Bitcoin in a Week: Positive news drives price up for 5 consecutive days

The price of Bitcoin showed a trend of steady growth followed by a correction this week ( August 18-August 24). The closing price on August 24 was 3867, with an overall increase of 1.2%.

The slight rise in Bitcoin this week may be affected by many positive news in the market, including Singapore Bitcoin payment company Coda Pay's US$2 million financing, the world's four largest banks may launch commercial-grade blockchain systems in 2018, Australia Post's application for a blockchain election system to the Electoral Affairs Commission, the UK financial regulator's green light for blockchain companies, Russia's first Bitcoin exchange, etc. However, judging from the increase, the impact of the news is limited, and investor confidence is still affected by the follow-up impact of the theft of the Hong Kong Bitcoin platform, and growth is weak.

According to the trend line, last week, the 5-day line crossed the 10-day line and then crossed the 10-day line. The 30-day line and the 60-day line still maintained a downward trend. Combining the trend lines of the past few weeks, the 5-day line and the 10-day line tended to overlap after the price plummeted, and it was in a consolidation stage. From the perspective of trading volume, it basically remained in the range of 169701-261532, and the trading volume was relatively stable. Overall, the price of Bitcoin may fall slightly or consolidate next week, and the trading volume will be light.

Industry

R3 CEV is using blockchain technology to build a new Wall Street infrastructure. On Tuesday, the company applied for a patent for the technology behind its new project, Concord. Concord aims to be a universal connection platform between banks and companies, which aims to digitize and accelerate the clearing and settlement of securities transactions and post-trading functions, as well as register various assets and track cash balances.

According to Russian media reports, Moscow government officials recently revealed plans to investigate the application of blockchain technology. Andrey Belozerov, deputy director of Moscow's Ministry of Information Technology , said that the agency is currently exploring how blockchain can be used for various applications, including preventing election fraud.

Bank of Japan Governor Haruhiko Kuroda said at an event held at the Bank of Japan's Fintech Center this week that the operating model of financial services will continue to change with the development of blockchain technology and distributed ledgers. He said that the ledger is the basic information architecture for the development of financial services, so major changes in the way the ledger is maintained will also affect the foundation of financial services.

Singapore-based bitcoin startup Coda Pay has announced that it has raised $2 million in funding led by Golden Gate Ventures, GMO Global Payments Fund, and Skype co-founder Toivo Annus.

The world's four largest banks: UBS, Deutsche Bank, Santander and Bank of New York Mellon have teamed up to develop a new electronic currency, hoping to use blockchain technology to settle transactions in the future and become a universal standard for the global banking industry. The four banks will also work with British brokerage ICAP to promote the solution to central banks of various countries, and plan to carry out the first commercial application in early 2018.

Since the Russian authorities announced their intention to cancel criminal penalties for Bitcoin users, Moscow has welcomed the country's first digital currency exchange. The Bitcoin exchange is jointly operated by a group of Bitcoin enthusiasts and provides 24-hour offline digital currency trading services. Currently, the exchange only provides "one-way" trading services, and the service of purchasing Bitcoin is still unavailable.

The Australian Securities Exchange ( ASX) has announced that it has completed the first version of an alternative distributed ledger settlement system. A presentation document released by the ASX revealed the solution developed by the exchange in partnership with New York-based Digital Asset Holdings (DAH).