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Fidelity Investments CEO Embraces Bitcoin And Blockchain, Cites Challenges

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Abigail Johnson, CEO and chairwoman at Fidelity Investments, called for more serious conversations about bitcoin and blockchain while addressing Consensus 2017 blockchain conference in New York City, according to MarketWatch.

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Fidelity has tested bitcoin and blockchain, according to Johnson, including partnerships, venture investments and its own initiatives, but most of its experiments have hit a roadblock due to the emerging nature of the technology.

Four Challenges Cited

Johnson identified four problems for cryptocurrency to overcome to gain widespread adoption.

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There are still unresolved technical issues. Bitcoin ledgers have been hacked on numerous occasion, delivering catastrophic losses. Privacy is also an issue that has to be overcome.

The fact that bitcoin is connected to a digital footprint makes bitcoin accounts targets for hackers. Investopedia referenced a report that North Korean hackers were behind the hacking of bitcoin wallets resulting in $80,000 in losses.

Johnson also said there is a regulatory problem since the pace of innovation is faster than regulators’ ability to keep up with it. Regulators may lack a “mental model” for understanding how to regulate the technology.

She encouraged the bitcoin community to establish an open dialog with regulators to address consumer interests and ensure blockchain technology achieves its full potential.

The open nature of bitcoin and other cryptocurrencies results in a control challenge, Johnson said. She said companies that create products on cryptocurrency platforms lack clarity on the path they can take or how they influence developers.

Private networks that are popular among financial companies on account of their focus on security lack clarity on control structures. This can result in difficult decision making and confusion.

The Human Problem

The last problem Johnson addressed was the human problem. She said the bitcoin community has to create use cases that drive clear benefits for institutions and individuals.

She noted that her team at Fidelity studied a bitcoin wallet and provided users with a recovery phrase used to recover the wallet contents.

The subjects of the experiment responded in three ways. They applied existing mental models like using the phrase for a single-use activation code or using it for password recovery, for creating new models or leaving the system completely.

One reason for the team’s response was the lack of enough use cases for cryptocurrencies.

Fidelity Steps Forward

Johnson said the Fidelity headquarters cafeteria has begun to accept bitcoin. An early bitcoin adopter in the office performed an experiment where he tried to use it the way he used traditional money. He was able to buy a drink, but not return it, a limitation that caused great frustration, highlighting the ways bitcoin is not yet making things easier for consumers on a daily basis.

The systems not only need to be technically better, but more user friendly, Johnson said.
Despite these concerns, Johnson said she was optimistic about the future of the technologies.

She said hopes bitcoin and blockchain succeed because they make it easier for more people to invest and to use financial services in a world where artificial intelligence and the Internet of Things are increasingly dominant.

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Analysis

Crypto Update: Post-Crash Oversold Bounce Ensues in Crypto-Land

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As Bitcoin plunged below $10,000 yesterday, nearing the crucial $9000 level, all of the majors followed the most valuable coin in the panic sell-off. Our trend model turned short-term neutral in most of the cases, while the long-term prospects also improved thanks to the deep and violent correction.

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Bitcoin itself already traded at slightly attractive levels, as it breached our first possible target for the correction, but we expect a lengthy bottoming process with a possible dip to the $8200 or $7650 supports.

As for the short-term, the oversold rally initiated from the lower boundary of the declining trend channel, and a choppy, hard-to-trade consolidation period is likely ahead that could last throughout the weekend. Strong overhead resistance is found at $13,000, likely capping the advance for now, while the $11,300 support/resistance level could also be in the focus in the coming sessions.

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BTC/USD, 4-Hour Chart Analysis

Altcoins

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Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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Analysis

Technical Analysis: Bitcoin Hits First Correction Target as Volatility Reigns Supreme

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The violent correction that created a full-on panic in the cryptocurrency segment continues to unfold in a rather orderly way from a technical standpoint, reflecting the extreme nature of the preceding rally. That said, the percentage losses in some of the coins are huge, and the collapse of Bitconnect accelerated the process, spreading uncertainty among investors, and sentiment quickly got bleak.

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Bitcoin remains in the center of attention, and the most valuable coin finally breached the $10,000 level today, causing another strong wave of liquidation in the majors, that could be the base of a more durable bottom, and a consolidation in the coming days after the crazy last couple of days.

The coin is now oversold from a short-term perspective, and although further losses are likely before the end of the cycle, given the still only neutral long-term momentum readings, a counter-trend move is possible in the coming days. Below, $9000, strong support levels are still found at $8200 and near $7650.

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BTC/USD, 4-Hour Chart Analysis

Altcoins got slaughtered in the two-day crash with Ripple leading the way lower, while Ethereum also lost its relative strength amid the broad sell-off and its recent trendline break. ETH got close to the next major support level at $740 during today’s move, and as the short-term momentum is now oversold, a bounce to the zone around $1000 could be ahead. We still expect the correction to continue in the token, as the long-term momentum remains overbought, with key support at $625 and near $575.

ETH/USD, 4-Hour Chart Analysis

Ripple fell as low as the $0.85 support level during the crash, and although the coin rebounded above $1 afterward, it remains 70% off its recent all-time highs. Long-term investors could already accumulate small positions on the short-term sell-offs, although the correction will likely continue, and a prolonged consolidation phase might also be ahead. Key support levels are now found at $0.85 and $0.68, while resistance is ahead at $1.25.

XRP/USDT, 4-Hour Chart Analysis

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Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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Analysis

Market Update: Bitcoin at $10,000, Ripple at $1, Ethereum below $1000 as Carnage Continues

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Yesterday’s China induced technical breakdown led to an unmitigated disaster in the crypto segment, as all of the majors crashed, erasing hundreds of billions of market cap in the process. The collapse of the alleged Ponzi scheme of Bitconnect added insult to injury and caused another wave of selling in late trading, driving the price of Bitcoin to $10,000, a bit earlier than expected.

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BTC/USD, 4-Hour Chart Analysis

The most valuable digital currency rebounded as much as 15% after the late-session crash, but the selling pressure remained strong and today BTC briefly traded below yesterday’s low, with most of the majors holding up above the crash low.

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That said, the sell-off is unlikely to be over and volatility is probably here to stay for the week, with violent swings in both directions. The coin is still likely to push lower, with a possibly lengthy bottoming phase, so a quick recovery to the record highs is unlikely, but strong support is found below $10,000 at $9200, $8200, and $7650.

Traders should be aware of the elevated risk in short-term positions here, while long-term investors could slowly accumulate positions on the sell-offs, as the coins are headed to oversold territory.

A Little Perspective

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Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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