Market review, May 15, 2020

2020-15-05 10:06:29

Large payment company Visa has filed a patent application for a “digital fiat currency,” which will have the advantages of cryptocurrencies, but will be issued by a “centralized body.”

A patent application published by the U.S. Patent and Trademark Office (USPTO) highlights that cryptocurrencies have some definite advantages over fiat money and Visa wants to combine the strengths of both payment methods:

“Cryptocurrency systems have advantages over fiat currency systems. For example, money transfer in cryptocurrency systems is usually much faster. Also, they are more trustworthy, since it is no longer possible to change the transaction records entered in a blockchain. However, cryptocurrencies are not regulated by government agencies. Nor does it make sense for countries to convert their fiat currencies into cryptocurrencies, because digital devices are needed to use them.”

Former Chairman of the Commodity Futures Trading Commission (CFTC) Christopher Giancarlo stressed that this patent application shows how US government agencies and private companies cooperate.

“This application is proof that private companies are working on the future of money,” he said.

It should be noted that last summer Visa launched a payment service based on the blockage for corporate clients, which was first announced in October 2016.

Technical analysis of Bitcoin (BTC):

Market review, May 15, 2020

Over the past day, the price of bitcoin rose slightly to the resistance level of $9,870. Now, it is $9,600. In the future, we predict a technical correction downwards. The nearest resistance levels are $9,700, $9,950, $10,000, $10,250, $10,500. The nearest support levels are $9,400, $9,200, $8,600, $8,150, $7,900, $7,600, $7,500.

Technical analysis of Ethereum (ETH):

Market review, May 15, 2020

Over the past day, the price of ethereum rose slightly to the resistance level of $205. Now, it is $199. In the future, we predict a technical correction downwards. The nearest resistance levels are $200, $204, $206, $209, $216, $218, $226, $245. The nearest support levels are $198, $193, $189, $186, $183, $178, $174, $169, $166, $157, $161.

Technical analysis of Ripple (XRP):

Market review, May 15, 2020

Over the past day, the price of ripple rose slightly to the resistance level of $0.2050. Now, it is $0.2010. In the future, we predict a technical correction downwards. The nearest resistance levels are $0.2020, $0.2060, $0.21, $0.2150, $0.22, $0.23, $0.2350. The nearest support levels are $0.2, $0.19, and $0.1820.

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.
Something went wrong
Message: