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  • The Federal Reserve has been under quite a bit of stress by many large tech companies in regards to providing a real-time system of payments.
  • There are multiple members for FIN including, Amazon, Google, and Apple and PayPal.

The ever-rising demand for real-time settlement is just that, on the rise! According to data, by September last year, there were at least 40 such systems operational worldwide. 16 more are expected by 2020, as blockchain-powered money transfer systems proliferate the banking scene.

It is perhaps because of this that Jerome Powell, the Federal Reserve Chairman has told regulators that his institution is “seriously considering” a faster payments system too. The faster settlements network will give the Federal Reserve an edge when competing with the robust network that larger financial institutions run on.

Powell wrote the following in a letter to lawmakers:

“Based on the feedback received from industry stakeholders and other interested parties in response to the 2018 notice and request for comment, the US Treasury recommendation as well as our own analysis, and in keeping with the Federal Reserve’s historic role in payments, we are seriously considering proceeding with two actions described in that notice to support widespread adoption of safe and efficient faster payment services in the United States.”

The letter has nevertheless not explicitly pointed to a blockchain-based payment system.

The Federal Reserve has been under quite a bit of stress by many large tech companies in regards to providing a real-time system of payments. This platform would evidently change how traditional financial institutions exchange money. The tech firms have in fact formed a union dubbed Financial Innovation Now or FIN. 

There are multiple members for FIN including, Amazon, Google, and Apple and PayPal. Not included is Facebook which is most likely due to the announcement of Libra, a currency that could speed up payments if launched, or at least that’s the idea.

As reported by Ethereum World News,

“Countries like Sweden, Hong Kong, Australia, Denmark, and Norway have already implemented real-time gross settlement systems.  The UK launched its Faster Payments Service back in 2008. The US, however, has been playing catch up, with the Federal Reserve’s Faster Payments Task Force promising a real-time payment network by 2020.”

Robert Johnson , 2019-12-04 23:30:00 ,

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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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