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Euro price action may pick up in the upcoming London session with economic catalysts on the calendar and European traders coming back from holiday. That makes the slow grind higher in EUR/GBP one to watch to see if the recent bullish lean moves faster.

Before moving on, ICYMI, today’s Daily U.S. Session Watchlist looked at a descending triangle formation on GBP/CHF, so be sure to check that out to see if there is still a potential play!

Intermarket Update:

Equity Markets Bond Yields Commodities & Crypto
DAX: 15437.51 +0.44%
FTSE: 70%
S&P 500: 4197.05 +0.99%
NASDAQ: 13661.17 +1.41%
US 10-YR: 1.603% -0.029
Bund 10-YR: -0.139% +0.001
UK 10-YR: 0.811% -0.001
JPN 10-YR: 0.077% -0.001
Oil: 65.96 +3.74%
Gold: 1,884.20 +0.4%
Bitcoin: $39,118.00 +18.11%
Ethereum: $2,620.70 +33.07%

Fresh Market Headlines & Economic Data:

Dow climbs 250 points to start the week, tech shares and reopening trades gain

Fed’s Brainard Breaks Down CBDC Policy Considerations, Sees Price Pressures Waning in the Future

Billionaire Ray Dalio says he owns bitcoin, and its ‘greatest risk is its success’

Oil prices up rise on potential hitch in Iran talks

South Korea to Kick Off Digital Currency Experiment This Summer

Cryptocurrencies rebound from Sunday sell-off, bitcoin still down 40% from high

Bank of England plays down risk of runaway U.K. inflation

US issues do-not-travel advisory for Japan, which hosts the Olympics in 2 months

Upcoming Potential Catalysts on the Economic Calendar

Bank of Japan Core CPI at 5:00 am GMT (May 25)
Germany GDP at 6:00 am GMT (May 25)
U.K. Public Sector Net Borrowing at 6:00 am GMT (May 25)
Spain PPI at 7:00 am GMT (May 25)
Germany Ifo Business Climate at 8:00 am GMT (May 25)
U.K. CBI Distributive Trades at 10:00 am GMT (May 25)

What to Watch: EUR/GBP

EUR/GBP 1-Hour Forex Chart
EUR/GBP 1-Hour Forex Chart

On the one hour chart of EUR/GBP above, we can see the market moving in a range through out mid-May, but with a slight bullish lean thanks to strong support just under the 0.8600 and higher ‘highs’ being made.

Currently, the pair just took a dip after another retesting of the minor resistance area around the 0.8640 handle, which is starting to already fade ahead of upcoming data from Europe. Could the resistance area break soon?

Well, the upcoming data from Europe and the U.K. is rated low to mid-tier events, so the odds of one of those events be the catalysts for a break is pretty low. But if we see an all-around positive update from Europe, it might be enough to lead the euro higher, especially if we see disappointing U.K. data.

We’d consider a break above the resistance area around 0.8640 a potential short-term bullish setup in that scenario as it may draw in technical buyers. Also, if the pair dips before the London session, bullish reversal patterns at the higher ‘lows’ pattern down to 0.8590 may draw in buyers as well.

Of course, if we get disappointing European data, especially from the German Ifo Business sentiment update, the euro could see a run of temporary selling in the short-term. A break below the rising lows pattern could potentially draw technical sellers, but we’d likely have to see U.K. data surprise positively to see any kind of chance for EUR/GBP to make a sustained downside break and reach the 0.8590 support area.

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Naabiae Nenu-B is a Medical Health Student and an SEO Specialist dedicated to flushing the web off fake news and scam scandals. He aims at being "Africa's Best Leak and Review Blogger" and that's the unwavering stand of Xycinews Media.

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Fx Analysis

Digital Assets Monthly Report – July Edition

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July was a strong month for digital assets.  Not only did crypto markets see a strong surge in prices, reports continue to indicate a bright future is on its way for CBDCs and digital securities alike.

Regulatory Advances and Findings

In what can sometimes be considered chaotic markets, order can be a good thing.  Many have recognized this, and begun to welcome regulation as a means of ousting bad actors, while fostering a productive sector for those involved.  Not only did July see various centralized entities, such as BlockFi, under fire from regulators, politicians loudly voiced their opinions on digital assets.

Senator Warren Urges Action Against Cryptocurrencies

BlockFi Issued ‘Cease and Desist’ Order Citing Securities Violations

Digital Securities

Slow but steady growth is continuing to be seen within the digital securities sector.  While interest may still be dwarfed when compared to Bitcoin, or even NFTs, the potential behind digital securities is just as large.   The following articles take a macro view at the sector, and how digital securities can affect private markets.

Digital Securities – A Macro View

Digital Securities for Private Markets

The B-Word

Tesla Could Help Bitcoin Transition to Clean Energy

Without a doubt, one of the highlights seen in July was a sit-down conference involving Jack Dorsey, Cathie Wood, and Elon Musk.  Dubbed ‘The B-Word’, this conference saw each influential individual share their thoughts and inspirations surrounding the top digital asset – Bitcoin.  One of the more intriguing ideas to come out of the conference is that Tesla itself could help usher Bitcoin towards a future in which it relies more heavily on clean energy.  Read More

Twitter CEO, Jack Dorsey, Reveals What Inspires Him to Support Bitcoin

While much of the conversation throughout The B-Word revolved around clean energy, Dorsey had the opportunity to elaborate on why he believes so strongly in Bitcoin.  While the reasons are many, he indicated that the idea of empowerment through financial inclusion for underserved populations is the main driving factor.  Read More

Thought Leaders

The Canadian Crypto Landscape is About to Chance – Here’s how Investors can Prepare

As regulators around the world continue to grapple with their approach towards digital assets, service providers and industry participants alike must adapt.  This activity is clearly evident within Canadian borders.  Coinberry CEO, Andrei Poliakov, took the time to share his thoughts on this changing landscape, and what the future holds for digital assets within the Great White North.  Read More

Interviews

Chris Hart- COO at Civic

In an age where KYC laws are increasingly important, identity verification platforms will play a large role.  Chris Hart discusses how Civic is working to develop these solutions, and their integration into Decentralized Finance (DeFi).  Read More

Anndy Lian – Government Blockchain Advisor & Author

As an advisor to companies such as Hyundai, Anndy Lian maintains a finger on the pulse of digital assets at all times.  Here he speaks on what intrigues him about digital assets, in addition to some of the issues facing DeFi moving forward.  Read More

Around the Web

How to Launch an STO? Report Predicts $3T Markey Valuation by 2025 – CoinTelegraph

We have referenced the future potential of digital securities on various occasions.  A recent report generated on the sector supports this narrative, predicting a market valuation of $3T within the coming four years.  Read More

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Fx Analysis

Warren Paul Anderson – VP of Product at Discreet Labs – Interview Series

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Warren Paul Anderson is VP of Product at Discreet Labs, which is developing Findora, a public blockchain with programmable privacy. Previously, Warren led product at Ripple for 4.5 years working on the XRP Ledger, Interledger, & PayString protocols, the RippleX platform, and RippleNet’s On-Demand Liquidity enterprise product. Prior to Ripple, in 2014 Warren co-founded Hedgy, one of the first DeFi platforms for derivatives using programmable, escrowed smart contracts on the Bitcoin blockchain. Warren has two bachelor’s degrees from Northwestern University, and did graduate studies at Harvard University.

You’ve been involved with Bitcoin since 2011, how did you initially learn about Bitcoin?

In 2011, I was working as a co-founder of another startup, and we were working on some PCB hardware design. I was up late, rendering some of the hardware while blasting music over the really, you know, loud, noisy servers, and there was some downtime while the rendering was happening. I was surfing Twitter, and I can’t remember exactly who it was, but someone I followed shared a link to the original Bitcoin white paper, and said, this is pretty cool, you should check it out. I had nothing better to do at the time, so I read it… then I re-read it, then read it again, and before I knew it, it was like 5am! I thought, wow, this thing is really cool and I have to check it out more. I think it was the next night, I installed what they called the Bitcoin QT client, which is the original kind of way to run a Bitcoin node. I installed it and after a couple of attempts, I was actually mining Bitcoin. And I thought it was great! Unfortunately, there wasn’t really anything to do with it and there wasn’t much of a community online at the time, so it was just kind of this interesting thing to tinker with. I think I shut off the miner and just kind of kept it in the back of my mind. I’d go back to it every now and then check it out, and play with it and do some mining, but that was really the extent of it during those early years for me. So, yeah, I discovered Bitcoin through Twitter!

You’ve had several “tours of duty” working across different products, protocols, and platforms at Ripple. What were some of the most memorable products that you worked on?

I said this to my sister who recently had twins, that as a product manager, when you launch a new product, it’s like giving birth. Of course, she very quickly corrected me that that is not an appropriate example! But I will say that as a product manager, launching a product is very personal. You put a lot of time and effort and you work with a great team to get it done and it becomes familial, it becomes part of you. I’d say some of the most memorable things I’ve worked on would include the XRP Ledger protocol. It’s one of the top blockchains in existence. It has a large user base and is novel in a lot of ways. It was one of the first to introduce both asset issuance and supported something called the account model, which is also used by Ethereum. I was working with the amazing c++ team on that project, and I was fortunate to learn a lot on how to work with really solid, seasoned engineers and get an inside view of a lot of best practices that way.

Another one that sticks out I actually co-invented, it was one of the enterprise products called,  xRapid at the time (it’s now called On Demand Liquidity). We actually developed and issued a patent on the technology, which was my first published patent. It basically uses cryptocurrency to do cross border transactions. So  there’s a fiat transaction into cryptocurrency, then the cryptocurrency is sent to another country, and then it is transacted back into the local currency, all within a matter of seconds. It was pretty revolutionary at the time, because usually these cross-border transactions take days, so going from days to seconds was a huge breakthrough.

I also worked on something called Interledger, which a number of my colleagues invented. It was one of the first protocols to focus on interoperating some of these payment networks and blockchains so you could transact from one blockchain to another, which again, at the time, was not a trivial thing. So that was pretty cool. Yeah, I’ve been fortunate to work on a lot of cool things, which I refer to as tours of duty, and I was always inspired by a lot of great engineers and researchers on those projects.

In March, 2021 you joined Discreet Labs to work on building Findora. What was it about this project that attracted you?

I’ve been working in the blockchain cryptocurrency space full time since 2013. And, you know, to date, I really haven’t seen any project solve the privacy problem in cryptocurrency. And in a way that makes sense for the modern day demands of finance. I actually first heard about Findora, at the Stanford Blockchain Conference back in, I think it was either 2019 or 2020. The project was on my radar and in the back of my mind and I saw they were looking for someone to lead the product team. So, I took the opportunity! I think Findora is solving the privacy problem in a very sensible way, using zero knowledge proofs and multi-party computation, which is, really, kind of cutting-edge technology. I think that Discreet Labs is kind of becoming a pioneer in being able to implement these technologies to solve privacy. So, I thought that opportunity was one of the best that I could find, because it will also help introduce more institutional volume into the cryptocurrency space, because institutions no longer have to run on private ledgers, they can now run on a public blockchain while still preserving privacy.

Could you share with us how Findora differentiates itself from the competition?

There’s been several generations of different blockchains that have kind of approached the privacy issue. The first generation is what I call transactional privacy. These are projects like Z Cash and Monero, where they implement a form of zero knowledge proofs to do transactional privacy. And that’s really it. So, they don’t support things like asset issuance, where you can create tokens on the blockchain, and they don’t support programmability through the form of smart contracts. So that’s kind of the first generation of privacy blockchains.

The second generation is approaching privacy in another way, either at, what we call the second layer, which is building privacy protocols on top of different layer one protocols like, for instance, Ethereum. Building a privacy layer on top to make the transactions underneath more private. Some projects even do this through the use of mixers which are a little dangerous, because mixers tend to attract a lot of fraudulent activity and money laundering. Then another way that this is done is through something called trusted execution environments, or secure enclaves. Secure enclaves are deployed in a way to do private computation using specialized hardware.  There are a few projects out there, like Secret Network and Oasis, who both use this model. They’re both layer one blockchains, but they rely on this kind of specialized hardware, which requires some trust. Most blockchains are designed around a zero-trust model, so TEEs kind of fly in the face of that. Findora not only supports the transactional privacy component, but also allows private asset issuance. Several teams in the Findora ecosystem are also working to support more programmable privacy through confidential smart contracts using pure cryptography, which requires no specialized hardware (zero trust). The kind of cryptography that’s being used are zero-knowledge proofs, which can be designed to be more special purpose depending on the use case. Discreet Labs has built an entire library of zero knowledge proofs to support various types of complexity statements, and that’s really what sets Findora apart from the rest of the pack.

Findora takes advantage of the fat protocol, could you explain what the fat protocol is and why it’s important?

The notion of the fat protocol was introduced, I think, in 2015, or 2016, by someone at Union Square Ventures and it’s this notion that base protocols will actually grow in value and utility more than the layer 2 applications sitting on top of the protocol. In the more traditional internet protocol stack, it was the opposite – the application layer grew much bigger. So, for instance Facebook, Google, Amazon, all these kinds of applications that are sitting on top of the internet are far more valuable than then the internet itself, as far as actually having a market value. Google and Facebook are even laying fiber optic cables across the sea, you know. They are practically building their own kind of private version of the internet. Blockchain networks on the other hand the actual base layer protocols like the Bitcoins and Ethereums of the world are becoming fatter and fatter, because more utility applications are being built on top of them and those are feeding value back into the underlying base protocols. Findora taps into that fat protocol thesis as a layer 1 blockchain where there’s a lot of features and functionality being built at the base layer that will benefit the applications built on top of it, which will then feed more utility value back into the base protocol. So, Findora is a fat protocol and it’s one that’s particularly focused on building out programmable privacy.

Findora uses bulletproofs, what are these and how are these an improvement on previous implementations of zero-knowledge-proofs?

Bulletproofs are a form of zero knowledge proofs that were originally invented by the former research team behind Findora. The ways in which Bulletproofs are different are threefold: (1) the size of the proof is smaller, (2) the proof can be verified faster, and (3) they do not require a trusted set-up.  So, Bulletproofs are one of the most succinct of the zero knowledge proofs. In fact, if you parallelize the processing speed, I believe you can actually verify the proofs in less than half a millisecond. That’s quite fast and with a little work, might be able to scale to meet the needs of modern ecommerce transactions. Bulletproofs were really a breakthrough in this regard, so we’re standing on the shoulders of giants.

What’s your vision for where Findora will be in 5 years?

This is a question I ask the teams and the developers working on Findora a lot! I think in five years, what success for Findora would look like is being a top 10 cryptocurrency by market cap, which is just a proxy of the utility value that will be generated through developers building on Findora, using the programmable privacy via confidential smart contracts. I can see traditional financial institutions also using Findora to deploy all types of different financial contracts, business contracts, and day-to-day ecommerce transactions while preserving competitive business intelligence. With Findora, institutions can tap into the decentralized security of a public blockchain, but also be able to preserve the privacy as if they were running on a private ledger. I see Findora ushering in a lot more Wall Street liquidity onto public blockchain networks, while also supporting more of the DeFi developer use cases to extend privacy to smart contracts, DEX’s, AMM’s, NFTs, stablecoins, and more.

Is there anything else that you would like to share about Findora?

This kind of goes back to the previous question, but the long-term vision for Findora is not just about programmable privacy, we think that privacy is a key enabler for actually supporting self-sovereign, decentralized identity. So, this kind of speaks to the case that as the digital economy is expanding, our digital identities are becoming more and more important. We have our physical identities, you know physical passports, physical fingerprints, biometrics, etc., but then you also have your digital identities. We need to be able to build out sensible privacy preserving technology that can support self-sovereign, decentralized identity so I can take that digital identity everywhere I go and ensure it is secure. I can use it to transact online, I can use it to vote online, I can use it to trade goods and services with other people online and I don’t need to worry about my privacy, or my identity being stolen, because it’s only my digital footprint that I can revoke at any time. So, the real vision is being able to enable a more private, self-sovereign, decentralized future for individuals in the digital economy.

Thank you for the great interview, readers who wish to learn more should visit Findora.

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Fx Analysis

Bank of America Looking Into Positives of El Salvador’s Bitcoin Adoption

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Two months ago, El Salvador’s President shook the crypto world by announcing his intention to make Bitcoin legal tender in his country. At the time, this was a massive announcement that the crypto community praised, while many others criticized it. However, according to the Bank of America’s recent report, there could be at least four major benefits to this revolutionary move.

The report was published last week, and in it, the bank’s analysts noted that recognizing BTC as legal tender, at least in El Salvador’s case, could help streamline remittances, provide consumers with greater choices, promote financial digitization, and even open up the country to American companies, as well as crypto miners.

These conclusions come after the bank found that remittances make up as much as 24% of the country’s gross domestic product. However, a significant portion of this money is used to pay transaction fees. Similar problems were seen in most other countries that have major remittances.

The report says that using BTC for remittances could significantly reduce transaction costs, compared to traditional channels. As such, Bitcoin would serve as an intermediary for international transactions. Essentially, senders would use their dollars to buy Bitcoin, send that Bitcoin to the receivers, who could then convert the coins back into dollars, all for only a couple of cents. Meanwhile, traditional money transfer channels are known for taking up to 5%, sometimes potentially even more.

Big milestone attracts big criticism

As mentioned, El Salvador became the first nation-state in the world that accepted Bitcoin as legal tender, which was a massive milestone in the entire crypto history. This historical moment marked a major step towards adoption, and it is quite possible that a number of other countries that are struggling financially could make similar moves in the near future. Indeed, several Latin American nations have hinted that they might pursue their own crypto strategies, although none of them have done it yet.

The decision was also followed by a lot of criticism, specifically by the International Monetary Fund, the UN’s Economic Commission for Latin America and the Caribbean, and others. However, there were also critics who were concerned about the issues that the move could cause to Bitcoin itself. One example is JPMorgan Chase, who believes that the move might place even more pressure on Bitcoin’s network.

As many are likely aware, Bitcoin has had scalability problems for a long time now, ever since it went big in 2017. Since it is only capable of processing only a handful of transactions per block, and each block takes roughly 10 minutes to be solved and transactions processed, there is a lengthy waiting period that can only be shortened by paying higher fees.

This pushed Bitcoin’s fees higher than ever before, which is a problem that other projects that use PoW consensus algorithm have experienced, as well. Most specifically, Ethereum, which has seen massive amounts of activity within its network ever since the DeFi sector blew up in 2020. With Bitcoin’s network being as overburdened as it is, JPMorgan is questioning whether it will become less effective as a medium of exchange after an entirely new community starts to use it.

El Salvador’s citizens remain skeptical

Lastly, there was also a survey that had the goal of discovering how the citizens of El Salvador itself feel about the move. Surprisingly, half of those who participated seem skeptical about using the coin as legal tender. Meanwhile, those who decide to adopt the coin for transactions can use a variety of different wallets for storing their coins, including the state-backed Chivo Bitcoin wallet.

With this move, the adoption of cryptocurrencies — which has already seen massive progress due to the 2020 and 2021 bull run — continues. Many countries’ central banks have responded to the growing popularity of crypto by developing CBDCs, many of which are nearing their launch and even country-wide usage. However, since these are not ‘real cryptos,’ it remains to be seen whether they will be less, more, or equally as effective.

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