On Saturday last week, the cryptocurrency market turned green after nearly two weeks of bearishness. However, cryptocurrency traders are concerned about whether this may be another short-term pullback. For the entire market to go up consistently, Bitcoin must cross the $10,000 mark firmly. While the cryptocurrencies are struggling to move up, companies across the world continue to invest in blockchain technology.
CLS invests $5 million in R3
Forex settlement provider CLS, which settles over $5 trillion worth of transactions every day, has invested about $5 million in R3, an enterprise-level software provider that developed the cutting-edge blockchain platform Corda. In return, CLS will receive a seat on R3’s board of directors. Previously, R3 has received two rounds of funding.
Deutsche Borse to spend €270 million on technology upgrades
The German stock exchange Deutsche Borse has announced plans to spend €270 million to upgrade its technology. In addition to investments in data analytics, cloud computing, robotics, and artificial intelligence, the plan also mentions funds allotment to blockchain technology.
The Land Registry of the Netherlands to test blockchain tech for real estate data
In the Netherlands, the Land Registry department plans to test blockchain technology for national real estate data. Koen Huisstede, an enterprise architect at Land Registry explained that the institution is trying to understand the pros and cons of implementing blockchain in the property sector and expect the integration to get completed within one to three years.
Fusion secures financial assets to the tune of $12.30 billion
In Singapore, a crypto-finance startup named Fusion has secured $12.30 billion in financial assets from three companies FormulA, Carnex, and KuaiLaiCai. The three companies operate in asset management, car financing, and restaurant supply chain management, respectively. The three companies have committed to keeping those funds locked in Fusion’s blockchain. The information was revealed by Fusion’s founder DJ Qian.
EOS (EOS)
The much-hyped launch of the EOS main net happened successfully and the market celebrated the delivery of the platform with nearly a 20% hike in the price (~$14.50) of EOS token. Notably, the EOS project has raised 7.12 million Ethers, worth about $4.1 billion, through the ICO. EOS is owned by the Cayman Islands-based start-up Block.one. The amount raised by EOS through the ICO process is bigger than the largest Initial Public Offering in the equity market. Still, a lot of concerns remain about the project and the EOS team is yet to reveal how the money is going to be allotted for various purposes. Read more here.
TRON (TRX)
Tron is yet another blockchain company that launched its own main net on May 31st. Even though the launch went through smoothly, the market was not impressed and the price has fallen to below $0.06 per TRX token. The cryptocurrency touched $0.10 in early May. Tron’s founder regularly compares the Tron network to Ethereum. However, the market is not convinced that Tron will be able to topple Ethereum anytime soon. That is one of the reasons for the bearishness surrounding the coin.
On the positive side, the company’s other business (Chat facility, etc.) has more than 100 million customers and it would be shifted to Tron’s main net. Furthermore, Justin Sun, the founder of Tron graduated from the college run by Jack Ma, the founder of Alibaba Group. Therefore, the Tron community is hopeful that TRX will ultimately enter into some sort of collaboration with Alibaba.
Our Forex Trading Plan
Litecoin. Litecoin has formed a double bottom pattern on the price chart. The oscillator of the moving average has also entered into the positive region. Therefore, we are expecting the cryptocurrency to appreciate in the short-term.
To trade the anticipated rally, we are planning to open a long position near 124 in the LTUSD pair. A stop-loss order would be certainly placed below 110. Once, a long position is established, an order to book profits will be placed near 183.
Our Binary Options Trading Plan
Bitcoin. Bitcoin continues to move within a descending channel, as shown in the price chart below. The MACD indicator is also in the negative zone. Therefore, it is our choice of an asset to trade in the binary market.
Instead of going short in the cryptocurrency market, we are looking at the possibility of investing in a put option contract as this would require a lower investment, and the risk is also pre-determined. However, we may park our surplus funds in the contract only if the binary broker offers a contract valid until June 13. Additionally, the BTCUSD pair must be trading near $7700 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.
