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Bitcoin Bull Rally to Begin Soon; Six Banks to Launch own Coins Backed by IBM and Stellar


Bitcoin [BTC] price has been fluctuating in the past one week. According to the data from CoinMarketCap the price dropped slightly lesser than $4000 mark - safe level that is gaining more importance because of recent crypto gurus predictions. Michael Edward Novogratz is an ex-hedge fund manager, formerly of the investment firm Fortress Investment Group believes Bitcoin fluctuation in the price will soon end up in a bullish move. The U.S. Banking Conglomerate IBM leverages Stellar public blockchain support six stablecoins to issued international banks.

After Bitcoin broke above the key resistance mark $4,000 for the first time in the two months over the past weekend, the market has slowed down activity in the past couple of days. Last week was the best time for Stellar (XLM) which rose significantly following the listing at Coinbase exchange.

Right after the news that JP Morgan is launching its own digital token came out, JPM Coin and six more banks have announced plans to launch their own digital currencies in collaboration with IBM. Six international banks had already signed letters of intent to issue stablecoins on World Wire by IBM. IBM designed payment network that holds Stellar public blockchain. The network will enable the banks to transfer value across international borders including foreign exchange.

According to sources, three of the banks include Philippines-based RCBC, Brazil’s Banco Bradesco, and Bank Busan of South Korea. Sources suggest that other three banks will offer digital forms of fiat currencies. Currently, there are “pending regulatory approvals and other reviews.”

Cryptocurrency bull Novogratz is not alone in the bitcoin bull rally prediction. Recently, a prominent cryptocurrency analyst and trader, DonAlt shared in an interview that bitcoin bull rally will begin when the price reaches $4,600. He explained that the recent rise in the price of Bitcoin and Ethereum brought hope in crypto space and crypto investors.

Many experts in the crypto-space believe bitcoin [BTC] will soon begin bull rally to reach new all-time high soon.