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MUFG Bank, the largest bank in Japan and the world’s fifth-largest bank, has denied reports that it plans to launch a digital currency in Japan next year.

In a statement on Dec. 4, Mitsubishi UFJ Financial Group Bank (MUFG) said it had not decided whether a recent business partnership would ultimately form a digital currency entity.

MUFG: digital currency claims unofficial

Previously, various local English-language media outlets including Japan Times had reported that MUFG was eyeing a release date in the first half of 2020 for an as-yet-unnamed digital currency.

“These reports are not based on any announcement made by MUFG Bank,” the statement read. MUFG added, “It is true that we have concluded the joint venture agreement for an establishment of a new company. No other decision has been made in this regard at this time.”

Digital currency products flood Japanese market

The offering would reportedly let users make payments via smartphone using QR codes, with the digital currency account linked to a bank account. 

According to Japan Times, which cited “informed sources,” MUFG would hold a minority stake in the company behind the token. 51% would be owned by its partner, human resources services provider Recruit Holdings.

A growing number of banks are attempting to front-run demand for such payments, with schemes such as Mizuho Bank’s J-Coin Pay gaining considerable attention locally.

Such a move would not be MUGF’s first venture into the digital currency sphere. As Cointelegraph reported, last year, the bank unveiled an in-house digital currency project under the name “MUFG Coin.”

In February, meanwhile, a separate partnership with content delivery network Akamai aimed to debut a blockchain payment network, dubbed Global Open Network, in the first half of 2020.

Cointelegraph By William Suberg , 2019-12-04 12:02:00 ,

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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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