- BITCOIN COURSE CHALLENGE Week 4!
- British Treasury: Crypto Currencies pose low Terrorist Financing Risk!
- Lebanon's Central Bank is considering its own Crypto Currency!
- Catalonia: Blockchain Help from Estonia!
- Bitcoin Course Analysis for Week 43/2017!
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The British Ministry of Finance and Economics has recently published a report that shows that crypto currencies such as Bitcoin are "a low risk" for the financing of terrorism.
According to the HM Treasury paper, the country's National Crime Agency (NCA) is convinced that the risks of digital currencies with regard to money laundering are "relatively low". Nevertheless, the report states that crypto currencies are used for "the money laundering of small amounts in large quantities".
Two years ago, the Finance and Economics Ministry had analyzed the risks associated with the financing of terrorism. Similar conclusions could also be drawn from this report. At that time, however, it was also warned that the risks could increase with increasing popularity of crypto currencies.
The current report states that money laundering by digital currencies could increase if the technology is widely accepted as a payment method.
The Ministry of Finance and Economics wrote:
With regard to the financing of terrorism, it is unlikely that the use of crypto-currencies will increase over the next five years, the report states.
The peer-to-peer industry is also being addressed. Although there are currently no incidents in the UK to finance terrorism in the United Kingdom, there is a potential that they are used as "terrorism financing instruments".
The full report entitled "National Risk Assessment 2017" can be found here.
Lebanon central bank, which is responsible for the printing process of the Lebanese pound, plans to publish its own digital currency.
Already on Thursday, Riad Salameh, the director of the Banque du Liban (BDL) stated that it was not yet clear whether the project would be based on the blockchain technology. However, the idea is taken into account in the development talks.
According to the Lebanese Daily Star, Salameh also explained why crypto currencies using the blockchain are not suited to serve as a national currency. He made these statements during the opening ceremony of the Seventh Social Responsibility Forum in Lebanon.
Salameh said to those present:
Already in the past, the director of the Lebanese central bank called crypto currencies "uncontrolled" and described the technology as a threat to the current payment systems.
Nevertheless, Salameh is positively opposed to the idea of digitizing money. "We understand that electronic currencies will play an important role in the future. The BDL must, however, first carry out the necessary measures before a step can be taken and a system of protection against cycled crime developed, "he said.
He said no further details about the timing and it is possible that Banque du Liban uses other forms of technology to develop a central digital currency.
Other countries, such as Ecuador and Sweden, also work without the blockchain to develop their own crypto currencies. Other countries turn away from crypto currencies. In China, for example, the application of the blockchain alone is investigated.
It is expected that the bank will publish further details on the project in the near future.
According to the report, Salameh said the digital currency "will be available in the coming years."
While separatists and anti-separatists meet in Catalonia, the rest of Europe pursues this spectacle with some displeasure. Would a split be possible at all? Would not they also have to leave the EU and would not that be fatal for the economy? Interestingly, Estonia could help with its advanced technology.
Independence
The situation of Spain is likely to be clear on the basis of the revival of independence. Since the referendum on 1 October, the media has been reporting more about the autonomous region of Catalonia.
Last night, however, a new interesting subject came into the eye of thousands of Spaniards: the Blockchain.
The newspaper El País published yesterday an article on the collaboration of Catalan politicians with blockchain experts from Estonia. Right thereafter the page was the target of a DDoS attack. Estonia is known for its state-of-the-art blockchain technology, which protects the administration in the country with its 1.3 million inhabitants and allows for a lean, favorable and efficient state.
The eResidency program from Estonia allows everyone to open up digital citizenship in Estonia and thus access to services within the EU. Finns, Russians, Ukrainians and the British are the overwhelming majority of the eResidency users, but many Turks and Greeks have also registered in recent times, explained Kaspar Korjus, Managing Director of the eResidency initiative.
How do emergency states digitize
While Estonia was only dependent on digital opportunities because of its heavy Soviet past, Catalonia is thinking about its independence through the withdrawal of power from the central bank. According to Dani Marco, Director of the SmartCatalonia Initiative, he was inspired by visits to Estonia. To bring out their own digital currency would be the most important step towards independence for Marco.
Estonia itself wanted to bring out a so-called "Estcoin", but the idea seemed so dangerous that even the President of the ECB, Mario Draghi, felt personally drawn to an answer:
If Catalonia succeeds, the region would initially not be a member of the Eurozone, a digital currency would not be excluded. In fact, according to El País, Ethereum's chief engineer, Vitalik Buterin, has been approached to support the East Spaniards in their plans. Buterin has proposed an ICO at the "Becon" in Barcelona, which could be linked to the identities of the eResidency platform. This would secure the identities of the Catalans and establish a digital payment system independent of the Spanish central bank.
In the wake of this frantic development, a slow the impact of the blockchain on our society and politics become clear. In Greece, Eva Maili, then politician and now FinTech consultant, spoke for a "Plan B" in Greek monetary policy. According to the International Business Times, the conversion of all Fiat currencies into digital currencies was then considered in Greece. Even if the plan was far from simple, Maili said:
The price has fallen this week to EUR 4,653.99 (USD 5,402.96) a week, but was able to recover and currently stands at EUR 5,053.90 (USD 5,867.22).
Image based on data from coinbase.com
Summary
- The Bitcoin course has fallen during the week.
- After the price fell to EUR 4,653.99 (USD 5,402.96), the price was up to EUR 5,160.41 (USD 5,990.41), but has since then fallen again.
- The most important short-term resistance is EUR 5,110.50 (USD 5,932.93) while the most important short-term support is EUR 4,653.99 (USD 5,402.96).
The all-time high Bitcoins has a new name and is currently listening to EUR 5,292.01 (USD 6,143,65). Since then, the course has fallen in the course of the Bitcoin Gold Hard Fork, but has recovered slightly. A possible reason for this may be rumors regarding the acceptance of Bitcoin by Amazon. However, even in the course of this recovery, which has broken through a first steep downward trend (pale blue), the course could not rise above a resistance defined by a flatter downtrend (shown in blue).
The MACD (second panel) is almost zero or slightly negative, correspondingly the MACD line (blue) and signal (orange) are nearly the same.
The RSI (third panel) stands at 47 and is therefore slightly bearish.
The analysis of movements in the 60 mins. chart speak a neutral to bearish language. The most important support in this chart is defined by the former downtrend and is EUR 4,653.99 (USD 5,402.96). The most important resistance is described by the resistance of the current downtrend and is EUR 5,010.50 (USD 5,932.93).
The long term course development
How to evaluate the current consolidation? Let us consider for that the 240 mins. chart:
Image based on data from coinbase.com
The current consolidation was able to test the upward trend, which has been the direction since the beginning of October, but did not break through. Similarly, during the first consolidation, the exponential moving average was broken over a week, which, however, lasted over two weeks. Currently, the first-mentioned exponential moving average is again a stable support.
The MACD is positive after the recent recovery, but the MACD line is below the signal. The RSI stands at 52. In the medium term, the situation is neutral to bullish. The most important support is defined by the uptrend and the exponential moving average over two weeks, currently at EUR 4,557.40 (USD 5,290.82). The most important resistance is the same as in the 60 mins. chart.
Let's take a look at the 1D chart:
Image based on data from coinbase.com
We see that the course has been in a wide upstream since June. This can give us an orientation as regards the resistances and the support. With the recent all-time high, the resistance of the upstream was tested, so that in the medium term a proper consolidation (or somewhat consoling formulated: an optimal purchase moment) is pending.
The MACD confirms this picture somewhat: although it is still solidly above zero, but the MACD line has fallen below the signal. Likewise, the RSI is still bullish, but with 66 no longer overbought.
Overall, the long-term forecast from a technical perspective is bullish. Nevertheless, one should be aware that after the Resistance test, a course recovery came. The most important support is therefore EUR 3,640.42 (USD 4,226.27), ie the support of the upstream channel. The most important resistance is the resistance of the upstream, which is currently at EUR 5,273.95 (USD 6,122.69).
Disclaimer:
The course analysis is from morning MUT time zone and can have changed since. The price estimates presented in this post are not a recommendation to buy or sell. They are merely an estimate of me.
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