Daily market review for 15.06.2018

2018-06-19 12:12:46

The Irish Times, dated June 11, 2018, notes that the number of Irish citizens, who own a cryptocurrency in 2018, has increased by 300% compared to the statistics for 2014.

The study showed that more than 120,000 citizens officially own bitcoins or altcoins, in addition to more than 180,000 people who “at a certain stage” purchased or used the first cryptocurrency. Added to this is the fact that the results of the survey showed that public opinion is changing from a “suspicious attitude” to “interest”.

For a survey, conducted in May 2018, the communications agency Red Flag and market analyst Amarra Research from Dublin interviewed more than 1,000 people over the age of 16. It is alleged that this survey was “the first in a series of studies evaluating the development of fintech and digital assets”.

In the report, сryptocurrencies are defined as the “equivalents to currencies” controlled by central banks, and it is asserted that “coverage of this issue in the media” has significantly increased in recent years. The study notes that more than 85% of Irish citizens have heard of bitcoin, compared to 50% in the Amarach study of 2014.

The results of the research show that women are only slightly behind the men in using digital currencies. In addition, the most “favored” cryptocurrency audience consists of individuals aged 25 to 34 who are more likely to buy volatile assets.

According to the results of the survey, the most popular cryptocurrency was bitcoin - it was preferred by 44% of respondents. The second place was taken by lightcoin, 30%, and Ethereum finished in third place with 27%. At the same time, the study notes that the survey participants are familiar with cryptocurrencies as a “brand” and do not know much about their basic technology or technological advantages.

The report says:

“About three quarters of respondents have never heard of the blockchain - the basic cryptocurrency technology. Out of about a quarter of respondents, familiar with the concept, about 40 percent said they know very little about the technology”.

Despite the impressive results of the study, the head of Amarrach, Gerard O'Neill, stated that “the supporters of cryptocurrency will have to do a lot of work before the distribution of cryptocurrency in Ireland reaches the maximum level.” However, growing interest is needed to create optimal conditions for the dissemination of information about the crypto industry.

Besides, Deirdre Grant, managing director at Red Flag, noted:

“This is a fast-growing industry in Ireland, especially among young people. But the level of understanding of the mechanisms of its work is still rather low, and every eighth respondent believes that cryptocurrencies are mainly used by criminals.”

In conclusion, Grant stated that the results of the study suggest the distribution of information about the growing asset class both among ordinary people and regulators.

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

Bitcoin needed a good correction, it goes down to the level of $6,370. We expect that Bitcoin will stop at this level. More than likely, the level of $6,370 will be its support, from which it will continue its upward movement. The weekend is ahead, which can give it a good chance to grow. The first resistance level is at $6,640. The next resistance level is at $7,070.

Technical analysis of Ethereum (ETH):

Ethereum looks more trending, it easily passed a mark of $500, reaching $520. Then, it went to a logical correction. More than likely, it will drop to the level of $480, which will be a support level for it. After that, it is likely to push away from this level and start to grow. The following resistance levels are $500, $530 and $590.

Technical analysis of Ripple (XRP):

Judging by the chart, it will take more time for Ripple to overcome the level of $0.60. Now, it is in a horizontal correction. But, it seems to us, ripple is asking for a deeper correction, more than likely, to the level of $0.52. After that, it has the opportunity to continue its growth. The following resistance levels are $0.60 and $0.66.

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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