Automata’s Weekly Blockchain Recap
Your source of the latest crypto and blockchain news from around the globe.
Short-term Bitcoin prices continue to recover
This week has seen an unexpected break from the price bleeding of May and June with the Bitcoin price consolidating to $6757 at the time of writing. The majority of altcoins have followed this signal and rebounded strongly. It’s not all good news however, with most cryptocurrency prices still sitting 70% below their January highs.
https://www.coindesk.com/7k-ahead-bitcoin-charts-appear-constructive-short-term/
Major financial institutions continue to pursue blockchain technology
Major tech firm IBM has successfully tested its native blockchain-powered trading platform. The testing involved five major European banks, including industry leaders Deutsche Bank and HSBC. IBM’s testing is currently just one of hundreds of exploration efforts by global brands, as they explore the limits of blockchain technology and its applications their respective businesses.
Coinbase launches custody service, in preparation for major institutional investment
A potential catalyst behind the minor market rally this week, leading cryptocurrency exchange Coinbase has officially launched its custody service in preparation for major institutional investment. The service is one of a bevy of measures that Coinbase is set to release in 2018, specifically aimed at the on-boarding of major institutional funds and high net-worth individuals. Many consider institutional money entering the market as a key requirement for the mass adoption of cryptocurrencies, making news like always welcomed by the wider blockchain community.
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