Financial media reports that Estonia withdrew its plan to issue the national cryptocurrency of Estcoin after criticism from the President of the European Central Bank, Mario Draghi, and local banks.
Managing director of the Estonian e-residency program, Kaspar Korjus, proposed the creation and release of Estcoin in August last year. In addition to becoming the national virtual currency of Estonia, Estcoin would also turn into an official currency for the e-residency program. In the Estcoin program, it would be an incentive for foreigners using the electronic identification of Estonia to remotely sign documents and set up companies. Draghi said in September that "no Member State can enter its own currency; the currency of the euro area is the euro. " According to Siim Sikkut, the official responsible for the national IT strategy, Estcoin will now be just an impulse for e-residents: "We agreed in our conversations with politicians that Estcoin would act as a means to transactions within the e-resident community. There are no other options. We are not building a new currency" - Sikkut said in an interview.
Korjus confirmed Sikkut's statements saying that "social Estcoin" is still being analyzed. He added that Estcoin will definitely not be a national cryptocurrency. Draghi's position was supported by the Governor of the Bank of Estonia, Ardo Hansson, who complained about the false reports of Estcoin coming from government agencies.
Let's now take a look at the Bitcoin technical picture at the H4 time frame. The price has broken through the golden trend line and made a new local high at the level of $7,757, which is still below the key technical resistance at the level of $7,890. Currently, the market is testing the weekly pivot at the level of $7,523. In order to continue the upward move, the bulls must break through the resistance at the level of $7,890 and head towards the level of $8,556. Otherwise, the bears might try to push the prices back under the golden trend line again or lower.
