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While major economies across the globe are pushing for blockchain adoption, Asia’s third-largest economy India is having similar plans. As per the latest report from India Times, the government of India is working on a national blockchain strategy.

On Wednesday, November 27, the publication reported that India’s Ministry of Electronics and Information Technology (MeitY) is considering the application of blockchain technology across multiple sectors like banking, governance, finance, cybersecurity, and others.

Sanjay Dhotre, the Minister of State for Human Resource Development, Communications and Electronics and IT, said that his department is working on a “National Level Blockchain Framework”.

Well, although not on a larger scale, a few Indian states are already working on different blockchain applications. India’s Ministry of Electronics is already supporting a blockchain project dubbed “Distributed Centre of Excellence in Blockchain Technology,” and working in partnership with other government agencies.

India’s state of Tamil Nadu is working on a state-level policy for blockchain and AI. The Tamil Nadu government is currently exploring ways to implement blockchain in solving governance issues and other service delivery. Another state of Telangana is working on implementing blockchain in property and land registration. Besides, it also plans to use blockchain technology in cloud security, trade finance, and Know Your Customer (KYC).

Dhotre added that his ministry is currently working on Proof-of-Existence (PoE) framework for different use cases such as authenticating sale deads, academic certificates, and other documents. He said:

“By using PoE framework, [a] solution is developed to authenticate academic certificates. Blockchain technology has also been used and PoC [proof-of-concept] is developed for vehicle life cycle management and hotel registry management”.

Yes for Blockchain, No for Crypto

However, India is more or less following China. While the country has a progressive stand towards blockchain, it has an opposite view on cryptocurrencies. Earlier, India proposed a draft bill that could ban crypto trading in the country. The draft bill also suggested a 10-year jail term for anyone using digital currencies.

In the last two years, due to the strict approach and crackdown of the Indian government, a number of crypto exchange and trading platforms had to close their operations. Besides, India’s central bank also barred all the registered banks to cut down their ties with such platforms. This resulted in a massive crunch in fiat deposits at the exchange leaving their businesses dry.

Some of the popular exchange shutting down their business include Coindelta, Koinex, Coinome, and Zebpay. Let us also remind you that last week, Binance acquired India’s WazirX crypto exchange.

Bhushan Akolkar , 2019-11-28 15:46:47 ,

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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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