Summary:

• The new UK payments system will support blockchain
• Chinese city launches a $1.5 billion blockchain fund
• Bitcoin (BITCOIN on xStation5) is marching higher towards a $8000 handle

Tuesday has begun quite interestingly for the most important virtual currencies. Bitcoin has reached its two-month high. Over the past 24 hours major cryptocurrencies surged. The capitalization of the whole market stands above $290 billion while the capitalization of altcoins sits subtly above $155 billion. The Bank of England has announced recently that an upgraded payments system will be compatible with blockchain. On the other hand, one of Chinese cities is creating a new blockchain fund.

BITCOIN is climbing back towards a $8000 handle. The most famous cryptocurrency has broken the resistance level around $7550, and it is reaching new highs. The last week started with spectacular gains, and this week has also begun with quite big increases. BITCOIN has reached 60-day high, and there is the likelihood the coin could keep pushing higher. Source: xStation5

Nanjing, a Chinese city, will promote public blockchain projects. Nanjing launches a new blockchain investment fund supporting these projects. The city is going to invest $1.5 billion. What’s more, the Nanjing City cooperates with Zhongguancun Blockchain Industry Alliance to create this fund. China’s approach to crypto-related ideas is quite interesting. Let us recall that China banned all Initial Coins Offerings (ICOs). Nevertheless, a Chinese attitude could be changed in the nearby future, considering a more and more significant and important role of cryptocurrencies and blockchain all over the world.

ETHEREUM has been halted by a 33-period moving average on a H4 interval (a purple line on the chart). The coin is boldly trying to break this level. Ether stands a notch above $460 at press time. Source: xStation5

BoE’s updated payments system will be compatible with a blockchain-based technologies. Bank of England is making efforts to modernize its payments system called Real-Time Gross Settlement (RTGS). RTGS handles various financial transactions in the United Kingdom thus it is very important for the British banking system. This message is another positive sign for blockchain-based companies and crypto-enthusiasts, and it could increase blockchain’s popularity. The revamped system will probably start in 2020.

LITECOIN, just like Ethereum, has been halted by a 33-period moving average on a H4 interval (a purple line). Today, LITECOIN has jumped significantly. Will LITECOIN clearly break this roadblock? Furthermore, the digital currency is moving around a $85 handle at the time of preparing of this analysis. Source: xStation5