{"id":542371,"date":"2023-07-12T16:00:58","date_gmt":"2023-07-12T16:00:58","guid":{"rendered":"https:\/\/wncen.com\/?p=542371"},"modified":"2024-06-11T10:10:13","modified_gmt":"2024-06-11T10:10:13","slug":"conflux-cfx-climbs-by-11-as-bank-of-china-begins-sim-card-payment-with-digital-yuan","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/conflux-cfx-climbs-by-11-as-bank-of-china-begins-sim-card-payment-with-digital-yuan\/","title":{"rendered":"Conflux (CFX) Climbs By 11% As Bank of China Begins Sim Card Payment With Digital Yuan"},"content":{"rendered":"

Conflux (CFX) has recently recorded a significant price rise following a few days of bearish movements. According to data from CoinMarketCap<\/a>, 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?<\/span><\/p>\n

Bank of China Announces SIM Card NFC Payments, Sparks Excitement In The Conflux Community.\u00a0<\/span><\/h2>\n

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

According to its statement, the state-owned bank claims to be conducting this program in collaboration with telecommunications giants China Telecom and China Unicom.<\/span><\/p>\n

Related Reading: Conflux (CFX) Sheds 16% Despite $18 Million Investment From DWF Labs<\/a><\/p>\n

The project aims to enable payments using a near-field communication protocol (NFC) and a technology known as \u201csuper SIM cards.\u201d\u00a0 <\/span>Basically, users will be able to process digital yuan payments by bringing their mobile phones in contact with designated payment terminals.\u00a0<\/span><\/p>\n

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.\u00a0<\/span><\/p>\n

For context, the Conflux Network signed a partnership<\/a> 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.\u00a0<\/span><\/p>\n

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. <\/span>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.\u00a0<\/span><\/p>\n

At the time of writing, CFX is currently trading at $0.201 with a 0.20% loss in the last hour. However, the token\u2019s 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.<\/span><\/p>\n

\"Conflux\"<\/div>\n
CFX Trading At $0.200 On The 4-Hour Chart | Source: CFXUSD Chart On Tradingview.com<\/a><\/pre>\n
CFX Price Analysis And Prediction\u00a0<\/span><\/h2>\n
Analyzing the CFX\u2019s 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.\u00a0<\/span><\/p>\n
Related Reading: Conflux Claims Its Place Among Top Altcoins As CFX Price Skyrockets 46%<\/a><\/p>\n
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.\u00a0<\/span><\/p>\n
Featured Image From Conflux Network, Chart From Tradingview.<\/div>\n","protected":false},"excerpt":{"rendered":"
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.\u00a0 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 \u201csuper SIM cards.\u201d\u00a0 Basically, users will be able to process digital yuan payments by bringing their mobile phones in contact with designated payment terminals.\u00a0 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.\u00a0 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.\u00a0 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.\u00a0 At the time of writing, CFX is currently trading at $0.201 with a 0.20% loss in the last hour. However, the token\u2019s 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. CFX Trading At $0.200 On The 4-Hour Chart | Source: CFXUSD Chart On Tradingview.com CFX Price Analysis And Prediction\u00a0 Analyzing the CFX\u2019s 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.\u00a0 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.\u00a0 Featured Image From Conflux Network, Chart From Tradingview.<\/p>\n","protected":false},"author":581,"featured_media":538994,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[87851,1310,87852,60533,88611],"class_list":["post-542371","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-cfx","tag-china","tag-conflux","tag-digital-yuan","tag-sim-card-payment"],"acf":[],"yoast_head":"\nConflux (CFX) Climbs By 11% As Bank of China Begins Sim Card Payment With Digital Yuan<\/title>\n<meta name=\"description\" content=\"Conflux (CFX) has recently recorded a 11% gain today emerging as the top daily gainer according to data from 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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. 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. 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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. 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