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The Bank of New York Mellon (BNY Mellon) has joined blockchain software firm R3’s trade finance network, the Marco Polo Network.

The American banking and financial services firm — which has over $1.9 trillion in assets under management — will conduct an evaluation program using the technology, Marco Polo announced Nov. 25.

By joining Marco Polo, BNY Mellon intends to expand its technical expertise and explore how blockchain technology could be applied to its trade finance activities. The move is purportedly in line with BNY Mellon’s efforts to eliminate paper-based processes and digitize its business. 

Marco Polo is a consortium of major global financial and banking institutions aiming to bolster international trade. Launched in 2017, the Marco Polo Network is a collaboration of R3 and Irish tech firm TradeIX, and features major financial firms including banks French BNP Paribas, Dutch ING Japanese MUFG, Bank of America and French Credit Agricole.

Oliver Belin, chief marketing officer at TradeIX, said in an email to Cointelegraph that the Marco Polo Network now has 31 members to date, with 28 of them represented by banks, while the three remaining firms are TradeIX, R3 and Mastercard. Belin also noted that BNY Mellon’s logo will be added on the Marco Polo website later today.

Member firms test Marco Polo’s technology 

As more companies join the Marco Polo network, others have begun to pilot the network’s technology. In late September, Mercedes-Benz parent firm Daimler AG and mechanical engineering company Dürr AG successfully completed a pilot transaction on the Marco Polo Network.

The transaction included the order and delivery agreement from Dürr’s subsidiary Schenck, wherein the payment was secured by a conditional payment commitment by the buyer’s bank.

In October, Alfa-Bank, Novolipetsk Steel Company, Commerzbank and Vesuvius GmbH piloted Russia-Germany cross-border payments on Marco Polo.

Cointelegraph By Helen Partz , 2019-11-26 18:22:00 ,

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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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