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Global Banks Pouring Billions into Blockchain Development, Survey Finds

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Global financial institutions have moved past the exploratory stage when it comes to blockchain technology and are now pouring billions into new commercialization initiatives, according to industry research published by the U.S.-based Greenwich Associates.

Blockchain Spending Surges

The Greenwich study shows financial institutions increased their blockchain budgets by 67% last year, spending a combined $1.7 billion on various commercialization projects. Ten percent of the surveyed institutions reported spending at least $10 million on blockchain technology in 2017.

The study, which interviewed over 200 financial institutions from around the world, noted a major shift in how banks view distributed ledger technology (DLT). In particular, the industry has moved “beyond the proof-of-concept phase” and is now actively rolling out commercial blockchain products.

Employment dedicated to blockchain initiatives doubled in 2017, with top-tier banks averaging 18 full-time staff working on the technology.

Among those surveyed, 14% reported to have successfully deployed a blockchain solution, with payments and trade finance targeted the most frequently. Cost reduction was cited as the biggest driver of blockchain adoption, though revenue opportunities, settlement time and risk management also factored into the decision-making process.

“More than half the executives we interviewed told us that implementing DLT was harder than they expected,” Richard Johnson, Vice President of Greenwich Associates, said in a statement. “Nevertheless, more than three-quarters of projects currently under development are expected to be live within two years.”

The Blockchain Economy

The global blockchain industry is expected to top $60 billion over the next six years, with the likes of IBM, Microsoft and Accenture leading enterprise-grade adoption. Much of that effort will be dedicated to creating new “digital economic infrastructure,” according to the India-based Market Reports Center.

In a recent study, McKinsey & Company tested 64 use cases for blockchain technology in a survey of 200 companies. Seven of the 24 financial services use cases identified were deemed to be the most viable. Researchers concluded that these seven use cases alone could generate between $80 billion and $110 billion in economic impact, with cross-border business-to-business payments being the most likely to benefit.

Enterprise blockchain only scratches the surface of the true size and scale of the distributed ledger economy. Hundreds of startups have raised tens of billions in financing for initial coin offerings (ICOs), which have themselves spawned multi-billion-dollar investment communities dedicated to buying and trading tokens.

Cryptocurrency markets are currently in a protracted downturn. Six months ago, they peaked above $840 billion. Recent developments in institutional adoption suggest banks and other financial service giants could drive the next leg in the crypto-market rally.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

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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4.6 stars on average, based on 647 rated postsSam Bourgi is Chief Editor to Hacked.com, where he specializes in cryptocurrency, economics and the broader financial markets. Sam has nearly eight years of progressive experience as an analyst, writer and financial market commentator where he has contributed to the world's foremost newscasts.




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Stellar Price Analysis: XLM/USD Has the Potential for a Short-term Rally, Though Bearish Set-up Eyed

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  • Stellar’s XLM potentially has further room for upside, within the short-term view.
  • Danger still looms for XLM/USD, as the daily chart suggests of a bearish technical pattern set up.

Steller’s native token XLM, has failed to commit to any sustained trend. This has been the case since the start of July. Bull rallies that have been witnessed were quickly sold by the market bears. This led the market to trade within a generally long running form of consolidation. Price action is narrowing, given the unsustainable short-term trend runs that have been witnessed. It comes as somewhat of a surprise, as the Stellar foundation have certainly been busy.

Stellar Developments

It was reported recently, blockchain security company BitGo, announced their support of Stellar Lumens (XLM). Being added to the BitGo’s list, Stellar now receives custody solutions. Their users will be able to generate wallets for Stellar Lumens. This is said to be starting at some point within the next couple of weeks. Elsewhere, as previously reported, the Stellar foundation at the start of this month released their heavily anticipated decentralized exchange, StellarX.

4-hour Chart Technical Review

XLM/USD 4-hour chart

Looking via the 4-hour chart, price action has formed a bullish pennant pattern. This comes after the surge higher between September 20-23. XLM/USD has since entered consolidation mode, trading within a range-bound nature. The price is coming very much towards the end of this technical pattern seen, raising the case for an imminent breakout. Near-term support can be observed around $0.2350 area. This is the lower tracking trend line of the mentioned pennant. A failure of the support could very likely see a fast fall to $0.2050. XLM/USD was last trading in this territory between September 12 – 20. The mentioned period was during a time of consolidation, prior to the mentioned breakout higher.

Resistance is seen just ahead of the current price. The above descending trend line of the pennant pattern is tracking around $0.2460-70. Enough bullish momentum to see the breach would likely force the price running to $0.2650. This is seen as an area of resistance on the 4-hour chart view. Looking further to the north, eyes would be on the supply heading into the $0.3000 mark.

Daily Chart Technical Review

XLM/USD daily chart

Taking into consideration the 4-hour chart view, there is still room for another squeeze higher. Despite this, danger appears to still be looming for XLM/USD. Risks on the daily chart point to the downside. The view of this is that a longer-term bearish pennant pattern is containing the price. XLM/USD support on the daily chart can be seen just sub of $0.2000. A long-running supporting trend line can be seen. The price having required assistance on June 29 and several occasions from September 8 – 12. To the upside, resistance can be seen around $0.2900. XLM/USD was rejected already on a few prior occasions, by the above descending trend line. July 25-2 and then most recently September 23, all saw respective bull runs halted.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

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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4.5 stars on average, based on 31 rated postsKen has over 8 years exposure to the financial markets. During a large part of his career, he worked as an analyst, covering a variety of asset classes; forex, fixed income, commodities, equities and cryptocurrencies. Ken has gone on to become a regular contributor across several large news and analysis outlets.




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Bitcoin Cash Price Analysis: When is BCH/USD Taking Another Extended Move Higher?

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  • The Bitcoin Cash price behavior suggests another imminent breakout is likely. Upside surprises appear move likely than any potential downside breakouts.
  • BCH/USD continues to move within a bullish pennant pattern formation. Narrowing price action indicates a breach is near.

The Bitcoin Cash price after the huge surge to the upside on 26th September, attributed to the Bitmain IPO news, has remained elevated. Risks appear tilted to the upside, given current price behavior and technical patterns observed. Outside of the technical view, news flow and updates have remained positive around Bitcoin Cash.

News Flow Remains Positive

Bitcoin Cash adoption continues to take place. It was reported that the events ticketing company, Bigtickets.com, has expanded its payment options, with acceptance of cryptocurrency. Customers will be able to pay using Bitcoin Cash. The CTO said “We know our dedication to innovation is deserving of a secure and seamless purchase method for our event attendees. The use of Bitcoin Cash is a major social trend we’ve been following. Therefore, we’re excited to be one of the first event ticketing platforms in the United States to accept the burgeoning cryptocurrency,”

Elsewhere, earlier in the week, TD Ameritrade, announced it is investing in a cryptocurrency exchange platform, ErisX. This will be facilitating a range of products, including crypto futures contracts. Fortunately for Bitcoin Cash, it has earned its way into the top 4 cryptocurrencies by market cap. Given its status, Bitcoin Cash will be one of the crypto futures products offered by ErisX.

This follows news back in August, Crypto Facilities announcing a Bitcoin Cash futures product. Crypto Facilities are regulated by the UK Financial Conduct Authority (FCA). The move came given Bitcoin Cash has a growing presence and acknowledgement across the market. The introduction of Bitcoin Cash futures is joining the company’s other crypto-based products.

Near-term Analysis (60-minute chart)

Eyes are locked on BCH/USD movement within a bullish pennant pattern formation. Price action is well-supported by the lower trend line. It for now remains within consolidation mode, after the strong surge on 26th September. The price is moving towards the end of the pattern, into a narrower range. This behavior suggests a breakout could very much be imminent, subject to bullish momentum.

BCH/USD 60-minute chart

Resistance to the upside is seen at the above trend line of the pennant, $523. Given the pole of the mentioned pattern, the breakout may be chunky. A retest of the supply around $640-$660, will therefore be the likely first target area. The price last traded in this region from the 1st to the 4th September. Support is eyed around $510-509, as mentioned above, the lower trend line of the pennant.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

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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4.5 stars on average, based on 31 rated postsKen has over 8 years exposure to the financial markets. During a large part of his career, he worked as an analyst, covering a variety of asset classes; forex, fixed income, commodities, equities and cryptocurrencies. Ken has gone on to become a regular contributor across several large news and analysis outlets.




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Cardano Price Analysis: Imminent Breakout Anticipated, with Eyes on Another Bull Run

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  • The Cardano (ADA) price has been showing some promising signs, following the project’s 1-year anniversary.
  • ADA/USDT is near the end of a triangular pattern, which can also be perceived as a bullish pennant pattern.

Cardano a few days ago celebrated its one-year anniversary. It is still very much a new project to hit the industry. There are always new technologies and cryptocurrencies cropping up, so it is important to review what purpose do or are they going to serve. It does appear Cardano community members are looking forward to several upcoming developments from the foundation.

What Is Cardano?

Cardano is very much like Ethereum – a smart contract platform. The technology is much focused on scalability and security via a layered architecture. As such, it is the first blockchain platform to evolve out of a scientific philosophy and peer-reviewed academic research. A large innovation of Cardano is that it will balance the needs of users with those of regulators, and in doing so combine privacy with regulation. Its cryptocurrency is ADA, which is currently the ninth largest by market cap.

Recent Updates

The organisation behind Cardano, IOHK, has released a new project known as ‘Cardano Rust’. This will be a large helping hand to developers, who want to build products for its blockchain. The effort is essentially providing the toolbox for developers, with a library of functions that they can use to build their decentralised applications for Cardano and facilitate integration.

Technical Review

Looking at Cardano (ADA) technically vs. Tether (USDT), it is down a chunky 95% from the 1st January 2018. This move largely following suit of the general strong bearish trend, seen across the market. Since September, this price has shown some positive signs, and a willingness to make breakout from the bears paws. ADA/USDT produced a double bottom pattern on 18th September, which saw the take-off. It went on to gain over 50% up to $0.0939, from the low within $0.06 territory, moving into the $0.09 area. The price has since eased somewhat, but is still up over 30% from the mentioned low area.

ADA/USDT 4-hour chart

Current price behavior has formed a triangular pattern, as it narrows within this range-bound form. It is very much coming to the end of this, looking more and more likely to a breakout. This formation could also be perceived as a bullish pennant. The big bull run from the above-mentioned double bottom, provides the substance for the pennant view. Near-term resistance is seen just ahead at $0.0830, with support at $0.0797. Another test to the upper descending trend line, could see a fast breakout up towards the supply at the 23rd September high, $0.0939. Failure to see enough bullish momentum for a breach, could see a slip down to the below demand area, $0.0750-40.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

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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3 votes, average: 5.00 out of 53 votes, average: 5.00 out of 53 votes, average: 5.00 out of 53 votes, average: 5.00 out of 53 votes, average: 5.00 out of 5 (3 votes, average: 5.00 out of 5)
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4.5 stars on average, based on 31 rated postsKen has over 8 years exposure to the financial markets. During a large part of his career, he worked as an analyst, covering a variety of asset classes; forex, fixed income, commodities, equities and cryptocurrencies. Ken has gone on to become a regular contributor across several large news and analysis outlets.




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