SCI Daily: A steady rally.
September 5, 2018
Bitcoin (BTC) held steady yesterday, holding above $7,300 and even breaking $7,400. BTC is continuously mounting a steadier and more sustainable rally, slowly establishing higher lows and highs.
Support levels are at $7,200 and $6,800 while resistance levels are at $7,600 and $7,800.
BTC/PHP: 408,310 / 379,710
USD/PHP: 53.62
BTC Market Cap: $127B
Crypto Market Cap: $239B
Iran has agreed to officially recognize the mining of cryptocurrencies as an industry, allowing the Central Bank of Iran to draft a policy framework within the next three weeks. Abolhassan Firouzabadi, the Secretary of Iran’s Supreme Council of Cyberspace, recently told local media that cryptocurrencies have “been accepted as an industry in the government and all related organisations.”
The crypto ATM market will grow from $16.3 million in 2018 to $114.5 million by 2023, according to a report published by ResearchandMarkets.com. The report cites a compound annual growth rate of 54.7 percent for the next five years. According to the study, significant growth during this time will be from two-way ATMs, which lets customers change fiat into digital currency and vice versa.
The People’s Bank of China (PBoC) has now launched its testing phase for a blockchain trading platform, according to Shanghai Securities News. The new platform allows organizations to participate in an open financial and trading ecosystem. The platform, if implemented, will not only help businesses reduce business costs and risk, but also improve the efficiency of financial systems.
IBM’s Blockchain World Wire (BWW) payment network is officially out of beta, according to its website earlier this week. The BWW payment network utilizes the cryptocurrency Stellar, and its blockchain platform, to tackle international transactions between financial institutions almost instantly. This is a big step for both the company and cryptocurrency, which have been targeting to develop a blockchain payment solution since late last year.
