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If mainstream finance does not adopt new technologies, such as those seen in blockchain and crypto, they will fall behind, according to a few experts’ comments at the World Economic Forum (WEF) in Davos Switzerland. 

Answering a question on comparing this year’s event to last year’s, Monero’s former lead maintainer Riccardo Spagni noted the same presence of “old school” bank and regulatory personalities. 

Spagni, also known as Fluffypony, told Cointelegraph in a Jan. 21 interview:

“I think by a lot of events like this one and some of the other blockchain events, we’re starting to show them that if they don’t adapt, if they don’t change, they’re going to end up losing. They’re going to end up on the losing side because new finance is going to replace old finance.” 

Financial tech revolution

Since the crypto and blockchain gold rush in 2017, numerous mainstream entities have adopted various new technologies, including blockchain. 

Banking giant JPMorgan Chase joined the movement, announcing its blockchain-based stablecoin, known as JPM Coin, in 2019. Many other mainstream players, such as Amazon and Citibank, have also joined the blockchain revolution. 

“There is a lot of innovation going on in fintech right now,” METI Advisory founder and managing partner Mattia Rattagli said to Cointelegraph in an interview on Jan. 21. He added:

“I think the banks realize that if they don’t innovate pretty soon, rapidly and deeply, they will probably lose out on revenues.” 

Rattagli is also a co-founder of the crypto-friendly SEBA Bank AG, which recently announced a secondary fundraise, according to Cointelegraph’s reporting.  

2020 innovation 

A premier event, the 2020 WEF in Davos runs from Jan. 21 to Jan. 24, bringing together some of the top business and political minds from across the globe. 

Cointelegraph was also able to catch up with Crypto Valley president Daniel Haudenschild on his thoughts for the upcoming year. 

“We see 2020 as the year of infrastructure,” he said. “We see better players — institutional investors, wealth and asset management companies — coming into the field being driven by negative interest rates, being driven by lack of alternative investments.” 

“With those institutional investments, we see a flush of new asset classes — tokenized securities, tokenized commodities, digital commodities,” Haudenschild added, also pointing to an influx of supporting systems and entities entering the space to uphold such new interest.  

In November 2019, Cointelegraph reported on rising interest in the tokenized securities space.

Cointelegraph By Benjamin Pirus , 2020-01-21 21:35:00 ,

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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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