Established in 2013, Canaan Inc. (NASDAQ: CAN), is a technology company focusing on ASIC high-performance computing chip design, chip research and development, computing equipment production, and software services. Mr. Zhibing (Tony) Li is the Vice President of Canaan Inc. He recently joined the Bitcoin.com News Podcast to talk about the company’s technology R&D roadmap and […]
Bitcoin News
Notcoin (NOT) Develops Falling Wedge Triangle: Rally Looms?
Notcoin (NOT), a relatively new entrant in the cryptocurrency market, has recently formed a falling wedge pattern on its price chart. This technical formation is characterized by converging trendlines that slope downwards, signaling a potential bullish reversal.
Typically, a falling wedge pattern occurs after a prolonged downtrend, indicating that the asset’s price is likely to break out to the upside. The emergence of this pattern in Notcoin’s chart is drawing attention from traders and investors who are keen to understand its implications for future price movements.
A confirmed breakout from the falling wedge could signal the end of Notcoin’s downtrend and the beginning of a new upward trajectory. However, it is essential to consider other market factors and indicators to gauge the strength and sustainability of such a reversal.
This market outlook aims to explore the potential scenarios for Notcoin following the formation of the falling wedge pattern, providing insights into what traders and investors might expect in the near future.
Analyzing Market Outlook For Notcoin On The 4-Hour And 1-Day Chart
As of right now, the price of Notcoin is currently trading above the 100-day Simple Moving Average (SMA) on the 4-hour chart and is moving within the triangle, suggesting that the wedge might continue for a while before there is a potential break out.
Confirming the above claim, the RSI line in the 4-hour RSI indicator has dropped below 50%, suggesting that sellers are still active in the market and that the asset will remain active within the triangle for a while.
Meanwhile, in the 1-Day timeframe, it can be observed that Notcoin’s price is attempting a retest after a successful breakout above the upper base of the wedge. This means that Notcoin might go bullish after the retest. Also, the 1-Day RSI confirms this retest as the RSI line is seen dropping down from the overbought session toward the 50% level.
Price Implication In The Event Of A Breakout
In the event of a successful break above the wedge, Notcoin will begin to move upward toward the .029405 resistance level. If it breaks above this level, it will move higher to create a new high.
However, if Notcoin’s price decides to do the usual and break below the wedge, it will start to descend in the direction of the .011381 support level. The price may move much farther to test the .007953 level and possibly other levels on the chart if it breaks below this support level.
NOT‘s price was down by -1.13% as of the time of writing, trading at approximately .019, with a market capitalization of over .9 billion and a 24-hour trading volume of over 8 million.
Rwanda Develops CBDC to Avoid Falling Behind, Central Bank Deputy Governor Says
Rwanda is contemplating launching a Central Bank Digital Currency (CBDC) because it does not want to be left behind and to prevent any hindrances to trade between the African country and its major trading partners. According to a deputy governor with the National Bank of Rwanda, the country should be prepared for digital currencies being […]
Bitcoin News
BIS Releases Report On ‘Project Icebreaker’ — Develops Cross-Border Retail CBDC Payment Model
The Bank for International Settlements (BIS) has released a report summarizing the “Project Icebreaker” trial, which explored the potential advantages and difficulties of utilizing a retail central bank digital currency (CBDC) in cross-border payments. The experiment was designed to test “the technical feasibility of conducting cross-border – cross-currency transactions between different [distrubuted ledger technology]-based CBDC proof of concepts.”
Technical Feasibility of Cross-Border Retail CBDC Payments Reportedly Proven in Project Icebreaker Trial
Central bank digital currencies (CBDCs) have been a key focus for the Bank for International Settlements (BIS) in recent times. BIS recently published a report asserting that most crypto asset investors lost money over the past seven years. The report highlighted BIS insisting there’s an urgent need for regulating the crypto industry and developing a CBDC.
Following the report, BIS general manager Agustin Carstens stated that crypto assets have already lost the battle to central bank-issued fiat currencies. Carstens also emphasized the necessity for central banks to take charge of innovation and create a functional CBDC. “If central banks do not innovate, others will step in,” Carstens cautioned.
On March 6, 2023, BIS published a report titled “Project Icebreaker: Breaking New Paths in Cross-Border Retail CBDC Payments.” The BIS study highlights the participation of the BIS Innovation Hub Nordic Centre and central banks in Norway, Israel, and Sweden in the project. Project Icebreaker aims to connect domestic CBDC systems using a “hub-and-spoke” model.
Additionally, the BIS report emphasizes the need to address “legal considerations” for the Icebreaker hub-type approach. Cecilia Skingsley, the head of BIS Innovation Hub, explained that Project Icebreaker is “unique in its proposition.”
“It first allows central banks to have almost full autonomy in designing a domestic retail CBDC,” Skingsley said. “Then it provides a model for that same CBDC to be used for international payments.
According to the BIS report, implementing Icebreaker in the real world would “require a range of technology” and would need to enhance both privacy and “AML/CFT compliance and monitoring.” The project employed three technologies in each nation state, including Ethereum Quorum in Israel, Hyperledger Besu in Norway, and the Corda network in Sweden.
A CBDC can be created in a custom fashion, and central banks can still “participate in a formalized interlinking arrangement to enable cross-border payments.” According to the BIS report, the author suggests that central banks should consider integrating conditional settlement and possibly adopting the current messaging and addressing standards used today.
“If Israel is to issue a digital shekel, it would be very important that we do it according to the evolving global standards, so that Israelis could use it also for efficient and accessible cross border payments,” said Andrew Abir, the deputy governor at the Bank of Israel, in a statement. “While there is still much work ahead of us for the Icebreaker model to become a global standard, the learnings from this successful project have been very important for us and for the central banking community,” Abir added.
What are your thoughts on Project Icebreaker, CBDCs, and cross-border retail CBDC payments? Share your views on this topic in the comments section below.
Uniswap Sellers Stop But RSI Develops Bearish UNI Price Divergence
Cryptocurrencies have been suffering higher volatility since the bear took control. For example, the fledgling crypto coin Bitcoin price plummeted to a low of ,363 on Oct 13 and then reversed to ,354 today. Unlike the other top coins creeping, Uniswap’s native token, UNI, marks higher gains. Although its price touched .50 when BTC plummeted on Thursday, UNI added over 14% following the day and claimed a .49 high.
At the time of writing, the token’s value hovers around .20, up by 0.96% in the last 24 hours. The Uniswap market cap also indicates a bullish trend, signifying the crypto winter started to ignore the project. Its capitalization has increased to .70 billion, representing a 0.24% gain.
Financial Indicators MACD Line And RSI Suggest Bearish Divergence
In line with the daily price analysis, UNI against USD presents a bullish trend ahead. The price actions form a high-low pattern which signs an uptrend for the token. As recent price moves show, investors did not miss any opportunity and connected with all swing lows. Likewise, Uniswap ended its retracement phase below in the last week and now seems to find resistance above this. The expected price range for the token in October remains between .3 to .
Opposite to the positive happenings within the UNI network, the Moving Average Convergence/Divergence (MACD) line, an oscillator used to indicate market trends, currently points toward the bearish signal for the token and crosses the line. Likewise, the Relative Strength Index (RSI) shows a bearish divergence as its peak continues falling toward the 50 zone.
UNI’s price is currently trading at .15. | Source: UNIUSD price chart from TradingView.com
Uniswap To Deploy On zkSync For Cheaper Fee And Enhanced Security
UNI is the governance token of the decentralized exchange Uniswap, which allows users to trade and sell cryptos using smart contracts. It seems users and organizations are pushing for privacy in the sector, driving adoption and positively affecting prices. For example, on Wed, 12 October 2022, Coin Center, a think tank on cryptocurrencies, filed a suit against OFAC over restrictions against Tornado Cash, a privacy mixer (decentralized cryptocurrency tumbler). In return, almost the whole market reacted by going green as the news spread.
Notably, today’s announcement by the Uniswap platform might become a catalyst to pump the token’s price further. The Uniswap exchange has declared to build on the zkSync for enhanced privacy and security.
zkSync uses novel technology, also known as ZK Rollups, to enable faster transactions with minimum gas cost. The company decided to deploy privacy-focused layer two after completing a governance vote. Offering a minimum fee without compromising on security will attract more users and accelerate the network’s activity.
The parent company of zkSync, Matter Labs, commented that this move would onboard new users. Furthermore, the low network fee than Ethereum will make the platform more attractive. The company noted in a statement;
There’s significant value in Uniswap being available on an EVM-compatible ZK Rollup. Deploying early on zkSync helps solidify Uniswap’s place as the number one DEX and a thought leader.
Therefore, with zkSynce launch on mainnet within the next six weeks, investors’ wallets may profit from the project’s growth. In addition, the token might enjoy resistance above in the coming days, which the investors are hard to manage.
Featured image from Pixabay and chart from TradingView.com
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