China’s first blockchain-powered hospital is set to launch sometime in 2021, but some government officials voiced concerns over data security.
According to Cn-Healthcare, the First Affiliated Hospital of Dalian Medical University will launch a pilot program by January 2021 as blockchain integration is still incomplete. The hospital will use the blockchain to store patient and treatment information.
The operators also said that such a blockchain-powered platform will allow patients to access the so-called “internet hospital” services via a WeChat applet, whose blockchain network stores consultation and treatment data by aiming to maximize contactless solutions due to the pandemic.
However, officials of the Ministry of Industry and Information Technology told hospital administrators they are not convinced that blockchain infrastructure is safe and are concerned over data security issues.
Niu Tie, director of the First Affiliated Hospital of Dalian Medical University, said:
“Our information department is facing a lot of pressure [from the government]. As a leading hospital in the region, any decision-making was very cautious (…) The requirements are also very strict in terms of privacy. The Ministry of Information decided to explore the application of blockchain from the perspective of data security, and also pointed out the direction of development for the technical staff.”
Government officials, Niu said, wanted the hospital to ensure information can be verified and that it can secure storage, transmission and access to data.
China is well-known for its mass surveillance of citizens, making such comments contradictory to some of its policies.
Dalian hospital officials said that their blockchain platform allows patients to access services via WeChat, whose blockchain network stores consultation and treatment data to maximize contactless solutions due to the COVID-19 pandemic.
The Dalian hospital and the Ministry of Industry and Information Technology are still discussing the best ways to guarantee data privacy and security before the planned launch.
Chinese companies filed for over half of all global blockchain patents according to the “2020 Blockchain Industry Development” report. This follows Chinese President Xi Jinping’s endorsement of the industry.
History Suggests Bitcoin’s Next Big Breakout Will Take Place at the End of 2020
Bitcoin and the entire crypto market have been caught within a bout of sideways trading. Both bulls and bears have been unable to garner clear control over the market, which has created a sense of fear amongst investors and traders.
Where Bitcoin trends next may depend somewhat on its reaction to its range boundaries, which sit at $10,200 and $11,200.
Although neither of these levels have been broken as of yet, one analyst is noting that this may be due to BTC currently being trapped within an accumulation phase.
He believes that this will result in a major breakout by the end of 2020.
At the time of writing, Bitcoin is trading up slightly at its current price of $10,600. Bulls have catalyzed some slight upwards momentum today, but it has not altered the crypto’s short-term outlook.
The next key price level to watch in the near-term sits at $11,000, as a break above this level would open the gates for a move up towards its $11,200 resistance.
If it faces another rejection at this level, it could deal some serious damage to its underlying market structure.
While sharing his thoughts on Bitcoin’s macro outlook, one analyst observed that Bitcoin may currently be caught within a re-accumulation phase, which eludes to a possible breakout at the end of the year.
“BTC. I’ve been asked for a bigger picture analysis. Looks like we are in re-accumulation phase, above the weekly 21-EMA. Possible breakout by end 2020,” he said while pointing to the below chart.
Image Courtesy of Wolf. Chart via TradingView.
If this potential path forward does come to fruition, Bitcoin could be on the cusp of starting its next macro uptrend.
Author: By TeamMMG
Why traders expect ‘boring’ Bitcoin and altcoin price action until 2021
Bitcoin (BTC) price has been stuck in a range for weeks now but traders generally expect a slow fourth quarter for the top-ranked digital asset.
Bitcoin quarterly returns (%). Source: Skew.com
In 2018 and 2019 Q4 closed net negative, injecting a bit of bearish sentiment into the market. In the near term, a boring Q4 of further downside from Bitcoin price could cause altcoin prices to dump further.
At the moment, multiple technical analysts are closely watching the bounce in the Bitcoin dominance index to warn against an altcoin market pullback.
As Cointelegraph reported, over the past two weeks most small altcoins and decentralized finance (DeFi) tokens dropped by 30% to 60%.
The slump in altcoins worsened when Bitcoin surged from $9,981 to $11,179 on Sept. 9 to Sept. 19 and during this period it appears that a take-profit rally took place. Analysts believe that profits from altcoins and DeFi cycled into Bitcoin and stablecoins.
As such, while Bitcoin saw a strong uptrend, DeFi tokens declined and altcoins remained in a steady decline.
The altcoin sell-off occurred as Bitcoin started to decline after rejecting from a key resistance level at $11,100. In the last 15 days, BTC has slipped by nearly 6%, stabilizing slightly above $10,500.
BTC/USDT daily chart. Source: TradingView.com
According to Cointelegraph contributor Michael van de Poppe, the current slump is unlikely to end any time soon.
In a tweet van de Poppe posted the following chart and explained that crypto markets typically see ‘boring and corrective’ phases during Q4. The traders said, historically Ether bottoms in December and begins to move by the next quarter.
BTC/USDT daily chart. Source: TradingView.com
Van de Poppe predicted that “BTC dominance will run up, to have an altseason in Q1 20201.”
A pseudonymous trader known as “Loma” echoed a similar sentiment. He said the last time altcoins plunged this hard, BTC saw a large drop in a short period.
This time, altcoins are declining while BTC and Ether remain relatively stable above their respective support levels. The trader noted:
“ALTs dumping right now while Bitcoin barely moving. Last time I saw that, Bitcoin painted a fat down candle.”
Since the start of October, the cryptocurrency market has faced a number of negative events which could be weighing on investor sentiment.
On Sept. 26 KuCoin exchange was hacked for $281 million and while Bitcoin price did not correct over the news, it could be preventing the build up of bullish momentum. This was followed by the U.S. Commodities Futures Trading Commission (CFTC) announcing that it had charged BitMEX with violating the Bank Secrecy Act on Oct. 1.
Then, on Oct. 2, U.S. President Donald Trump tested positive for COVID-19, causing a stir in both traditional and crypto markets.
After several major events investors expect increased volatility and some traders have suggested that a short squeeze could be on the cards.
Another popular crypto-Twitter trader known as “Byzantine General” said it is the “perfect” moment for a short squeeze as it would shake out the weak hands. The trader also hinted that in his opinion, there is plenty of capital on the sidelines within the cryptocurrency market. He said:
“With all the uncertainty going on right now, especially in crypto, it would be the perfect moment to blast up and leave all the weak hands behind. BTW the SSR is still historically low, meaning that there is a lot of dry powder on the side lines.”
Overall, traders foresee a boring quarter ahead for Bitcoin and altcoins, but last month’s intense sell-off could eventually lead to a strong relief rally.
Author: News Bureau
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Crypto infrastructure “far from” scale needed to support $1t Bitcoin or Ethereum
Bitcoin, Ethereum, and altcoins have seen rapid growth this year. BTC in and of itself was up nearly 100 percent just weeks ago while certain altcoins have surged literally thousands of percent.
This trajectory has made many analysts and fund managers in the space confident that cryptocurrencies will start nearing $1 trillion market capitalizations.
As reported by CryptoSlate previously, DTC Capital’s Spencer Noon commented on the path of the industry:
“The strong fundamental backdrop to #crypto — which is unlike any bull market previously — is that there are billions of cryptodollars coming on-chain to use #DeFi. Unless that shows signs of slowing, we are on track for a multi-trillion dollar aggregate marketcap for the space.”
This came shortly after Chris Burniske of Placeholder Capital argued that the leading cryptocurrency, Bitcoin, and Ethereum were both poised to surge to $1 trillion market capitalization
According to Arjun Balaji of Paradigm, though, this may not be the case.
He recently released an extensive personal blog that suggests that crypto market infrastructure and its underlying structure is not at a point yet where it can facilitate such inflows. The blog was celebrated by many others in the space who agreed with the sentiment he put forth.
In the blog, entitled “Crypto Market Structure 3.0,” he explained that crypto purportedly is far from a point where it will be able to support multi-trillion-dollar crypto assets:
“The crypto market structure has gone through two significant evolutions over the first decade. Despite rapid innovation, the market is far from maturity or the scale needed to support a multi-trillion dollar market cap.”
Ethereum is a good example of this assertion. As we saw with the launch of Uniswap’s UNI token, the blockchain quickly became unusable as the cost of gas hit 1,000 Gwei, meaning simple transactions on the network cost dozens of dollars.
Change is coming, though.
Balaji explained that the crypto market is in the midst of the early stages of a “structural evolution” that will bring capital efficiency and systems to bridge CeFi to DeFi. This change will transpire if the following trends form:
Author: News Bureau