Skip to content Skip to sidebar Skip to footer

Measured by patent applications in the sector, China is handily outpacing other countries including the United States in blockchain technology.

On Nov. 20, Japan-based financial newspaper Nikkei reported that Chinese companies submitted around 7,600 applications between 2009 and 2018 — about three times as many as U.S.-based companies.

A total of 12,000 blockchain applications

According to Tokyo-based research firm Astamuse, the U.S., China, Japan, South Korea and Germany together submitted around 12,000 blockchain-related patent applications through 2018, with China accounting for over 60% of the five-country total.

South Korea submitted close to 1,150 applications within the same time frame, while Japan submitted fewer than 380 applications.

With 512 applications, Chinese retail giant Alibaba Group Holding took the lead amongst the ranking of corporate applicants compiled by Japan’s NGB based on data from Innography. United Kingdom-based nChain followed Alibaba closely, with 468, while technology giant IBM filed 248 applications.

In November, the Chinese news program Focus Report pointed out that although there are around 32,000 companies in China that claim to use blockchain technology, reportedly the real number is not even 10% of that. According to the episode, China’s blockchain industry is at the forefront of the world, with the total number of blockchain enterprises second only to the United States. 

China and blockchain adoption

In October, China’s President Xi Jinping called for the country to accelerate its adoption of blockchain technologies as central to innovation. Xi stressed that the implementation of integrated blockchain technologies is key in promoting technological innovation and transforming industries. 

Edith Cheung, partner at blockchain-focused venture capital fund Proof of Capital, said that she believes that China will “definitely” deploy its new digital currency within the next six months to a year. Cheung looked to foreign powers, who she believes should already be prepared to respond, as China hopes to become the first country worldwide to issue a digital incarnation of its national currency. She added:

“I really think the United States needs to hurry up; to have a strong thinking and policy, at least a direction for virtual USD.”

Cointelegraph By Joeri Cant , 2019-11-20 21:47:00 ,

Source link

Leave a comment

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

Source link