Further developments for the Crypto Industry were seen proceeding in China.
Despite the fact that China’s authorities have taken many steps towards fighting cryptocurrency promotion and trading, it seems that various groups are now willing to give it a second chance.
The Industrial and Commercial Bank of China (ICBC) Chairman stated that the bank will move into blockchain technology development.
The news makes sense, since now more and more financial institutions are working with blockchain tech, and the bank may have come into contact with one of these firms.
It could be the case they have identified a benefit in the innovative coin industry that may be for their advantage and exploitation, with potentials for the future advancement.
As Blockchain technology continues its recognition around the world, in a matter of months, firms that do not apply it, will be considered outdated, and may lose business.
Furthermore, according to CNBC the Chinese government also supports the development of blockchain technology within its infrastructure, and has invested around $3.6 billion in the technology since 2016.
From Europe, the attention turns towards the upcoming meeting on the 7th of September in Vienna were 28 member states will be meeting to examine challenges presented by the increasing popularity of cryptocurrencies and what measures should be taken to protect business and individuals from any misconduct.
The European Commission, is under pressure due to failure to protect investors from huge swings of Crypto prices.
The EU vowed to keep a close watch on coins to determine whether further action is required.
Also the EU will be looking in ways to familiarize its institutions with the technologies the digital coins carry with them as it can help them also understand how to provide better services to the world.
Cryptocurrency startups are now using a tactic of employing experienced individuals within the field in order to help them on research and compliance matters regarding digital tokens.
In the latest news FXcoin Ltd. employed a Japanese foreign-exchange dealer who worked at Deutsche Bank from 2012 until June, who will focus mainly on daily fundamentals and market moves.
In the future, we see many firms employing people in the research field.
This move, attracts attention from outsiders and the press, but also can help the firm move in a target direction with reliable information.
On other news, Kingdom Trust, a company specialized in digital coin storage, has obtained further insurance coverage through Lloyd’s of London to safeguard against potential theft and destruction of assets.
Kingdom Trust, has $12 billion in assets and aims to attract more investors, the majority of which have resisted so far due to fears of lack of protection and digital scam.
In the U.S, cryptocurrency exchange Bittrex is joining registered broker-dealer Rialto Trading to form a joint venture. Together they will offer a trading venue for blockchain-based digital assets.
However, their plans are subject to pending approval from regulators, in order to expand operations and include virtual tokens.
In addition, fundamentally most news are positive for Cryptocurrencies while we have noticed that negative outlooks have also been reduced to a certain extent.
The fact remains that most Crypto currencies are 60% down for the year, with a small recovery being observed at the moment.
However, lots of work is required to reestablish reliability in the industry, and if the news remain on the positive side, further upward correction could prevail in the following months to the end of 2018.
This week’s trading activity for BTC/USD was enacted with a positive gap. Crypto currencies positive fundamental news may have boosted the purchasing of the digital currency.
Since yesterday, BTC/USD remains around our $7,240.08 (R1) resistance level but has not clearly broken it.
Due to the fact that prices remain closely tied to our $7,240.08 (R1) resistance level it would require a clear break for our team to view the line as support.
The RSI indicator of our chart below displays a line just below 70 which implies that BTC/USD may be capable of moving a little higher before some take profit is enacted.
If the cryptocurrency continues to trade with a bullish sentiment we could see it breaking the $7,240.08 (R1) resistance level.
If that resistance level is broken the digital currency could move even higher and aim for the $7,524.96 (R2) resistance barrier.
On the other hand, should the digital currency drop lower, it could break the $7,000 (S1) support level aiming lower for the $6,708.49 (S2) support hurdle.
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