Cryptocurrency market is ready for the next rallyMar 20, 2019
It is impossible to deny the rapid development of the cryptocurrency market, despite the catastrophic collapse of the price of the absolute majority of coins. This is reflected in a significant in trading volumes, due to an increase in the real use of cryptocurrencies.
The current week began quite calmly. The price of BTC is being held above the psychological level of $4000, but the activity of buyers remains restrained.
At the same time, further price growth and, as a result, a change in the local trend is considered as the main scenario. The situation with ETH is very similar – we observe consolidation of price movement in a narrowing range. However, the breakthrough of the resistance range of $168– $170 will indicate a change of sentiments.
Banks are actively implementing the IBM Blockchain World Wire platform
Jesse Lund, head of the blockchain development at IBM, said that six international banks would use the IBM Blockchain World Wire platform to create their stable coins.
This statement was made at the Money 2020 Asia conference. It is noteworthy that 44 banks support this platform; 6 out of these banks have already signed an agreement on its use to issue their stable coins.
“We let the market drive the expansion and selection of the network incrementally. We are really feeling excited that we are on a roll to build something new and revolutionary that’s really going to change the landscape of cross-border payments”, – stressed Lund.
It indicates the rapid development of the cryptocurrency market. In this case, we are talking about the financial giant, which has already launched a reasonably large wave. The Blockchain World Wire platform, whose goal is to use real-time cryptocurrency, competes with Ripple’s global payment solution. Now the platform uses the Stellar XLM token, but in the future, the tech giant plans to add new digital assets for global payments.
The mass affiliation of banks will contribute to the further development of technology, increasing the level of security, popularizing and, therefore, attracting investment. It will add to the growth of prices for basic cryptocurrencies.
Timothy Massad, former chairman of the CFTC, published a report in which he called on regulators to pay more attention to cryptocurrency supervision.
Weak regulation and lack of proper control will contribute to the development of fraud and manipulation. Massad believes that Congress should develop a regulation of the cryptocurrency market, trading platforms and other intermediaries working in this area. However, he notes that the competences of the SEC and the CFTC are quite enough to regulate the market, so there is no need to create a new supervisory authority.
We often hear about the need for regulation, not the cryptocurrencies themselves, but companies involved in the provision of various services, such as investment funds, mining companies, and other organizations that provide exchange, storage, and movement of cryptocurrencies.
Increasing the level of security and reliability is one of the critical conditions for the further development of this market and, as a consequence, the rise in prices of the main cryptocurrencies.