Market Overview 20.09.19
Vitalik Buterin says Libra is a wake-up call for governments
The nascent Facebook libra crypto project has had serious problems, with new objections from regulators around the world since its announcement in June. Recently, French Finance Minister Bruno Le Maire announced that they would not allow any development of libra in their country, as it threatens the monetary sovereignty of the government. Immediately after the announcement of France, Germany followed suit. Vitalik Buterin of Ethereum also shared his thoughts on libra in an interview with the Globes. When asked about his thoughts on the ongoing controversy surrounding libra, Buterin said the current libra structure was not very good in terms of privacy because the firm did not have the means to protect clients’ private information. Libra’s current working model assumes that its customers will store their currencies in the storage wallet, which is not only bad in terms of privacy, but also because it is no different from the existing traditional financial systems in which companies should carry out the process of identifying customers. Buterin said this could be a big problem for libra. He explained read also: Analysis of the cryptocurrency market on March 6, 2018 “in such a situation it is always possible that a certain company will create a wallet that does not perform such a process, and there may be people who will use it for money laundering.” However, Buterin made it clear that since the libra project had not yet been launched, they could still work on these aspects before the official release. Buterin also called libra a “call to action for governments” as countries like China took steps to speed up their national CBDC program when Facebook announced its stable coin project. He said, “In my opinion, projects like Libra are a call to action for governments that now understand that if they don’t rethink the technology of their sovereign currency, they will have competition. So now we see a lot of interest in creating a sovereign digital currency.”
Now let’s move on to the technical analysis of bitcoin (BTC):
Bitcoin, having made a false break, again returned above the level of $10,000. The fact of another return over an important level of support confirms the market’s interest in purchases in the near future. Given the specifics of the cryptocurrency market, there is a possibility of one or a series of retests and false breakdowns of the current level of support. Resistance levels 10400, 10700, 11200, 11500, 12,000. Support levels 10,000, 9800, 9400.
Ethereum Technical Analysis (ETH):
Ethereum continues to show strength, and keeps the local uptrend. The price continues to update local extremes, which by definition is a manifestation of the uptrend. We are considering a continuation of the growth of the price of ethereum. Support levels 210, 200, 190, 181, 171, 162. Resistance levels 222, 234, 261, 275, 293, 310.
Ripple Technical Analysis (XRP):
The price of ripple continues to be in correction. The main signal for longs will be fixing the price above the level of 0.2839. Support levels 0.2573, 0.3436, 0.228, 0.2116. Resistance levels 0.2839, 0.3018, 0.3214, 0.3590, 0.2863.