Announced Monday, six international banks have signed letters of intent to issue stablecoins, or tokens backed by fiat currency, on World Wire, an IBM payment network that uses the Stellar public blockchain. The network promises to let regulated institutions move value across borders — remittances or foreign exchange — more quickly and cheaply than the legacy correspondent banking system. So far three of the banks have been identified — Philippines-based RCBC, Brazil’s Banco Bradesco, and Bank Busan of South Korea — the rest, which are soon to be named, will offer digital versions of euros and Indonesian rupiah, “pending regulatory approvals and other reviews,” IBM said. The network went live Monday, although while the banks await their regulators’ blessings, the one stablecoin running on World Wire at the moment is a previously announced U.S. dollar-backed token created by Stronghold, a startup based in San Francisco.
On March 16, 2019, the price of IOTA (IOTA) reached a high of nearly $0.32. It has been on a gradual downtrend since. Here is the price outlook for the period of Mar 16 through Mar 18:
Our analysis of IOTA on Mar 13 predicted that price would increase and result in a breakout above resistance. Our prediction was validated the following day. According to today’s analysis, we predict that IOTA will likely continue trading within a downward facing channel. This means gradual losses for the foreseeable future. Highs within the channel may still be experienced; however, they are expected to grow successively lower over time. In the case of a breakout or breakdown, we assess that a breakout is more likely—which means the possibility of a reversal and rapid price increases.
Analysts from Bank of America Merrill Lynch have said that the crash in cryptocurrency and oil markets are indicators of a looming “flash crash” in markets, Reuters reported Nov. 16. The strategists reportedly suggested that rising volatility across various asset classes and deleveraging, such as that which happened in oil markets over the past weeks, are signs of the evolution of a bear market. On Nov.14, Bitcoin (BTC) price slumped below $5,400, while total market capitalization of all cryptocurrencies dropped as low as $174 billion. The price dive marked a new volatility record for markets this year…………..