Daily market review for 13.06.2018

2018-06-19 12:13:20

The Abu Dhabi Securities Exchange (ADX) intends to use the blockchain to improve the operational efficiency of its processes in terms of transaction speed and security.

To advise on the introduction of technology, the exchange signed an agreement with the British financial company Equifax, which provides technological assistance in the use of new technologies, including blockchain, for capital markets.

“The goal of this strategic initiative is to seamlessly connect the two ends of the institutional investment spectrum with the help of blockchain technology, thereby eliminating some intermediate levels that are part of the trading cycle, while allowing operators to redefine and expand the scope of their products,” - Rashed Al Blooshi, Executive Director of ADX said.

Equichain is based in London and heads two groups: for institutional investors and market infrastructure providers, such as stock exchanges. The company intends to simplify the trading cycle and improve the efficiency of the exchange processes through the use of the blockchain.

ADX will join the second group and will study the use of blockchain platforms and Equichain products to increase the speed and security of transactions in the capital market, the statement of the exchange says.

“This partnership will contribute to our efforts to create a more streamlined environment for capital markets and investors, providing greater efficiency, reducing risks and costs,” Equichain CEO, Nicholas Bone, said.

Now, let's move to the technical analysis of bitcoin (BTC):

Bitcoin continues to fall, without stopping at the level of $6,640. Now, it stopped at $6,370. We think it will stay here, waiting for the Fed meeting today at 21.00 Moscow time. The probability of a positive decision to raise the interest rate is high. If this happens, we expect a correction in the US stock market. This means fixation, that is, the sale of shares and, as a consequence, the transfer of assets from shares into bonds and cryptocurrencies, as an alternative instrument. That will give a new impetus to the growth of cryptocurrency. The first resistance level is at $6,640. The next levels are $7,340, $7,770.

Technical analysis of Ethereum (ETH):

Ethereum also went down to the level of $460 and decided to push away from it. It grows and its growth looks more convincing than bitcoin has. The Williams indicator showes that it is oversold. From a technical point of view, it gives a chance for further growth of Ethereum today. In addition, today we are expecting the decision of the Federal Reserve regarding the interest rate increase. It can give a new impetus to the growth of Ethereum. The first resistance level is at $500. The next level is $590.

Technical analysis of Ripple (XRP):

Ripple went down to the next level of $0.50. This level was the another support level. Judging by the chart, Ripple took advantage of it and pushed from it upwards. The Williams indicator showed that Ripple is oversold. From a technical point of view, this may imply further growth. The first resistance level is at $0.55, the next level is $0.60. In addition, we are waiting for the results of the Fed meeting.

Disclaimer. This review is only for information purposes and cannot be considered as a proposal or an indication to perform certain transactions in the financial and commodity markets. The estimates and recommendations in the review are the personal opinion of the company's analysts. The company's view on the prospects for individual financial instruments is valid as of the date of the report. The Company does not assume any liability and liabilities for compensation for damage that may result from the use of this report.
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