Cryptocurrency exchanges Poloniex and KuCoin have teamed up for joint research and large-scale development of the crypto industry against the backdrop of tightening regulatory requirements.
Exchanges will start to conduct research and joint development related to cryptocurrency trading, liquidity provision, product iterations, and mining pools using Proof-of-work (PoW) and Proof-of-Stake (PoS) consensus methods. According to the management of both platforms, instead of competing, it is much more effective to combine efforts to strengthen their market positions and develop the cryptocurrency sector as a whole.
“Due to the difficult political and economic situation in the world, institutional and even individual investors have a hard time. They have to find a balance in order not to be affected by new market risks, and at the same time, to obtain long-term profits. I hope the partnership between KuCoin and Poloniex will be a landmark event in the digital currency industry,” KuCoin Global CEO Johnny Lyu said.
Shelley Wu, Poloniex’s Vice President of International Relations and Marketing, added that the industry today is highly competitive, with exchanges “fighting” for user preference, let alone pressure from various regulators. This year, several cryptocurrency exchanges in Brazil were closed due to new tax rules. Besides, recently Venezuelan traders have lost access to Coinbase due to U.S. sanctions.
Shelly Wu believes that in such conditions, exchanges should take a different approach and start cooperating because the platforms have common goals. Let us recall that in April, KuCoin began working with Onchain Custodian, a Singapore-based custodial service, and Lockton Insurance to provide additional security for user assets. In the same month, KuCoin announced the development of the Enterprise Currency Desk platform for OTC cryptocurrency trading.
Technical analysis of Bitcoin (BTC):
Over the past day, the price of bitcoin dropped to the support level of $10,750. Then it rose to the resistance level of $11,000. Now, the price of bitcoin is $11,000. In the future, we predict an increase. The nearest resistance levels are $11,000, $11,100, $11,300, $11,400, $11,500, $11,650, $11,850, $12,000, $12,230, $13,000, $13,500. The nearest support levels are $10,900, $10,800, $10,700, $10,500, $10,340, $10,250, $10,200, $10,000, $9,850, $9,600, $9,400, $9,300, $9,200, $9,000, $8,600.
Technical analysis of Ethereum (ETH):
Over the past day, the price of ethereum slightly decreased to the support level of $375. Then it rose to the resistance level of $395. Now, the price of ethereum is $385. In the future, we predict a decline. The nearest resistance levels are $385, $390, $400, $410, $415, $420, $430, $440, $443, $470, $475, $500, $530. The nearest support levels are $380, $375, $365, $355, $350, $330, $325, $310, $300, $290, $277, $270, $260, $257, $250.
Technical analysis of Ripple (XRP):
Over the past day, the price of ripple dropped to the support level of $0.2460. Then it rose to the resistance level of $0.26. Now, the price of ripple is $0.2550. In the future, we predict an increase. The nearest resistance levels are $0.2580, $0.26, $0.27, $0.28, $0.29, $0.2960, $0.30, $0.3080, $0.31, $0.32, $0.3250, $0.3450. The nearest support levels are $0.2550, $0.25, $0.2480, $0.2450, $0.2440, $0.2350, $0.23, $0.2250, $0.22, $0.2150, $0.21, $0.2060, $0.2020, $0.20.