- The new MUFG coin will be used to buy services and goods in shops and restaurants among other uses.
- Bitcoin price still in danger of sliding below $8,000.
Bitcoin price has recovered after sinking below $8,000 for the first time in May. Selling pressure engulfed the largest cryptocurrency by market capitalization in Asian trading hours on Friday. BTC/USD has, however, embarked on a recovery journey aiming to break barriers towards $8,500 as we usher in the weekend trading session.
Mitsubishi UFJ Financial Group (MUFG), the largest lender in Japan is shaking waves with its announcement latest announcement. The bank is testing its own cryptocurrency that is referred to as MUFG. The digital asset is being released to enable swift cross-border shopping experience. Besides MUFG coin, the bank is exploring other ways of leveraging the tokenized assets and the blockchain technology. The new coin will give customers the ability to pay for goods and services in “restaurants, convenience stores, and other shops, as well as make transfers to the accounts of other participants” Significantly, MUFG coin is set for the launch later in the year.
Bitcoin price has broken below the short-term support area at $8,100. The attempts to breach $8,250 were denied by sellers who are intent on pushing the price back under $8,000. Indicators on the one-hour chart are signalling the dominance of selling pressure in the near-term. The gap between the 50 SMA and the 100 SMA is widening showing that the bears have the upper hand. The immediate support is at $8,050, but extend declines will be halted by the last resort support level at $8,000. However, Bitcoin price is in danger of correcting lower and exploring levels in the $7,000 range.
BTC/USD 1-hour chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Coinbase lists WIF perpetual futures contract as it unveils plans for Aevo, Ethena, and Etherfi
Dogwifhat perpetual futures began trading on Coinbase International Exchange and Coinbase Advanced on Thursday. However, the futures contract failed to trigger a rally for the popular meme coin.
Stripe looks to bring back crypto payments as stablecoin market cap hits all-time high
Stripe announced on Thursday that it would add support for USDC stablecoin, as the stablecoin market exploded in March, according to reports by Cryptocompare.
Ethereum cancels rally expectations as Consensys sues SEC over ETH security status
Ethereum (ETH) appears to have returned to its consolidating move on Thursday, canceling rally expectations. This comes after Consensys filed a lawsuit against the Securities & Exchange Commission (SEC) and insider sources informing Reuters of the unlikelihood of a spot ETH ETF approval in May.
FBI cautions against non-KYC Bitcoin and crypto money transmitting services as SEC goes after MetaMask
US Federal Bureau of Investigations (FBI) has issued a caution to Bitcoiners and cryptocurrency market enthusiasts, coming on the same day as when the US Securities and Exchange Commission (SEC) is on the receiving end of a lawsuit, with a new player adding to the list of parties calling for the regulator to restrain its hand.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?