. The weekend tumult has no doubt reset some of the aggressive bullish sentiment incited by BTC reaching ATH. Short-Term Holder SOPR witnessed the largest dip below its normative line (set at 1.0) since the massive $29k correction in January. The reset suggests that some of the new crypto entrants are shaken out during the weekend scare, though history indicates that a low SOPR has been constructive to long-run price actions during bull markets — not to mention corrections as much as 30% are not uncommon to seasoned crypto traders. Welcome to the world of volatility.
Talk of the Town
Swimming pigs… family-friendly beachfront… and, top of the class for retail CBDC development. A PwC report on CBDC development shows that the retail integration is particularly robust in emerging economies, with some of the most unexpected names topping the chart. Spoiler alert: it ain’t China. The country often touted as most advanced in the CBDC frontier is now treading behind Bahamas and Cambodia. The Central Bank of the Bahamas, a relatively late starter in the CBDC race, caught up in October 2020 after launching the Sand Dollar, a digital version of the Bahamian dollar. At the other end, countries and regions such as Thailand, Hong Kong S.A.R, and Singapore, are eyeing CBDC’s potential of interoperability and cross-border connectivity.