Cryptocurrency market update: Novogratz predicts Bitcoin bull rally as six banks plan to launch own coins supported by IBM and Stellar
|- Mike Novogratz believes Bitcoin sideways trading will soon end up in a bullish move.
- IBM leverages Stellar public blockchain support six stablecoins to issued international banks.
The market has slowed down activity in the past few days. The low trading activity comes after Bitcoin broke above the key resistance at $4,000 for the first time in two months over the last weekend trading sessions. Some of the best-performing coins of the week are Bitcoin Cash which tested $165 to the upside and Stellar (XLM) which has spiked formidably following the listing at Coinbase.com as well as iOS and Android applications.
Following the news that JP Morgan is launching its own digital token, JPM Coin, six more banks have announced plans to launch their own digital currencies in collaboration with IBM. Yesterday, news broke out that six international banks had already signed letters of intent to issue stablecoins on World Wire by IBM. IBM developed the payment network that leverages Stellar public blockchain. With the network, the commercial banks will have the ability to transfer value across international borders including foreign exchange.
According to CoinDesk, three of the banks include Philippines-based RCBC, Brazil’s Banco Bradesco, and Bank Busan of South Korea. The other three banks will provide digital versions of fiat currencies like the euro and the Indonesian rupiah but at the moment there are “pending regulatory approvals and other reviews.” IBM head of blockchain for financial services Jesse Lund said:
“So we are starting with markets that are outside of the U.S., but it won’t be long before we add U.S. as an operating endpoint. It will be sometime this year; we will get to it, third quarter, fourth quarter something like that.”
Finally, the renowned cryptocurrency bull Novogratz has again taken to social media with positive sentiments towards the cryptocurrency market. The chief executive officer of Galaxy Investment Partners believes that the current sideways trading of Bitcoin will culminate in a bullish trend come its next move.
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