Skip to content Skip to sidebar Skip to footer

Brazil, Russia, India, China, and South Africa or popularly known as BRICS, are backing the idea of a common payment system. The 11th BRICS summit is currently underway in Brazil.

The set up would enable seamless trade between the countries and also tackle the dominance of the US dollar in the international markets.

Reportedly, the idea of a common cryptocurrency for the five nations has been discussed as well. However, the head of the Russian Financial Watchdog was more inclined towards increasing the viability of national currencies.

Kirill Dmitriev, the head of the Russian Direct Investment Fund (RDIF) told the reporters,

“An efficient BRICS payment system can encourage payments in national currencies and ensure sustainable payments and investments among our countries, which make up over 20% of the global inflow of foreign direct investment,”

In the future, an integrated payment system is highly probable between the emerging economies. Whether or not any cryptocurrency will be used or created for the purpose is not confirmed.

Nevertheless, crypto space surely seems to add a lot of value in international trade. It has taken an ugly turn with national currencies competing for their dominance.

China Moves Another Step for the Launch of Digital Currency

Moreover, with China aggressively moving towards capital control with its Digital Renminbi. Being a part of BRICS, China will look to compete with the US dollar with its digital currency.

PBOC (People’s Bank of China) announced that it will pilot a regulation on large-amount cash deposit/withdrawal restrictions in the three provinces of Hebei, Zhejiang, and Shenzhen. It will require registration of large cash deposits within the country.

Dovey Wan, prominent crypto-analyst with sources in the country noted along with capital control,

All the dots are now connected for upcoming Digital RMB too

How do you think that a common cryptocurrency between trade organizations will affect international trade? Please share your views with us.

Summary

Five Nation Group Mulling over Cryptocurrency Plans to Tackle USD Dominance

Article Name

Five Nation Group Mulling over Cryptocurrency Plans to Tackle USD Dominance

Description

Brazil, Russia, India, China, and South Africa or popularly known as BRICS, are backing the idea of a common payment system.

Author

Nivesh Rustgi

Publisher Name

CoinGape

Publisher Logo

Coingape is committed to following the highest standards of journalism, and therefore, it abides by a strict editorial policy. While CoinGape takes all the measures to ensure that the facts presented in its news articles are accurate.

Disclaimer
The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.



Share on Facebook



Share on Twitter



Share on Linkedin



Share on Telegram

Nivesh Rustgi , 2019-11-15 04:04:12 ,

Source link

Leave a comment

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

Source link