- Iran is expected to take its cue from Venezuela and launch its own cryptocurrency aimed at bypassing possible US sanctions
- Ethereum tries to follow Bitcoin and it’s breaking a key technical resistance
- Blackrock warns crypto investors should be prepared for ’complete losses’, blockchain appears to be a promising technology anyway
Looking at a daily time frame of the Bitcoin chart one may suspect the cryptocurrency could have already taken a major step toward an uptrend resumption. Namely, the price completed a morning star pattern on Monday which tends to herald gains going forward. What’s more, the candlestick emerged in the vicinity of a pivotal technical level ($9350) hence its relevance could be yet greater. That said, bulls have to deal with their first obstacle at $10900 and then a resistance line placed at $11750. However, until the cryptocurrency hovers above the bottom of the mentioned candlestick the base scenario is a continuation of the ongoing rebound.
Iran is expected take a leaf out of Venezuela’s book
Some time ago we wrote about the Venezuelan thread concerning launching the petro (digital currency) by the country so as to bypass sanctions imposed by the US. The country decided that its virtual currency will be backed by its own oil reserves. Thanks to a launch of the digital currency Venezuela has intact oil reserves as well as millions of dollars needed to import some products such as food and medicines. Iran, which has harsh relations with the United States alike, has informed recently that a state-backed virtual currency may be launched as one of the country-based bank is working on the project. Should Iran launch its cryptocurrency and draw sufficient demand, it could help the country evade possibly incoming sanctions imposed by Washington as President Trump is reportedly considering their reinstatement. This topic is worth keeping a close eye as it may play a major role in the future. Russia may be another country to use blockchain technology to evade US sanctions.
Along with Bitcoin Ethereum seems to be attracting buyers as well. The price is breaking an upper boundary of a triangle formation and if it succeeds scope for further gains may be opened. If so, a move toward $975 or even beyond might be reasonable. Source: xStation5
Blackrock offers equivocal remarks on cryptocurrencies to its customers
The world’s largest asset management company Blackrock has said recently that it envisions a more pervasive role for cryptocurrencies in the future while blockchain seems to have the promising future as well, though it is not free of disadvantages. The group wrote in a note that virtual currencies are likely to become more widely used in the future as the market matures. At the same time it added that they (cryptocurrencies) should only be considered by those who can incur potentially complete losses. As far as blockchain is concerned Blackrock said that it needs to overcome significant hurdles in order to reach its promising future.