Bitcoin analysis for 22/08/2018

Zheshang Bank, one of the largest private commercial banks in China, using the Blockchain proprietary platform, completed the issue of securities worth 66 million. dollars. Based on public documents, the bank filed a prospectus at the Shanghai Clearing House on August 13, claiming that it would support securities with a portfolio of receivables from various corporations.

According to the report of the China Securities Journal, the bank ended its broadcast on 17 August, becoming one of the first institutions in the country that made such an issue in the Blockchain network.

The Blockchain platform, called Lianrong, was developed by the bank to enable registered companies to broadcast assets to potential investors and enable them to settle invoice transactions as securities in peer-to-peer mode. By purchasing receivables from the company's account, the investor generally pays for the overdue invoice of the company at a discount and expects to receive the full amount from the side responsible for making the original payment later.

Founded in 2004, Zheshang Bank is one of 12 commercial banks in China that have launched various Blockchain initiatives over the past 12-18 months. However, it is not the only financial institution that has requested this technology to offer special asset-backed securities.

JD Finance, a subsidiary of the China electronics giant JD.com, announced in June a plan to launch a similar product through a distributed network in cooperation with another commercial bank.

Let's now take a look at the Bitcoin technical picture at the H4 time frame. The price broke through the technical resistance at the level of $6,597 and spiked towards the level of $6,889 (the weekly pivot resistance) before was capped. Currently, the market is testing the previous resistance (now support) and it will all depend on the market behavior on this level.

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The material has been provided by InstaForex Company - www.instaforex.com