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SBI Mulling a Company-wide Cryptocurrency Shareholder Payout in XRP 101
Source: iStock/isa_ozdere

Japanese financial giant SBI is considering issuing Ripple (XRP) tokens as company-wide shareholder rewards, says the company’s CEO Yoshitaka Kitao.

In a recent address to shareholders shared by the company on YouTube, Kitao stated that a previous XRP handout to shareholders of SBI’s Morningstar subsidiary in August this year had proved a success.

The CEO said he is looking into the idea of offering XRP benefits to all SBI shareholders at the end of the current financial year (March 2020).

Kitao is a Ripple board member, and SBI is arguably Ripple’s closest East Asian partner. The two companies co-operate the SBI Ripple Asia payment platform.

The SBI chief said that the August XRP payout had driven up subscriptions to the company’s Japanese crypto exchange, SBI VC Trade – as Morningstar shareholder wishing to claim their XRP were obliged to open accounts on the platform to claim their tokens.

However, Kitao hinted that if SBI does go ahead with the XRP payout, shareholders will be able to choose whether or not they would like to receive their benefits in cryptocurrency.

At pixel time (09:38 UTC), XRP trades at c. USD 0.22 and is up by 1% in a day, trimming its weekly losses to 4.6%. The price is down by 28% in a month and by 37% in a year.

Kitao also made other announcements regarding SBI’s cryptocurrency-related business plans, with more materials shared online. SBI subsidiary SBI Crypto will begin operations at two new mining facilities before the end of FY2019 – with farms opening in the United States and Kyrgyzstan. Another farm will close down and move elsewhere – meaning the company will end the financial year with four overseas farms in operation.

Kitao also suggested that SBI was looking to cooperate with crypto-keen Yahoo Japan on possible cryptocurrency-related projects. The companies have already begun working together on forex trading-related business operations.

SBI said in October that SBI VC Trade and SBI Crypto are both making money for the company. The exchange business has posted pre-tax profits of USD 30 million, with SBI Crypto posting pre-tax profits of USD 2.7 million – despite a 17% decrease in the group’s overall financial performance.

In November, SBI Holdings entered another crypto business by investing in major U.S. based security token platform Securitize.

Tim Alper , 2019-12-05 11:45:00 ,

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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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