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The past week has marked a number of crypto- and blockchain-related developments in the German-speaking world. Malta Enterprise partnered with Deutsche Telekom’s IT service subsidiary to offer its blockchain-as-a-service (BaaS) marketplace, French IT company Atos and Austrian startup Smart Digital proposed industrial plant inspections using blockchain, and the German Federal Financial Supervisory Authority (BaFin) launched a market survey on crypto assets derivatives.

Below is the past week of crypto and blockchain news in review, as originally reported by Cointelegraph auf Deutsch.

BaFin launches a market survey into crypto derivatives

BaFin’s survey contains 19 questions in five subject blocks and is aimed at all market participants, including investors, consumer protection associations, providers and issuers, as well as interest groups. With the survey, BaFin intends to build “a detailed picture of the market of derivatives featuring cryptocurrencies as an underlying asset and its potential risks.”

According to the Financial Services Supervision Act, the authority is “committed to the protection of collective consumer interests” and, against this background, observes and analyzes “the market situation with regard to possible consumer protection issues”.

Deutsche Bundesbank: Facebook’s Libra could trigger financial crises

Federal Banking Commissioner Joachim Wuermeling, responsible for banking supervision, argued that Facebook’s yet-to-be-released Libra stablecoin could trigger financial crises in certain scenarios in the future. According to Wuermeling, Libra would be more like “platform money” than a real currency.

However, Wuermeling added that “under certain circumstances, Libra could to a certain extent displace the money currently being used,” thus having “consequences for consumers, banks, the financial system and monetary policy”. The Bundesbank also sees the danger of a financial crisis triggered by Libra, and therefore urges “global rules and institutions to supervise Libra and other providers with similar business models.”

Austrian startup to deploy drones and blockchain for industrial plants inspections

Austrian startup Smart Digital, in collaboration with French IT company Atos, is planning to automate supervision of industrial plants using camera drones and blockchain tech. This will reportedly include objects such as bridges, power plants, large forest areas, power grids and other infrastructure facilities and areas. The initiative is aimed at cutting costs and resource expenditures.

Smart Digital CEO Alexander Schuster said: “Our goal is to offer solutions that have real added value for our customers and are fully automated. […] The autonomous and flexible processes offer many possibilities — from detecting pests in agriculture and the defects in construction sites to the detection of wear in power grids.”

Deutsche Telekom to bring blockchain solution to companies in Malta

Maltese business agency Malta Enterprise entered into a partnership with Deutsche Telekom’s IT service subsidiary T-Systems to offer its BaaS marketplace to local companies. Representing the Maltese Government, the agency is responsible for both foreign investment and local economic development in the island republic.

Kurt Farugia, CEO of Malta Enterprise, commented on the motivation behind the new partnership:

“This collaboration with T-Systems will give companies a competitive advantage over other jurisdictions while adding more value to the already established blockchain ecosystem. The companies using T-System’s GBE services will receive certification from Malta for their project Digital Innovation Authority. The cooperation with T-Systems will further strengthen Malta’s reputation as a solid blockchain jurisdiction.”

Austrian blockchain startup Qravity launches alpha version

A blockchain network for media professionals developed by the Viennese startup Qravity is now online in an alpha version. The blockchain-based platform is designed to help digital media content creators collaborate and automatically receive payment for their time.

The blockchain-powered system takes over the tracking of all involved parties, as well as the commercial distribution of contents created in the team within the Qravity system. With the alpha version, the developers want to eliminate errors through tests and supplement improvements, while the official launch of the platform is scheduled for the second quarter of 2020.

German BaaS provider Advanced Blockchain issues new shares as part of a capital increase

German BaaS provider Advanced Blockchain, which is listed on the XETRA stock exchange in Frankfurt, issued new shares as part of a capital increase. With subscriptions of existing and new synergy investors totaling 128,520 shares at a subscription price of EUR 5.40 ($5.95) per share, the company raised nearly EUR 700,000 ($771,325) in new equity. This corresponds to 6.1% of share capital.

According to Advanced Blockchain, the additional funding will “serve to further expansion of the company and further strengthening of the company’s equity base.”

Cointelegraph By Ana Alexandre , 2019-11-10 00:28:00 ,

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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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