Market review, October 10, 2019

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2019-10-10 13:01:41

Investment giant Vanguard has partnered with Nasdaq Ventures-sponsored Symbiont to develop a trading platform for the currency market.

Vanguard, which manages assets of $5.2 trillion, plans to reduce the transaction costs of currency transactions, which reach several trillion dollars a year, by activating P2P trading for investors and connecting them directly to the blockchain platform.

Mark Smith, Symbiont CEO, confirmed that the company has teamed up with Vanguard to create a currency trading blockchain platform. According to Bloomberg, the platform has been running for two months, and the first transactions were completed successfully.

Vanguard is currently piloting a project focused on improving the efficiency and reducing risk of FX hedging,” a Vanguard spokesperson said. He also added that the new platform is part of the fund manager’s commitment to lowering the cost of investing for all investors.

Let us recall that this project is not the first collaboration between Vanguard and Symbiont. Vanguard began using the Symbiont smart contract platform at the beginning of last year.

Besides, earlier this year, Symbiont raised a $20 million Series B funding round. Nasdaq, Citi Ventures, Gala, Galaxy Digital, and Raptor Group were among the investors.

Technical analysis of Bitcoin (BTC):

                                                   

Over the past day, the price of bitcoin grew to the resistance level of $8,600. Bitcoin buyers were active. Now, its price is $8,165. We expect the continuation of the positive movement after a technical correction. The nearest resistance levels are $8,600, $8,750. The nearest support levels are $8,400, $8,280.

Technical analysis of Ethereum (ETH):

Over the past day, the price of ethereum grew to the resistance level of $192. This movement fully coincided with our forecast. Currently, the price of ethereum is $188. We expect the continuation of the upward movement. The nearest resistance levels are $193, $200, $214. The nearest support levels are $185, $181.

Technical analysis of Ripple (XRP):

Over the past day, the price of ripple fell to the support level of $0.2630. This movement fully coincided with our forecast. Now, it is $0.2690. We expect a continuation of the uptrend. The nearest resistance levels are $0.2730, $0.28. The nearest support levels are $0.2630, $0.2600.

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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