Bitcoin analysis for 23/08/2018

Bank in Liechtenstein, Union Bank AG announced in a press release that it is issuing its own security tokens and an internal cryptocurrency supported by Fiat.

Union Bank, which this year is increasingly focused on Blockchain, said the issue of the so-called "Union Bank Payment Coin (UBPC)" was the next step towards becoming a "full-service investment bank, Blockchain".

UBPC will act as a stablecoin, as the institution explained, and will have support for currencies such as the Swiss franc.

Our goal is to become the world's first Blockchain investment bank and provide tangible solutions that help increase efficiency, reduce the cost base and open up new revenue opportunities for both our clients and agents. Therefore, our "Union Bank Payment Coin" supported by the currency can potentially change the approach to international trade and international cross-border transactions.

- says the chairman of the board, Mohammad Hans Dastmaltchi.

In the same week, news appeared that in this small European principality, Binance, one of the main cryptocurrencies, launched a fiat-crypto exchange. Both Binance and Union Bank praised the pro-Blockchain attitude of jurisdiction.

Let's now take a look at the Bitcoin technical picture at the H4 time frame. The market has backed off from the recent local highs after a failed attempt to break through the level of $6,782. Currently, the market is trading inside of the range again, just in the middle of it and close to the weekly pivot at the level of $6,358. The horizontal correction continues and the nearest technical support is seen at the level of $6,179.

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