Market review, January 28, 2020

2
2020-01-28 15:02:03

Free Trade Zone in Dubai, where no personal or corporate income tax is levied, will have its own Crypto Valley.

At the World Economic Forum (WEF), Dubai Multi Commodities Centre (DMCC) announced the launch of the Crypto Valley in the Free Trade Zone, in the heart of Dubai's leading business district. The DMCC explained that the initiative "aims to stimulate growth, collaboration, and integrity in the global economy of the blockchain industry." DMCC CEO Ahmed Bin Sulayem said:

"Crypto Valley will offer various services, including an incubator for startups, collaboration opportunities, innovative services for corporate clients, training in the field of blockchain and entrepreneurship, educational programs, events, mentoring, and financing. The opening of the Crypto Valley will improve the business environment of the city and support the broader strategy of the UAE government to attract innovators, entrepreneurs, and pioneers who will determine the future economy."

Launching its own Crypto Valley, Dubai joins Switzerland and the Philippines, which are also implementing similar initiatives. Dubai, like other regions of the UAE, actively supports the development of the blockchain. In October, the Dubai Ministry of Economic Development announced the launch of a Unified Business Registry Platform (UBRP), which should greatly facilitate the conduct of business in the UAE.

Technical analysis of Bitcoin (BTC):

Over the past day, the price of bitcoin rose to the resistance level of $9,150. Then it rolled back to the support level of $9,000. Now, the price of bitcoin is $9,040. In the future, we expect the continuation of the upward movement. The nearest resistance levels are $9,150, $9,500, $9,800, $10,000. The nearest support levels are $9,000, $8,720, $8,500, $8,380, $8,250, $8,140, $8,000, $7,900.

Technical analysis of Ethereum (ETH):

Over the past day, the price of ethereum grew to the resistance level of $173. Then it fell to the support level of $170. Now, the price of ethereum is $172. In the future, we expect the continuation of the uptrend. The nearest resistance levels are $173, $175, $180. The nearest support levels are $170, $167, $165, $163, $160, $158, $155, $152, $150, $147.

Technical analysis of Ripple (XRP):

Over the past day, the price of ripple grew to the resistance level of $0.2360. Then it fell to the support level of $0.2260. Now, the price of ripple is $0.23. In the future, we expect an upward movement. The nearest resistance levels are $0.2360, $0.2380, $0.24, $0.2450, $0.25, $0.2550. The nearest support levels are $0.2320, $0.23, $0.2260, $0.22, $0.2170, $0.21, $0.2090.




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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