Gate.io Blog Daily News | Bitcoin's ETF Boost, Altcoins Flourish; IMF Pushes CBDC Efficiency Amid Global Market Concerns

Daily News | Bitcoin's ETF Boost, Altcoins Flourish; IMF Pushes CBDC Efficiency Amid Global Market Concerns

20 June 10:44

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![](https://gimg2.gateimg.com/image/article/16872290690620.jpg)

## Crypto Daily Digest: Bitcoin Surges on ETF News, Altcoins Thrive; IMF Proposes Efficient CBDC Platforms as BoE Advances 'Britcoin

The recent market dynamics in the cryptocurrency space have been marked by notable developments and ongoing discussions around digital currencies. <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> (BTC) experienced a significant rebound, fueled by the news of BlackRock filing for a Bitcoin Spot ETF. This announcement resulted in a surge of 2.7% in BTC, briefly surpassing the $27,000 mark before stabilizing around $26,780.

However, despite this positive momentum in Bitcoin, digital asset investment products have witnessed outflows for the ninth consecutive week, totaling $423 million, according to a report by CoinShares. Although there were minor inflows towards the end of the week following BlackRock's announcement, they were not sufficient to offset the earlier outflows. Altcoins, on the other hand, saw investors adding positions, resulting in inflows of $2.4 million. Notably, <a href="/price/xrp-xrp" target="_blank" class="blog_inner_link">XRP</a> attracted $1 million in inflows, while <a href="/price/cardano-ada" target="_blank" class="blog_inner_link">Cardano</a>'s ADA received $600,000. Ether (ETH), however, experienced outflows totaling $5 million.

In the realm of central bank digital currencies (CBDCs), the International Monetary Fund (IMF) has put forth proposals for new platforms that would enhance efficiency and safety while allowing countries to maintain compliance checks and capital controls. Tobias Adrian, the director of the IMF's monetary and capital markets department, suggested the development of a global CBDC platform that could reduce payment costs within the existing regulatory framework.

In parallel, the Bank of England (BOE) and the Bank for International Settlements (BIS) have concluded their yearlong project, Project Rosalind, which aims to assess the feasibility and benefits of a central bank digital currency. The findings from the project's first phase highlight the potential of a CBDC to facilitate faster and easier payments, enable the creation of new financial products, and reduce fraud. The BOE has been working on its own CBDC, often referred to as "Britcoin," but a final decision on its implementation will be made after considering public consultation responses and securing the support of the UK Treasury.

Meanwhile, the European Union's plans for a digital euro have experienced a delay in the publication of supporting legislation. This comes in the wake of leaked draft bills and statements from finance ministers raising questions about the motivation behind the CBDC plan. The European Commission did not provide a reason for the delay or a new publication date but emphasized the importance of establishing a clear narrative on the added value of a digital euro.

##Technical Overview: Bitcoin (BTC) $26,822 (-0.07%) - Neutral Outlook

![](https://gimg2.gateimg.com/image/article/1687229009Untitled0620 1.png)

![](https://gimg2.gateimg.com/image/article/1687229022Untitled0620 2.png)

**Overview:**

- ***Closest daily support zone: 26280 - 25818***
- ***Closest daily resistance zone: 26700 - 27150***
- ***Key Level: 27150 (Daily Ice Zone)***

<br>**Daily Resistance zones**

1. 26700 - 27150
2. 27790 - 28420
3. 29095 - 29300

<br> **Daily Support zones**

1. 26280 - 25818
2. 25240 - 24820
3. 24270 - 23855

## Macro: China's Sluggish Recovery Adds to Global Market Woes, Tech Stocks Tumble

Global stocks faced a decline on Monday as concerns over the global economy and uncertainty surrounding interest rates weighed on investor sentiment. Europe's main equity gauge dropped 1%, affecting various industries. Notably, Sartorius AG experienced a significant 15% decrease in value after issuing a profit warning that surpassed expectations. Disappointed expectations of further stimulus in China also contributed to the decline, particularly impacting Chinese tech companies.

Traders find themselves torn between the allure of the recent rally and concerns about overbought conditions and exhaustion in the market. Despite recent gains driven by Wall Street's rally, uncertainty lingers as market participants grapple with the trajectory of interest rates. This week holds significant events that could shape market sentiment, including Federal Reserve Chair Jerome Powell's report to Congress and speeches from other Fed policymakers.

In the UK, short-term borrowing costs rose to 5%, marking the highest level since the 2008 financial crisis. Worries about inflation and its potential implications prompted concerns about more aggressive monetary tightening from policymakers.

Meanwhile, Asian stocks are anticipated to have a mixed opening on Tuesday as global equities display hesitancy and worries emerge about China's gradual post-pandemic recovery. Futures for Japan indicate a potential dip at the market open, following Europe's equity gauge slump of 1% on Monday. US benchmark contracts also experienced a fall of around 0.2% as Wall Street reopened after a holiday.

Investors remain anxious about the lack of fresh stimulus measures from Beijing, which led to a decline in Chinese equities, particularly in the technology sector. The yen slightly strengthened against the dollar, and short and long-term yields on government bonds in Australia and New Zealand saw an increase.

With uncertainties surrounding Federal Reserve interest rates, US traders find themselves at a crossroads, balancing the appeal of the ongoing rally with concerns about overbought market conditions. The market's direction will likely be influenced by upcoming events, including the reports from Fed Chair Jerome Powell and other policymakers, as well as any developments in US-China relations.

<div class="blog-details-info">
<div>Author:** Peter L. **, Gate.io Researcher
<div class="info-tips">\*This article represents only the views of the researcher and does not constitute any investment suggestions.
<div>\*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.
</div>

BTC/USDT + 4.54%

ETH/USDT + 5.64%

GT/USDT + 2.50%

Crypto Daily Digest

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Macro: China_s Sluggish Recovery Adds to Global Market Woes, Tech Stocks Tumble

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Daily News | Bitcoin's ETF Boost, Altcoins Flourish; IMF Pushes CBDC Efficiency Amid Global Market Concerns

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