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Another major bank considers setting up a crypto trading desk

Summary:

  • Barclays is said to follow into Goldman Sachs footsteps and set up a crypto trading desk

  • Litecoin (LITECOIN on xStation5) is attempting to break above a resistance level at $136

  • NASA is researching Ethereum’s blockchain and its potential benefits to spacecraft maneuvering systems

Majority of the main digital currencies advance today with Bitcoin climbing back above the $8000 mark after trading below it for a while. The cryptocurrency space may be benefiting from the news that one of the world’s biggest banks is eyeing a possibility of setting up a crypto trading desk. Apart from that we will mention Amercian space agency NASA that is reportedly trying to integrate blockchain technology into its spacecraft systems.

Barclays, the second largest UK bank by assets, is said to be considering setting up a cryptocurrency trading desk. According to the person cited by Bloomberg the Bank is at the moment researching whether its customers are interested in such kind of services. Let us recall the some time ago Goldman Sachs decided to do the same making those two lenders pioneers in the matter. One group of investors may be particularly interested in crypto trading service - hedge funds. Hedge funds are often a subject to the rules that ban them from conducting transactions on unregulated markets. Having that in mind, a bank providing prime brokerage services in the crypto market may turn to be another big step forward in opening this market to the broader group of institutional investors after Bitcoin futures were listed on CBOE and CME in the late-2017.

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LITECOIN is struggling in the vicinity of $136 handle. Source: xStation5

Just like many other cryptocurrencies LITECOIN has managed to break out of its downward channel recently. The coin consolidated for a while between support level at $122 and a resistance at $132.50 yet after finding additional support in 33-period moving average (orange circle) it surged above $137 in today’s early trading. LITECOIN has fallen back below the $136 mark afterwards to trade a notch below it at press time. A clear break above may pave the way for further gains as next resistance level can be found at $151.50. Nevertheless, a failure to do so may send the coin back to the range of the earlier mentioned consolidation and may cause LITECOIN to remain there for some time.

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After falling back from the area around $8300 BITCOIN found solid ground at $7900 handle from which it bounced off in today’s early trading to trade back above the $8k mark. A repeated test of the resistance level at $8300 may be on cards. Source: xStation5

Blockchain technology is attracting more and more interest from the scientific world. According to the latest remarks NASA is said to be co-funding a research project that may allow integration of the Ethereum’s smart contracts into its spacecraft systems.The agency is working on the blockchain-based system that would allow automatic maneuvering of the spacecraft while avoiding floating space debris. Dr. Jin Wei Kocsis who is leading the project said that the main goal is to develop a cognitive system that would not required scientists on Earth providing spacecraft crew with crucial informations. This is another attempt to integrate blockchain technology in science in order to develop a more intuitive and “self-thinking” machines.

 

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