Market review, August 21, 2019

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2019-08-21 15:06:18

Bitcoin’s youngest millionaire Erik Finman launches crypto-based ‘Libra Killer’

Finman invested an unspecified amount in the payment app Metal Pay. According to startup CEO Marshall Hayner, he, together with Finman, plans to create the first all-in-one platform for cryptocurrency banking. The platform will include a cryptocurrency exchange with access to 17 assets, a digital bank and a payment application with social functions.

Let us note that Metal Pay was launched last September and processed payments of $11 million. The number of users exceeded 130,000 people, and the app is available in 38 US states. The monthly volume of transfers is about $1 million (cryptocurrencies and fiat money).

I changed my point of view on cryptocurrencies a bit when I discovered that the Bitcoin community is very fragmented and its use in real life is minimal,” Finman said.

The startup has entered into a partnership with the bank and the trust company Evolve. It will allow the company to offer customers deposit accounts insured by the US Federal Deposit Insurance Corporation (FDIC). With the development of the platform, Evolve will help Metal Pay create new financial instruments and services.

Technical analysis of Bitcoin (BTC):

Over the past day, bitcoin dropped to the support level of $10,000. This movement completely coincided with our yesterday's forecast. Now, the price of bitcoin is $10,120. We expect the continuation of the negative movement. The nearest resistance levels are $10,360, $10,650. The nearest support levels are $10,000, $9,700.

Technical analysis of Ethereum (ETH):

Over the past day, ethereum fell to the support level of $185. This movement completely coincided with our yesterday's forecast. Now, the price of ethereum is $186. According to the technical analysis, ethereum will grow a bit, then fall to the support level of $181. The nearest resistance levels are $192, $201. The nearest support levels are $185, $181.

Technical analysis of Ripple (XRP):

Over the past day, ripple fell to the support level of $0.2590. Now, the price of ripple is $0.26. We tend to expect a rebound to the resistance level of $0.2660. The nearest resistance levels are $0.2670, $0.28. The nearest support levels are $0.2590, $0.2560.

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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