Bitcoin Tests the 8,000 Level; JPMorgan Crypto Evangelized

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by | 18th May 2018 | 0 comments

Indian IT giant Infosys partnered with seven Indian private banks for the development of a trade network called India Trade Connect, the ITC. The platform will use blockchain technology to increase automation, transparency and risk management among trade and supply.

The seven participant banks are Axis Bank, ICICI Bank, IndusInd Bank, Kotak Mahindra Bank, RBL Bank, South Indian Bank and Yes Bank. Partnering with Infosys Finacle.

According to the press release, “the network is designed to digitize trade finance business processes, including validation of ownership, certification of documents and making payments while working on a distributed, trusted and shared network.”

The Network has been built to be blockchain “agnostic to underlying blockchain infrastructures such as Hyperledger, Corda, Ethereum, and Bitcoin, thereby future-proofing the network against technology evolution risks.”

JPMorgan is the new crypto evangelized

JP Morgan Chase moved Oliver Harris to a new role to investigate and to manage the use of cryptocurrencies across its corporate and investment bank. Harris has been leading the Fintech and In-Residence programme for JPMorgan in London since 2015.

“Cryptocurrencies are real, but not in the current form,” Daniel Pinto, co-president of JPMorgan, said in a recent interview with CNBC.

The movement is significant for the bank as JPMorgan chief executive Jamie Dimon called bitcoin a “fraud” last year. Harris will study the possibilities of crypto custody services and blockchain platforms to the payment business.

Regulation, or the absent of it, might push the US behind in the ICO market

“My fear is that the United States may actually be falling behind,” other countries in the ICO market, Crypto trader and host of CNBC Africa Ran Neu-Ner told CNBC.

According to Neu-Ner, if the SEC doesn’t establish regulations for ICOs soon, the US will lose the ICO battle as investors and entrepreneurs are going to other countries where rules are favorable.

ICO markets in places like Singapore, Malta or Japan are offering better tax incentives and consider ICOs like a crowdfunding way to raise funds for cryptocurrency ventures.

Bitcoin falls for the fourth day in a row

After being rejected by the 8,880 level on May 14, BTC/USD has been losing ground for four days in a row; and following a 10% decline, the pair is testing the 8,000 area.

Bitcoin is trading 0.55% negative on Friday at 8,015. Previously, BTC/USD trade at its lowest level in a month at 7,927.

The sellers remain in control of the king of cryptocurrencies. If the unit extends decline beyond the 8,000 level, it will face support at 7,830. The next buying areas will be at 7,500 and 7,300.

To the upside, the pair needs to close above the 50-day moving average at 8,300 before thinking in any recovery. However, BTC/USD should go above the 8,820 to confirm a turnaround. Then, BTC/USD will test the 9,000 area and the 9,400 level.

Ethereum fights to return above the 200-day MA

ETH/USD Daily Chart - 18-05-18

Ethereum is trading positive on Friday after falling hard on Thursday as the ETH/USD got a rejection at the 717.00 level to close at 660.00. The pair is currently trading 1.55% up on Friday at 678.00.

Ethereum is fighting back to trade above the 200-day moving average at 684.60. The pair remains subdued by a short-term dynamic resistance that comes from May 6, 14 and 15 highs.

To the downside, if the pair consolidates prices below 684.00, it will find supports at 640, May 12 low, the 600.00, and the 557.00 critical area.

Bulls have to push the pair above the 747.00 area before confirming the recovery. Above, 785.00 and 830.00 are the resistances.

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