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On Sunday, December 1, crypto exchange Huobi along with other Chinese telecom players joined the country’s state-backed popular blockchain consortium Blockchain Services Network (BSN). Huobi has joined as one of the first members of BSN which is an industry alliance initiated by the State Information Center (SIC).

The BSN was just launched in the last month of October by the SIC with an aim to boost the blockchain sector growth and further encourage the development of smart cities in the country. Planned by the National Information Center, the BSN is a global blockchain service infrastructure across different geographies, institutions, and public networks.

Along with Huobi, other local companies pledging their allegiance with the BSN include China UnionPay, China’s equivalent of VISA. Other companies include Tencent-backed WestBank, China Merchants Bank International, China Telecom and China Mobile. Writing about these big companies joining the BSN, a local Chinese news media outlet wrote:

“The environment will greatly reduce the development, deployment, operation and maintenance, interoperability and supervision costs of blockchain applications, and promote the rapid development and popularization of blockchain technology”.

Earlier in the month of September, Huobi launched its China headquarters in the city of Hainan. Now, the city’s Financial Supervisory Authority president Yang Chen has also made an announcement that Hainan is willing to adopt a sandbox model for testing fintech and the blockchain technology. So, in general. it will be true to say that the country is extremely interested in boosting blockchain adoption as it was noted by President Xi Jinping.

This will allow the government to dive deep and explore the benefits of blockchain while simultaneously allowing companies operating in this space, to test their products. Explaining Huobi’s entry in China, a low news media outlet wrote:

“Huobi China, based on Huobi Group’s five-year accumulation, research, training, technology and industry incubation advantages in the blockchain industry, will create a one-stop platform for blockchain + industrial services, relying on the Huobi Research Institute, Huobi University (China), Huobi Labs (China), Huobi Talents, Huobi Lawlin and other business platforms”

However, it’s worth mentioning that Huobi is working on strengthening its presence not only to the market of China. Less than a month ago, it was also announced that Huobi would change the way of working with the traders from the U.S. While Huobi Global announced on November 4 its intention to freeze all accounts of U.S. users, it was said that Huobi US is going to become a strong player on the market of the United States.

Bhushan Akolkar , 2019-12-02 13:17:17 ,

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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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