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Shanghai Man: Economist says El Salvador ‘on road to death’, salaries paid in e-CNY …

Our Man in Shanghai has refused to let recent regulations slow down the news coming from China. Enterprise blockchain, central bank digital currencies and start up projects continue to make a positive impact in a region hoping to grow economic value through technology.

Death march for El Salvador

The debate around El Salvador continued this week as media and officials tried to digest the adoption of Bitcoin as a national currency. JPMorgan stated that there was little economic benefit, and John Hopkins University professor Steve Hanke warned that the move could “completely collapse the economy” of the small nation. The former Bank of China deputy governor Wang Yongli took a very hardline approach, by stating that volatility and a lack of regulation or controls would put the economy on a “road to death.” This quote, appearing in state run media The Paper June 9, was an unusually direct and colorful statement on the issue.

Crypto innovation can be productive

Zhou Xiaoquan, a former governor of the People’s Bank of China, had a few positive things to say about cryptocurrency as a technology on June 11. He spoke at an economic summit in Shanghai and noted the cryptocurrency innovation in China can be productive when it serves the real economy. He also took some shots at other countries, stating that people would be mistaken if they thought other countries were taking the same approach towards building financial services. Zhou, who is one of the most often-quoted economists in the country, felt there was little emphasis on the relationship between financial services and economic value elsewhere in the world. Based on the wild displays at the Miami Bitcoin conference a few weeks ago, his position might be more sound than others would care to admit.

Paid in e-CNY

China’s e-CNY tests continued with the first reported mass payment of salaries in Xiong’an, a district near the capital Beijing. According to Cointelegraph, the pilot received support from a number of national banks and saw subcontractors paying workers their salaries from a digital wallet.

Industrial blockchain worth $22.6B

On June 3, a government organization issued a report entitled the China Industrial Blockchain Development Status and Trend Report. According to the report, in 2020, 222 industrial blockchain policies were issued, 12,059 new blockchain-related patent applications were approved, and 776 new blockchain enterprises were established. The report also claimed that the current market size of the industrial blockchain sector was around $22.6 billion U.S. dollars. Industrial blockchain is an area that China is eager to grab control in, leading to this explosive growth in recent years.

Only 5X the fun

Leading exchange Huobi surprised futures traders by limiting them to only 5x leverage on perpetual swaps and blocking new users from accessing the feature altogether. Futures trading, particularly highly-leveraged futures trading, had always been popular features on exchanges like OKEx and Huobi. It will be interesting to see whether these new decisions to limit risk will be damaging to these large exchanges that still somewhat adhere to regulator rules. It’s also possible that it’s a short-term solution in order to avoid scrutiny during periods of tighter control.

Futures of Singapore

While Huobi was tightening controls on futures traders, Singapore-based platform SynFutures was completing a Series A for $14 million. The round was led by Polychain Capital and included names like Framework Capital, Pantera Capital, Bybit, Kronos Research, WOO Ventures, Wintermute, and IOSG Ventures. SynFutures is creating a trustless derivatives market where users can take positions on assets or anything that has an accurate feed, including Bitcoin, the price of gold, or even the Bitcoin hashrate. What many people don’t know is that the SynFutures team is composed of members from Matrixport, a financial service app that was an offshoot of massive Chinese mining conglomerate Bitmain. Now you know the whole story!

This weekly roundup of news from Mainland China, Taiwan, and Hong Kong attempts to curate the industry’s most important news, including influential projects, changes in the regulatory landscape, and enterprise blockchain integrations.

Shanghai Man: Economist says El Salvador \’on road to death\’, salaries paid in e-CNY …

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Price analysis 5/19: BTC, ETH, BNB, ADA, DOGE, XRP, DOT, BCH, LTC, UNI

Bitcoin’s (BTC) massive bloodbath on May 19 resulted in panic selling across the board. Several major altcoins nosedived between 25% to 50% during the day. The extent of the fall shows that many large traders may have dumped their positions and leverage traders may have been roasted.

In a report to its clients on Tuesday, JPMorgan Chase analysts pointed out that institutional investors were abandoning Bitcoin in favor of gold. Considering the volatility ratio of Bitcoin to gold, JP Morgan believes Bitcoin’s current fair value is $35,000.

Daily cryptocurrency market performance. Source: Coin360

The massive fall today is likely to scare several institutional investors and delay their entry into the space. Although there will be periodic rebounds and sharp bear rallies, the next bull run may not start in a hurry.

Galaxy Digital founder Mike Novogratz also told CNBC that the decline feels like capitulation and this breakdown may not be fixed quickly.

After the sharp decline and the subsequent rebound, let’s analyze the charts of the top-10 cryptocurrencies to determine the support and resistance levels.

BTC/USDT

Bitcoin’s close below the neckline on May 17 completed the bearish head and shoulders pattern. The buyers attempted to push the price back above the neckline on May 18 but failed as seen from the long wick on today’s candlestick.

BTC/USDT daily chart. Source: TradingView

The selling picked up momentum today and turned into capitulation as the BTC/USDT pair plunged to $29,257.95, exceeding the H&S pattern target at $31,653.73. This fall has pushed the relative strength index (RSI) deep into the oversold territory for the first time since March 2020.

Generally, after such a sharp fall, a pullback can be expected because traders who initiated short positions at higher levels may book profits and aggressive bulls may have purchased near the critical support at $28,850.

The long tail on the candlestick suggests strong buying on dips but the rise from the current levels may not be easy because the bulls are likely to encounter massive supply at the neckline. If the price turns down from this resistance, the pair could consolidate in a large range between $28,850 and $44,000 for the next few days.

ETH/USDT

Ether (ETH) broke below the 50-day simple moving average ($2,760) and the 61.8% Fibonacci retracement level at $2,467.78 today. This resulted in panic selling and the biggest altcoin plummeted below the 78.6% retracement at $1,949.41 to hit an intraday low at $1,801.60.

ETH/USDT daily chart. Source: TradingView

However, a minor positive is that buyers have aggressively bought the dip as seen from the long tail on the candlestick. If the bulls can sustain the price above the 50-day SMA, the ETH/USDT pair could rally to the 20-day exponential moving average ($3,370). This move is likely to attract selling from the bears because the sentiment has turned negative.

If the price turns down from the 20-day EMA, the pair may drop to the 50-day SMA. If this level holds, the pair may consolidate between the moving averages.

On the other hand, if the bears sink the price below the 50-day SMA, the pair may gradually drop to $1,801.60. If this level holds, the pair could remain range-bound for a few days. However, if the bears sink the price below $1,801.60, the down move may reach $1,289.09.

BNB/USDT

The buyers defended the $480 support on May 17 and 18 but the incessant selling today dragged Binance Coin (BNB) to $280. With today’s decline, the altcoin came close to a 100% retracement of the bull run that started from $233.81 on March 26.

BNB/USDT daily chart. Source: TradingView

The moving averages are on the verge of a bearish crossover, indicating the trend has changed from bullish to bearish. Any relief rally from the current level is likely to face stiff resistance at $428 and again at $480.

If the price turns down from either level, the BNB/USDT pair may retest $233.81. If this level also gives way, the next support is at $186.10. The bulls are likely to defend this zone aggressively.

ADA/USDT

Cardano (ADA) formed an inside-day candlestick pattern on May 18, which showed indecision among the bulls and the bears. The uncertainty resolved to the downside today, resulting in a massive long liquidations by the bulls.

ADA/USDT daily chart. Source: TradingView

The capitulation pulled the ADA/USDT pair down to $0.95 today, its lowest level since April 23. However, the bulls have purchased the dip aggressively as seen from the long tail on the day’s candlestick.

If the bulls can sustain the price above the 20-day EMA ($1.74), it will suggest strong demand at lower levels. The pair may then consolidate between $1.48 and $2 for a few days. Conversely, if the price turns down and breaks below $1.48, the pair could gradually drop to $1.

DOGE/USDT

Although Dogecoin (DOGE) sustained above the 20-day EMA ($0.46) for the past few days, the bulls could not achieve a strong rebound. This showed a lack of demand at higher levels.

DOGE/USDT daily chart. Source: TradingView

The DOGE/USDT pair broke below the 50-day SMA ($0.30) and hit an intraday low at $0.21. The bulls have purchased the dip aggressively as seen from the long tail on the day’s candlestick.

If the bulls can sustain the price above $0.35, the pair could rise to the 20-day EMA. This level is likely to attract selling and the pair may then remain range-bound between the moving averages for a few days.

XRP/USDT

XRP pierced the resistance line of the symmetrical triangle on May 18 but the long wick on the candlestick suggests the bulls could not sustain the breakout. The price reversed direction today and plummeted below the support line of the triangle, which may have resulted in huge long liquidations.

XRP/USDT daily chart. Source: TradingView

However, the long tail on today’s candlestick suggests the bulls purchased the dip to the critical support at $0.88. The buyers will now try to push the price back into the triangle but they are likely to face stiff resistance at the moving averages.

If the price turns down from the 50-day SMA ($1.31), the XRP/USDT pair could again gradually drop to $0.88. If the support holds, the pair may consolidate between $1.20 and $0.88 for a few days.

DOT/USDT

Polkadot (DOT) attempted to take support at the moving averages on May 18 but the demand fizzled out at $42.59. The altcoin turned down today and deep dived to $18, the lowest level since Feb. 3.

DOT/USDT daily chart. Source: TradingView

If the price closes below $26.50, the bears may continue to pound the DOT/USDT pair and retest the $18 support.

On the contrary, if the relief rally sustains above $26.50, it will suggest the capitulation may be over. The pair could then gradually move up to $32.50 and then to the moving averages.

If the price turns down from the overhead resistance but stays above $26.50 during the next decline, a range-bound action may ensue.

BCH/USDT

Bitcoin Cash (BCH) attempted at recovery on May 18 but could not rise above the 20-day EMA ($1,134). The long wick on the day’s candlestick showed that traders are selling on rallies to stiff resistance levels.

BCH/USDT daily chart. Source: TradingView

The selling picked up momentum after the BCH/USDT pair broke below $940 and the next critical support at $686.75. The pair finally hit an intraday low at $473.84, its lowest level since March 26.

Aggressive bulls seem to have purchased at lower levels, resulting in a strong recovery as seen from the long tail on the candlestick.

However, the relief rally is likely to hit a hurdle near $940. If the price turns down from this resistance, the pair could consolidate in a large range between $442.96 and $940 for the next few days.

LTC/USDT

The bulls defended the 50-day SMA ($272) on May 17 but they could not extend the recovery above the 20-day EMA ($299) on May 18. This suggests that traders sold their Litecoin (LTC) positions during the relief rally.

LTC/USDT daily chart. Source: TradingView

Today, the selling resumed and the LTC/USDT pair plunged below the 50-day SMA and the support line of the broadening wedge pattern. This may have resulted in panic selling, dragging the price down to $143.57, the lowest level since Feb. 05.

If the price closes below the support line, the bears may resume selling and a retest of $143.57 may be on the cards. Conversely, if the price climbs back into the wedge, the pair may rise to the moving averages where it is again likely to encounter selling from the bears.

UNI/USDT

Uniswap (UNI) broke below the support line of the ascending channel on May 17 but the bulls pushed the price back into the range on May 18. However, the buyers could not clear the hurdle at the 20-day EMA ($36), indicating selling at higher levels.

UNI/USDT daily chart. Source: TradingView

The UNI/USDT pair turned down today and broke below the support line of the channel. The selling picked up momentum after the $25.52 support cracked. This may have caused long liquidation, resulting in a drop to an intraday low at $16.

However, the positive sign is that the bulls purchased this dip and are attempting to start a relief rally. This rally may face stiff resistance at $30 and then again at the moving averages. If the price turns down from this resistance, the pair may drop to $25.52 and remain range-bound for a few days.

Alternatively, if the price closes below $25.52, the bears may try to build on their advantage and sink the price to $16.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.

Price analysis 5/19: BTC, ETH, BNB, ADA, DOGE, XRP, DOT, BCH, LTC, UNI

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A Comprehensive Guide to Enterprise Blockchain

A Comprehensive Guide to Enterprise Blockchain

If you want to learn everything related to enterprise Blockchain, you have landed on the right page. This article talks about what exactly enterprise Blockchain is, top platforms for enterprise, and some of the notable companies that are exploring enterprise Blockchains. 

Table of Contents 

  • What is Enterprise Blockchain?
  • Top 5 Blockchain Platforms for Enterprises
  • Notable Companies Exploring Enterprise Blockchains
  • Concluding Lines 

What is Enterprise Blockchain?

It is a type of permissioned blockchain network that can be integrated and utilized for enterprise usages. Such blockchains are empowering enterprises and businesses with accountability, immutability, scalability, security, ease of use, and control, radically transforming the course of their business. 

Enterprise blockchains are generally permissioned and can be categorized as Private or Consortium. 

A private blockchain is a permissioned and restrictive blockchain that operates in a closed network. Such Blockchain is mainly used within an organization where only particular members are participants of a blockchain network. It is best suited for enterprises and businesses that want to use Blockchain only for internal uses.

Consortium Blockchain is best suited for organizational collaboration where a group of two or more parties jointly define the network rules, and each entity can contribute. The major benefit is that it offers scalability and is much secured.

If you are wondering how it is different from other Blockchains, please note that unlike permissionless ones that exist outside the control of anyone company or government and are resistant to censorship, enterprise blockchains are permissioned ones, meaning companies have direct control over them. 

If you are interested in learning more about permissioned and private Blockchains and gain an in-depth understanding of how these Blockchains work, you can get enrolled in Blockchain Council and become a Certified Blockchain Expert. 

Top Blockchain Platforms for Enterprises

  • Ethereum 

Ethereum is an open-source Blockchain platform to run smart contracts on the custom-built Blockchain network. Known for its smart contracting functionality and flexibility, Ethereum can be utilized across multiple industry use-cases. 

  • Hyperledger 

Hyperledger offers various free tools and frameworks, allowing developers to build their Blockchain-based solutions. This platform aims to accelerate industry-wide collaboration to develop high-performance and reliable DLT-based technology frameworks that could be used across various industries to enhance the performance and transactions of diverse business processes. 

This platform has the ability to handle applications that require powerful throughput processing and high speed of private transactions. Due to its capabilities, Quorum is becoming an indispensable part of banks and financial institutions where privacy of information is crucial.

Corda is an open-source platform that can be used to design applications specifically for financial organizations. Initially, it was designed by the financial industry, but today it has its implications in various sectors such as trade finance, supply chain, government authorities, among others. It operates on the permissioned network and, therefore, can be used to reduce transactions and streamline business operations.

  • Notable Companies Exploring Enterprise Blockchains

Many prominent companies have realized that blockchain solutions are efficient in streamlining their business processes and lowering their costs, and therefore they are using enterprise Blockchains.

When it comes to software giant Microsoft it has taken a more significant role in blockchain development. Last year, the company announced that it is collaborating with EY to use Ethereum for Xbox gaming royalties. 

Regarding the pandemic, it was announced that the Albany Airport is experimenting with a “Wellness Trace App” to ensure the cleanliness of surfaces inside the airport built using the Microsoft Azure enterprise blockchain.

  • Ernst & Young

Big Four firm Ernst & Young is one of the leading organizations that has played an active role in leading the way for public enterprise blockchain adoption.

For instance, the company continues to contribute to the Baseline Protocol development, which uses the Ethereum public mainnet as a tamper-resistant state machine to record business data. 

Apart from this, EY plans to make Nightfall and zero-knowledge proofs easier to use for developers. 

The largest online payments system, PayPal, since 2014 is focussed on leveraging blockchain technology in order to serve merchants and users better. In November, PayPal shocked the entire crypto sector when it announced that it is planning to launch crypto services for users of its platform globally in 2021. Last year in November, it was announced that PayPal’s crypto trading and payment platform went live for U.S. users. 

JPMorgan, the biggest bank in the United States, initially showed an interest in Blockchain in 2017 when it joined the Enterprise Ethereum Alliance. In February 2019, the bank announced its “JPM Coin” to help banks settle transactions which was launched the following year. Not only that, JPMorgan Chase announced that its native digital currency offering — the JPM Coin that can be deployed for mainstream use by one of the firm’s technical associates.

Concluding Lines 

Presently, many top companies are exploring the advantages of enterprise blockchains, but it’s also true that technology is far from taking over the world yet. 

This has led us to the end of our discussion. Hope you have gained a clear understanding of enterprise Blockchain.

If you want to build your own Blockchain, you can get enrolled in Blockchain Council and become a Certified Blockchain Developer. 

To get instant updates about Blockchain Technology and to learn more about online blockchain certifications, check out Blockchain Council.

A Comprehensive Guide to Enterprise Blockchain

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Bitcoin is outshining gold in the battle of the safe havens

As the Bitcoin (BTC) price edges closer to $59,000, its value relative to gold is approaching new all-time highs, possibly hinting at the emergence of a new preferred store of value.

Measured against gold, Bitcoin’s price reached 34.94 ounces on Tuesday. The BTC-gold comparative peaked at 35.35 ounces on March 13 as Bitcoin surged past $61,000.

Bitcoin continues to outperform gold by a significant margin. | Chart via BuyBitcoinWorldwide

Bitcoin’s value relative to gold has more than doubled over the past three months and has grown nearly sevenfold since October 2020.

Gold futures, meanwhile, plunged below $1,700 a troy ounce Tuesday on the Comex division of the New York Mercantile Exchange. The price bottomed at $1,676.50, marking a new three-week low. Since peaking above $2,050 a troy ounce in August 2020, bullion has corrected nearly 18%.

2020 was a big year for gold, as the yellow metal set new all-time highs in every major currency before toppling $2,000 per U.S. dollar for the first time. Bullion ended the year with a gain of around 22%. Still, that paled in comparison with Bitcoin’s 265% yearly return.

With the recent $1.9 stimulus package fueling inflation fears, assets like gold and Bitcoin should, in theory, perform well as investors hedge their bets against the declining dollar. However, the recent rise in bond yields may have taken some of the shine away from gold.

Others, even some prominent analysts like Bloomberg’s Mke McGlone, believe gold is losing ground to Bitcoin in the battle of the safe-havens. Earlier this month, McGlone tweeted:

“Gold will always have a place in jewelry and coin collections, but most indicators point to an accelerating pace of Bitcoin replacing the metal as a store of value in investor portfolios.”

Even JPMorgan, an organization long critical of Bitcoin, has claimed that the digital currency will consume a portion of gold’s market share. “The adoption of bitcoin by institutional investors has only begun, while for gold, its adoption by institutional investors is very advanced,” JPMorgan strategists led by Nikolas Panigirtzoglou said in a December 2020 report. “If this medium to longer-term thesis proves right, the price of gold would suffer from a structural headwind over the coming years.”

Bitcoin’s digital gold narrative continues to strengthen post-halving. The quadrennial deflationary event, which last occurred in May 2020, reduces the amount of new Bitcoin that enters circulation after each block is mined.

Bitcoin is outshining gold in the battle of the safe havens

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JPMorgan’s Career Pages Brings Up Blockchain Job Positions

According to the latest announcement, JPMorgan’s career pages post several jobs for Blockchain enthusiasts.

It was noted that it bought 56 open positions, with 34 including the tech in the job title.

Last year, JPMorgan continued on a Blockchain rampage by bringing multiple jobs to the industry. At that time, Indeed.com reported JPMorgan Chase as the only financial firm in the top 10 companies posting jobs related to Blockchain, cryptocurrency, and Bitcoin. 

The report mentions that most job openings posted this year are spread across the U.S., India, and Singapore, indicating that technology holds a futuristic career all across the globe. Talking about job openings, many of the jobs relate to Onyx, the division created to oversee JPM Coin, the bank’s wholesale payments token. 

JPMorgan is a U.S. multinational investment bank and financial services holding company headquartered in New York, serving corporations and individuals in more than 100 countries.

JPMorgan is Continuing on a Blockchain Rampage

As U.S. mega-bank JPMorgan posted about Blockchain job positions, the report mentions that most Blockchain engineer roles are focused on integrating JPM Coin and Liink into JPMorgan’s payments architecture.

Last year in October, JPMorgan rebranded the Liink banking network, which is based on a fork of Ethereum. At the time of rebranding, it was noted that Liink invites its 400-plus financial institutions to start building on top of the platform. 

Apart from JPMorgan, several other big banks are making a lot of noise in the cryptocurrency space, focussing on areas such as crypto custody and potentially trading digital assets. Reports also highlight that in contrast to JPMorgan’s career page, Goldman Sachs and Morgan Stanley have only two blockchain job openings, whereas NY Mellon has four job positions. 

Specifically talking about JPMorgan jobs, the report mentions that 13 jobs related to Onyx and Link, majorly based in the U.S. Apart from this, there are also active positions for a marketing manager for Liink and blockchain adjacent positions in commercial real estate, the report reads.

As the bank sees blockchain technology as a viable solution, recently, it was announced that JP Morgan had tested a transaction of Blockchain in space. It was further noted that the Blockchain transaction testing was carried out by a Danish space firm named GomSpace’s satellites.

Blockchain space is booming, if you are interested in mastering the core concepts of Blockchain and becoming a Certified Blockchain Expert, you can get enrolled to Blockchain Council. 

To get instant updates about Blockchain Technology and to learn more about online blockchain certifications, check out Blockchain Council.

JPMorgan’s Career Pages Brings Up Blockchain Job Positions

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