SCI Daily Crypto Digest: Strong Breakout!
July 18, 2018
Bitcoin (BTC) surged past $6,800, and came close to $7,500 before settling between $7,300-$7,400. Market sentiment remained positive after news that Blackrock may trade crypto and Coinbase looking to expand its crypto listings. Technically, BTC broke out from a bullish head and shoulders chart pattern. Using a measured move from the head to the neckline as a guide, the target should be around $7,700.
Support levels are at $6,800 and $6,400 while resistance levels are at $7,500 and $7,800.
*BTCPHP: 398,790 / 384,080
*ETHUSD: $503.09
*USDPHP: 53.4293
*BTC market cap: $126B
*Crypto market cap: $294B
News:
*Mastercard has secured a patent for a system which would speed up cryptocurrency transactions. The company acknowledged the fact that while fiat transactions are instant, blockchain-based transactions take a significant amount of time. Mastercard described the patented system where users would have their fiat and crypto accounts linked, which would then allow crypto payments to be able to use the fiat currency’s payment rails and security features.
*The Nikkei Asian Review reports that Japan revamped the Financial Services Agency (FSA), better equipping it for the fintech age. Its newly created Strategy Development and Management Bureau will devise financial policy strategy, inspect financial institutions, and handle tasks that encompass wide-ranging fields, such as financial technology, virtual currencies, and money laundering.
*Japanese financial giant SBI Holdings is now opening its VCTrade crypto platform to all Japan residents aged 20–70. The first bank-backed crypto exchange, had a limited soft launch last month, testing and making sure its security is robust before opening it to the public. Initial pairs available are XRP/JPY, BTC/JPY, and BCH/JPY.
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