The cryptocurrency market continues to march forward as more and more countries are sending out positive comments about blockchain technology and its likely impact on all the business sectors. The week began with the news of Spain drafting a bill to offer tax breaks to blockchain technology-related enterprises. According to Teodoro Garcia Egea, the lawmaker preparing the bill, blockchain technology will drive innovation in health, finance, and education.
Yesterday, India’s Prime Minister tweeted “Disruptive technologies such as Blockchain and the Internet of Things, will have a profound impact in the way we live and work. They will require rapid adaptation in our workplaces.” Read more here
Now, let us look at the important developments related to other major cryptocurrencies:
Bitcoin (BTC) The Bitcoin core version 0.16.0, providing full-fledged support to SegWit and bach32 addresses were recently launched. This is expected to bring down confirmation costs while providing an edge to transaction times. Once deployed, a user will be able to choose either legacy, default SegWit or bach32 Bitcoin address for sending or receiving Bitcoin.
For the first time since January Bitcoin broke above $11,000. The rally was sparked a week before when the CFTC Commissioner and SEC Chairman gave testimony in favor of the cryptocurrency to the Senate’s Subcommittee on Banking, Housing and Urban Affairs. However, many crypto specialists, including Ethereum creator Vitalik Buterin has warned of the possibility of a steep decline in the price of cryptocurrency even now. Read more here
Ethereum (ETH) Even though Ethereum (ETH) leads the pace of adoption among similar blockchain networks, the competition is heating up. In order to stay ahead of the competition, networks within the ecosystem have joined hands to pool $100 million for Ethereum infrastructure development. The companies include OmiseGo, Golem, Raiden, and Cosmos. The investment is certainly expected to improve the performance of the Ethereum network in terms of scalability. Ether, the native currency of the Ethereum platform, has bounced back strongly in the past few weeks to trade at about $930.
SONM (SNM): SONM is the universal fog supercomputer powered by the Ethereum blockchain. SONM is able to connect miners and customers with its decentralized network of computational power. The services which can be provided range from CGI rendering to scientific computations. Using fog/grid computing, SONM hopes to solve the problem of inefficiencies of cloud platforms.
It is an architecture that uses one or more collaborative multitude of end-user clients or near-user edge devices to carry out a substantial amount of storage, communication, control, configuration, measurement, and management rather than controlled primarily by network gateways such as those in the LTE core network.
The SNM token is the native currency of the platform. Anyone could connect to the SONM network and receive passive income from its computational power. The developers have achieved several milestones in the recent past and their testnet is live. The coin trades at about $0.27. Once the facility goes live on mainnet, we can expect a huge rally.
Our Forex Trading Plan
Dash. An anonymous cryptocurrency, Dash is looking bullish in charts. The coin has started rising after getting support at 600. The stochastic oscillator has crossed above the reading of 50, indicating bullishness in the cryptocurrency. Therefore, it would be wise to have a long position in the coin.
Using one of the Forex trading accounts, we may open a long position in the Dash coin. The ideal entry and exit levels are 670 and 930. To negate risk, we may place a stop-loss order below 550.
Our Binary Options Trading Plan
Ripple. This crypto is showing some signs of weakness in the charts, facing resistance at 1.08, whilst the stochastic indicator is moving towards the bearish line. Therefore, we are expecting the digital asset to decline in the short-term.
To benefit from the downtrend, we are planning to invest a reasonable amount in a put option offered by a flexible binary broker. The broker should be able to offer us a contract, which is valid for one week. Furthermore, Ripple should be trading near 1.00 at the time of investing in the contract.
Disclaimer: Any financial trading analysis offered here is our opinion and is not intended as advice or direction for investors. We cannot guarantee the success of any trades made as a consequence of this article, and we encourage traders to incorporate a strong money management strategy to limit losses when they enter the markets. Please use this article as part of your own research before formulating strategies prior to trading.
