Naeem Aslam, Chief Market Analyst at ThinkCoin, comments on crypto gains and Baidu blockchain funding

Bitcoin rose from $7911 to $8100 as Ethereum climbed from $503 to $522. The positive to good news ratio today is 7-4. In general, the crypto market yesterday performed largely positively.

Huawei, a Chinese giant unveiled a hyperledger-powered blockchain service platform. This followed after Tencent and Baidu’s blockchain funding. This suggests that Chinese giants are providing confidence and trust to blockchain and its potential powers. This is a huge boost to the crypto-space which is likely to have led  to a gain in positive momentum, pushing prices of cryptocurrencies higher.

Basis, formerly known as Basecoin, has raised $133 million (most of which was reported last week in an SEC filing) in an initial coin offering (ICO), a round that featured an all-star cast of investors. Basis’s investors include some of the biggest names in crypto such as Andreessen Horowitz, Bain Capital Ventures, Lightspeed Ventures, Google Ventures and others. This shows how tech giants and VCs aren’t completely eliminating cryptocurrency as a whole, and having Basis, a cryptocurrency aimed to become the most stable coin in the cryptos-space, provides much needed market confidence. This again showed good long term potential. Hence the rise of cryptos.

250 corporate firms also joined the ICICI Bank Blockchain test. The India banking giant enlisted more than 250 corporates to undertake domestic and international trade finance transactions using ICICI’s blockchain platform. This shows how South East Asia is rising not only economically, but also in terms of innovation. It is now only a matter of time until all major companies will have some sort of blockchain project.