• User activity on the Bitcoin network has grown considerably in the face of the COVID-19 pandemic.
  • Leaked images allegedly show that China is in the beta testing stages of a digital yuan payment app.
  • DOGE has broken out above a long-term descending resistance line, indicating that it has begun a bullish trend.

A new report by on-chain analysis platform Glassnode has revealed that new user activity on the Bitcoin network has grown nearly three-fold over the past month. The data further strengthens previous reports claiming that the number of new users on several cryptocurrency exchanges has increased substantially since the beginning of the COVID-19 lockdown.

The report further stated that despite the spike in onboarding new users, Bitcoin balances on these exchanges continue to fall. This could simply mean that most investors are withdrawing their BTC stashes with the intention of ‘hodling’ rather than indulging in short-term trading.

Meanwhile, in other important news from Wednesday:

The First Images of China’s Digital Yuan

A few ‘leaked’ screenshots appeared on social media earlier today claiming that they were the first visual confirmations of a beta version of China’s much-awaited central bank digital currency (CBDC). Note that BeInCrypto has not yet independently verified the authenticity of these screenshots.

Nonetheless, the alleged leak has since gone viral on Twitter after Sino Global Capital CEO Matthew Graham claimed that he had seen the app firsthand. According to rumors, the digital Yuan, a DC/EP (digital currency/electronic payment), is now a part of a pilot program run by the Agricultural Bank of China.

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Bitcoin’s Realized Volatility Swings Back to Normal

Following a wild few weeks in March when Bitcoin’s volatility reached a whole new level, things seem to have calmed down to an extent. The benchmark cryptocurrency’s realized volatility has come down to normal levels, indicating some sort of relative stability as we inch closer to BTC’s 2020 halving.

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Cryptocurrency Price Analysis: BTC, ETH, XRP, BCH, BSV, LTC, BNB, EOS, XTZ, LINK

Bitcoin’s movement suggests that the bears are in control and the current trend is about to turn bearish. Ethereum’s established support levels and bullish RSI suggests it will soon make a move up towards resistance. XRP, meanwhile, is at a critical make-or-break support level.

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Wyoming Allows Insurance Firms to Invest in Bitcoin

In a first-of-its-kind initiative in the United States, Wyoming has passed a new law enabling insurance firms to invest in cryptocurrencies. The law will come into effect on July 1, 2020.

The state has long been one of the most blockchain and crypto-friendly places in the country. In fact, it became the first state to recognize digital currencies as money last year in January.

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Is DOGE Primed for a Big Move Up?

The DOGE price has broken out above a long-term descending resistance line, indicating that it has begun a bullish trend. However, the price is still consolidating in anticipation of a future upward move. Therefore, it is also possible that it continues trading inside the current range for a period of time.

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$2.45 Million Raised to Bring DeFi to Bitcoin

Atomic Loans, an organization dedicated to providing non-custodial Bitcoin loans, has raised $2.45 million in a seed round led by Initialized Capital. Several heavyweights from the blockchain space including ConsenSys and Morgan Creek Digital also chipped in for the cause.

The funding will be used to build native decentralized finance (DeFi) solutions for Bitcoin.

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Shilpa Lama

Shilpa is a network engineer and management graduate who is deeply passionate about artificial intelligence and blockchain technology. She has been associated with several leading science & tech publications throughout her career as a journalist and columnist. Full-time foodie, semi-skilled musician, wannabe novelist.

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