September 27, 2018

IronFX, Cryptocurrency Market Outlook - Geniuses enter the Crypto World

During the previous days Alphabet Ink’s GOOGL.O Google announced it was putting an end to a ban onadvertisements for cryptocurrencies which it had previously enacted.

This article is originally referred from IronFX News.

During the previous days Alphabet Ink’s GOOGL.O Google announced it was putting an end to a ban on advertisements for cryptocurrencies which it had previously enacted.

The tech giant was more specific on Tuesday when it stated it would permit certain regulated cryptocurrency exchanges to advertise in the United States and Japan, giving followers a more detailed plan for the future.

The changes will be enforced in October, while advertisers will need to be certified with Google for the country where the ads will appear.

Google’s action is very similar to the move made by Facebook Inc. FB.O.

The social media giant has also made exceptions for certain advertisements promoting cryptocurrency and related content from pre-approved advertisers, though prohibiting those related to binary options and initial coin offerings.

It must be noted that in previous months, when Google decided to ban crypto adverts, digital coins depreciated on the release of the news.

However and in antithesis, we support the opinion that Cryptocurrencies could move higher in the next days as the positive news could give an edge to investors, easing the oversold cryptocurrency market.

Reports from Switzerland confirm a startup company is currently in the process of creating a bank providing cryptocurrency services to companies and investors while maintaining traditional banking services in the new industry.

The startup goes by the name SEBA Crypto AG and has raised 100 million Swiss francs ($103 million) and is Swiss based.

SEBA has set its target to offer crypto activities promoting even more the idea of crypto familiarized transactions in normal day to day payments by users.

With the good reputation Switzerland’s banks enjoy and with various local authorities supervising and upholding a comprehensive regulatory environment, SEBA’s news provide positivity to the Crypto world.

Yet, we must be clear, SEBA has requested a banking and securities dealer license for cryptocurrency trading, investments for banks and qualified investors, hoping to obtain it soon.

On other news, Bancor Network which operates a blockchain protocol that allows users to exchange between various tokens directly, announced the expansion of the Bancor Protocol to EOS.

Bancor who was originally based on the Ethereum blockchain, is now developing into a multi chain liquidity protocol.

Bancor will let its customers perform instant EOS-based token conversions against its automated smart contracts, which it calls Relays.

Bancor’s main advantages include, no requirement for users to deposit and no order-matching between buyers and sellers.

In addition, in an attempt to attract attention, blockchain startups are now engaging in unorthodox activities.

According to Bloomberg, Crypto technology firms are now announcing partnerships with Nobel Prize-Winning individuals.

If this is a window shopping practice or if these individuals are really involved in the company’s activities is not confirmed.

Though, associating brands with world famous superstars is a traditional method to boost business, a Nobel Prize-Winning personality could be of exceptional assistance, in our opinion.

One could say, the crypto market could be improving on a weekly basis and at some point could even achieve a breakthrough.

If more companies or geniuses continue to offer or advertise digital coins then they may have no other choice than to expand all over the globe.

BTC/USD 1 Hour chart

We see strong resistance at (R1) 6431.57 that has been tested various times in the past.

The specific level has been breached upwardly from the 20th to 25th of September only to correct just below and with pricing staying very close to that area.

The resistance level could be considered a key level for September.

An upward trend could be identified if the digital coin reaches and breaches the (R2) 6708.49 resistance level.

A bearish market could be signified by a consecutive breach of our (S1) 6282.22 and (S2) 6084.46 support levels.

Especially a breach of the (S2) 6084.46 could indicate a reverse of the current sideways movement to the downward.

Original Source: IronFX News

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