Market review, October 31, 2019

2019-31-10 11:57:08

The Association of German Banks, which includes more than 200 financial institutions, has published a document calling for the release of a “programmable digital euro.”

The document emphasizes that a digital euro based on cryptography should work on a pan-European payment platform, which will be supported by the monetary policy of European countries.

“The user of the digital euro, whether a person or a machine, must be identified. And this requires the creation of a European, and better global identification standard. When using any form of digital money, users must be identified by this standard. It should be as strict as the standards that banks follow to meet the requirements of regulators,” the document says.

To be competitive, the system must be based on a common standard and currency. A digital currency based on these principles can quickly gain in popularity, but the existing monetary system should not be jeopardized. Private cryptocurrencies, such as Libra, can soon become the cause of economic and political conflicts, the Association of German Banks believes.

Also, the authors of the document called on regulators and legislators to take a balanced approach to the regulation of digital assets.

Recently, the Minister of Finance and Vice-Chancellor of Germany, Olaf Scholz, advocated the creation of a national digital currency; however, according to the country’s parliament, cryptocurrencies will not be able to become money and a means of accumulating capital.

Technical analysis of Bitcoin (BTC):

Market review, October 31, 2019

Over the past day, the price of bitcoin dropped to $8,960 twice. Now, the price of bitcoin is $9,150. 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, October 31, 2019

Over the past day, the price of ethereum fell to the support level of $178. This price movement coincided with our forecast yesterday. After such a decrease, there was a technical rebound upwards. Now, the price of ethereum is $180. In the future, we can 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, October 31, 2019

Over the past day, the price of ripple dropped to the support level of $0.2880. This price movement coincided with yesterday’s forecast. Then the price of ripple rose. Now, it is $0.2920. In the future, ripple has a chance to continue 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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