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Evolving Relationship between Traditional Banks and Cryptocurrencies

China Completed First Blockchain-Based Homestead Use Right Transaction

Bingbon Chart

Source: TradingView & Bingbon

Tuesday continued on a downtrend. Dropping the price of Bitcoin down below its closing $39,000. Its current price has fallen below the $40,000 resistance zone. The question of where BTC might be reaching now is a hot topic. That’s simply because corrections have not been finished. Its failure to stay above the critical level of $42,000 brought BTC back down to $37,800. The trading volume has once again hit a roadblock. Volumes have now continued to decline after peaking on July 28th. 

If Bitcoin can convincingly reclaim $42,000, then further upside near $50,000 is very likely. Should Bitcoin fail to break above $42,000, a significant correction is in play for BTC and the rest of the altcoin market. Therefore, what previously seemed like a breakout is now only a deviation. The main support levels are at $37,500 and $35,000.

Today’s Headline

On August 2, Kunshan, Jiangsu province, China completed the country’s first homestead use right transfer transaction based on blockchain technology. This transaction realized the “on-chain” circulation of idle rural housing with the help of blockchain technology. It effectively solved the problem of credible transactions of homestead, and further revitalized the “sleeping assets” in rural areas.

In 2019, the Ministry of Agriculture and Rural Affairs of the People’s Republic of China approved the expansion of 36 rural reform pilot areas, among which Kunshan, one of the four areas in Jiangsu Province selected for the national rural reform pilot, undertook the reform pilot task of revitalizing the unused rural homestead.