Daily market review for 28.06.2018

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2018-06-28 15:45:43
The Parliament of Malta unanimously approved three draft laws on brockchain and cryptocurrency regulation, developed within the framework of the task set to become an “island of blockchain”.
 
“Today, the Maltese Parliament was the first in the world to approve three bills on distributed ledger technology (blockchain). I am proud to have promoted these bills,” Silvio Schembri, the Parliamentary Secretary for Financial Services, Digital Economy and Innovation, said.
 
“We believe that cryptocurrencies will continue to develop, and as the government, we support the changes that cryptocurrencies can bring to our lives,” he added.
 
Shembri said that the island's government is aimed at creating the right environment for the development of blockchain and cryptocurrency.
 
Approved bills regulate the use of blockchain technology and cryptocurrencies in the country. The laws are aimed at protecting cryptocurrency investors, blockchain companies and financial transactions.
 
The Malta Digital Innovation Authority Act describes the tasks and responsibilities of the newly created Office for Digital Innovation. The agency will be responsible for the certification of distributed ledger technology platforms, confirming their reliability, as well as legal protection of users of these platforms.
 
The Virtual Financial Assets Act is aimed at financial transactions and deals in the Malta's cryptocurrency market. This law will regulate all launches of the Initial Coin Offering (ICO) in the country, as well as the activities of all service providers related to the ICO. Additionally, the Law on Virtual Financial Assets describes the control measures that will be applied to all cryptocurrency transactions.
 
The Innovative Technology Arrangements and Services Act will regulate the registration of technology suppliers and their services, providing accreditation to the systems they use. This law introduces the process of registration of administrators and auditors.
 
It is worth noting that Malta is rapidly moving towards its intended goal and, thanks to the assistance of the government, in the last few months, it managed to turn into a center for the development of blockchain and cryptocurrency.
 
Several companies of the industry have already announced plans to open branches on the so-called “island of blockchain”, including Binance, one of the leading cryptocurrency exchanges, BitBay, the largest crypto exchange in Poland, and the Hong Kong OKEx.
 
Other companies, such as Bitfury Group and Omnitude, have entered into partnership agreements with Maltese organizations and government agencies to develop and implement blockchain technology in various areas of the economy.
 

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

In fact, bitcoin stays between $6,000-$6,150. The situation does not clear up, apparently it needs more time. But, chances for upward movement of bitcoin still remain. We suggest that you keep track of it. The nearest resistance level is $6,220. The nearest support level is $5,760.

Technical analysis of Ethereum (ETH):

The picture is still positive. Ethereum stays at the same level, but within a framework of an ascending trend. An inclined trend line indicates it. The Williams indicator shows that it is oversold. Ethereum has every chance to grow, the nearest resistance level is $460.

Technical analysis of Ripple (XRP):

Ripple is also in the ascending channel, but it also needs time to implement the upward movement. But if it does not have the strength to grow and it breaks the inclined trend line, then the nearest support level of $0.43 will be waiting for it. If ripple continues to grow, then 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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