The Leading Cryptocurrency Stories for 30th May 2018

The Leading Cryptocurrency Stories for 30th May 2018
May 30, 2018

The cryptocurrency market continues to remain bearish, with almost all the major tokens near their 2018 lows. However, events related to blockchain technology are conducted with enthusiasm. The BlockShow Europe 2018 conference took place in Berlin for two days beginning May 28th. Almost two weeks before the event, a survey was conducted using blockchain-based app Polys, an anonymous, secure, and transparent voting tool to choose the leading women and companies in the blockchain sector. Dr Quy Vo-Reinhard, co-founder of the HIT foundation was announced the winner in the women category, while BitFury took the first position among companies.

The Bank of England has cautioned that a central bank digital currency can jeopardise commercial banking system. In a white paper titled “Competition for retail deposits between commercial banks and non-bank operators two-sided platform analysis” the bank has stated that the competition from non-bank financial institutions can increase the funding cost of banks thereby decreasing their net interest margin levels. Obviously, such a scenario will have a negative impact on the bank’s balance sheet. This may ultimately force banks to rethink their lending business model.

Deloitte, one of the top four accounting firms in the world, has issued a report which states that blockchain technology will become a crucial asset to the retail and consumer packaged goods (CPG) industry. The report is based on a study of over 50 potential blockchain use cases. Deloitte’s report has pointed out that the next five years will be a “tipping point”  as enterprises begin to understand the potential of blockchain technology.

In China, a government study has revealed that the average lifespan of a blockchain project is 1.22 years. While speaking at the China International Big Data Industry Expo 2018 in Guizhou,  He Baohong of the China Academy of Information and Communications Technology (CAICT) stated that only 8% of the blockchain projects ever launched are still functional. 

 

Bitcoin (BTC)

The cryptocurrency has lost about 35% in the past 30 days. The lowest recorded price in the past two days is $7,100. Even though Bitcoin is facing a lot of selling pressure, the fundamentals continue to improve. Both the hashrate and the number of SegWit (Segregated Witness) transactions is on the rise. This reflects the growing adoption of Bitcoin. The Bitcoin network hashrate currently stands at around 35.75 petahash per second (PH/sec), according to the data provided by BitInfoCharts. Almost 50% of the transactions are now carried out from SegWit addresses. Read more here. 

 

Ethereum (ETH)

EOS (EOS) is similar to Ethereum blockchain network. It allows developers to create applications with which end users can easily interact. EOS is going to launch its mainnet in a matter of a few days. Until now, they have used Ethereum blockchain. As EOS will become a competitor to Ethereum, the market was expecting EOS to dump the Ether before they migrate to their own mainnet. EOS team behaved exactly in the same manner. The etherscan website shows that 300,000 Ether has been spent and another 200,000 ether has been moved out of EOS address. So, the cryptocurrency market expects some more decline in the value of Ethereum. An in-depth analysis of the moves made by the EOS team can be read using the link provided below. Read more here and here. 

 

Our Forex Trading Plan

Dash.  The cryptocurrency Dash has bounced off the major support at 288. The Fischer indicator is on the verge of crossing into the positive region. Therefore, a long position will enable us to gain from the probable rally in the DASHUSD pair.

Using our Forex trading account, we may go long in the DASHUSD pair near 288, with a stop loss order below 270. Once, a long position is opened, we would place an order to book profit near 410, where a minor resistance is seen on the chart.

Dash - Technical Analysis - 30th May 2018

 

Our Binary Options Trading Plan

Ripple. After several weeks, Ripple (XRP) is indicating a firm bullish reversal on the chart. The RSI indicator is in the oversold region. The cryptocurrency is also trading near its major support. So, we are expecting an uptrend to begin soon.

We would be looking for a call option contract offered by a binary broker. The option contract should be valid for a period of one week. Furthermore, the XRPUSD pair should be trading near 0.58 in the major cryptocurrency exchanges.

Ripple - Technical Analysis - 30th May 2018

Disclaimer: The trading analysis offered here is our opinion. It is not provided as trading advice, merely an indication of our trading plan. We cannot guarantee success and we encourage traders to incorporate a strong money management strategy to limit losses. Please use this article as part of your own research before formulating strategies prior to trading.

Ian Maguire

Ian Maguire

Ian is our resident contributor to the latest going ons in the cryptomarket, keeping up to date with the latest icos and coins


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