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Tech Mahindra Announces Partnership With AWS For Blockchain Based Solutions

Tech Mahindra, Indian IT giant has recently announced its partnership with Amazon Web Services (AWS) to build the blockchain based solutions.

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Tech Mahindra, the Indian IT giant, has recently announced its partnership with Amazon Web Services (AWS). The partnership has been formed to build blockchain-based solutions that will be made available to the global customers as well as other leading organisations out there. 

Tech Mahindra will be using the Amazon Managed Blockchain which makes it easy to both create and manage the scalable blockchain networks. For this, the firm will be using the open source frameworks. 

Tech Mahindra Will Offer Solutions for Different Supply Chains

Through this collaboration, Tech Mahindra is aiming to offer solutions for different supply chains which includes aviation, telecom and healthcare supply chains. For aviation, the firm will be offering services for kit management as it will help to track and trace kits. There is a need to track kits because they pass from the multi-tier suppliers across the industry. It will also track all those fraudulent medical supplies throughout its supply chain.

Rajesh Dhuddu, blockchain and cybersecurity practice leader at Tech Mahindra, has said that businesses across the world are trying to cope up with blockchain technology. According to him, “ensuring supply chain continuity is paramount and needs more attention in the coming times.”

Accelerating An Economic Rebound Post COVID-19

Dhuddu has asked organisations to leverage blockchain technology that will help them tackle all the challenges. This will help them to create complete competitive advantages. He has also said that this collaboration of Tech Mahindra with AWS will help organisations to be prepared for any situation like COVID-19 pandemic. This will also help the firms to accelerate the economic rebound post the COVID-19 pandemic. The firm is aiming to develop blockchain solutions for different sectors as well, which will include banking and financial services, retail, manufacturing, and many others in the next 12 to 18 months.

READ  Ripple (XRP) Unshackled, At This Rate, 80 Cents Is Inevitable

#Amazon Managed Blockchain #AWS #Blockchain-Based Solutions #healthcare supply chains #Rajesh Dhuddu #Tech Mahindra

Source: https://www.cryptoknowmics.com/news/tech-mahindra-announces-partnership-with-aws-for-blockchain-based-solutions

Blockchain

Ripple’s remarkable 291% rally in November in jeopardy as the chart prints this critical bearish pattern

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  • Ripple’s recovery hits a barrier at $0.7, giving way to an ongoing retreat.
  • XRP/USD seems poised for a massive breakdown likely to retest support at the 100 SMA.

Ripple soared massively in November, becoming one of the strongest cryptocurrencies in terms of rebound. The flash rise to $0.92 brought to light the possibility of XRP hitting $1 before 2020 ends. Meanwhile, a bearish pattern, forming on the 4-hour chart suggests that the bullish narrative might not hold, at least not for long.

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At the time of writing, XRP/USD is trading at $0.65 amid a developing bearish momentum. Its upside is limited by the seller congestion at $0.7. The Relative Strength Index has started to reflect the ongoing retreat.

It is essential that buyers hold above the immediate support at $0.65 to sustain the uptrend. However, the formation of an ascending wedge pattern on the 4-hour chart hints at a possible reversal.

XRP/USD 4-hour chart

XRP/USD price chart
XRP/USD price chart by Tradingview

Ascending wedge patterns are characterized by dropping buying volume following a lengthy bullish period. One trendline is drawn connecting a series of higher highs while another links a series of higher lows. A breakdown usually occurs before the trendline converge.

Therefore, it critical to proceed with caution when dealing with XRP. Note that Trading under the wedge might trigger massive losses that could overshoot the 50 Simple Moving Average support at $0.6. On the downside, the next tentative support is the 100 SMA at $0.45 (last week’s key anchor zone).

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It is worth mentioning that the bearish notion will lose credibility if the cross-border token holds above $0.65 and perhaps rises above the upper trendline. Price action above $0.7 might also call for more buy orders, in turn, pulling XRP to $1.

XRP intraday levels

Spot rate: $0.65

Relative change: -0.01

Percentage change: -1.5%

Trend: Bearish

Volatility: Low


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Author: John Isige




John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige

Source: https://coingape.com/ripples-remarkable-291-rally-in-november-in-jeopardy-as-the-chart-prints-this-critical-bearish-pattern/

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Further Declines in Bitcoin Price Possible Though Grayscale is Crucial, Notes JPM Analyst

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Although Bitcoin has recovered from its vigorous price losses during the Thanksgiving massacre, analysts from JPMorgan Chase & Co believe that further declines may still occur.

The strategists pointed out that Grayscale, through its Bitcoin Trust, will play a significant role in future BTC price developments.

Is Bitcoin To Head Further South?

The primary cryptocurrency reached a new yearly high of $19,500 last week; thus, it came less than 3% away from the 2017 all-time high of $20,000. As the community began speculating on how long it will take to surpass that level, the trend reversed viciously.

Bitcoin headed south and lost over $3,000 of value in hours. Nevertheless, the cryptocurrency has recovered most of its losses and trades north of $18,000.

A JPM analysis, led by Nikolaos Panigirtzoglou, recently said that the Thanksgiving price drops had cleared the “previous froth in momentum traders’ positioning.” However, the strategists hinted that Bitcoin could still go lower.

“Momentum traders such as commodity trading advisors and other quantitative funds likely played a big role in the slide by unwinding long Bitcoin futures positions. Momentum traders have room to further propagate” the Bitcoin decline, noted the analysts cited by Bloomberg.

Apart from broaching “momentum traders,” the strategists also discussed various other reasons behind the price developments. Those included the rumors of new regulations proposed by the Trump administration and profit-taking.

Grayscale Is Key

The JPM strategists also highlighted the significant role of Grayscale and its Grayscale Bitcoin Trust on the market. The cryptocurrency manager is the most preferred company for institutional investors to receive exposure to Bitcoin (and other digital assets) without worrying about storing the funds.

This has been exemplified through 2020 as Grayscale has reported back-to-back recording-breaking quarterly results. The assets under management (AUM) have exploded in the past 12 months to over $10 billion. Somewhat expectedly, the Grayscale Bitcoin Trust has the most substantial share.

The analysts asserted that if there’s a decline in the interest towards GBTC, this could damage the narrative that Bitcoin has become a favorite among institutional investors:

“A failure by the Grayscale Bitcoin Trust to receive additional inflows over the coming weeks would also cast doubt to the idea that institutional investors such as family offices have embarked on a trend of embracing Bitcoin as digital gold replacing traditional gold as a long-term investment.”

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Source: https://cryptopotato.com/further-declines-in-bitcoin-price-possible-though-grayscale-is-crucial-notes-jpm-analyst/

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Canaan Sees Over 75% Decline in Net Revenue in Q3 as Bitcoin’s Price Surge

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Chinese Bitcoin mining firm Canaan has recorded a loss in yet another quarter but is showing positive signs of a recovery as share price and market capitalization spikes. Following a disappointing initial public offering (IPO) last year and declining inventory sales, the company has seen the balance of power shift considerably to major competitors MicroBT and Bitmain.

$12.7 Million Loss for Q3 2020

Bitcoin miner maker Canaan has reported a 75.7% year-on-year (YOY) decline in net revenue as part of its Q3 2020 financials published on Nov. 30. In the report, Canaan revealed that its net revenue for the period was $24 million, which also amounts to an 8.5% reduction from the earnings recorded in the previous quarter.

Following the significant drop in quarter-on-quarter (QOQ) net revenue, it is unsurprising to see Canaan post another quarterly net loss in 2020. According to its Q3 2020 financials, the bitcoin mining chip maker recorded a net loss of $12.7 million, compared to a $2.5 million loss in Q2 2020 and $14.3 million in Q3 2019.

Commenting on the firm’s Q3 financial performance, Nangeng Zhang, Canaan’s CEO and Chairman said:

“During the third quarter of 2020, we remained undeterred by the pandemic to strengthen our research and development capabilities, expand our AI business, and execute new business initiatives. By leveraging our enhanced R&D capabilities in the third quarter, we launched our A1246 product series, which continues to lead the industry with its energy efficiency, computing power, and unit cost.”

Canaan Market Cap on the Rise

Net loss aside, Canaan has been recording some positives in the latter part of 2020. Indeed, the company’s market capitalization has more than tripled from $300 million in September to about $900.8 million as of press time.

Canaan’s share price has also been on a tear in recent months, rising over 200% within the same period. With one-third of Q4 remaining, the company’s stock has risen over 170%. Maintaining the current price action could see the Bitcoin miner manufacturer’s stock price challenge its IPO float price of $9, which incidentally is its all-time high share price.

Tweeting on Canaan’s Q3 performance, @WuBlockchain identified rising inventory sales and the release of the company’s A1246 miners are contributing factors to the firm’s recent resurgence.

Canaan was also among a group of Chinese mining hopefuls looking to float IPOs in the last couple of years. However, Canaan’s offerings fell short of the mark, failing to even realize a quarter of the $400 million estimate.

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Source: https://cryptopotato.com/canaan-sees-over-75-decline-in-net-revenue-in-q3-as-bitcoins-price-surge/

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