Summary:
- World Economic Forum Research: Blockchain may boost trade finance by $1 trillion
- Allianz Chief Economic Adviser: Bitcoin should stabilise around $5000
- Ethereum (ETHEREUM on xStation5) jumps over 12%
After yesterday’s significant falls investors have begun Thursday’s trading rather in upbeat moods as major cryptocurrencies have moved slightly higher. Ethereum and Litecoin, two yesterday’s losers, have experienced clear upward movements so far today. Nevertheless, the capitalization of the whole cryptocurrency market has struggled to surpass the $200 billion mark, and it has sat around $195 billion in the morning. The market capitalization of the most popular cryptocurrency has stood at around the $110 billion handle another day in a row. Today’s newsflow concerns topics such as results of World Economic Forum’s research and remarks produced by one of Allianz executives.
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Thursday has been supportive for ETHEREUM as the cryptocurrency price has increased over 7% since midnight. What’s more, ETHEREUM rose over 12% over the past 24 hours. At press time, the digital currency is trading in the vicinity of the $190 handle. Source: xStation5
The first piece of news covered today concerns Allianz executive’s remarks related to Bitcoin. Namely, Mohamad El-Erian, the Chief Economic Adviser of Allianz, said that the most famous cryptocurrency should stabilise around the $5000 handle. “For me, at $5,000, it’s reasonable”, claimed Allianz’s El-Erian for Yahoo Finance. He thereby repeated his similar opinion said in June. Moreover, the Allianz executive stated that “crypto is not dead, and certainly the underlying technology is not dead”.
LITECOIN is another coin marching higher on Thursday. This cryptocurrency price has gone up around 11.5% since midnight. On Thursday morning, LITECOIN is sitting at levels seen on Tuesday. Source: xStation5
Secondly, let’s mention results of crypto-related World Economic Forum and Bain & Company’s research. According to this study, global companies could produce additional $1 trillion in trade finance thanks to blockchain technology. Therefore, blockchain could help partially fill the supply-demand trade finance gap, because it could facilitate financing for small and medium-sized companies in emerging economies.
BITCOIN has experienced just a 3% gain since yesterday which has been well below the gains reached by its peers. The virtual currency is fluctuating a notch above the $6400 handle and above its 33-period moving average on the H4 chart (a purple line). Could BITCOIN recoup its September’s losses? Source: xStation5
