- Boerse Stuttgart, the second largest German stock exchange, is exploring cryptocurrency potency
- UBS, a Swiss bank, doubts Bitcoin could serve as a viable means of payment
- Think-tank claims the value of blockchain to achieve $2 trillion to 2030
The Friday’s trading on cryptocurrencies has not been rosy so far as a majority of them is extending losses. Ethereum (ETHEREUM on xStation5) is fluctuating a notch above the key $400 level whereas Bitcoin (BITCOIN on xStation5) has broken below $7300 for a while. The capitalization of the whole market stands above the $260 billion mark while the Bitcoin market cap sits a notch below $130 billion. Today’s analysis abounds in many brief news from the cryptocurrency world.
Firstly, Boerse Stuttgart, the second largest German stock exchange, has expressed willingness to explore cryptocurrencies in a bid to reach possible benefits.. The company is planning to create new solutions for crypto world, including a multilateral regulated trading venue and solutions for safe custody. The stock exchange is also developing an ICO platform.
BITCOIN has broken the possible short term support area localized around $7500, and it has stuck within another consolidation since then. At press time, BITCOIN is moving around the $7300 handle which could be another significant technical obstacle. The mentioned level coincides with the 50.0% Fibo retracement of the increase started around mid-July. Source: xStation5
Secondly, UBS, a Switzerland-based investment bank, voiced its opinion about Bitcoin. According to the UBS strategists’ publication, Bitcoin is too volatile (due to fixed supply and unusual demand dynamics) to function as a money or a viable new asset class. However, the Swiss bank does not exclude that Bitcoin could fulfill this role in the future.
Thirdly, the think-tank IHS Market thinks blockchain-based business activity could hit $2 trillion by 2030. Is this reasonable? Some crypto pundits even claim that $2 trillion is a very conservative number given that the 2030 year is a long way off and a lot could change till this time.
ETHEREUM is still going down. The cryptocurrency has not visited around these levels for a long time. The coin is trading around the $400 handle at the press time. As one may suppose, Ether bears seem to be exceptionally determined to push the price even lower. Source: xStation5
At the end, it is worth noticing that the Japanese tech company Sony wants to patent two blockchain-related ideas. The Japan’s technology behemoth is not the first one coming up with such ideas. We wrote about similar topics in the past, including Walmart or American Express.
LITECOIN has left the potential consolidation area (the red area on the chart). Upward movements are limited by the 8-period moving average on the H4 interval (the yellow line). The early-July’s low could be another possible roadblock for bears. Source: xStation5