SCI Daily: Recovery.
August 15, 2018
Bitcoin (BTC) bounced overnight, and is continuing to inch up as of this writing. Oversold conditions on the short duration charts prompted traders to buy BTC. A bounce is a good sign, but there’s still a long way to go as it is still near the low end of its trading range and sentiment remains depressed, at least on social media channels.
Support is at $5,800, while resistance levels are at $6,500 and $6,800
BTC/PHP: 346,530 / 320,650
USD/PHP: 53.47
BTC Market Cap: $107B
Crypto Market Cap: $202B
News:
Bloomberg reports that Bitmain, led by Jihan Wu, is looking to diversify out of crypto mining rigs, expanding into AI which may be something similar to Google’s AI-focused tensor processing units. Bitmain might publicly list its shares to fund its expansion. An IPO could value Bitmain at $40 billion or 20x PE which isn’t far off AMD and NVIDIA’s valuation.
The NEM foundation, blockchain-based healthcare provider MediXserve, and Ateneo de Manila’s School of Science and Engineering, have signed an agreement to build the Ateneo MediXserve Blockchain Education and Research Laboratory (AMBER). The laboratory will be the first ever university backed blockchain lab in the Philippines, and “will serve as a think tank, research center and an incubation center for blockchain-based startups.”
The South Korean government is excluding cryptocurrency exchanges from a new legislation overseeing venture businesses, since they do not encourage using them as a venture enterprise. The Ministry of Small and medium-sized enterprises (SMEs) and Startups (MSS) have reaffirmed this stance earlier this week, stating they have no intention to regulate cryptocurrency trading and disclosures (ICOs).
Venezuela’s government has just announced that they are now ready to use their Petro cryptocurrency as an official accounting unit. This move is part of the country’s efforts to lessen economic turmoil by making changes to its currency system. However, the Petro cryptocurrency has been highly controversial since its release to both local and international government agencies.
Playboy, an adult entertainment media company, is filing a lawsuit against Global Blockchain Technologies (GBT) for breaching the terms of their memorandum of understanding (MOU). According to the lawsuit filed earlier this month, GBT failed to provide tech services and the VIT site rebranding while continuing to use the Playboy brand as a marketing tool. No progress has been released for the lawsuit.
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