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Oman Oil and Orpic Group and HSBC Bank Oman SAOG have conducted the first trade finance transaction on the blockchain in the country using R3’s Corda platform.

As news publication the Oman Observer reported on Nov. 23, Oman Oil and Orpic Group — one of the largest oil and gas businesses in Oman — and HSBC Bank executed the country’s first blockchain-based trade finance transaction: a sale of polypropylene to Abu Dhabi National Carpet Factory. The transaction was carried out using R3’s Corda, an open-source blockchain platform.

Fully digitized letter of credit 

In the transaction, HSBC Oman advised a fully digitised letter of credit on the blockchain, while Oman Oil and Orpic Group was the beneficiary of the letter of credit. The application of blockchain technology allowed the parties to complete the transaction within 24 hours instead of the usual 5 to 10 days.

Nizar al Lawati, chief financial officer at Oman Oil and Orpic Group, said that the company is proud to be one of the first businesses in the country to promote the digitization of trade finance through blockchain. Sadiq al Lawati, finance and strategy commercial value partner at Oman Oil and Orpic Group, said:

“This Blockchain pilot is an important station in our journey towards digitisation, a journey that started with Artificial Intelligence (RPA++) and continues to embrace new disruptive technologies.”

Finance sector adopting blockchain tech

Financial institutions around the world have been gradually adopting blockchain technology in a bid to improve their internal processes. Last month, Archax, a London-based digital securities exchange, revealed it will use Corda to manage post-trade activities.

In February, Oman’s second-largest bank by market value, BankDhofar, began using RippleNet technology for cross-border payments to India. The technology allowed the bank to provide cross-border transfers via a mobile banking application “in less than 2 minutes,” thus allowing non-resident Indians living in Oman to conduct real-time payment transfers.

Cointelegraph By Ana Alexandre , 2019-11-23 18:54:00 ,

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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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