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Nov 20, 2019 at 15:11 // News

The shipping industry in Cyprus is considering using innovative tools such as blockchain to carry out its regular activities effectively, smoothly and efficiently.


The potential of distributed ledger technology (DLT) has attracted several giant investors, companies from all over the globe to apply it in various sectors including finance, tourism, agriculture, transport, e-voting, logistics and others.


All Sectors to Benefit from Disruptive Technologies like Cryptocurrency and Blockchain


According to a statement made back in July by Minister of Finance Harris Georgiades, a draft bill intending to monitor DLT businesses in the country will be ready before 2020. Furthermore, the House President Demetris Syllaouris is optimistic that the effort will cause a great change in different areas – both privately and publicly owned businesses – in Cyprus.


Total application of blockchain especially in the public and private sectors will probably change fundamentally the systems of contemporary societies, like the mode in which they are systematized and their mode of operation.


Blockchain tech is impervious to data alteration, more transparent, steadfast, hence making the network more open. The technology also speeds up transactions, because the system does not need any middleman to conduct them. It only requires two parties to proficiently and swiftly function between themselves.


Time is Money


Supporters of technological innovations including cryptocurrency and blockchain believe that, once DLT is fully employed, it will offer a more reliable, open and economical practical solution to the heap of documents that go along with every container load of produced products, as far as the shipping industry is concerned.


The Shipping Industry in the country – Cyprus – is more than ready to use blockchain, and this can be evidenced from a massive number of domestic member-firms already adopting and using DLT especially in the development phase of their goods and services.


Blockchain tech will help to reduce on financial settlement delays, time-wasting as well as the bureaucracy in the Cyprus shipping industry. Several global shipments, maritime firms and customs bureaucrats have been filling in over 15 various kinds of paper-based documents, to enable products to be transported from one point to another or from one exporter to the importer.

coinidol.com By Coin Idol , 2019-11-20 15:11:00 ,

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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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