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World’s 5th Biggest Bank to Launch ‘Digital Currency’ Company in 2020 101
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One of Japan’s largest companies, Mitsubishi UFJ Financial Group (MUFG), is set to co-launch a “digital currency” and smartphone-based payment service – in conjunction with Japanese human resources network Recruit.

Per a report from Nikkei, the new joint-venture company will debut in 2020, and will be 49% owned by MUFG, with Recruit owning 51%.

The report claims the company will work in the field of “digital currency management,” and states that the program will likely allow customers to pay for Recruit’s HR services, as well as make restaurant bookings and payments using the Recruit-owned Hot Pepper Gourmet platform.

The Japan Times states that the new company’s platform will allow customers to pay in stores using QR codes, and notes that Recruit also owns the AirPay program, a cashless payment service network.

MUFG, which is the world’s fifth-largest bank per S&P Global, and is part of the Mitsubishi business group, has been working on the MUFG Coin, a stablecoin project, for some time – and had planned to roll the token out nationwide in the second half of this year.

However, the latest development would seem to indicate that the company may instead be looking to work with established partners on blockchain-powered payment solutions.

Cash usage is still widespread in Japan, much to the government’s dismay. But QR-powered mobile payment is on the rise in the country – with a number of blockchain providers keen to capitalize on recent trends.

Learn more: Can Crypto Ventures Cash in on Gov’t ‘Cashless’ Drives?

Tim Alper , 2019-12-04 13:23:08 ,

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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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