The Leading Cryptocurrency Stories for 9th July 2018

The Leading Cryptocurrency Stories for 9th July 2018

The cryptocurrency market appears to be consolidating to move up higher. Recent developments may provide the much needed impetus for such a new uptrend to begin.

In the central Asian nation of Uzbekistan, President Shavkat Mirziyoyev, signed an order titled, “On measures for digital economics development in the Republic of Uzbekistan”, which gives special status to blockchain, cryptocurrencies, and artificial intelligence. Furthermore, the Government Office for Project Management and Ministry for Development of Information Technologies and Communications will start a blockchain development program, which needs to be completed before 2020. The order has also stipulated special rules for cryptocurrencies in Uzbekistan.

Likewise, in Malta, Parliament has passed three bills that create regulatory framework for the blockchain industry. According to Malta Today, the 3 bills are Malta Digital Innovation Authority Act, the Virtual Financial Asset Act, and the Innovative Technological Arrangement and Services Act.

In South Korea, the government is preparing industry classification standards for the local blockchain and cryptocurrency industry. In this regard, three government ministries,the National Statistical Office, the Ministry of Science and Technology, and the Ministry of Information and Communication have started working on the final draft of a blockchain industry classification scheme that will be released by the end of this month. The draft describes cryptocurrency exchanges as “asset brokerages” and blockchain networks such as Ethereum as “software development and supply businesses.” The categorisation may be perceived as another step towards the legitimisation of the cryptocurrency industry.

IBM has signed a five-year, A$1 billion ($740 million) contract with the Australian government to provide technology that will enhance data security. By applying technologies such as AI, blockchain, and automation across all federal departments, Australia aims to save A$100 million.

Logistics giant FedEx is planning to deploy block chain technology to track shipments of goods. The shipping company moves a minimum of 12 million shipments a day, even during off-peak seasons. This volume doubles during peak season. Using blockchain technology, FedEx hopes to minimise disputes related to payment, postage, or the arrival time and location of a package. FedEx believes that such issues will be sorted out quickly because of the use of tamper-proof technology. 

 

EOS (EOS)

EOS, a brainchild of Block.one, launched its mainnet last month. The network, touted as competitor to Ethereum, is accused of being much too centralised. To encourage more developers to start using EOS network, Block.one is setting up a $1 billion venture capital firm. In this regard, the company has roped in Mike Alexander, former CEO of Jefferies Asia as the CEO of the EOS Venture Capital division. EOS has announced that Alexander will manage both direct venture investments and EOS VC partnerships. As of date, EOS VC has allocated $750 million through partnerships. Read more here. 

 

Petro

Despite heavy restrictions by the US government, Venezuela managed to launch its own cryptocurrency Petro.  The government is now planning to build thousands of houses for the homeless using the funds raised through the scheme. Read more here.

 

Our Forex Trading Plan

Bitcoin. Bitcoin (BTC) has broken above 6200 level, increasing the chances of a run up until  7500, where the next major resistance exists. The oscillator of moving average has turned positive. Therefore, we are expecting Bitcoin to move up further.

To gain from the prevailing uptrend, we are planning to open a long position in the BTCUSD pair near 6700, with a stop loss order below 6200. If the BTCUSD pair goes up as expected, then we would book our profit near 7500 levels.

Bitcoin - Technical Analysis - 9th July 2018

 

 

Our Binary Options Trading Plan

Ethereum. Ethereum (ETH) is our choice of asset to trade in the binary market. Ether, the native token of the popular blockchain network among developers, has found strong support at 460 levels, as shown in the chart below. The RSI indicator is moving upwards. Therefore, we are expecting the ETHUSD pair to move up in the short-term.

 

We may invest in a call option offered by a binary broker, provided  the contract is valid for a period of one week. Furthermore, Ethereum should be trading at about $480 in the major exchanges.

Ethereum - Technical Analysis - 9th July 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.


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