The cryptocurrency market continues to remain buoyant, with Bitcoin trading near $8,300. Multiple factors have contributed to its steep rally from a level of about 5,750; the inclusion of Bitcoin in the CFA curriculum, news of Blackrock exploring blockchain and cryptocurrencies, an increase in the potential for a Bitcoin ETF, and G20’s cautiously optimistic statement about the possible impact of cryptocurrencies on the world economy.
A rise in the mainstream adoption of blockchain technology has drawn large tech companies, who are using their expertise to offer blockchain-related services. Google is the latest one to offer Blockchain-as-a-Service (BaaS) in partnership with blockchain-focused companies, Digital Asset and BlockApps. Google is offering a range of DLT solutions on Google’s Cloud Platform (GCP), allowing users to explore the possible use cases relevant to their business. Other tech giants who are already offering BaaS solutions are: IBM, Oracle, Microsoft, and Amazon Web Services.
China’s State Drug Administration, based on a discreet message, launched a probe on Changsheng Biotechnology and found that the pharmaceutical company had provided fake data related to its rabies vaccine drug. The news attracted widespread condemnation both in China and internationally, amid fears that the vaccine may not serve its purpose. The vaccine has been recalled and the production was halted. The incident has increased the call for blockchain adoption in the pharmaceutical industry. If implemented, the production and distribution history of a vaccine can be studied at any time on a tamper-proof ledger.
End-to-end encrypted email provider ProtonMail has hinted that it may approach the cryptocurrency market to raise funds through an initial coin offering. The email service, started by three CERN scientists, has already started receiving support from the cryptocurrency community as the service offers support for Bitcoin payments.
The Bank of England is presently overhauling its inter-bank payment settlement system. In this regard, the bank has affirmed that the revamped real-time gross settlement (RTGS) platform will be able to interact with systems running distributed ledgers following proof-of-concept trials with Clearmatics Technologies, Baton Systems, R3, and Token. Notably, the central bank settles approximately £500 billion between banks per day.
EOS (EOS)
EOS, which launched its mainnet in the first week of June, is creating new records daily as far as the number of transactions per second is concerned. The blockchain network, which has only 21 block producers, hit a record 3097 transactions per second. It is far higher than 7 transactions per second recorded on Bitcoin (BTC) network and 15 transactions per second recorded on Ethereum (ETH) network. Hedge fund manager Mike Novogratz believes that EOS would soon cross 50,000 transactions per second.
Wanchain (WAN)
One of the main issues faced by blockchain networks, apart from scalability, is interoperability. Most of the blockchain networks are not compatible with others. Wanchain, which is developing the world’s only interoperable blockchain network, has launched Wanchain 2.0. The blockchain is fully connected to the Ethereum network. The chain facilitates the hassle-free transfer of ether tokens from the Ethereum blockchain to the Wanchain platform, where the tokens will be substituted by equivalent WETH tokens.
Our Forex Trading Plan
Bitcoin. Bitcoin (BTC), after rallying by 41% in a month, is seeing some exhaustion. The cryptocurrency is unable to cross the major resistance at 8,450. Furthermore, the DSS Bressert indicator is in the overbought region. Therefore, we are expecting a correction to set in.
We are planning to benefit from the downtrend by going short at 8300 levels, with an intention to book profit near 8000. To minimize losses, we would place a stop-loss order near 8400.
Our Binary Options Trading Plan
Ethereum. Ethereum (ETH) has found strong support at 420. On the higher side, the next resistance is expected only at 610 levels. Furthermore, the DSS Bressert indicator is rising. So, we are expecting the cryptocurrency to start moving up soon.
To take advantage of the anticipated uptrend, we wish to place a bet on a call option offered by a binary broker. The option should be valid for a period of one week. Additionally, in order to go ahead with the planned trade, the ETHUSD pair should be trading near $420 in the cryptocurrency market.
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.
