The cryptocurrency market has remained bearish for the past week. The reports of an investigation by the Department of Justice into alleged price rigging practices in the cryptocurrency market have turned the mood sober. However, there is no let-up in the adoption of blockchain technology.
American Express rolling out a blockchain app
American Express is launching a blockchain application to its Membership Rewards program. The application, built on the Hyperledger platform, will enable merchants to customize offers using Membership Rewards points. In some cases, members will be able to earn even up to 5x the usual number of points earned on certain products.
Signet Jewelers joins Tracr
The world’s largest retailer of diamond jewelry, Signet Jewelers, has joined Tracr, the diamond blockchain program developed by De Beers Group, the world’s largest diamond miners. The Tracr blockchain project records diamond, from the stage of mining until delivery to a customer, on a shared distributed ledger. This ensures that a diamond offered by a retailer is not connected to militant groups.
IBM to create around 1,800 jobs, primarily in France
IBM, which is working on more than 400 blockchain projects, has announced its plans to create approximately 1,800 jobs in the next two years. Most of the openings will be in France. New graduates and experienced technical professionals will be appointed in the field of IoT, AI, cybersecurity, and blockchain.
Barcelona to create specialized space for blockchain tech
Barcelona is planning to create a specialized space for blockchain technology. La Vanguardia, a local media outlet, has reported that a tech building is planned to be built exclusively for startups related to blockchain technology. The 400m2 building will be located near Barcelona Tech City, Pier01.
Insurewave now used by AP Moller-Maersk
Insurwave, a blockchain-powered marine insurance platform, is now being used commercially by AP Moller-Maersk. The platform was jointly developed by EY and Guardtime using Workbench, a blockchain technology platform from Microsoft Azure.
Bangkok Bank to start testing R3 Corda platform
In Thailand, Bangkok Bank, the largest in the country, will start testing the R3s Corda platform in its trade finance business. Precisely, the bank, which joined the consortium in 2016, will use Marco Polo, a trade finance platform created by R3 in collaboration with TradeIX.
Bitcoin (BTC)
Pražská plynárenská, Czech Republic’s energy giant, has announced that it will start accepting Bitcoin as payment beginning June. The company has stated that it would like to adapt itself to the ideas of the young generation. The company will not hold Bitcoins but convert it into fiat currency.
Fundstrat’s Tom Lee has once again stated that Bitcoin will cross the $25,000 mark soon. Lee’s argument stems from three facts: the cost of producing and replicating Bitcoin, historical price movement, and interest from institutional investors. Read more here.
Ripple (XRP)
RippleNet has gained another client in the middle-east. Kuwait Finance House, one of the largest banks in Kuwait, will start using Ripple’s blockchain technology for performing cross-border payments. It is the first financial institution in Kuwait to use Ripple’s blockchain technology for global payments. Kuwait Finance House is confident that the technology will improve its Sharia-compliant product offerings.
Our Forex Trading Plan
Bitcoin Cash. The BCHBTC price chart indicates that Bitcoin Cash (BCH) is losing strength against Bitcoin (BTC). The stochastic oscillator is in the bearish zone. Furthermore, the next major support for the cryptocurrency pair is only at 0.1143. Therefore, it would wise to have a short position in the counter.
We may go short in the BCHBTC pair near 0.1310, with a stop-loss order above 0.1450. Once a short position is opened, we would consider placing a buy order near 0.1143 to exit the trade with a profit.
Our Binary Options Trading Plan
Litecoin. Litecoin (LTC) has turned extremely weak against the euro in the chart. The momentum indicator has crossed below the zero level. Therefore, we can expect the LTC/EUR pair to remain bearish in the short-term.
Using one of our binary options trading accounts, we may invest in a put option contract when the LTC/EUR pair trades near €97 in the cryptocurrency market. For the intended trade, we will choose a date around June 6th as the contract expiry date.
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.
