- Ethereum slumped approximately 14% in less than an hour experiencing a much deeper pullback compared to its major peers
- Bank of England has yet to close the door on a central bank-issued digital currency
- Maersk, the world’s largest shipping company, deploys its first blockchain platform for marine insurance
Turmoil seen across many classes of assets on Monday did not miss cryptocurrencies as they suffered quite appreciably overnight. The biggest loser proved to be Ethereum sinking as much as 14% in less than an hour while other virtual currencies made noticeably lower losses. What stood behind such a huge downward move? So, some analysts specializing in cryptocurrencies suggested that Ethereum could have dropped on the back of the dump of Ether by initial coin offerings (ICOs) and other similar projects. The mechanism is relatively simple, some people who launched ICOs, and raised many millions of dollars after token sales in order to fund operations and developments, may have to liquidate a significant portion of coins they garnered. Many of them prefer public cryptocurrency exchanges to do so brining on a domino effect and driving other digital currencies lower.
Etherum slumped overnight breaking through a noteworthy support line being underpinned by a 61.8% retracement. Thus, one may suspect that some traders could lurk around this level to try to re-sell the digital currency. Source: xStation5
Bank of England has yet to close the door on a central bank-issued digital currency
Looking back to the past one can quite easily remind itself the Bank of England announcement ruling out a possibility of a central bank-issued cryptocurrency. However, things have changed since then, and it appears that the BoE has yet to close the door once and for all. Speaking at a panel in Stockholm Mark Carney, the governor of the Bank of England, expressed readiness to consider a digital currency issued by the central bank but that it is not a pressing concern, the news was brought by Bloomberg. Earlier this year Carney admitted there are advantages to deploy a blockchain technology into central banking as it brings financial stability and saves a lot of computational energy output.
Dash has already touched a possible trough placed in the vicinity of $285, though it’s too early to claim an end of the ongoing bear market. Therefore, the more probable scenario appears to be a resumption of falls with the target at $230. Source: xStation5
Maersk, the world’s largest shipping company, deploys its first blockchain platform for marine insurance
Maersk is one of the best known shipping companies in the world, so the news that it has deployed the first blockchain platform for marine insurance matters. The platform being known as Insurwave is a joint venture between a software security provider Guardtime, and an accounting company Ernst&Young. According to head of risk of Maersk moving to the platform has helped automate manual processes and reduced inefficiencies for the company owning as much as 350 cargo vessels worldwide. The newly adopted technology is to manage risk for over 1000 vessels supporting more than 500k transactions in the first year.