Chinese Crypto Giant Huobi Launches Billion-Dollar Blockchain Fund

Huobi Labs, a blockchain incubator that is part of the Huobi exchange, has signed an agreement with Tianya Community to build a “Global Cultural and Creative Blockchain Lab” in Hainan Province, China, alongside the launch of a billion-dollar industry fund that aims to back the blockchain industry globally.

Under the background of the “new era of Chinese socialism characteristics,” the government has given Hainan Special Economic Zone a new mission of economic reformation. President Xi Jiping, personally planned, deployed and promoted the national strategy.

Huobi To Support National Strategy

Huobi China will support the national-level strategy and will use its technology, resources, talents and capital in the global blockchain industry to contribute to Hainan Special Economic Zone development and explore the construction of an international free trade port, the company announced on its website.

This year, the Huobi Group will:

1. Move Huobi China headquarters (Not Huobi Global, Nor Huobi Pro) to Hainan in the Hainan Ecological Software Park.
2. Build 10 global blockchain labs in collaboration with top global industry companies.
3. Build a global blockchain research institute with the world’s top universities.
4. Build a 40,000-square-meter blockchain incubator.
5. Create a billion-dollar global blockchain industry fund.

Huobi Seeks Government Partnership

Huobi was among China’s biggest cryptocurrency trading platforms prior to crippling domestic regulations that effectively curtailed the industry. After closing its Chinese trading platform in October, Huobi founder Leon Li summed up China’s curtain call as a “watershed moment” for the industry before launching Huobi Pro, its international trading platform headquartered in Singapore.

Huobi’s recent announcement to offer its own token, dubbed “Huobi Token” (HT), is another step in the former Chinese exchange giant’s diversification strategy, which includes an expansion into major cryptocurrency markets in South Korea and Japan.

The utility token is based on the Ethereum blockchain’s ERC-20 standard and will be capped at 500 million tokens. ‘Huobi Token, short for “HT”, is a token system based on Blockchain launching and management,’ the firm explained in a post on its website.

Bitcoin Raise 7% to $8,460 Overnight as Cryptocurrency Market Rebounds

After dipping below $7,300 on most major cryptocurrency exchanges, the price of bitcoin has raised 7 percent overnight, increasing from $7,240 to $8,467, triggered by a variety of factors.

G20

Many analysts have attributed the recent increase in the price of bitcoin to the result of the 2018 G20 Buenos Aires summit, during which the Financial Stability Board (FSB), the global watchdog that oversees banks and financial networks as a representative of 20 major economies, stated that existing regulations on cryptocurrencies like bitcoin will be held and no additional restriction or regulation shall be issued.

FSB’s official report referencing FSB Chair and Governor of the Bank of England Mark Carney’s letter read:

“The FSB’s initial assessment is that crypto-assets do not pose risks to global financial stability at this time. The market continues to evolve rapidly, however, and this initial assessment could change if crypto-assets were to become significantly more widely used or interconnected with the core of the regulated financial system.”

Previously, up until this week, several analysts noted that the upcoming G20 meetup has contributed to the decline in the value of cryptocurrencies, as investors anticipated the G20 financial watchdog FSB to crackdown on cryptocurrencies and issue stricter regulations. Investors expected major economies to come together to regulate the global cryptocurrency market with harsher policies.

However, governments have decided to accommodate existing regulations on the global cryptocurrency market, which are already strict in regions like the US and Japan, and follow the regulatory roadmap of leading cryptocurrency markets to facilitate the rapidly growing demand for the emerging asset class.

It is highly unlikely that the G20 meetup was the sole factor behind the recent price surge of bitcoin and the entire cryptocurrency market. But, the cryptocurrency market was in need of an optimistic and positive development to secure an upward trend again, after being in a slump for over a week.

Consequently, the valuation of the cryptocurrency market recovered beyond $310 billion, subsequent to falling below $280 billion, and is eyeing to initiate a short-term rally.

In previous reports, CCN emphasized that the January correction would require several months to recover because many investors were hurt by the decline in the price of cryptocurrencies. In 2017, the cryptocurrency market was considered the path for short-term profits. In early 2018, investors have stated to view the market differently, and speculators or weak hands have left the market.

2018 saw significantly developments in bitcoin, Ethereum, and other major cryptocurrencies along with emerging blockchain technologies. Yet, the price has not represented the magnitude of developments that have happened in the space, most likely because speculators and weak hands were not interested in the technology, but rather in short-term profits.

Short-Term

In the short-term, given the continuous increase in the dominance index of bitcoin, it is highly likely that bitcoin will maintain its dominance over the market in a volatile period like this. Bitcoin’s dominance index is already at 44 percent, and has been increasing since February, as more investors have started to eye bitcoin as a safe investment over other cryptocurrencies.

Traditional Liechtenstein Bank Launches Cryptocurrency Investment Platform

Citizens of Liechtenstein, a country that has become rather famous for its cryptocurrency acceptance, will soon be able to purchase digital currencies directly from a bank. Given the royal family’s demonstrated interest in the asset class and the general willingness to embrace cryptocurrency development, the move is perhaps not too surprising.

According to a press release issued by Bank Frick on February 28, 2018, it will be offering a wide variety of cryptocurrencies on its trading platform effective immediately. The initial set of digital currencies available for purchase will include BitcoinEthereumLitecoin, Ripple and Bitcoin Cash.

The target audience of the bank likely comprises of high net worth individuals and institutional investors, or rather, the type of individuals that already have a sizeable amount of funds in various banking instruments.

For any cryptocurrency exchange or broker, especially those, security is an important consideration. As is traditional for any cryptocurrency exchange, Bank Frick has stated that it will store all of its customers’ cryptocurrency assets in cold wallets, or rather, on computers air-gapped from the internet for the most part. Other security features, however, were not detailed in the press release.

The financial institution in question is already a fully-regulated bank that complies with all know-your-customer related laws at the country and EU level. Thus, it is safe to conclude that the same identification requirements will be carried over for any investor looking to purchase any amount of cryptocurrency from Bank Frick.

The bank also confirms regulatory compliance in its statement,

“At Bank Frick, cryptocurrency investments are subject to the same strict statutory measures as traditional financial transactions,” and “Clients can only invest in cryptocurrencies once they have been fully identified and verified. The verification and identification process also involves checking the origin of the money used to invest in them.”

Even though Bank Frick is a financial institution that primarily caters to Liechtenstein citizens, it has announced that the platform will be available to any European entity interested in it. The Chief Client Officer, Huber Büchel, said,

“Our services are in demand from companies across the whole of Europe. This is because they know that we can offer them reliable support in implementing their business models with cryptocurrencies and blockchains in line with the existing regulatory framework.”

Furthermore, the bank has announced that it will be accepting foreign currencies in exchange for cryptocurrency assets. At this time, investors can transact in US Dollars, Euros or Swiss Francs.

Bank Frick joins a rather exclusive list of banks willing to not only adopt, but also facilitate the buying and selling of cryptocurrencies. With most financial institutions around the world heading in the exact opposite direction, it is clear that Liechtenstein’s banks have other intentions.

Bitcoin Ethereum Price analysis

Bitcoin exchanging volume is moping at about portion of the normal seen amid its December crest. While a couple of trust this is an indication of a moving toward bear showcase in Cryptocurrency  list , we don’t concur with that perspective.

Amid the free for all, as found in December of a year ago, it is normal to have a surge in volume since dealers toss alert out of the window and contribute utilizing influence. Moreover, amid a thundering positively trending market, numerous amateurs enter the business sectors to make a brisk buck. A blend of these prompts a spike in volume.

At the point when costs fall, most beginners are screwed over thanks to their positions since they infrequently utilize a stop misfortune. Numerous among them would have additionally bought in a falling business sector, depleting their buying power. The main choice they see now is to hold until the point that the market recuperates. This segment of the volume won’t return until the point when a cost achieves the December highs.

Wary dealers likewise don’t wander out in a falling business sector since it is constantly better to exchange a market that is in an unmistakable uptrend. Both these reasons joined have prompted a fall in volume.

In spite of the fact that we do watch out for the volume, we ought not get stressed over this reality, since we investigate the value activity and utilize it for our exchanging choices.

BTC/USD

In our past investigation, we had suggested booking benefits on half positions around the $10,700 check and trailing the rest on the grounds that a breakout of the $11,400 to $12,200 protection zone will finish a rearranged head and shoulders design, which will be bullish for Bitcoin.

BTC

Presently, the bulls are endeavoring to break out of the slipping channel and move towards the neck area of the transformed H&S design. The moving midpoints are nearly a bullish hybrid.

The greater part of this demonstrates the bulls have a high ground at the present time. Henceforth, odds are that the cost will keep on rising in the climbing channel. The BTC/USD match will pick up energy above $12,200.

Nonetheless, as brokers, we must be prepared for any unforeseen development. On the off chance that costs neglect to break out of $12,200, odds are the digital money will progress toward becoming extent bound amongst $9,500 and $12,200 for the following couple of days.

Along these lines, brokers should watch the value activity at the $12,200 stamp painstakingly and book benefits on the off chance that they find that Bitcoin can’t break out of it.

ETH/USD

Ethereum is failing to meet expectations. For as long as five days, it has been attempting to break out of the 20-day EMA. In our past examination, we had requested that dealers raise their stops to breakeven on half position and hold the rest with a stop at $780.

ETH

On the off chance that the ETH/USD combine breaks and maintains underneath the trendline of the rising triangle design, it will be a bearish improvement, which can sink it to $780 levels. Along these lines, merchants can raise the stops on the entire position to breakeven, which ought to be around the $830 stamp.

The principal indication of a positive move will be the point at which the cryptographic money breaks out of the 20-day EMA. Be that as it may, it will pick up force simply after it breaks out and supports above $980.

BCH/USD

Bitcoin Cash keeps on exchanging inside the range amongst $1,150 and $1,355. The more it exchanges inside this range, more grounded will be the breakout. Hence, we should hope to purchase the breakout of the range.

BCH

Dealers can purchase the breakout and close (UTC) over the $1,355 levels with a $1,125 stop misfortune. In spite of the fact that the example focus of the breakout of the range is just $1,560, we trust that the BCH/USD combine will rally to $1,600 and after that to $1,800 levels.

Our bullish view will be refuted if the value separates of the range.

XRP/USD

The purchasers appear to have relinquished Ripple on the grounds that, for as far back as eight days, it has been exchanging inside the scope of $0.85 to $0.98669.

XPR

In the event that the XRP/USD combine breaks out of the range, it is probably going to rally to $1.12 levels where it will confront protection from the 50-day SMA. Once over this level, a move to $1.23 is likely.

Then again, a breakdown of the $0.85 levels can push the cryptographic money down to the $0.72 levels. We are uncertain of the course of the following move, subsequently, have said the outcome for the two potential outcomes.

XLM/USD

The bears keep on dominating the exchanging activity in Stellar. It is as of now at the $0.32 basic help. On the off chance that this level breaks, it may fall towards the help line of the plunging channel two. We suspect it’ll confront solid help between $0.20 to $0.22 levels.

XLM

In actuality, if the bulls prevail with regards to shielding the $0.32 levels, the 20-day EMA and the 50-day SMA are probably going to offer a solid protection on any pullback.

We might change our view to bullish if the XLM/USD combine maintains over the $0.48 levels.

LTC/USD

Litecoin is one of only a handful couple of coins that is exchanging above both the moving midpoints. This made us extremely bullish on it. Be that as it may, we were demonstrated wrong since this did not bring about any up move. We had prescribed merchants to purchase nearer to $200 on Feb. 23 and in our past examination, we had recommended raising the stop to breakeven.

LTC

We did as such on the grounds that the 20-day EMA has been offering help for as long as two days. In the event that this level breaks, a tumble to the 50-day SMA is likely. Additionally, both moving midpoints have straightened out, which focuses to a range bound activity for the time being.

The bulls now have a tough undertaking as they will confront protection at the $220 levels from the downtrend line and $240. We should turn insignificantly positive after the LTC/USD match maintains above $220.

ADA/BTC

Cardano has declined near our objective target of 0.00002460. The value keeps on exchanging underneath both the moving normal and the downtrend line; this is a bearish sign.

ADA

We expect a little bob from the 0.0000246 levels, yet the ricochet is probably going to confront hardened protection at the 20-day EMA and the downtrend line.

We may turn positive on the ADA/BTC match simply after it breaks out of the 0.00004070 levels.

NEO/USD

We have been bullish on NEO on the grounds that it broke out of the bearish plunging triangle design on Feb. 26. Along these lines, we had prescribed to get it at $126 levels with the stop at $105. Be that as it may, the cost has not moved by our desire.

NEO

The NEO/USD combine has diverted down strongly from the overhead protection at $140. In the event that the value neglects to discover bolster at $120 levels, it is probably going to tumble to the following quick help of $110. We trust this zone to offer solid help. In this manner, we have held the stop misfortune at $105.

Both the moving midpoints are smoothing out, which recommends a range headed activity for a couple of days.

On the upside, the cryptographic money will pick up energy just above $140.

EOS/USD

EOS keeps on exchanging inside the symmetrical triangle. On the off chance that it separates from the triangle, a retest of the Feb. 06 lows is likely.

EOS

Then again, a breakout of the triangle will convey it towards the upper end of the range at $10.119.

Inside the triangle, the value development is probably going to stay unstable. We might sit tight at the costs to break out of the 50-day SMA before prescribing any long positions in the EOS/USD match.