Summary:

  • IHS Markit, being famous for a PMI indicator, develops a new blockchain-based system
  • Chilean bank reopens accounts of local crypto exchanges following the court order
  • Make it or break it? Litecoin gets closer to its crucial support area

According to revelations obtained by CoinDesk IHS Markit is developing a new blockchain-based system aimed at handling the payments leg of syndicated loan trading (a syndicated loan means that several entities work together to provide money to a single borrower). A system of smart contracts and wallets known as Stax is to eliminate so-called wire transfers (a method of electronic funds transfer from one entity to another one) in which each transaction has its own wire. If the system is successfully developed and implemented it could make a cash transfer in a syndicated loan much less complex. Keep in mind that a syndicated loan may involve up to 30 different banks, so from time to time it could constitute a challenge to be processed in time and smoothly. The new Stax system is anticipated to begin a testing phase this summer. 

link do file download linkBitcoin broke through its short-term support in the morning which can be a sign of further losses. Do notice that the price has tended to bounce back each time when it touched the descending trend line. Thus, once buyers take the Bitcoin price to this level it could be a good point to consider selling anew. Source: xStation5

Chilean bank reopens accounts of local crypto exchanges following the court order

In response to the court order for the three major banks in Chile one of them – Bancoestado – informed that on last Thursday it had finalized the first reopening of a current account for a local crypto exchange Cryptomkt. The court order embraced two Chilean cryptocurrency exchanges, apart from Cryptomkt there was also Buda.com. In turn, among banks which were ordered to reopen accounts was also Scotiabank being headquartered in Canada. Do notice that the banks did not take the court order without questioning it and before they reopen their accounts they appealed the decision, but it court rejected a combined appeal and confirmed they must reopen accounts of the two digital currency exchanges. Finally, let us notice that while Cryptomkt has already its accounts running normally the second exchange Buda.com has yet to confirm it.

link do file download linkLitecoin continues nearing its important demand zone placed a touch above $100. This level might be perceived as outstandingly relevant by many cryptocurrency traders, and therefore it may matter a lot for this digital currency going forward. Assuming that price closes below this area at a daily time frame, it could lead to a downward move at least toward $80 or so meaning the lowest price since November last year a while before the mind-bending rally. Source: xStation5