Bitcoin’s price has risen above its 50-day moving average for the first time in more than two months. The news comes after Bitcoin experienced its largest one-day rise since October, moving over the $40,000 mark.

A senior manager at the Bank of England has said it is “highly unlikely” the 327-year-old institution will develop a retail-facing wallet that could be used to store and spend digital currencies.

The U.S. Securities and Exchange Commission (SEC) has delayed its verdict on Grayscale’s proposed Bitcoin exchange-traded fund (ETF) proposal. The firm is looking to convert its Grayscale Bitcoin Trust (GBTC) into an ETF.

Sponsored: SX Network is the world`s first Polygon Layer-2 blockchain, built with the specific purpose of scaling DeFi, NFT, and betting applications. It is the only network that combines a smart contract platform with an on-chain community treasury and a native prediction market protocol.

Top stories in the Crypto Roundup today:

• Bitcoin Rises Above 50-Day Moving Average
• Bank of England ‘Highly Unlikely’ to Launch Retail Wallet for CBDC
• SEC Delays Decision on Grayscale’s Bitcoin ETF Conversion Proposal
• Chart of the Week: OpenSa vs. LooksRare Volumes
• Sponsored: SX Network Introduces Polygon`s First Layer-2 Blockchain

Bitcoin Rises Above 50-Day Moving Average

Bitcoin’s price has risen above its 50-day moving average for the first time in more than two months. The news comes after Bitcoin experienced its largest one-day rise since October,moving over the $40,000 mark.

Vijay Ayyar, head of Asia-Pacific at Luno, was quoted saying:

“Bitcoin has broken some key levels and a downward-trending line here over the past few days and is showing signs of bullishness.”

Bitcoin’s rise above the technical indicator came after a better-than-expected U.S. jobs report and strong earnings from Amazon, which may have driven some investors back into risk assets, with which BTC has been correlated in recent months.

The cryptocurrency’s rise past its 50-day moving average was also aided by a raft of short liquidations.

Bank of England ‘Highly Unlikely’ to Launch Retail Wallet for CBDC

A senior manager at the Bank of England has said it is “highly unlikely” the 327-year-old institution will develop a retail-facing wallet that could be used to store and spend digital currencies.

The Bank of England is working to publish a consultation paper on the question of whether it will launch a central bank digital currency (CBDC), but while issuing such a currency remains a possibility, the launch of an accompanying wallet seems to have been ruled out.

Katie Fortune, a senior manager at the central bank’s CBDC unit, said she thinks it is “safe to say it’s highly unlikely that the Bank would issue a retail wallet,” and that such wallets are more likely to be produced by the private sector.

Elsewhere, however, that does not appear to be the case. A pilot version of the mobile wallet for China’s digital yuan, c-CNY,, went live on app stores last month, while in El Salvador citizens are encouraged to use the state-backed Chivo wallet to manage their Bitcoin.

Fortune noted, however, that it isn’t clear whether any CBDC issue by the central bank would need to be underpinned by blockchain technology as that is “still a really open question” for the bank.

SEC Delays Decision on Grayscale’s Bitcoin ETF Conversion Proposal

The U.S. Securities and Exchange Commission (SEC) has delayed its verdict on Grayscale’s proposed Bitcoin exchange-traded fund (ETF) proposal. The firm is looking to convert its Grayscale Bitcoin Trust (GBTC) into an ETF.

The SEC previously delayed its decision on the matter in December. The SEC’s recent delay means that a final decision is set to come in early July.

The regulator has in the past delayed decisions on approving the launch of physically-backed Bitcoin ETFs to their legal limit, but ultimately rejected the listing of such an ETF. The SEC has, however, approved Bitcoin Futures ETFs last year.

Chart of the Week: OpenSa vs. LooksRare Volumes

An upstart NFT platform called LooksRare went live claiming to be a community-focused marketplace that will develop features based on user demand last month. The marketplace launched through a so-called “vampire attack” on OpenSea.

These attacks see newer platforms use tokens to poach the pre-existing user base of a project. LooksRare was the second major attempt at a vampire attack on OpenSea and has been seeing its daily volumes surpass those of its rival every day since launch.

Notably, OpenSea achieved a record month in January with $4.95 billion in volume.

SX Network Introduces Polygon`s First Layer-2 Blockchain

SX Network is the world`s first Polygon Layer-2 blockchain, built with the specific purpose of scaling DeFi, NFT, and betting applications. It is the only network that combines a smart contract platform with an on-chain community treasury and a native prediction market protocol.

Understanding the SX Network

SX Network is an Ethereum Virtual Machine (EVM) compatible, allowing users to keep the same wallet address they had on Ethereum, along with the same token names, block explorers and wallets.

The network is built in collaboration with Polygon and it’s tied to both Ethereum and Polygon for more security. The network has an on-chain ecosystem fund, which is used to fund decentralized applications through the SX Treasury. Funding decisions are up to SX token holders. The network uses a Proof-of-Stake (PoS) consensus algorithm. 

What’s unique about SX Network

• The first blockchain in the world where the token confers token holders ownership over the applications launched within 
• It uses Polygon SDK and has ultra-low gas fees, even compared to Polygon fees
• It’s the first public network to combine smart contracts with an on-chain community treasury and a native prediction market protocol
• A free market-based governance system implies every token holder will have an interest in contributing
• An obvious choice for expansion for Polygon dapps since SX Network is the first Polygon`s Layer 2 blockchain
• Accessing funds from the SX Treasury, which are released based on governance votes - an on-chain fee pool that receives 55% of all SX along with the fees, generated by the SX Protocol
• Over 20 businesses have already deployed SX blockchain

The SX Token

The SX Token (SX) is built for the governance of the SX Network but it has a total of three main use cases: protocol governance, staking, discounted rates on any exchange within the ecosystem. 

The token is listed on Bitfinex, Uniswap, Apeswap, Sushiswap and many other exchanges. 

You can learn more about the project through its website.

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