Daily market review for 26.06.2018

2018-06-26 15:11:29
The securities market regulator and a group of financial institutions in Spain, including Banco Santander, completed a pilot blockchain project, in which the technology for registration of issuance of stock warrants was tested.
The representatives of the Spanish National Securities Market Commission (CNMV), as well as banks such as Banco Santander, BBVA, BNP Paribas, CaixaBank, Commerzbank and Société Générale were involved in the Fast Track Listing (FTL) project, which lasted a year.
The idea is that common databases can be used for more effective inclusion of information on the issuance of warrants - contracts that give the right to buy new shares at a certain price before their expiration date, and filter this data for all parties. According to Banco Santander, within the framework of the pilot project it was found out that the time of registration of the warrant can be reduced by more than 70% using a test platform.
The group notes that the initial test results were promising, which creates a good basis for further proof-of-concept technologies.
“After receiving such good results, CNMV decided to further study the possible applications of this technology in its processes and continue its work on the project. BME and all national issuers of warrants (BBVA, Caixabank and Banco Santander), as well as international issuers (BNP Paribas, Commerzbank and Société Générale) are also actively involved in this project.”
Despite the fact that the financial regulator favors blockchain technologies, cryptocurrencies in Spain are treated with cautiousness. For example, recently the president of the Central Bank of Spain stated that “cryptocurrencies bear more risks than advantages”. His position is quite understandable - most major regulators share it. However, not all Spanish financial institutions agree with it. Recently it became known that Spain's stock exchange regulator approved investment funds for cryptocurrencies, noting that they will work under existing laws before the EU presents unified regulation for all countries-members.
Despite the cautious attitude towards cryptocurrencies, the blockchain technology is quite satisfactory for the president of the Central Bank of Spain. Then he noted that blockchain opens great opportunities for banking institutions, and that regulators around the world should focus on implementing blockchain in the financial sector, but should not forget about the risks.
Now, let's move to the technical analysis of bitcoin (BTC):
Bitcoin grew to the level of $6,220, but this is its limit for today. Will the weakness of buyers let it go lower again? This is likely to happen. We are expecting a new wave down. Apparently, there are no large buyers of cryptocurrency in the market. As a result, we expect the fall of bitcoin to the level of $5,760.
Technical analysis of Ethereum (ETH):
Our yesterday's forecast was accurate, ethereum grew almost to the resistance level of $480. But the graphical analysis shows that ethereum does it with great difficulty. As a result, we can assume that the chances of further growth are negligible; for the drop, chances are high. Therefore, we are waiting for the drop of ethereum, the nearest level is $415.
Technical analysis of Ripple (XRP):
The whole day ripple stays in the flat, which indicates the absence of buyers. Among the three analyzed cryptocurrencies, it looks weaker than all, since it could not grow to a resistance level of $0.50 in an entire day. We expect the fall of the ripple in the near future. The nearest resistance level is $0.43.


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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