Market review, November 1, 2019

2019-01-11 10:51:09

A study by IBM and OMFIF shows that the central bank digital currencies (CBDCs) can be an excellent cash substitute for a variety of applications, including retail payments.

“Central banks are responding to a reality in which digital currencies, whether private or public, will soon become part of the global monetary system. And the Central Bank should take steps in order not to be left behind innovation,” the researchers note.

It is reported that 73% of world banks speak highly of cryptocurrencies of the Central Bank. 82% of representatives of central banks believe that the main threat to financial stability on the part of cryptocurrencies of the Central Bank is the high speed of banking operations.

According to analysts, the first cryptocurrency of the Central Bank is unlikely to be launched by the central bank of the country from G20. Most likely, this will make the bank of a small country with a less complicated economic system.

In the conclusion of the study, analysts noted that the first cryptocurrency of the Central Bank should appear within five years.

“The digital retail currency of the central bank will appear within five years. It will be put into circulation together with fiat money, or as a replacement for banknotes and coins,” the report says.

The other day, Huang Qifan, Vice Chairman of the China Center for International Economic Exchange (CCIEE), said that the People’s Bank of China was the first in the world to issue state cryptocurrency.

Technical analysis of Bitcoin (BTC):

Market review, November 1, 2019

Over the past day, the price of bitcoin rose to the level of $9,430. This price movement coincided with our forecast. After such a price movement, Bitcoin went down. Now, its price is $9,120. We expect the continuation of the upward movement. The nearest resistance levels are $9,200, $9,300, $9,570, $9,700. The nearest support levels are $8,960, $8,700, $8,500.

Technical analysis of Ethereum (ETH):

Market review, November 1, 2019

Over the past day, the price of ethereum rose to the support level of $185. This price movement coincided with our forecast. After such growth, there was a technical pullback. Now, the price of ethereum is $180. In the future, we expect an upward movement. The nearest resistance levels are $181, $185, $192, $197, $200. The nearest support levels are $178, $173.

Technical analysis of Ripple (XRP):

Market review, November 1, 2019

Over the past day, the price of ripple rose to the mark of $0.2975. This price movement coincided with yesterday’s forecast. After that, the price slipped down. Now, it is $0.2910. In the future, we expect the continuation of the uptrend. The nearest resistance levels are $0.2940, $0, 30, $0.31, and $0.3160. The nearest support levels are $0.2910, $0.2850.

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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