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Jack Ma Supports Blockchain but Not Bitcoin


Jun. 27 2018, Updated 1:14 p.m. ET

The downfall of cryptos

Bitcoin (GBTC) seems to have found some support level to stay above $6,000. It was trading at $6,111 as of 8:15 AM EST, seeing a loss in price of 1.7% over the last 24 hours. The volatility in Bitcoin remained close to 62%, and its RSI (relative strength index), which measures the relative overbought or underbought situation in the asset, was at 33.6. A level below 30 indicates an underbought scenario and suggests a possible revival in prices while a level above 70 shows an overbought situation and a possible downward movement.

The other top cryptos that witnessed a fall in price include Ethereum, down 3.4% and trading at $435.3. Ripple was down 3.3% to trade at $0.46. Bitcoin Cash fell 5.3% and was at $704.6. The overall market cap for the cryptos was at $245.9 billion.

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Blockchain for Jack Ma, no Bitcoin

Jack Ma, the founder of Alibaba, recently confirmed that Ant Financial Services—an affiliate of Alibaba Group (BABA)—plans to use blockchain technology to cut down on the remittance costs of transferring money. According to Ant Financial, the blockchain-based money remittance service would be the first of its kind worldwide.

Ma said, ”Blockchain technology could change our world more than people imagine. Bitcoin, however, could be a bubble.” 

Alibaba is expected to invest heavily in blockchain solutions. Ant Financial also disclosed that some of the $14 billion raised would be invested in blockchain development. Alibaba is also likely to heavily invest in blockchain solutions.

Facebook (FB) decided to reverse the ban on crypto advertising that it had put in place in January. It plans to allow some preapproved advertisers to promote crypto businesses and services like exchanges.

The top performers yesterday were Monaco, SmatCash, Nebulas, and Otum, which rose 13.1%, 9.6%, 7.5%, and 7.3%, respectively. The lowest performers were Veritaseum, Dentacoin, Bitcoin Private, and Bibox Token, which fell 14%, 13%, 12%, and 9.1%, respectively.


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