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The Singaporean government-backed blockchain platform Tribe has helped raise another $15.7 million for participating companies through its ecosystem.

In a press release shared with Cointelegraph on Dec. 2, Tribe Accelerator revealed that a total of $28 million had been raised to date to support start-ups from around the world attempting to solve real-world problems with blockchain technology. 

The first group of startups reportedly raised over $12.2 million within three months. Managing partner of Tribe Accelerator Ng Yi Ming commented:

“Another successful round of fundraising underscores the relevance of blockchain technology in solving real-world problems. Every idea or solution shared during the Demo day has the potential to revolutionise the way the linked industry works in the present. We will continue to harbour companies with transformative innovations, that can change the face of the blockchain industry and benefit the end-user — making the technology more mainstream.”

Major corporate backing

Tribe, which helps blockchain startups in their growth stage by connecting them with major corporations, was launched in December 2018 and is the brainchild of Tri5 Ventures, a venture capital firm aiming to support later-stage startups. 

Since its launch, Tribe Accelerator has received support from government and corporate partners including big four accounting giant PwC, South Korean blockchain network Icon Foundation, BMW Group Asia and Intel, among others.

More recently, IBM, Citibank and video game giant Ubisoft joined as corporate partners for the second edition of Tribe’s four-month program. 

Tezos partners with Tribe to launch training program

On Nov. 21, Tezos’s non-profit arm Tezos Southeast Asia (TSA) announced its collaboration with Tribe to jointly launch a training program for developers on the Tezos blockchain. Tezos also hopes to attract more developers to create Tezos blockchain-based solutions for real-world applications. President of TSA Caleb Kow said at the time:

“By enabling trainers with a good knowledge of Tezos blockchain technology, they will be able to amplify the impact in their respective teams through the continual transfer and sharing of knowledge to new learners.”

Cointelegraph By Joeri Cant , 2019-12-03 04:20:00 ,

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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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