Monthly Archives: November 2019

Red Cross Takes to Blockchain to Boost Economy in Third World Countries

Red Cross Takes to Blockchain to Boost Economy in Third World Countries

Red Cross Takes to Blockchain to Boost Economy in Third World Countries

  • Red Cross societies of Norway, Denmark and Kenya launched blockchain-backed “local currencies” as a two-year scheme to mitigate the problems related to hard cash.
  • Testing has already begun in Kenya and Ethiopia. The projects aim to reach 320,000 users in two years.

In the rural areas of Kenya, the citizens face a very common problem associated with traditional finance and hard cash. Another persistent problem in third world countries is the lack of easy access to the services of a bank. Amid these problems, the Red Cross implemented a two-year plan to furnish the ‘disaster-prone areas’ with smooth money management and financial freedom – all with the help of a smartphone.

In the new plan, credits are automatically recorded on the ledger and people can spend the earned credits on daily commodities and services.  Adam Bornstein, who works on alternative financing for the Danish Red Cross, said that after testing in parts of Kenya and Ethiopia, the program has already reaped many benefits by enabling credits from work, sales or aid infusions to be utilized for trade and expenses.

The program will be extended to the other parts of Kenya and could also be rolled out in Malawi, Myanmar, Zimbabwe, Cameroon and Papua New Guinea, with an aim to extend to 320,000 users within a span of two years.

According to the report, as part of the project, the Red Cross will also aim to improve the utilization of the USD 1 billion a year in aid distributed as cash and vouchers.

While blockchain is being leveraged to reshape the face of the economy in these countries, local banks are still skeptical about the development. However, Red Cross experts believe that the transparency of the technology will transform aid delivery. Consultant Gil said that it took 15 years for organisations “not to be scared of giving people money” instead of food and other items during disasters. “I hope it doesn’t take another 15 years to understand we need to support local economies instead of giving people cash,” she added.

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Ethereum Price and Technical Market Analysis 30th November 2019

Ethereum Price and Technical Market Analysis 30th November 2019

Ethereum Price and Technical Market Analysis 30th November 2019

  • Before the range USD 155-160, the growth dynamics are slowing and the volumes are increasing.
  •  If it will be an unsuccessful attempt to fix above USD 160, it’s important for buyers to keep the mark USD 148 to continue their growth.
  • In case of a breakdown of the price mark USD 166, the falling trend from 27 June will be completed.

The trading week in the Ethereum market is behind and we see that buyers have not yet managed to fix above USD 160. Yesterday’s candle closed at a price of USD 155 and approximately on 40% consists of a pin. Trading volumes decrease and turn into consolidation. The growth dynamics are slowing and the situation in the Ethereum market looks worse than that of Bitcoin.

However, so far, the initiative is buyers and the transition to growth does not mean a change in trend. For a better understanding of the situation, it is necessary to see at least an attempt of buyers to pass the Ethereum price range USD 155-160 and look at the reaction of sellers. For the time being, sellers are lazily behaving near a fairly large price range, with which were problems in both buyers’ and sellers’ history.

At the 4-hour timeframe, we notice the formation of a wedge:

Ethereum Price and Technical Market Analysis 30th November 2019

Each new local high is formed in less and less volume and it indicates the transition of buyers to a passive state. However, even breaking the wedge down does not mean that sellers will continue their fall immediately and break the purple range of USD 136-143. Fall and stop of the price at USD 148 will only show that buyers are willing to keep the price. Then the price range of USD 155-160 is likely to be broken.

In addition to the price chart, the mood of Ethereum buyers is also significantly different from that of Bitcoin buyers:

Ethereum Price and Technical Market Analysis 30th November 2019

The marginal positions of buyers are decreasing and the prospect of continuation is quite high.

The mood of sellers remains the same. Thus, over the past two days, buyers have been trying to increase their marginal positions. But against the backdrop of their fall, this growth is lost on the chart:

Ethereum Price and Technical Market Analysis 30th November 2019

Nevertheless, as we can see now, the index of sellers’ marginal positions has reached the bottom line of consolidation and the prospect of positions increase is quite high.

According to the wave analysis, the critical point for sellers is at the price mark USD 166:

Ethereum Price and Technical Market Analysis 30th November 2019

If buyers manage to close above this mark then the downward trend, which began in June 2019, will end.

In general, if you look closely at the chart, Ethereum price for the third time goes beyond the trend line, but the growth does not continue:

Ethereum Price and Technical Market Analysis 30th November 2019

We think that in this way gradually starting the price reversal and the accumulation of positions for the continuation of global growth. Therefore, the global perspective indicates growth continuation. We will talk about the local perspective in the following analysis, summarizing the weekly and monthly price analysis.

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Bitcoin Price and Technical Market Analysis 30th November 2019

Bitcoin Price and Technical Market Analysis 30th November 2019

  • Trading volumes decrease with each growth candle.
  • Sellers are weak in the price zone of USD 7550-7800.
  • After fixing over the mark of USD 7800, the next target of buyers is USD 8800.

Yesterday’s trading day on the market ended with Bitcoin price growth by 5%. It is quite easy for buyers to raise the price in the local price zone of USD 7550-7800. So far, sellers are not at all opposed to growth and it gives buyers a chance to continue their trend. If buyers can easily fix above this range over the weekend, then in the future we will not consider this price range as a critical point. Yes, in history it was of key importance to buyers, but now the interest in it has disappeared.

If we analyze the volumes on a daily timeframe, we can see that with each successive candle, volumes are falling. The current attack of the yellow range is on rather low volumes. However, if we look at the situation on the 4-hour timeframe, we can conclude that this situation is due to the weakness of sellers:

Bitcoin Price and Technical Market Analysis 30th November 2019

As we see buyers move peacefully in their channel and after every move of buyers, sellers do not respond. Therefore, a smaller timeframe reaffirms our opinion of sellers’ reluctance to resist and the likely continuation of growth with renewed force from next week.

Even the fall to USD 7550 will not cross out the above scenario.

Buyers have been steadily increasing their margins, showing their great mood and belief in the growth continuation:

Bitcoin Price and Technical Market Analysis 30th November 2019

Considering that for the 4th-day buyers are trying to pass USD 7550-7800 and marginal positions are increasing, buyers are in a risky situation. As buyers become more active and the price goes out of the yellow range, sellers can start to panic close their margin positions, aggravating the fall.

If you analyze the marginal positions of sellers, then the situation is worse:

Bitcoin Price and Technical Market Analysis 30th November 2019

There is no common mood among sellers and the movement of the marginal positions indicator stopped in a narrow range.

According to wave analysis, the situation remains unchanged. If you look at the situation both globally and locally, the critical points coincide in Bitcoin price points USD 7880 and USD 8800:

Bitcoin Price and Technical Market Analysis 30th November 2019

At these Bitcoin prices passes the level of Fibonacci, which were held in one case from the end of June and in the other case from the end of October. Given the favorable conditions for growth now, the next target of buyers should be USD 8800. Let’s see if next week buyers can cope with this target. Tomorrow we will sum up the results of the weekly and monthly price movements in the Bitcoin market.

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Daily Trending Bitcoin News and Market Sentiment: €110 EU Blockchain Fund, Futures Expiry Bump

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We are now only three hours away at 5:15 pm Shanghai time (9:15 am UTC) from Bitcoin recording a full 24 hours above USD 7,700, with price remaining surprisingly stable on the Thanksgiving weekend. After recording a high at USD 7,856 (CoinDesk), bulls look poised for a further breakout above the USD 8,000 resistance level.

One of the biggest news to chew on for the weekend is the revelation of a new EUR 110 million fund launched by the European Union for blockchain and artificial intelligence (AI) research. The EU is hoping to capitalize on a time when the AI and blockchain industries are causing a lot of debate centered on issues of privacy and security.

Central to some of these arguments is how these innovations will deal with data, since with AI especially, there is a potential to create models that exert control over data and reward people for giving away that data. But control and governance of that data in an age of heightened privacy rights and the General Data Protection Regulations (GDPR) mean that there are several technical issues that should be addressed first before deploying such technologies.

CoinTelegraph’s Ben Goertzel, however, asks:

“The question isn’t whether this funding program is timely and important, the question is whether it’s anywhere near enough. In this light, the potential for the funding to be increased up to EUR 2 billion in 2021 is even more interesting news.”

Goertzel points out that the AI industry in the developed West, like many other tech monopolies, lies in the hands of a corporate few, who have climbed to their positions of power by providing “free” or discounted services to users in exchange for their data. Users, as it turns out, care less for privacy than they do about being renumerated for their personal data.

These giant corporates have used the data to teach AI systems to build “unprecedentedly effective advertising machines, with extraordinary capabilities of using the patterns mined from personal data to influence peoples’ decisions about purchasing, political elections or anything else”. We all know about the Facebook scandal involving selling data to third parties, who appear to have found a way to win elections across the world with that data, swaying voters via ads.

But one should not also discount the growing tech conglomerates in the Far East, where connections between Chinese tech companies and the China central government are often publicly known and fully acknowledged. In one episode of the Talkonomics podcast, Silicon Valley Blockchain Society founder Amit Pradhan warns of the GAFABATT “mega monsters of data” (Google, Apple, Facebook, Amazon, Baidu, Alibaba, Tencent, and Tesla), and talks about the responsibility of tech leaders to build ethical designs with blockchain and AI.

In any case, even if the future does not interest you as a speculator, then you should definitely sit up and take notice of this one piece of news that predicts Bitcoin is statistically very likely to record even more gains in the first week of December, given that a new Bitcoin futures expiration is about to enter into view.

Next $BTC CME expiration is on Friday 11/29.

I charted out price returns before & after expiration since the contracts started trading.

Takeaway: Generally experience selling pressure before and positive returns after. pic.twitter.com/bK6gp2h4sH

— Luke Martin (@VentureCoinist) November 25, 2019

Trader and crypto analyst Luke Martin has compiled new data that charts the performance of Bitcoin right before and right after each expiration events. The results show higher levels at each event’s collision. Using CME Group’s monthly Bitcoin futures expiration as a basis, he has almost two years’ worth of data to compile, since it launched in December 2017.

Digging deeper, he saw how Bitcoin investors would see negative returns one week before those futures contracts expired, but they would actually give a positive return the following week. This happened with 73% of all the contract expiries. He summarized:

“Takeaway: Generally experience selling pressure before and positive returns after.”

In the weeks that returns were negative, in the final week of November 2018, the price fell by 1% before expiration and then tumbled 18% a week after, but this was during the intense bull period where that month was also the lowest crypto has experienced since 2017.

On average, notes Martin, investors see positive post-settlement returns, and even more so the week after. Buy the dip before expiry and scalp the profits a week after? Perhaps.

 

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Ghana May Launch National Digital Currency in Near Future

  • Ghana central bank will lead a pilot of a national blockchain-based digital currency likened to a stablecoin
  • Ghana recorded 1.4 billion Mobile Money transactions in 2018, with e-payments booming in the country

The Governor of the Bank of Ghana, Ernest Addison, has announced that the Central Bank and key stakeholders are piloting a digital currency in a sandbox environment, and may release a national digital currency called the e-cedi in the near future. This puts Ghana among a growing list of countries that have announced their interest in launching a Central Bank Digital Currency (CBDC), including China, United States, Marshall Islands, Turkey, and Iran, among others.

Addison commented: “The digital age provides enormous potential for the financial sector to re-orient itself to satisfy the new consumer and business demands for financial services”.

As with other CBDCs, Ghana’s digital currency would likely use blockchain technology and be similar to a stablecoin, with citizens being able to exchange e-cedi for regular fiat cedi. The benefit of blockchain technology is that it provides cryptographic security, everything can be tracked from a single distributed ledger which increases trust in the system, and transactions are instant. Also, a permissioned blockchain can be used by the government to stay in control of the flow of digital currency.

Ghana has already seen growth in the electronic payments sector, with a nationwide service called Mobile Money seeing a volume increase from 982 million transactions in 2017 to 1.4 billion transactions in 2018.

 

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