Market review, May 30, 2019

2019-05-30 15:00:39

The Central Bank of the Bahamas (CBOB) has officially confirmed plans to issue its own cryptocurrency by next year.

According to Nassau Guardian, the CBOB will sign a formal agreement with the other day to create and deploy Project Sand Dollar, the first government digital currency in the Bahamas. In early March 2019, the Central Bank of the Bahamas first announced NZIA its main partner in this project, along with Zynesis, a Singapore-based software development company.

The Project Sand Dollar initiative will be an “integrated, affordable electronic payment system for all businesses and residents,” as the central bank says. The project will operate in accordance with local financial legislation and is aimed at ensuring equal access to digital payments for residents of the island country, which will reduce the volume of cash transactions and the cost of providing services.

Although the CBOB has not yet announced where the pilot project will be launched, bank chairman, John Rolle, noted that the institution expects to fully launch the project by 2020. The CBOB announced its plans to create its own digital currency back in June 2018.

The launch of state cryptocurrency is increasingly considered by different countries around the world. Last week it became known that the Central Bank of the Russian Federation admits the creation of a gold-backed stablecoin, and at the beginning of the month, the Thai Central Bank announced that it was creating a solution based on the blockchain as part of issuing its own digital currency.

Now, let's move to the technical analysis of Bitcoin (BTC):

Over the past day, bitcoin remained in a narrow price corridor with a range of $8510-8750. Williams indicator shows that bitcoin is oversold, so it is very likely that bitcoin will start negative movement. We patiently wait for further price reduction. Now, the price of bitcoin is $8,705. The immediate goals are $7,700, $7,000. The nearest resistance levels are $8,750, $8,833. The nearest support levels are $8,600, $8,500.

Technical analysis of Ethereum (ETH):

Over the past day, ethereum broke through the resistance level of $271 and rose to $286. We expect further growth to the mark of $300 with subsequent correction downwards. Now, the price of ethereum is $282, but it may fall to $247. The nearest resistance levels are $285,$300. The nearest support levels are $280, $270.

Technical analysis of Ripple (XRP):

Over the past day, ripple rose to the resistance level of $0.4630. Now, it is in the consolidation zone. We expect the continuation of the price growth to $0.50 with subsequent correction downwards. Now, the cost of ripple is $0.4610. The nearest resistance levels are $0.4630, $0.48, $0.50. The nearest support levels are $0.4560, $0.4480.

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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