Daily market review for 25.06.2018

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2018-06-25 13:01:05

Despite the fact that Lloyd Blankfein does not own bitcoins (as well as his investment bank doesn't), Head of Goldman Sachs believes that critics should not ignore the future of the first and most important cryptocurrency.

During his speech at the event of The Economic Club of New York, Blankfein demonstrated an optimistic attitude towards the digital currency. CEO of Goldman Sachs announced the possibility of the future, in which bitcoin and other cryptocurrencies will push out official money - just like the fiat money once replaced gold and precious metals.

Arguing about the development of money, Blankfein drew attention to the similarity between cryptocurrency and fiat money. In his opinion, both do not have an intrinsic value. However, paper money managed to become the main form of money. After that, Blankfein asked a rhetorical question: Why can not cryptocurrency do the same?

Blankfein's comments contrast sharply with the opinion of the majority of high-ranking representatives of the traditional finance sphere.

The head of Berkshire Hathaway, Warren Buffett, recently called bitcoin “rat poison in a square” and said that he was almost sure that cryptocurrency would “end up in a bad way.”

Chairman and head of JPMorgan Chase, Jamie Dimon, is also a well-known opponent of bitcoin. In September last year, he identified the cryptocurrency market as “fraud” and said:

“If we had a trader, who works with bitcoins, I would immediately dismiss him for two reasons. First, it is against our rules. Secondly, it's stupid.”

Blankfein, unlike his colleagues in the traditional financial space, adheres to a more liberal approach in assessing bitcoin and other cryptocurrencies, and believes that leaving them unaddressed is too arrogant.

“I do not belong to those who say: this is impossible, because it is unfamiliar and uncomfortable - it's too arrogant."

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

Bitcoin did fall to the level of $5,760, it is lower than we had expected in the previous forecast, but the fact remains. Then, it pushed away and rose to the level of $6,220. Now it is consolidating, and it seems to us that it will continue its growth. The nearest resistance level is $6,370. Within the day, we expect growth, but further forecasts do not make sense. It is necessary to keep track of bitcoin before expecting further growth.

Technical analysis of Ethereum (ETH):

Ethereum dropped as fast as bitcoin, piercing the support level of $460. It stopped at $415. Then, it pushed away to the resistance level of $460. Now, it is consolidating at the level of $450. We expect that today it will continue its growth to the resistance level of $480.

Technical analysis of Ripple (XRP):

Ripple practically copies the trend of its competitors in the cryptocurrency market. It also dropped to the level of $0.43. Then, it turned sharply and grew to the level of $0.47. Now it is consolidating at the level of $0.46. Today, we expect further growth of ripple. The nearest resistance level is $0.50.

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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