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Bitcoin price on verge of extending 6-weeks' highs amid global central banks' hovering optimism and pessimism on cryptocurrencies

BTCUSD price has surpassed $4k mark today to extend bullish streaks and hit 6-weeks highs. The current price spikes above 7-DMAs with bullish crossovers and intensified buying momentum.

The cryptocurrency bubble continues to deflate. The bubble was never intense enough to do major economic damage. Some countries may see shifts in power demand. Otherwise, this is a personal tragedy for those who bought into the bubble, and a wealth transfer to the few bubble sellers.

While Latin-American regulator reckons no instant traces of bitcoin being a matured out-and-out cryptocurrency.

Banco Central de Chile (BCC), the Central Bank of Chile, reveals digital money is yet to mature and the pioneer cryptocurrency is just at the development phase to be the unlikely replacement for fiat currency in the near future.

“At the moment there’s no evidence to conclude that bitcoin or any other cryptocurrency can be a substitute for fiat currency,” states the report.

The BCC added that blockchain growth is not easy to evaluate and digital assets considerably give way to traditional currencies. Transaction processing on most networks is slow, whereas the number of companies accepting bitcoin is inconsiderable.

Bank of England (BoE) governor Mark Carney has cited cryptocurrencies as part of a potential “revolution” in finance. The British central bank appears to be constructive as they already set-up a financial technology accelerator, a Silicon Valley with an intention of incubating aspirant start-ups. The governor Carney, states the blockchain-driven distributed accounting database, indicates “great promise” in enabling central banks to fortify their defenses against cyber-attack and restructure the payment mechanism that is made between institutions. 

Riksbank Governor Stefan Ingves and Deputy Governor Cecilia Skingsley are seen, at the Finance Committee for a hearing of their new project on the e-krona, when Swedish government called for the governmental review on the digital version of Swedish currency.

Elsewhere, in emerging economies, like, India and China have been stringent in making their regulatory actions very clear: the central banks in these region has full control over cryptocurrencies. 

The Indian central bank (RBI) has currently, put a blanket ban on cryptocurrencies. Back in last April, the Reserve Bank of India (RBI) instructed the all financial institutions in the territory to abstain from rendering services to cryptocurrency trading exchanges and oterh related companies.

The People’s Bank of China (PBoC) stated in the past that “conditions are ripe” for it to embrace the technology. Nevertheless, it has been pulling out of private digital issuers, imposed a ban on exchange trading.

Currency Strength Index: FxWirePro's hourly BTC spot index is inching towards 164 levels (which is highly bullish), while hourly USD spot index was at -11 (mildly bearish), while articulating (at 08:47 GMT). 

For more details on the index, please refer below weblink: http://www.fxwirepro.com/currencyindex

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