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Tribe Accelerator, that is a blockchain accelerator backed by the Singaporean government, has raised 25 million Singaporean dollars which is roughly about $16 million for startups that are presented on its platform. Sources indicate that the accelerator revealed this in a press release yesterday and that about $28 million in total has been raised so far for startups that employ blockchain technology to revolve issues that the world currently faces. The accelerator further revealed that the first set of startups had already received investments worth about $12.2 million in funding within the past 90 days.

Sources indicate that the funds raised are for nine startups namely: AID:Tech, Pilab, Torus , WhiteCoat, Eximchain, Bluzelle, Aqilliz, Dimuto, Affle, which are all involved in diverse sectors and solve different kinds of problems ranging from cybersecurity to social welfare programs, digital retail to supply chain services and solutions, healthcare to services data privacy among others as well.

Managing partner of Tribe Accelerator Ng Yi Ming indicated that :

 “Another successful round of fundraising underscores the relevance of blockchain technology in solving real-world problems. Every idea or solution shared during the Demo day has the potential to revolutionise the way the linked industry works in the present. We will continue to harbour companies with transformative innovations, that can change the face of the blockchain industry and benefit the end-user — making the technology more mainstream.”

“Mighty Jaxx, one of our participating companies from Batch I is already supporting OpenCerts, a government initiative in Singapore, that enables the issue and validation of tamper-resistant digital certificates”, added he as well.

Founded a year ago, Tribe started as a concept that was originally developed by Tri5 Ventures which is a venture capital investment firm that provides everything startups that are in their lift-off stages need. As an accelerator Tribe creates the necessary environment for Startups to grow and also provides linkages for the startups to investors, technical partners corporations in the big leagues and just about anybody else who will be of benefit to the startups themselves. Partners that have been involved with the startups include BMW Group Asia, Nielsen, Citi Bank, Intel, with other strategic partners. 

Accelerators are the next evolution that will propel the crypto space in 2020. So far, the crypto space has followed the growth curve that indicates greater inclusion in the fintech space. The existence of accelerators in any budding sector indicates that such a sector does not only possess the capacity for growth but adoption by everyone else as well. Accelerators are the bridge between entrepreneurship and management from when a startup takes off till when it reaches the stages that crisis would either make or mar its existence.

The presence of Tribe and other such accelerators within the industry further tells of what the coming years are going to bring if studies of other technology industries are anything to go by. In essence, the crypto world is about to blow up and accelerators are going to make this happen.

Christopher Hamman , 2019-12-03 13:58:19 ,

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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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