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Breaking News: Trump Prepares To Allow Crypto Investments In $9 Trillion Retirement Market

Conflux (CFX) Climbs By 11% As Bank of China Begins Sim Card Payment With Digital Yuan

Semilore Faleti
Semilore Faleti
1 year ago
3 mins read
Conflux

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Conflux (CFX) has recently recorded a significant price rise following a few days of bearish movements. According to data from CoinMarketCap, CFX has gained by 11.39% in the last 24 hours, emerging as the day’s top gainer. So what’s driving this price gain?

Bank of China Announces SIM Card NFC Payments, Sparks Excitement In The Conflux Community. 

On July 10, The Bank of China announced it would be commencing the testing of SIM card-linked payments using the digital renminbi – known as digital yuan – starting from July 11- yesterday.

According to its statement, the state-owned bank claims to be conducting this program in collaboration with telecommunications giants China Telecom and China Unicom.

Related Reading: Conflux (CFX) Sheds 16% Despite $18 Million Investment From DWF Labs

The project aims to enable payments using a near-field communication protocol (NFC) and a technology known as “super SIM cards.”  Basically, users will be able to process digital yuan payments by bringing their mobile phones in contact with designated payment terminals. 

That said, following the emergence of this news in mainstream social media today, there has been a wave of excitement in the CFX community, with some hinting that the latest move by the Bank of China could boost the adoption of CFX in the future. 

For context, the Conflux Network signed a partnership with China Telecom to develop a Blockchain-powered SIM card (BSIM) back in May 2023. Given this, it appears that some CFX fans believe the Conflux Network will play a significant role in the new SIM Card e-CNY payment system. 

The excitement in the CFX community translated into positive price movement, with CFX surging by 11% this morning to hit a peak price of $0.2031. Prior to this price increase, CFX had seen its market price fall from $0.197 to as low as $0.175 over the last seven days. 

At the time of writing, CFX is currently trading at $0.201 with a 0.20% loss in the last hour. However, the token’s trading volume has risen 135.79% and is valued at $75.4 million. With a market cap of $617.6 million, Conflux is ranked as the 67th biggest cryptocurrency on the market.

Conflux
CFX Trading At $0.200 On The 4-Hour Chart | Source: CFXUSD Chart On Tradingview.com

CFX Price Analysis And Prediction 

Analyzing the CFX’s 4-Hour chart, the token appears to be headed for a resistance zone at $0.214. If the asset’s bullish momentum is sufficient to break through this zone, it could trade as high as $0.289, which marks its next support zone. 

Related Reading: Conflux Claims Its Place Among Top Altcoins As CFX Price Skyrockets 46%

However, an overwhelming bearish force at the $0.214 price zone will cause CFX to fall, retesting at the $0.171 support level. That said, it is important that long-term traders note that the CFX market is currently in a downward trend stretching as far back as March. 

Featured Image From Conflux Network, Chart From Tradingview.
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Semilore Faleti
Semilore Faleti

Semilore Faleti

Semilore Faleti is a cryptocurrency writer specialized in the field of journalism and content creation. While he started out writing on several subjects, Semilore soon found a knack for cracking down on the complexities and intricacies in the intriguing world of blockchains and cryptocurrency.

Read more

Semilore is drawn to the efficiency of digital assets in terms of storing, and transferring value. He is a staunch advocate for the adoption of cryptocurrency as he believes it can improve the digitalization and transparency of the existing financial systems.

In two years of active crypto writing, Semilore has covered multiple aspects of the digital asset space including blockchains, decentralized finance (DeFi), staking, non-fungible tokens (NFT), regulations and network upgrades among others.

In his early years, Semilore honed his skills as a content writer, curating educational articles that catered to a wide audience. His pieces were particularly valuable for individuals new to the crypto space, offering insightful explanations that demystified the world of digital currencies.

Semilore also curated pieces for veteran crypto users ensuring they were up to date with the latest blockchains, decentralized applications and network updates. This foundation in educational writing has continued to inform his work, ensuring that his current work remains accessible, accurate and informative.

Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information.

Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets.

Outside his work, Semilore possesses other passions like all individuals. He is a big music fan with an interest in almost every genre. He can be described as a “music nomad” always ready to listen to new artists and explore new trends.

Semilore Faleti is also a strong advocate for social justice, preaching fairness, inclusivity, and equity. He actively promotes the engagement of issues centred around systemic inequalities and all forms of discrimination.

He also promotes political participation by all persons at all levels. He believes active contribution to governmental systems and policies is the fastest and most effective way to bring about permanent positive change in any society.

In conclusion, Semilore Faleti exemplifies the convergence of expertise, passion, and advocacy in the world of crypto journalism. He is a rare individual whose work in documenting the evolution of cryptocurrency will remain relevant for years to come.

His dedication to demystifying digital assets and advocating for their adoption, combined with his commitment to social justice and political engagement, positions him as a dynamic and influential voice in the industry.

Whether through his meticulous reporting at NewsBTC or his fervent promotion of fairness and equity, Semilore continues to inform, educate, and inspire his audience, striving for a more transparent and inclusive financial future.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

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