Market review, June 24, 2019

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2019-08-30 13:00:34

A new study by Kaspersky Lab showed that 19% of the world population at least once bought crypto assets before 2019.

The survey for the Cryptocurrency Report 2019 was conducted in October and November 2018, with 13,434 respondents from 22 countries taking part. According to the report, 81% of the world's population never bought cryptocurrencies, while only 10% of respondents said they “fully understand how cryptocurrencies work.”

Meanwhile, only 14% of those who have never used cryptocurrency, would like to do it in the future.

According to the majority of respondents, “too high” volatility was among the main reasons why investors stopped using cryptocurrencies.

While 31% of respondents named volatility, other respondents indicated the possibility of losing money in the bear market, as well as the belief that cryptocurrency “no longer makes a profit”.

At the same time, 22% of respondents stated that they stopped using cryptocurrencies because they are not supported by real assets. The risks of theft and fraud were named as reasons by 19% and 15% respectively.

In a press release accompanying the report, the Kaspersky team noted that the growing popularity of the cryptocurrency industry among global consumers is slowing down due to the lack of a proper understanding of how cryptocurrencies work.

According to a study published in Gold IRA Guide magazine in April, about 3% of US retirees own bitcoins. And in February, Kaspersky Lab researchers stated that every eighth person in the world used Bitcoin and other cryptocurrencies to make purchases on the Internet.

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

Over the past day, bitcoin grew, reaching a psychologically important mark of $11,000. Now, the price is in a “narrowing triangle”. This means that the price of bitcoin will go either up or down. We tend to expect the price of bitcoin to move down. Now, the price is $10,900. The nearest resistance levels are $11,100, $11,350. The nearest support levels are $10,650, $10,350.

Technical analysis of Ethereum (ETH):

Over the past day, ethereum tried to grow, but it has been for a long time in a narrow price corridor of $301-316. We expect the continuation of growth to the upper boundary of the channel – to the mark of $316. Although, we have doubts that ethereum will break through the upper level and fix above $316. Now, the price of ethereum is $252. The nearest resistance levels are $316, $350. The nearest support levels are $302, $290.

Technical analysis of Ripple (XRP):

Over the past day, ripple grew slowly, more than likely, it will grow to a resistance level of $0.4730. Now, the price is $0.4620. After that, we expect the price to fall to the support level of $0.4480. The nearest resistance levels are $0.4630, $0.4760. The nearest support levels are $0.46, $0.4480.

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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