Cryptocurrencies: Asian crypto valley in Philippines?

Summary:

• The government of  Philippines wants to build its own ‘crypto valley’

• The group of financial regulators plan the new initiative for fintech

• Bitcoin bears fail to break below the $6000 mark

Wednesday morning brought a relief for the cryptocurrency bulls as declines we were observing since the beginning of the week eased. Over the past 24 hours a majority of digital currencies were decreasing, but not as much as previously. The capitalization of the whole cryptocurrency market stands around $225 billion. The Bitcoin market capitalization sits subtly below $110 billion. Today’s major topics concern the Philippines government’s new idea and financial regulators’ initiative related to financial technologies.

BITCOIN has met two obstacles that could justify the stop of this week’s decline. The first one could be the lower bound of the downward price channel while the second one could be July’s low. Keep in mind that the coin is trading not far from the psychological $6000 handle. Source: xStation5

Firstly, let’s move to Asia where the government of Philippines has a new crypto-related idea. The country’s lawmakers partnered with some private companies to build a crypto zone called the Crypto Valley of Asia (CVA). According to e27, the area is a part of government’s plans aimed at attracting international fintech companies, including blockchain ones. CVA goal is to cause an economic boom which could benefit Philippines by, for example, creating new jobs. The CVA will host 25 companies.

ETHEREUM has experienced a free fall recently. The cryptocurrency has moved from over $400 to around $350 in just a single day. ETHEREUM is trading close to the $355 mark at press time. Source: xStation5

Secondly, it is worth to note that the group of eleven financial regulators plans to create the network aimed at supporting the development of financial technologies including blockchain. The initiative was announced by the UK watchdog - Financial Conduct Authority - and was granted a name ‘Global Financial Innovation Network’ (GFIN). One of the fields that could be tested via GFIN will be cross-border solutions offered by mentioned financial technologies.

RIPPLE bulls tried to push the price higher but they have met with a strong resistance a notch above the 8-period moving average (a yellow line). RIPPLE sits in the vicinity of the $0.34 handle at press time. Let us recall that this coin started the week with a price close to $0.43 so one can see a heavy sell-off RIPPLE has undergone recently. Source: xStation5