Cryptocurrencies continue to struggle with downward correction. The upside moves are constrained by the moving average lines, indicating a further decline in cryptocurrency. Some of the altcoins are forced to rangebound as buyers and sellers reach a stage of indecision.
On December 14, Ukraine's TASCOMBANK announced the launch of a pilot project to test the functionality of the electronic hryvnia. Although the National Bank (NBU) supports this project, it claims that it is the only institution authorized to issue the CBDC, so the pilot project will not have a significant impact on the development process.
As most states in the world are moving towards rolling out their own state-backed blockchain-based digital currencies, Ukraine, a cryptocurrency-friendly country in Eastern Europe has also decided to follow the lead. The state is going to develop its own central bank digital currency (CBDC).
The past 12 months have not been a bullish trading period in the market of cryptocurrency. Most popular cryptocurrencies including Bitcoin Cash, Stellar, 0x, Enjin Coin, Algorand, Zcash, Bitcoin Gold, Dash, and many others, were not favored during this Covid-19 pandemic period.
Despite Bitcoin offering unprecedented decentralization and security, its network has one significant flow, namely, the transaction speed. A single transaction processing can take up to 10 minutes. But why is this happening?