SCI Daily: Higher lows.
August 31, 2018
Bitcoin (BTC) is back to making wild swings, falling below $7,000 and hitting $6,800 last night before swiftly recovering this morning to just below $7,000. The bounce at $6,800 is a good sign, as it creates a higher low and adjusts to the higher price levels. The broader market fared worse than BTC, going deeper into the red and pulling down total market cap to $226 billion. Support levels are at $6,800 and $6,500 while resistance is at $7,200.
BTC/PHP: 385,080 / 347,800
USD/PHP: 53.60
BTC Market Cap: $120B
Crypto Market Cap: $226B
News:
Walmart is now currently developing a number of autonomous robots that runs on a blockchain network. According to the US Patent & Trademark Office (USPTO), the retail giant applied to patent a system that controls “in-field authentication of autonomous robots.” Walmart says that it will use this system to better compete with Amazon by utilizing the autonomous robots to tackle deliveries.
The largest bitcoin mining pool, BTC.com, just announced that it has recently opened an ethereum mining pool. The pool will support both ethereum and ethereum classic from the get-go, and will allow users to switch between the two cryptos. BTC.com, one of the 2 mining pools under Bitmain, has produced 21% of all BTC over the past year and is responsible for over 16% of the bitcoin hashrate.
IBM, Data61 and Herbert Smith Freehills have joined forces to create a blockchain smart contracts platform for enterprises. The three organizations will all contribute assets and technology to develop a blockchain infrastructure that is both nationwide and legally acceptable. The platform, set to be tested before the end of 2018, will enable organizations to digitally manage the lifecycle of a contract with transparency among parties in the network.
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