Skip to content

XTB TRADEBEAT

Cryptocurrencies keep sliding, Oracle to launch blockchain products

Summary:

  • Oracle, the second largest software company in the world, is going to launch blockchain-based products within two months
  • The NYSE owner mulls over a possibility of letting customers buy and hold Bitcoin
  • Ethereum has been undergone the US SEC scrutiny whether it’s still right to classify it like a commodity

This week has not gone well for cryptocurrency traders so far, of course for those who have been betting on price rises, as major virtual currencies keep moving south. While traders from other markets have been recently zoomed in on the Iranian thread regarding the nuclear accord, crypto traders have had much less to digest. One of the most notable news came from Oracle, the world’s second largest software company, as it reportedly going to roll out blockchain-based products during the upcoming two months. The company’s software development president Thomas Kurian announced that the enterprise will unveil a platform this month, and decentralized ledger-based applications as soon as next month. However, he did not pin down what these products will be for. Anyway, the company being headquartered in California is also working with the Banco de Chile as well as the government of Nigeria to launch other products, services based on blockchain which one day could come in handy for them. Moreover, Bloomberg has recently come up with some reports that Oracle’s products will be also applied to pharmaceutical companies in order to improve the management of medicine supply chains.

link do file download linkMajor digital coins have been falling this week, but none of them has already approached an interesting technical level which would serve as a springboard for prices going forward. So, one needs to wait how things are going to pan out further this week. Source: xStation5

The NYSE owner mulls over a possibility of letting customers buy and hold Bitcoin

Have you ever wanted to buy and hold Bitcoin at the New York Stock Exchange? There are some premises you will be able to do so before long as the NYSE owner Intercontinental Exchange (ICE) is mulling over such as a possibility, according to the New York Times article dated on 7 May. Of course, it would be another giant leap for the entire cryptocurrency industry carrying far-reaching consequences for other coins at the same time (they would suffer due to a fading demand). What would it work in practice? The ICE informed it "has had conversations with other financial institutions about setting up a new operation through which banks can buy a contract, known as a swap, that will end with the customer owning Bitcoin the next day — with the backing and security of the exchange". Should things go in line with expectations, it would mean that a trader is able to buy and hold Bitcoin at the one of the most trusted exchanges in the world.

link do file download linkToday is the fourth consecutive daily fall in Dash, and given the price has broken through $440 one may suspect a slide could be extended up to $380 where one may find a decent support line. Source: xStation5

Ethereum has been undergone the US SEC scrutiny whether it’s still right to classify it like a commodity

The US Securities and Exchange Commission is considering whether Ethereum, the second largest cryptocurrency in terms of market capitalization, should be still classified as a commodity or maybe to switch its name to a security. What does it matter for other cryptocurrencies and Ethereum itself? If Ethereum is deemed a security it would force exchange desks to register with the SEC or risk massive fines. Bear in mind that former CFTC chairman said last month that unlike Bitcoin, Litecoin, and Bitcoin Cash virtual currencies such as Ethereum or Ripple share some features with securities. So, if the SEC looks at this theme from the same angle it would result in a change in an Ethereum classification bringing miscellaneous repercussions across other cryptocurrencies.

link do file download linkMeanwhile, the Ethereum price is hanging on its critical support, and if it’s breached it would lead to an extended downward movement pushing the virtual coin even toward $620. Source: xStation5

Disclaimer

This article is provided for general information purposes only. Any opinions, analyses, prices or other content is provided for educational purposes and does not constitute investment advice or a recommendation. Any research has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Any information provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it.

Past performance is not necessarily indicative of future results, and any person acting on this information does so entirely at their own risk, we do not accept liability for any loss or damage, including without limitation, any loss of profit, which may arise directly or indirectly from the use of or reliance on such information.