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A group of blockchain-interested startups have joined forces to create a huge new incubator for startups in Paris, France. Known as the “The Garage”, the effort aims to enhance Europe’s position in the global blockchain industry.

The Parisian headquarters will serve as a hub for the industry. It will not only provide it greater visibility but also allow developers to share ideas and learn from one another.

Will New “The Garage” Blockchain Incubator Benefit Cryptocurrency Startups too?

In keeping with its aim to provide greater visibility to the blockchain industry, The Garage will be located across three floors of a building in Paris city centre. It will take up approximately 5,000 feet, according to a report in VentureBeat.

One of the brains behind the new blockchain incubator is Cyril Paglino. Paglino launched Starchain Capital, a venture investment company focused on startups experimenting with blockchain technology. He was originally drawn to the decentralised industry after his earlier project, Tribe, was rejected by the Apple App Store.

Starchain Capital is working with Dune Networks, a fork of the Tezos blockchain aimed at enterprise and large business applications. The third founding member of the incubator is The Family, a startup focusing on advisory and educational services. The three founding members will all have offices in the Parisian blockchain hub.

However, The Garage aims to be more than just an office block for a few connected companies working in the same industry. The first floor,will be an open co-working space in which anyone can drop in. This will allow for much greater networking opportunities for those working on other blockchain projects, including cryptocurrency developers.

The Garage will also offer a range of services to the startups using the facility. These will include PR, strategy, and product advice. Meanwhile, for larger companies, Paglino says there will be a consultancy programme and educational services.

With its open door, co-working policy, The Garage should benefit the entire blockchain industry of Europe, as well as just the enterprise sector. This should include developers working on Bitcoin, Ethereum, and other cryptocurrencies. With many issues overlapping both parts of the industry, there will no doubt be plenty of opportunity for mutually-beneficial idea sharing thanks to the new facility.

Paglino commented on The Garage’s aims:

“The idea is to have a place where people can hang and learn… Blockchain is pretty abstract for most people. To have it in the center of Paris will be key to letting people know things are really happening. It’s like an anchor.”

 

Related Reading: Crypto Tidbits: Bakkt’s Bitcoin Market Explodes, Huawei CEO Skeptical of Blockchain, FBI Wary of Cryptocurrency

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Rick D. , 2019-11-13 22:00:17

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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.

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Nick Chong , 2019-11-10 12:00:38

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