Japanese banks to test blockchain-based settlements

Summary:

• Several Japanese banks to test blockchain-powered settlement system
• There are over two hundred blockchain-related companies in Israel
• Litecoin (LITECOIN on xStation5) plunges below the $0.50 handle

Monday’s trading on the cryptocurrency market ended in downbeat moods with major coins dropping significantly throughout the day. Tuesday seems to be more quiet in comparison to yesterday. The capitalization of the whole market stands around the $203 billion handle whereas the most famous virtual currency has a 54.1% market share.

BITCOIN experienced noticeable declines yesterday. The cryptocurrency is trading in the vicinity of the $6315 handle as well as it’s moving around the lower bound of the short term consolidation ranging $6315-6450. Source: xStation5

A first interesting piece of news comes from Japan where nine Japanese banks are teaming up to test a blockchain-based settlement system. Fujitsu, the Japanese multinational IT behemoth, announced on Monday that its technologies were selected to test the solution. A virtual currency dedicated for interbank settlements will be used “to evaluate the functionality of the system as an economical new interbank funds transfer settlement system for small-scale transactions using a real time gross settlement method”, the company reports in a press release. Mizuho Bank and MUFG Bank can be found among other banks taking part in the project.

ETHEREUM, like BITCOIN, saw some drops yesterday, and the cryptocurrency fell down to around the $195 handle. The virtual currency with the second largest capitalization, also like its bigger counterpart, is moving close to the lower bound of its consolidation. Source: xStation5

Another optimistic report concerns Israel as over two hundred blockchain companies run businesses in this country, according to the Israeli Blockchain Association’s report. Moreover, the number of enterprises involved in the blockchain industry has tripled since the beginning of this year. What else one could find out in the mentioned report? For example, Association writes that most of Israeli blockchain companies are focused on Fintech (57 firms) and Protocols/Core Infrastructure (37 firms). Moreover, the Israeli Blockchain Association expects the number of Israel’s blockchain startups will double next year. “Israel has a good chance to strengthen its Startup Nation brand, as well as become the Blockchain Nation”, said Gadi Isaev, Managing Partner of the Association, as it is reported in a press release.

LITECOIN reached one of the worst results over the past 24 hours as the digital currency plunged around 4.5% since yesterday. The cryptocurrency broke below the consolidation area (a purple rectangle on the chart). Source: xStation5