Daily market review for 16.07.2018

2018-07-17 08:10:55

The American currency exchange Poloniex has launched a trading application for mobile devices. This is the first official mobile application from Poloniex, it is available for Android and iOS.

Poloniex belongs to Circle, a financial company supported by Goldman Sachs. According to the announcement published in the Circle blog, this application will be the only official application of Poloniex in both the Android Play store and the iOS App Store.

By its statement, the company wants to distance the official application from other solutions previously released by third-party developers. Some of them received some support from users because of the features needed for traders.

Poloniex claims that through its application it wants to improve the experience of user interaction with different platforms. Customers can access a number of trading application functions, such as real-time ticker updates in all markets, schedules at different time intervals, the ability to manage specific coins and the ability to create alerts for price changes.

In addition to this, trading is already available in the version of application for iOS - Poloniex notes that this will give traders the opportunity to use Poloniex from anywhere. Users of the application need to generate an API key for trading on their mobile devices. Setup instructions can be found in the application.

The release of the official mobile application is an important milestone for the Boston stock exchange, which has become one of the last important innovations for the year. Newly found ties with the banking giant after Circle bought the platform in early 2018 for $400 million is one of the most notable events that have occurred recently with the stock exchange.

At the end of 2017, the platform announced that its team had upgraded the system of user identification and verification, as a result of which so-called old-format accounts (not verified) should be verified through an internal portal, or they will be significantly limited in capabilities, and later completely disconnected from trading. As a result, in May 2018, Poloniex began to freeze accounts of unverified users.

In all likelihood, Poloniex will continue to make changes to its work, and the mobile application is only the first step. They have already promised to improve the process of verification of mobile devices. However, it remains unclear whether the changes in the work of the exchange will be positive for all users of the service.

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

So, here's the denouement. After a long consolidation, it jumped today to $6,600. We associate this with the expectation of a meeting between Trump and Putin, which is held today in Helsinki. A joint press conference of Trump and Putin is scheduled for 16:30-17:30 Moscow time. We expect volatility both in the stock and cryptocurrency markets. The nearest resistance level is at around $6,750.

Technical analysis of Ethereum (ETH):

Ethereum decided to follow our Friday forecast and grew rapidly to $475. Now, it is consolidating, and from all appearances, it will grow further. The nearest resistance level is at around $500. The nearest support level is at $460.

Technical analysis of Ripple (XRP):

Ripple rushed up, reaching a mark of $0.45. Now, it goes to a correction, after which further growth is possible. The nearest resistance level is at $0.47. The nearest support level is at $0.45.


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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