Summary:
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Life science industry survey shows significant adoption of the blockchain technology
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ETHEREUM lacks direction after breaking above the downward trendline
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South Korean police published report on hackers’ attack related to cryptocurrencies
No major price movements occured on the cryptocurrency market over the weekend and in turn most of the coins trades near Friday’s levels. Begin of Monday’s trading was marked by minor gains among most of the major coins.
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A quick look at the cryptocurrency market and Bitcoin capitalization shows how subdue were Bitcoin price movements in the past three weeks. Source: Macrobond, XTB Research
Venezuela has been a country of particular interest for the cryptocurrency and blockchain enthusiasts. This is because the country was the first one to adopt the state-backed cryptocurrency, Petro. Nicolas Maduro, the President of Venezuela, decided for such move in order to bypass the impact of the US sanctions. The United States responded with an executive order signed by the President Donald Trump that prohibits the US citizens and companies from holding and using Petro. Now, a group of the US senators proposed stiffening the order with a clause that would prohibit US citizens and companies not only from holding and using Petro but also from providing the Venezuelan government with a software that would enable to implement the Petro more widely. At the same time, the Venezuelan government does all it can to increase awareness and use of the cryptocurrency. The latest push for the broader adoption of the cryptocurrency made Venezuelan citizens pay for their travel documents, like passports, with the state-backed coin. The official sale of the Petro is scheduled to begin on November 5.
BITCOIN found itself in an interesting situation from the technical point of view. The most famous coin is trading a notch above the short term upward trendline and below the medium term downward trendline. The direction of the break from this pattern may be crucial for coin’s price movements in the nearby future. Source: xStation5
Pistoia Alliance, a life science non-profit organization, published results of its survey concerning the blockchain technology in the life science industry. According to the poll around 60% of professionals in the life science sector are either using blockchain technology in their work or are experimenting with it. This number is almost three times higher than 22% in last year’s survey. The remaining part of the industry cited various reasons for staying reluctant towards implementing the technology. Majority of them claimed that a major barrier to the adoption is a lack of skilled personnel that could use the technology while about 16% said that it is because blockchain technology is too difficult to understand. Asked about the biggest benefits of the blockchain technology most of the responded cited data immutability while another major group claimed that it is transparency what makes blockchain unique. On the other hand, almost 20% of respondents said that blockchain offers no superiority to traditional databases. Given that among members of the Pistoia Alliance one can find some major global players in the life science industry, like Pfizer or Novartis, results of the survey show that the technology is widely embraced within the industry and is definitely set to increase its importance in the future.
Despite breaking above the downward trendline ETHEREUM failed to find direction. Coin’s trading seems to be locked in between 38.2% ($211.6) and 50% ($226.7) Fibo levels of the slump from the first half of September. Source: xStation5
Last but not least, The South Korean National Police Agency published a report on hacking attack that took place in the past three years. According to the report a total of 7 cryptocurrency exchange hacks were reported in that period and 158 cases of the cryptocurrency wallet theft. However, 91 out of 158 wallet theft happened this year showing that the problem is growing. Nevertheless, just six arrests were made in relation to these cases. Stolen funds amount to almost $100 million. The South Korean authorities recognize the fact that cryptocurrency exchanges are particularly exposed to hackers’ attacks due to their nature and because of that police began inspecting exchanges to check their level of security. However, some of the exchanges fell victim to hackers’ activity even after they were inspected by the police.
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