China’s central bank will launch a state-backed cryptocurrency and issue it to seven institutions in the coming months, according to a former employee of one of the institutions who is now an independent researcher. Paul Schulte, who worked as global head of financial strategy for China Construction Bank until 2012, says the largest bank in the world, the Industrial and Commercial Bank of China, the second largest bank in the world, his former employer, the Bank of China, the Agricultural Bank of China; two of China’s largest financial technology companies, Alibaba and Tencent; and Union Pay, an association of Chinese banks, will receive the cryptocurrency.

At the time of launch, the recipient institutions will then be responsible for dispersing the cryptocurrency to 1.3 billion Chinese citizens and others doing business in the renminbi, China’s fiat currency.

What sets China’s DC/EP apart from libra and Carney’s “synthetic hegemonic currency” (SHC), according to Shulte, is that while libra is little more than early-stage computer code and the SHC doesn’t appear to have gone much further than Carney’s mind, the Chinese cryptocurrency is ready to launch. “China is barreling forward on reforms and rolling out the cryptocurrency,” says Schulte, who now runs an eponymous bank research firm. “It will be the first central bank to do so.”

According to data provided by Whale Alerts, a mammoth-sized transaction worth of 94,504 BTC ($1.018 billion at press time) has been recorded on the Bitcoin Blockchain. This is certainly one of the biggest transfers in the history of crypto

Bitcoin critics often trash the top coin because of its expensive transactions. However, the anonymous user had to fork out only $700 in fees to send his $1 billion cryptocurrency fortune.

Bitcoin has now begun monthly/weekly price correction according to charts...
IMHO it may go lower to $ 7800 ...

Bitcoin appears to have completed wave E (triangle) of (B) at $11,007. I therefore expect bitcoin to head below towards targets indicated by the pink lines. A move below $9000 will confirm this scenario while a rise above $10950 will negate it.

The targets if the scenario is confirmed are: $8348, $6730, $4109.One of them should act as support from which Bitcoin should explode to $19000 and beyond in the near future.