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Spanish seafood firm partners with IBM for supply chain tracking

Spanish multinational seafood giant, Nueva Pescanova Group, has partnered with The IBM Food Trust to trace the shrimp and prawns it fishes on the blockchain.

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Spanish-based seafood firm, Nueva Pescanova Group, has announced its working with IBM to utilize its Food Trust platform — a distributed ledger technology platform designed for supply chain traceability.

According to a June 8 announcement from IBM, the partnership is already underway, with Nueva Pescanova utilizing blockchain technology to track shrimp fishing in Argentina and prawn cultivation in Ecuador.

In the announcement, Ignacio González, the CEO of the Nueva Pescanova Group, stated the tracability platform will help the firm in meeting the United Nation’s Global Dialogue on Seafood Traceability (DGST) standards, stating:

“We want to offer our consumers all over the world rigorous and detailed information on the traceability of our seafood products, from their origin until they reach their tables. Now is the time for businesses across the seafood sector to begin addressing the GDST standards.”

Nueva Pescanova Group is a leading multinational seafood firm that was founded in 1960. The company covers the cultivation, production, processing, and distribution of seafood.

IBM’s Food Trust traceability platform was designed for the food industry, enabling members of the network to view comprehensive supply chain data from products in “near real-time” — offering significant efficiency savings to producers, minimizing fraud across the global market, and ensuring safety and sustainability obligations are met.

Sustainability is an issue of increasing importance to seafood consumers, with IBM referencing its 2020 Europe Food Sustainability study, which found that nearly 50% of respondents would buy more seafood if they had more information on its “origin, safety and production.”

The partnership adds to the growing list of food and agricultural firms that have partnered with IBM for blockchain-based supply chain solutions.

In February, Multinational retail giant Carrefour partnered with IBM to track the supply chain of chicken and microgreens. In December 2020, Cointelegraph reported that Nestlé, Dole, and olive oil giant CHO were already leveraging the IBM Food Trust Network.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cointelegraph.com/news/spanish-seafood-firm-partners-with-ibm-for-supply-chain-tracking

Blockchain

Etheruem Price Analysis: ETH Facing Critical Decision Point, $2200 or $2500 Next?

ETH continues to struggle with a 10% price drop over the past week. Against BTC, ETH dropped as low as 0.0628 BTC this weekend but has since rebounded as it battles to remain above the 50-day moving average line.

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ETH/USD – Market Falls Beneath 100-day MA

Key Support Levels: $2330, $2250, $2200.

Key Resistance Levels: $2470, $2600, $2720.

ETH failed to break the 50-day MA around $2890 at the start of June and, unlike bitcoin, ETH has been consistently dropping since. On Friday, ETH slipped beneath support at $2470 (.382 Fib) and slumped below the 100-day MA to find support around $2330 (.5 Fib).

On the short-term charts, an ascending trend line provides support for the ETH/USD market. Combined with the .5 Fib at $2330, this trend line will be critical to defending over the coming days. Failing to do so, ETH is likely to head toward $2200 again, and even further down towards the $2k mark.

ETH/USD Daily Chart. Source: TradingView.
ethusd-4hr0jun13
ETH/USD 4-Hour Chart. Source: TradingView.

ETH-USD Short Term Price Prediction

Looking ahead, if the sellers break the support at $2330 (.5 Fib & ascending trend line), the first support lies at $2200 – $2250 area (.618 Fib), Slightly below lies $2K, which was the Feb 2021 highs.

On the other side, the first resistance lies at $2470 (100-day MA). This is followed by $2600 (20-day MA), $2720, $2800, and $2890 (bearish .382 Fib & 50-day MA).

The daily RSI is at the lowest level seen in June, indicating that the bears are starting to gain momentum. On the other hand, looking at the 4-hour chart, the RSI rebounded from oversold conditions during this weekend and is attempting to head back toward neutral territory. If the short-term momentum can turn bullish, it should help ETH remain above the critical trend line support.

The bottom line is that ETH/USD reaching a decision point.

ETH/BTC – Bulls Battle With 50-day MA

Key Support Levels: 0.065 BTC, 0.0628 BTC, 0.06 BTC.

Key Resistance Levels: 0.07 BTC, 0.0737 BTC, 0.077 BTC.

ETH continues to struggle against BTC. It was trading as high as 0.077 BTC (1.414 Fib Extension) at the start of the week but has since dropped beneath the 20-day MA at 0.07 BTC and continued to fall into support at 0.0628 BTC this weekend before a quick rebound toward the current trading levels of 0.066 BTC (50-day MA).

ethbtc-jun13
ETH/BTC Daily Chart. Source: TradingView.

ETH-BTC Short Term Price Prediction

Looking ahead, if the bears push the market lower, the first support lies at the current level of 0.065 BTC. This is followed by 0.0628 BTC, 0.06 BTC, and 0.056 BTC (late-May low).

On the other side, the first resistance lies at 0.07 BTC (20-day MA). This is followed by 0.0737 BTC (bearish .618 Fib), 0.077 BTC (June highs), and 0.08 BTC.

The daily RSI sits beneath the midline and struggles to head back toward the neutral territory, indicating that the bears are still unwilling to relinquish control of the momentum right now.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/etheruem-price-analysis-eth-facing-critical-decision-point-2200-or-2500-next/

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Blockchain

Elon Musk: Tesla Will Resume Allowing Bitcoin Transactions With One Condition

If at least 50% of the energy used for Bitcoin mining comes from renewable sources, Tesla will reconsider allowing BTC transactions once more.

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After Tesla stopped accepting Bitcoin as a payment method for its electric cars back in May, Elon Musk has stated that his company would resume receiving Bitcoin transactions, with one condition dependent on the energy consumption.

  • Exactly one month following Tesla’s announcement of halting bitcoin payments, Elon Musk has said on Sunday that the electric vehicle manufacturer will resume allowing BTC transactions. However, there’s one condition: at least 50% of the energy used for bitcoin mining must be from clean energy sources. 
  • “When there’s confirmation of reasonable (~50%) clean energy usage by miners with the positive future trend, Tesla will resume allowing Bitcoin transactions,” he tweeted.

  • The tweet was in reply to Magda Wierzycka, one of the richest women in South Africa and CEO of Sygnia, who blamed Musk for pumping and dumping bitcoin for his own benefit. 
  • Musk claimed that Tesla only sold 10% of holdings to confirm BTC “could be liquidated easily without moving market.” 
  • Additionally, the billionaire refused the allegations that he uses his social media influence to deliberately impact the price of BTC. However, whether he does it on purpose or not, Musk’s Twitter posts are more often than not followed by enhanced volatility.
  • After the aforementioned development in which Tesla disabled BTC payments, the asset fell by $3,000 immediately and more than 20% in the next day.
  • In contrast, when Musk clarified that Tesla still holds all of its coins days later, it caused a price surge of $2,500.
  • Today’s tweet was no different. The price of the primary cryptocurrency responded immediately to the news by a sudden increase of $1,500, breaking above the $36k resistance towards $37.5k.
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Source: https://cryptopotato.com/elon-musk-tesla-will-resume-allowing-bitcoin-transactions-with-one-condition/

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Bitcoin price moves toward $40K as on-chain and technical analysis favor bulls

Bitcoin price is still 38% away from its all-time high but a handful of technical indicators suggest bulls are gathering strength.

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Bitcoin (BTC) price saw a bullish turn of events on June 13 as the price broke out to $39,252 but many analysts are still on the fence when it comes to determining whether the digital asset is ready to continue its uptrend. 

To date, the crypto market remains on edge and is two months removed from Bitcoin’s all-time high near $65,000. A market analysis from Delphi Digital identified a “major head and shoulders pattern” that could “spell more short term pain if BTC dives below $30,000.”

With that in mind, now is a good time to review some key data points to gain a greater perspective on where Bitcoin price could go next.

Short-term holders suffer losses

A 50% decrease in price over the past two months may seem extreme to those unfamiliar with the volatility of the cryptocurrency market, but it comes as no surprise to the long-term hodlers who have seen multiple drawdowns of an even larger magnitude over the last decade. 

Bitcoin price drawdown from 52-week high. Source: Delphi Digital

As seen in the chart above, a drawdown of 70% or greater is not uncommon for BTC, especially following a significant run-up in price, hinting that the possibility for further pain is still a threat as bulls battle bears in the mid $30,000 range.

The rapidly falling prices sent new and old Bitcoin holders running for the sidelines, resulting in traders selling at a loss according to SOPR (Spent Output Profit Ratio) data highlighted by cryptocurrency analyst filbfilb. 

Bitcoin spent output profit ratio. Source: Decentrader

In the past couple of days signs of a SOPR reset have appeared, indicating that average wallets are now selling at a profit again. 

The Crypto Fear and Greed Index (CFGI) has also reached its lowest level since the March 2020 sell-off initiated by the Covid-19 pandemic.

BTC drawdown vs. crypto fear and greed index. Source: Delphi Digital

The high levels of fear currently being experienced by a majority of traders have many sitting on the sidelines as concerns of further losses remain a legitimate possibility.

For the contrarian investors, however, low scores on the index are a signal to “be greedy when others are fearful” as Warren Buffet would say and the chart above shows that buying during high fear moments tends to be a good entry-level.

Related: Here’s how Bitcoin’s impending death cross could be a contrarian buy signal

Sentiment begins to rebound

While it’s true that Bitcoin has seen it’s price fall more than $30,000 over the past two months, it’s important to note that the amount it has fallen as well as its current price are nearly double the previous all-time high set in 2017, shining a light on just how significant the rally has been over the past six months.

On-chain analysis from Decentrader shows that an ‘oversold’ signal was recently triggered, “suggesting that BTC may soon be ready to turn around and move to the upside.”

Bullish signal provided by the active addresses sentiment indicator. Source: Decentrader

The active addresses sentiment indicator compares the 28-day change in price, shown by the orange line, with the 28-day change in on-chain active addresses which is represented by the band of grey lines.

The orange line moving from below the dotted green line back up into the active address change band is considered a bullish signal, and this most recently occurred on June 10, indicating the possibility of a turnaround in the market.

According to Rekt Capital, a popular analyst on Twitter, Bitcoin is still on a path to realize a new all-time high.

For now, perhaps it’s best to just take a break from staring at charts and worrying about which way Bitcoin will choose. The long-term outlook remains strong as countries like El Salvador have begun choosing BTC as legal tender and more people become interested in cryptocurrency.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cointelegraph.com/news/bitcoin-price-moves-toward-40k-as-on-chain-and-technical-analysis-favor-bulls

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Jack Dorsey Believes Nigeria Will Lead the Charge for Bitcoin

Jack Dorsey, the co-founder, and CEO of Twitter is positive about Bitcoin in Nigeria in direct response to NFL star Russell Okung’s open letter.

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Jack Dorsey, the co-founder and CEO of social media giant Twitter, is upbeat about Bitcoin’s future in Nigeria, despite the Central Bank of Nigeria(CBN) ban prohibiting financial institutions from dealings with crypto exchanges. Dorsey revealed his hopes for the largest cryptocurrency in direct response to NFL star Russell Okung’s open letter in Bitcoin Magazine.

Jack Dorsey Shows Support for Russell Okung’s Letter on Bitcoin

The statement from Dorsey comes in light of Nigeria’s recent suspension of Twitter’s operations in the country. On June 5, Nigeria announced an indefinite ban on the social media platform following Twitter’s removal of President Muhammadu Buhari’s tweets.

Longtime Bitcoin supporter and a Nigerian descendant himself, Russell Okung advocated for a Bitcoin standard to attain “economic independence and financial sovereignty” in his letter. Okung believes that Nigeria is excluding its citizens from opportunities for wealth creation and preservation by refusing to embrace the virtual currency. He also wrote that Bitcoin adoption “would significantly bolster every sector of the Nigerian economy and revitalize the spirit of every Nigerian domestically and abroad.”

Okung cited the nations of Barbados, Singapore, and Malta, as examples of countries that have pushed BTC-friendly initiatives to attract potential investors. He also claimed that China, Iran, and Russia have successfully circumvented economic sanctions imposed by the United States by “mining or otherwise utilizing Bitcoin.”

BTC’s Role in Nigerian Protests

Nigeria has seen a wave of civilian protests questioning the country’s governance in the last few days. Many people hit the streets on the country’s Democracy Day against bad governance, insecurity, and the Twitter ban.

Notably, Nigeria banned Twitter from continuing its operations after the platform removed President Muhammadu Buhari’s tweets that referred to the Nigerian Civil War. Twitter classified the leader’s posting as a violation of its “abusive behavior” policy. However, many key opposition leaders in the country continue to use Twitter with the help of VPN software and critics of the government have highlighted the move as a pushback against the country’s freedom of speech.

Dorsey has also extended his support to the protests and requested donors to send their proceeds in Bitcoin to the protesters.

Nigeria has tightened its grip on crypto trading while associating cryptocurrencies with terrorism funding and money laundering.

READ  BitMEX Donates $2.5 million in Fight Against Coronavirus

#Nigeria Bitcoin #Nigeria Twitter #Twitter CEO Jack Dorsey

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.cryptoknowmics.com/news/jack-dorsey-believes-nigeria-will-lead-the-charge-for-bitcoin

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