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Research: More companies turning to mainframes for blockchain initiatives

New research suggests mainframe technology is a key part of many business’ blockchain plans  Go by the standard cliché, and mainframe technology is legacy and for the past, whilst blockchain is cutting edge and the future. Never the twain shall meet. But the reality is very different, with fresh research revealing that the two are […]

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New research suggests mainframe technology is a key part of many business’ blockchain plans 

Go by the standard cliché, and mainframe technology is legacy and for the past, whilst blockchain is cutting edge and the future. Never the twain shall meet. But the reality is very different, with fresh research revealing that the two are crossing over more and more. In fact, a hybrid approach is a trend that’s set to continue for some time to come.

Forrester Consulting undertook said research, which was commissioned by hybrid IT services firm Ensono and global information experts Wipro Limited. 153 IT decision makers of director level and higher were questioned across America and Europe, and the results suggested a union of traditional and emerging technologies.

A quarter of firms questioned are using mainframe installations to help in the emergence of new technology innovations. Thus, on the one hand, legacy applications are running on mainframes as always. But also containerised microservices, mobile applications and blockchain projects are running on them too.

This hybrid approach is seeing a growing number of firms using a mainframe for business-critical and on-premises applications, such as finance, human resources and enterprise content management, whilst moving other services to cloud hosting. What’s surprising therefore is that the mainframe is being seen as a pertinent technology for the likes of blockchain, although its strong security and parallelization features are clearly compelling and perhaps make that less of a surprise.

Ensono’s Brian Klingbeil, the company’s executive vice president of technology and strategy, isn’t surprised by the findings though. “Everything that made mainframe great in the past – security, reliability, versatility, performance – is still true today, and the latest generation of mainframe technology will now run the same cutting-edge applications and services as cloud infrastructure”, he said.

He argued that “organisations don’t modernise in a vacuum”, and that “the research supports what we see in our work with clients, where many larger organisations are settling on a hybrid best-of-breed approach”. The upside of that is flexibility for IT decision makers, who can choose the right tool for the right job.

This is not a trend in decline, either. One further finding of the research is that 50% of organisations questioned were looking to continue and expand their use of mainframe technology over the next two years, with just 5% of firms going the other way.

“We believe modern mainframes will have a significant role to play in the hybrid future of infrastructure”, argued Wipro’s Kiran Desai (its senior vice president and global head of cloud and infrastructure services), noting too that “mainframe modernisation is central to a long-term holistic hybrid IT strategy for enterprises leveraging mainframes”.

The full research – going by the name ‘Old Workhorse for New Tech’ – can be read in full here. 

Source: https://cryptonewsreview.com/research-more-companies-turning-to-mainframes-for-blockchain-initiatives/

Blockchain

Should You Buy The Bitcoin Dip? Analysts Weigh In On Bear Market

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Should You Buy The Bitcoin Dip? Analysts Weigh In On Bear Market

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Bitcoin broke many crucial support levels and ended up trading close to $28,500, from where it began correcting losses. On the upside, the $30,800 and $31,000 resistance levels are significant for continuous correction. Failure to break resistance at the aforementioned levels could open room for more losses around the nearest support levels of $28,800 and $25,800.

Should You Buy The Bitcoin Dip? Analysts Weigh In On Bear Market
BTCUSD Chart By TradingView

At press time, Bitcoin bulls are facing rejection as the $31,700 price mark continues to drop, alongside daily losses which are now totaling 11% at the time of this report. Market sentiments are mixed and analysts have continued to weigh in on the bear market, which they already term necessary for an unmatched bullish takeover. 

On-chain indicators like the SOPR (spent output profit ratio), a signal which accesses long-term investors’ behavior is declining as less Bitcoin is being moved for extreme profits. This signal which had previously surged by 13% in December, indicating that a complete 100% upsurge could send Bitcoin to a never-before-seen price of $328,000 may not be in its most bullish state, yet investor and CTO of Glassnode Analytics reveals his readiness to buy the dip, perhaps in hopes that a correction in price is just around the corner.

Meanwhile, speculations that the Bitcoin blockchain was disrupted and Bitcoins were stolen has been making rounds on crypto-twitter. This kind of Bitcoin theft known as “double spending’ happens when a copy of the currency transaction is sent by the Bitcoin thief to prove legitimacy or the entire transaction is cleared altogether. These were quickly debunked by analysts who noted that a double-spending did not trigger the bear market, adding that there was no double-spending at all. 

Furthermore, the historic pattern of Bitcoin losing 80% of its value after an all-time-high has been causing FOMO in the community. However, it is important to note that the 80% downward price correction usually happens after a 20x upsurge in current price.

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Should Bitcoin follow this pattern, a 77.86% price increase (over $50,000) must be recorded before the major price decline happens. Overall, analysts hint that buying the dip could potentially pay off, seeing as whales are also awaiting a correction in the near term. Alternatively, others look to altcoins for shelter. Although altcoins attained gains from last weekend, these gains were not sustained over the week.


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DISCLAIMER Read More

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

Source: https://zycrypto.com/should-you-buy-the-bitcoin-dip-analysts-weigh-in-on-bear-market/

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Blockchain

Why the Asian session holds the key to Bitcoin’s price drop

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Bitcoin’s price seemed to have recuperated as it bounced off the yearly open at $28,956. However, on-chain indicators are suggesting that this expansion was a fluke. In fact, buyers with no real volume or momentum are trying to push the price higher on the charts.

The first sign of resistance weakened these buyers’ already weak momentum, with the same contributing to a continuation of the downtrend. More of these sell-offs might be on their way due to two reasons,

  1. On-chain indicators
  2. The start of the Asian session

Bitcoin’s On-chain indicators

As mentioned in yesterday’s article, Bitcoin was due for a correction and retest of the yearly open. Now, on-chain indicators, more specifically, CryptoQuant’s Coinbase Premium indicator, is pointing to more drops for the market’s pioneer cryptocurrency.

“Coinbase premium” is an on-chain metric that is the ratio of Coinbase’s BTC/USD price and Binance’s BTC/USDT price. This ratio helps determine if BTC is trading at a premium or not.

Source: CryptoQuant

A high premium highlights high spot inflows and suggests that investors want to buy, thus, it is a bullish sign. At press time, despite bouncing off the yearly low, this premium hadn’t increased and was still in the negative, hinting that the sellers were still in control of the market and that the drop wasn’t done yet.

CryptoQuant CEO Ki Young Ju commented on this premium too, stating,

“Was always above +$50 when BTC was about to break 20k, 30k, and 40k, meaning there were huge spot inflows from high net-worth individuals and institutional investors in Coinbase.”

Bitcoin: Technical point of view

Source: BTCUSDT on TradingView

As mentioned above, the first sight of resistance was the middle-line of the parallel channel. A rejection here sets up the price for another tap of the yearly open at $28,956. This further supported the on-chain metric’s bearish view.

A bearish case will be the breach of the immediate support at $28,956, which would open up the price to drops to $20,000 in an extremely bearish scenario.

Other supports that can prevent the price from dropping to $20,000 include the liquidity pocket ranging from $29,800 to $27,600. Following this range is the 50% Fibonacci level at $25,850, a level that seems to be the major area of support and the next destination for Bitcoin’s drop.

The Asian session

Asian sessions ranging from 23:00 GMT to 8:00 GMT is when traders in the east start trading. Hence, high volatility is usually experienced during this time. Moreover, the Asian session is known for being extremely bearish and most drops occur during this session.

In light of the fact that yesterday’s drop came accompanied the U.S session, Bitcoin can be expected to drop more as the Asian session is in full swing, further supporting the bearish outlook on the charts.

Source: https://ambcrypto.com/why-the-asian-session-holds-the-key-to-bitcoins-price-drop

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Blockchain and Crypto to experience accelerated growth in 2021 – Ripple

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Blockchain and Crypto to experience accelerated growth in 2021 – Ripple

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Despite being on a sticky wicket in the wake of an SEC lawsuit, Ripple’s leadership is confident in the future of blockchain and crypto.

According to an article released on the company’s website, RippleNet General Manager, Asheesh Birla says that cryptocurrencies are finally bridging the gap with traditional financial institutions, allowing fintech companies to seize the initiative that now puts them ahead of smaller banks.

He believes that Paypal, Square, and Robinhood’s advent into the cryptocurrency market will play a key role in the industry’s growth because they provide a bigger platform for crypto utility and a viable alternative for millions of people worldwide with no access to conventional banking services.

These fintech giants can also benefit immensely from the influx of crypto enthusiasts. Last year, Square’s CashApp recorded over $1 billion in bitcoin revenue and analysts are already tipping Paypal to surpass this.

“The tide is turning. It’s possible that we could even see a fintech or cryptocurrency company acquire a traditional financial institution this coming year.” Says Birla.

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Ripple’s Head of DeFi Michael Zochowski talked about DeFi and its place in the future of blockchain. In 2020, Decentralized Finance (DeFi) became the most talked-about phenomenon in the cryptosphere. It was likened to the ICO boom because of the emergence of many DeFi-based projects. Zochowski expects that only genuinely valuable projects will stand the test of times, while many others will fizzle out.

He further asserted that future DeFi projects may be built on networks other than Ethereum due to its delay in launching ETH 2.0. The highly anticipated ETH 2.0 is a ‘complex upgrade’ earmarked to improve scalability, speed, and efficiency. 

“I believe at least 25% of the value deployed in DeFi by the end of 2021 will be on networks other than Ethereum.”

RippleX General Manager Monica Long also expects the year to be an impact-driven one in the crypto world. 

“In 2021 we’ll see crypto make good on its original promise to remake finance as more accessible and equitable for the world’s underserved,” She elaborated.


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DISCLAIMER Read More

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

Source: https://zycrypto.com/blockchain-and-crypto-to-experience-accelerated-growth-in-2021-ripple/

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