13th June - Crypto Technical & Market Watch
(By Shivkumar)
14 Banks, 5 Tokens: Inside Fnality’s Expansive Vision for Interbank Blockchains
With $63.2 million in fresh funding from 14 banks, Fnality is building tokenized versions of five major fiat currencies.
The digitized fiat would be fully collateralized by cash held at central banks and is meant to solve the “cash on ledger” problem faced by other financial blockchain projects.
The consortium says it is open to working with JPMorgan, whose JPM Coin project has similar aims.
Fnality’s tech partner, Clearmatics, is building these systems on a private version of ethereum.
Formerly known as Utility Settlement Coin (USC), the newly rechristened U.K.-based project is developing blockchain versions of five major fiat currencies: the U.S. dollar, the Canadian dollar, the British pound, the Japanese yen and the euro. Led by former Deutsche Bank executive Rhomaios Ram, the consortium boasts an ample budget, having just raised $63.2 million from 14 shareholder banks.
John McAfee’s New Crypto Trading Platform ‘Magic’ Goes Live
Dubbed “Magic,” the site is touted as allowing users to “trade cryptocurrencies on multiple exchanges within a single dashboard, automatically and manually.”
US FDA Partners With IBM and Walmart to Improve Drug Supply Chain Using Blockchain
The FDA has reportedly teamed up with companies including IBM, Walmart, Big Four auditor KPMG, and the world's oldest pharma firm Merck in order to build a proof-of-concept (PoC) blockchain network to share and track data on distribution of prescription drugs.
1) BTC/USD
The past few days shows fresh demand at higher levels. If the price maintains above $8,120, the bulls will try to push it to $9,053.12. A breakout of this is a positive sign. The next target to watch on the upside is $10,000.the bears will try to sink it to the that has a target objective of $5,371.12.the bulls might try to provide support close to $7,413.46.If both these supports break down, a fall to $5,900 is probable where we expect strong buying.we do not suggest a trade in it.
2) ETH/USD
Ethereum (ETH) is stuck inside a large range of $225.39 and $280.This suggests that the consolidation might continue for a few more days.It will now try to move up to $261.59 and above it to $280. A breakout and close above $280 might propel it to $322.06 and above it to $335.if the pair fails to break out of $280, the bears will try to sink it back to $225.39.A breakdown of this support will attract further selling. The next support on the downside is way lower at $167.20. We do not find any reliable buy setups.
3) XRP/USD
For the past two days, the cryptocurrency which shows that the volatility is shrinking. If successful, a move to $0.43196.The bears will try to sink the pair below the strong support of $0.35660. Therefore, traders holding long position can keep the stop loss at $0.35.
4) BCH/USD
We should soon see a large range move either to the upside or to the downside. A breakout can carry the price to $451 and above.If the BCH/USD pair turns down and breaks below $ 358.We anticipate strong buying at this level. If the price rebounds sharply from it, we might suggest a long position.It will turn negative and can drop to $280.
Disclosure: The author holds no cryptocurrency at the time of writing.
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