Reserve Bank of India Invites Applications for Innovative Payment Solutions:

India’s central bank The Reserve Bank of India has invited applications for “Payment System Innovation Awards” to encourage innovative solutions in the field of Payment and Settlement System. With this initiative, the RBI is hoping to transform the way transactions are processed in the world’s fastest growing emerging economy.

Some broad areas which the contest will hope to cover are:

Payment security including fraud preventionCustomer convenience and cost reductionMobile paymentsAcceptance/electronic payment infrastructureUse of emerging technologies for payments

The Institute for Development and Research in Banking Technology (IDRBT), which is the technology arm of the RBI, will organize the competition. A panel of experts will shortlist the most innovative applications, and the best three will be rewarded with citations/prizes. The winners may also be given a chance to present their ideas/ technologies to the industry representatives.

Chairman of mobile payment company Novopay Srikanth Nadhamuni told Business Standard,

“I think it’s a very good idea to do that. The central bank and regulator when they show interest in innovation in the FinTech space, it sends the right message that they want innovative solutions in financial services and banking and that’s a very good message to send out to companies.”

Among the most revolutionary technologies that are disrupting the payments sector is the blockchain technology, which is the technology underpinning the cryptocurrency bitcoin. The blockchain is able to serve the crucial purpose of cutting down transaction costs while facilitating fast, reliable, and secure payments.

The initiative by the central bank will also lend confidence to the cryptocurrency businesses in India as the regulator has often maintained a cautious stance on the digital currencies.

RBI has already issued new licenses to 10 small banks and 11 payment banks that would use technology to disrupt banking. India has been lagging behind in the fintech race, but similar initiatives may catapult the nation to a higher spot.

Bitcoin Price Technical Analysis for 24/12/2015 – Target Achieved

Bitcoin has jumped more than 4% to $456.75 as bulls take advantage of the positive technical undertone. With this, the cyptocurrency has also met our prescribed target of $458.

So, should you be booking profits now? Let us find that out with the help of technical analysis conducted on a 4-h BTC-USD price chart taken from BITSTAMP.

Chart Structure – Bitcoin is now threatening to take out the Triple Top resistance near $465. The resurgent bulls look in complete control of the situation.

Bollinger Bands – The cryptocurrency is sustaining above the upper range of the BB, after taking support from the 20 4-h simple moving average of $440.

Momentum – The Momentum reading is showing signs of further appreciation; it is currently at 19.3400.

Money Flow Index – One aspect that should concern the market participants is the near-overbought reading of the 14 4-h MFI. The current value of 75.7213 is in close range to the overbought level of 80.

Relative Strength Index – The RSI has advanced to 63.4688, reflecting the improving strength scenario.

Conclusion

Except Bollinger Bands, all other technical considerations indicate that more gains may be achieved in the coming sessions. But, market participants should also note that a stiff resistance zone of $465-467 is near. And therefore, it would be a wise trading decision to book partial (or all, depending on the risk appetite) profits in long positions.

In case, bitcoin pierces the resistance band, a huge volume of short covering will be observed which will further boost the price. I strongly expect the bitcoin price to touch $500 if the bulls succeed in thwarting bearish blows.

Contra bet: Only high-risk traders should consider creating short positions near $465 for a target of $455.

Expect volatility to remain subdued in the coming sessions as well.

Bitcoin Price Technical Analysis for 23/11/2015 – Strong Positive Indications

If we were to look just at the price, bitcoin is trading on a flat-to-negative basis at $438.90. However, one glance at the underlying technical indications corroborates our view that a rebound may be in the offing.

In the past 24 hours, bitcoin has witnessed significant improvement in the technical readings and taken support from our prescribed level, all of which has been discussed below. We have analyzed a 4-h BTC-USD price chart from the BITSTAMP exchange.

100 4-h SMA continues to provide cushion – Bitcoin touched a low of $433 yesterday, a level which we specifically mentioned as the key support for the cryptocurrency. The cryptocurrency should now tackle the immediate resistance from the 20 4-h SMA of $442.Momentum – We also pointed out earlier that the Momentum has hit a bottom and that its value may cross 0 soon. The current value of Momentum indicator is 6.0700; a drastic improvement over its previous value of -12.7900.Money Flow Index – The MFI has also seen a strong appreciation in its value to 46.3961.Relative Strength Index – The latest RSI reading of 43.8706 does not lend much confidence to the buyers but do watch out for a sharp jump.

Conclusion

The bulls seem to be getting their mojo back. Above the mentioned resistance of $442, bitcoin should head for the current upper range of the BB at $458. The big hurdle for the bulls remains the “triple top” resistance of $467, beyond which the price may shoot to $500.

Market participants should build long positions now and on dips, by placing a tight stop-loss (closing basis) below $432 for an initial target of $455-458. Expect a good price move in the next 36 hours. Volatility will remain on the lower end.

Daily Bitcoin Price Analysis: Bitcoin vs. Dollar – Is the Parity Found?

Throughout yesterday Bitcoin’s price was shivering between $430 and $440. Strengthening of the dollarcontinues to pressure Bitcoin. Furthermore, after two weeks of BitcoinCT r:  2 growth from $380 to $458, we should now expect a price correction.

US GDP data released yesterday turned out to be higher than predicted, but still were lower than in the previous period (actual 2.0%, forecasted 1.9%, but previous 2.1%).

Today an important block of Statistics that should highlight the main index for personal consumption expenditures in November (forecasts 0.1% against previous 0.0%) will be published in the United Statesat 1:30 p.m. London time (GMT). Data on changes in the volume of orders for durable goods in November (forecast -0.6%, previous 0.3%) should also be published today. Also at 3:00 p.m. we expect the release of data on Real Estate sales in November (forecast 505,000, previous 495,000), and at 3:30 p.m. new data on crude oil Stocks (forecast 1,433M. 4,801M the previous value). Each of these releases may have a specific effect on the Bitcoin price at the time of publication.

Today December 23, we expect a continued sideways trend in the corridor of $430 - $450. The resistance level is $450. Support levels are $425 and $420.

In the currency market, investors expect sustainable long-term parity in the currency pair EUR:USD, and it seems to be at $1.10. Probably, such a price will be the same until the end of the year. If we take into account the ratio
of Cryptocurrency to Fiat Money, there is a basic pair BTC:USD. So, is the price of BTC:USD $450 a parity before the end of the year? How long can it hold such a parity price for in 2016?

Bitcoin to Sky rocket To $4,400 in 2 Years: Hedge Fund Co-Founder

In an interview with Reuters, co-founder of Global Advisors Bitcoin Investment Fund, Daniel Masters said that he expects the cryptocurrency’s price to rise to $4,400 by the end of 2017. Global Advisors Bitcoin Investment Fund PLC is a Jersey-based multi-million dollar hedge fund dedicated to the bitcoin ecosystem.

Daniel believes that bitcoin could retest its all-time high of $1,100 in 2016 and then race to $4,400 in the next year. He believes that a number of fundamental factors would come into the picture by then. Increased acceptance of bitcoin payments by big businesses and banks, a fast-growing interest in the blockchain tech, and huge demand from China are among the prominent factors that will aid a price advance in the coming years.

The 2016 reward halving to 12.5BTC is also expected to reduce the money supply, resulting in an upward price push.

Masters said the “nascent” market has failed to capture the full potential of the reward halving.

“If OPEC (Organization of the Petroleum Exporting Countries) came out tomorrow and said, ‘in six months’ time we’re going to halve oil production’, the oil price would instantaneously react. But the bitcoin market is still in its infancy, and I don’t think that factor is discounted into the price fully.”

Bobby Lee, CEO of BTCC reiterated his bullish views saying that the price could reach as high as $3,500 by next summer. He believes that even though people are undervaluing this asset now, it will reach its full value in time. Bobby Lee had earlier said to NEWSBTCthat he is very bullish on Bitcoin price appreciation from a long-term view.

Jeremy Millar, partner at Magister Advisors also highlighted that the law of supply and demand will play a crucial role in price appreciation. He told Reuters that the demand for this decentralized digital asset will continue to increase.

Bitcoin Price On Holiday

Bitcoin Price Analysis

From the analysis pages of BITCOINWALA EXCHANGE , earlier today:

We have a potential bullish chart condition: a 15-minute BITCOINWALA EXCHANGE buy signal is forming, and the 1-hour chart is advancing too.

But even so, the current chart does not inspire confidence: a new high has yet to print, and sellers continue placing large profit-taking orders just above the current area of price action.

Despite a 15-minute  BITCOINWALA EXCHANGE social buy signal, the indicators at the 1-hour timeframes are overbought. We’ve had successful trades throughout November and December and the prudent approach, at this time, could be caution of over-milking the cash cow.

The risk, as always, is that a rally ignites in the bitcoin chart. Given the thin, illiquid holiday market conditions, simply holding 50:50 allocation (BTC vs fiat) is a sufficient strategy for gaining from any potential rise in price – rather than actively trading at leverage.

Summary

Bitcoin trade remains sluggish as general market activity slows into the holiday season. Consolidation into year-end should see more favorable price moves develop into the new year.

What do readers think? Please comment below.

Readers can follow Bitcoin price analysis updates every day on BITCOINWALA EXCHANGE A Global Economic Outlook report is published every Monday.

Disclaimer

The writer trades Bitcoin. Trade and Investment is risky. BITCOINWALA EXCHANGE accepts no liability for losses incurred as a result of anything written in this Bitcoin price analysis report.

Record highs predicted for bitcoin in 2016 as new supply halves

LONDON (Reuters) - 2016 could prove to be the year that the price of bitcoin surges again. Not because of any dark-web drug-dealing or Russian ponzi scheme, but for an altogether less sensational reason - slower growth in the money supply.

Bitcoin is a web-based "cryptocurrency" used to move money around quickly and anonymously with no need for a central authority. But despite being championed by some as the digital money of the future, it is often dismissed as a currency that is too volatile to invest in.

The reason 2016 looks set to be different is that bitcoin's price is likely to be driven in large part by similar factors to a traditional fiat currency, following the age-old principles of supply and demand.

Instead of being controlled by a central bank, bitcoin relies on so-called "mining" computers that validate blocks of transactions by competing to solve mathematical puzzles every 10 minutes. In return, the first to solve the puzzle and thereby clear the transactions is currently rewarded with 25 new bitcoins, worth around $11,000 BTC=BTSP.

But when it was invented in 2008 by the mysterious "Satoshi Nakamoto", who has yet to be identified, the bitcoin program was designed so that the reward would be halved roughly every four years, in order to keep a lid on inflation. The next time that is due to happen is July 2016.

Bitcoin was also designed to emulate a commodity by having a finite supply of 21 million bitcoins, which will be reached in around 125 years, up from around 15 million today. Hence, also, the use of the term "mining".

Daniel Masters, co-founder of Jersey-based Global Advisors' multi-million dollar bitcoin hedge fund, started his career as an oil trader at Shell in the mid-1980s and spent 30 years trading commodities before crossing over to bitcoin.

Now he reckons the price of bitcoin could test its 2013 highs of above $1,100 next year and then pick up speed to rise to $4,400 by the end of 2017.