The Financial Services Committee of the House of Representatives of the US Congress announced that a hearing on “The Future of Money: Digital Currency” will be held on July 18. Although the Committee, chaired by Jeb Hensarling, has not yet officially announced this, there is information that a live broadcast of the event will be available on the Committee's website.
Past hearings of the Committee led to the fact that lawmakers discussed cryptocurrencies through the prism of financing of terrorism and fraudulent investments. However, the topic of the hearing next week will focus on the discussion of the utility of cryptocurrencies as a form of money.
This is a very topical issue in the light of the growing interest in cryptocurrencies as potentially useful monetary tools for governments and central banks around the world. But not everyone agrees with this opinion - in March, the Bank for International Settlements stated that it was concerned about “terrible consequences for the global financial system” that could be provoked by national cryptocurrencies. The Central Bank of South Korea adhere to the similar position, which in June noted that the central bank's cryptocurrencies bear “subjective risk.”
Although some financial regulators, for example, in Norway and England, are exploring the possibility of issuing their own cryptocurrencies, most countries with advanced economies have so far rejected this possibility. Not so long ago, the Central Bank of Hong Kong refused to issue its own cryptocurrency.
At the same time, some states consider cryptocurrencies as the way out of their difficult financial and trading situation. Venezuela attracted the most attention, releasing its own cryptocurrency Petro in February this year. Following it, several Latin American states announced similar intentions, but so far none of them has decided on this bold move.
Exactly because of such contradictory views of the world Central Banks on the cryptocurrency industry in general and the issue of national currency in particular, it will be very interesting to know the position of American legislators on this issue.
Now, let's move to the technical analysis of Bitcoin(BTC):
Lately, bitcoin did not adhere to classical technical analysis. You can tell it by the support and resistance levels, the borders of which it does not want to show clearly. Yesterday's forecast was accurate, bitcoin fell to $6,043, almost reaching a very strong level of $6,000. But the direction of the trend is much more important now. It jumped and is consolidating at the level of $6,220, which is the resistance level for it. Now, it is necessary to observe the situation. The denouement is close. The nearest resistance level is at around $6,370. The nearest support level is at $6,040.
Technical analysis of Ethereum (ETH):
Ethereum went down to the price of $410, as well as bitcoin, almost reaching the important level of $400. Then, it jumped to the level of $430. Maybe, ethereum will grow again today. The nearest resistance level is at $430. The nearest support levels are $410, $400.
Technical analysis of Ripple (XRP):
Ripple fulfilled our yesterday's forecast. It went down to the support level of $0.41, then it jumped to the resistance level of $0.43. The nearest resistance level is at around $0.45. The nearest support level is at $ 0.37.