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Banking Giant With 16 Million Clients, RBC, Goes Crypto - Report 101
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The Royal Bank of Canada (RBC), the Canada-headquartered major global bank, is set to open a cryptocurrency exchange, according to a report from The Logic.

The media outlet claims it has learned that the RBC wants to allow customers to trade in cryptocurrencies such as Bitcoin and Ethereum for investment purposes, as well as providing a platform for in-store and online crypto purchases.

The bank also reportedly plans to include offering customers cryptocurrency bank accounts, although the media outlet says RBC has not responded directly to request for comments about the proposed exchange launch.

RBC has registered four cryptocurrency banking-related patents in the United States, and has been exploring possible blockchain technology banking applications since 2017.

One of the accompanying texts filed with the patent paperwork read as follows, again per The Logic,

“To individual users, managing cryptographic keys and transacting with different cryptographic assets can be a challenge. In some situations, cryptographic asset transactions may take time to be confirmed, and/or may not be compatible or supported by merchant systems or point-of-sale devices.”

“I can’t think of one of the big banks anywhere in the world that has a patent that directly relates to a crypto exchange,” Marc Kaufman, a Washington, D.C.-based partner at Rimon Law, was quoted as saying.

Meanwhile, earlier this year, David McKay, CEO of RBC, said that the bank is experimenting with blockchain for tokenization, perhaps even private equity: “Blockchain is an opportunity in the future to take assets that are less liquid and make them more liquid. I think that’s exciting.”

Should the RBC go ahead with the crypto exchange launch, it might immediately become the most prominent domestic exchange in the sector – and a very major international player. Per the bank’s most recent quarterly report, its net income for Q3 was USD 2.5 billion, while its quarterly revenue was USD 8.7 billion. It had more than USD 1 trillion in assets at the end of Q3.

The RBC also claims it is one of the top 15 banks globally based on market capitalization. As well as its Canadian operations, RBC says 23% of its revenues come from its activities in the United States, and 15% from elsewhere in the world.

And the bank says it employs more than 86,000 staff members, with a client base of over 16 million.

Banking Giant With 16 Million Clients, RBC, Goes Crypto - Report 102
Source: RBC

Tim Alper , 2019-11-12 07:55:00 ,

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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.

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

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