Daily market review for 29.06.2018

4
2018-06-29 16:06:57
The financial regulator of South Korea has changed the rules of anti money laundry, which are applied to the cryptocurrency exchanges in the country, obliging local banks to tighten control over their accounts.
 
According to the statement of the Financial Services Commission of South Korea (FSC), the new rules concerning the activities of cryptocurrency exchanges will initially be valid for a year.
 
Traditionally, exchanges open several accounts in the bank - depository, which stores the funds of traders on the platform, as well as the operating one, where the own assets of the exchange are stored. According to the amendments, the banks that serve the exchanges are required to control the movement of all these funds and to notify the FSC about suspicious transactions.
 
The innovations appeared after the check of three local exchanges, Nonghyup Bank, KB Kookmin Bank and KEB Hana Bank, which showed that some exchanges transferred assets from the deposit account of investors to their own operating accounts, directly violating the rules that require keeping investors' assets separate from their own.
 
Since banks control depositary accounts of investors on exchanges, FSC fears that the lack of more careful control over the accounts may increase the possibility of the exchanges to participate in money laundering or tax evasion through the use of operating accounts for the purchase of cryptocurrency at foreign sites.
 
Now, let's move to the technical analysis of bitcoin (BTC):
Now, the picture cleared up. Bitcoin went down stopping at the support level of $5,760. Then it jumped little bit. Bitcoin tests this level for the second time. Time will tell if there is further negative movement. Two days off are ahead. The nearest resistance level is $6,000. The nearest support level is $5,760.
 
Technical analysis of Ethereum (ETH):
Ethereum did not grow, that means that there are no large buyers in the market. We expect a rebound in the next day, but time will show what happens next. The nearest resistance level is $420. The nearest support level is $400.
 
Technical analysis of Ripple (XRP):

Ripple fell to the level of $0.40 breaking through the support level of $0.43. This fact also indicates the absence of buyers. The $0.40 support level will be the basis for the rebound for ripple. It is difficult to predict further movement, the weekend is ahead, which can clear up the air. The nearest resistance level is $0.35. The nearest support 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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