Daily market review for 18.07.2018

2018-07-18 13:36:40

The operator of cryptocurrency payments, BitPay, has become the eighth organization that received BitLicense from the New York State Department of Financial Services (NYDFS).

On Monday, the Department announced that it had conducted a “comprehensive review” of the company's compliance with the principles of anti-money laundering and anti-fraud policy, as well as its capitalization, consumer protection and cyber security policies, after which the BitPay application was approved.

“DFS welcomes BitPay in the expanding and regulated market for virtual currencies in New York,” Superintendent of Financial Services Maria T. Vullo said. “We are working to support the active and competitive virtual currency market that connects New Yorkers to the global market while simultaneously ensuring a strict state-regulated supervision.”

Now, BitPay can handle cryptocurrency payments for sellers and residents of the State of New York. In addition, the license gives the company the right to issue cryptocurrency debit cards inside the state. Currently, BitPay, founded in 2011, supports BTC and BCH.

BitPay became the first independent operator of cryptocurrency payments with BitLicense. The Coinbase exchange, which was licensed in 2017, also functions as a platform for sellers, but its core business is focused on the cryptocurrency trading.

“The state of New York adheres to a very strict policy regarding cryptocurrency companies, and the process of obtaining a license was very important for BitPay," Stephen Pair, the head of BitPay, says. “We believe that our work will pay off, as New York provides great opportunities for business of BitPay.”

BitPay has become only the eighth company that received BitLicense, despite the fact that this legislative standard has been in force since 2015. Interestingly, half of all issued permits were approved by the NYDFS last month - perhaps this indicates a softening of the regulator's attitude towards the innovative but growing maturity of the cryptocurrency industry.

Other holders of the coveted NYDFS license include Square, Xapo, Genesis Global Trading, bitFlyer USA, Coinbase, Ripple (through the XRP II subsidiary) and Circle. Gemini and Paxos (formerly itBit) received benefits from NYDFS, but were not fully licensed.

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

Bitcoin continues to move upward; after a slight correction, it continued to grow. It easily overcame the nearest resistance level of $6,750 and also the level of $7,060. And only having reached the level of $7,500, it went to a correction. We expect that it will probably go down to the support level of $7,060.

Technical analysis of Ethereum (ETH):

As it was expected, ethereum slipped to the support level of $460. Then, it turned and started to grow rapidly, finally reaching our goal of $500. Now, it is on a correction at the support level of $490. We admit a deeper correction down to the support level of $475. The nearest resistance level is at $540.

Technical analysis of Ripple (XRP):

Ripple fully realized our yesterday's forecast having dropped to the nearest support level of $0.45; then, it turned and started to grow actively, reaching a resistance level of $0.50. Now, it is consolidating. The nearest support level is at $0.47. The nearest resistance level is at $0.55.

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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