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Alibaba Group’s movie-making arm Alibaba Pictures reportedly plans to tokenize distribution rights for its new film “Striding into the Wind,” Chinese English-language publication China.org.cn reports on Nov. 22.

The company has purportedly signed an agreement with New York-based decentralized entertainment platform Breaker, formerly known as SingularDTV, to distribute the film overseas using its blockchain platform.

Li Jie, senior vice president of Alibaba Pictures and CEO of Alibaba’s ticketing app Taopiaopiao, reportedly announced the news during the China Golden Rooster & Hundred Flowers Film Festival on Nov. 20.

New film will be released on SingularDTV’s Ethereum-based EtherVision

The executive noted that film industry is increasingly discussing the possibilities of blockchain technology in its business models, with Alibaba Pictures actively trying to apply blockchain.

The overseas distribution rights for Alibaba’s “Striding into the Wind” will reportedly be released on SingularDTV’s Ethereum blockchain-based distribution portal EtherVision. According to China.org.cn, the film is the only Chinese mainland film project selected by SingularDTV.

Tokenization is transforming film financing

As recently reported by Cointelegraph, blockchain applications in the film industry, such as the tokenization of movie ownership, could radically change film financing. As it currently stands, film financing is generally limited to a small number of high-wealth investors, but with tokenization, smaller investors could also benefit from a movie’s success.  

In July 2019, Overstock’s cryptocurrency arm tZERO announced that it will tokenize the forthcoming motion picture “Atari: Fistful of Quarters.” In order to finance the movie through blockchain, the firm partnered with the film’s producers to develop token dubbed “Bushnell,” which will be sold by the film production and financing company Vision Tree.

Previously, a Brazilian state-run bank was reported to be funding a documentary film through its own Ether-based stablecoin BNDES.

Cointelegraph By Helen Partz , 2019-11-22 13:01:00 ,

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NewsBlock © 2019 - 2020 All rights reserved.

NewsBlock © 2019 - 2020. All rights reserved.


While Bitcoin’s price seemingly moves without rhyme or reason — collapsing by dozens of percent and embarking on face-melting rallies on a whim — the cryptocurrency market is filled to the brim with fractals.

Related Reading: Analyst: Bitcoin Price Likely to Fall to Low-$8,000s as Chart Remains Weak

A brief aside: A fractal, in the context of technical analysis and financial markets anyway, is when an asset’s price action is seen during a different time. This form of analysis isn’t that popular, but it has proven to be somewhat valuable in analyzing Bitcoin.

One recent fractal popularized by a well-known cryptocurrency trader is implying that BTC is going to return to the low-$7,000s in the coming days.

Bitcoin Fractal Implies Retracement to Low-$7,000s

A well-known crypto trader going by “Tyler Durden” on Twitter recently posted the chart below, which shows that a Bitcoin price fractal may be playing out. The fractal has four phases: horizontal consolidation marked by one fakeout, a surge above the consolidation phase, a distribution, then a strong drop to fresh lows.

If the fractal plays out in full, BTC could reach the low-$7,000s again, potentially as low as $7,100. This would represent a 20-odd percent collapse from the current price point of $8,800.

It isn’t only a fractal that is hinting Bitcoin has the potential to visit its lows. As we reported on Saturday, Bloomberg believes that if the GTI Vera Convergence Divergence Indicator flips red, a downtrend could push the cryptocurrency back to $7,300.

Related Reading: Stephen Colbert Pokes Fun at Bitcoin in Monologue: Mainstream Gone Wrong?

Can Bulls Step In?

But again, many believe it is irrational to have such bearish interpretations of the cryptocurrency’s chart at the moment. As reported by NewsBTC earlier, Popular crypto trader Mayne recently noted that the “people waiting for $6,000” are irrational. He quipped that Bitcoin retracing and consolidating after its fourth-biggest bull move in history ($7,300 to $10,500, a 42% gain) is perfectly par for the course, but noted that it’s totally possible we can go lower from $8,800.

The medium-term technicals support this.

Trader and CoinTelegraph contributor FilbFilb found that by the end of November or start of December, the 50-week and 100-week moving averages will see a “golden cross,” which he claims is far more significant” for the Bitcoin market that other technical crosses.

Also, a Bitcoin price model created using Facebook Prophet machine learning found that the leading cryptocurrency is likely to end the year at just over $12,000. What’s notable about this model is that it called the price drop to $8,000 months in advance, and forecasted a ~$7,500 price bottom for BTC.

To put a cherry on the cryptocurrency cake, Crypto Thies observed that when Bitcoin bottomed at $7,300, it bounced decisively off the 0.618 Fibonacci Retracement of the move from $3,000 to $14,000, which correlates with the two-week volume-weighted moving average. He added that summer 2019’s consolidation was marked by Bitcoin flipping major resistances into support levels, implying that a bullish reversal and subsequent continuation is likely possible in the coming weeks.

Featured Image from Shutterstock


Nick Chong , 2019-11-10 12:00:38

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