Market review, September 10, 2019

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2019-09-10 16:01:11

Nickel Asset Management, a London-based asset management company, has announced a successful fundraiser to launch a cryptocurrency investment fund. The amount of financing amounted to $50 million.

The Nickel Arbitrage Fund will specialize in arbitrage digital asset trading. This type of trading implies that traders buy an asset on one platform, and then sell it at an inflated price on another.

While digital assets and derivatives are traded on various world platforms with sufficient speed and quality of order execution, we can make a profit and at the same time improve liquidity for other market participants,” Alek Kloda, Nickel portfolio manager, said.

The UK Financial Conduct Authority (FCA) has already approved the launch of a cryptocurrency arbitrage fund. According to the Director General of Nickel Asset Management, Anatoly Krachilov, the fact that digital assets will become a mandatory part of the investment portfolio of institutional clients is only a matter of time.

Recently, the operator of the largest online wallet, Blockchain.com, announced that it would hold a new round of financing, during which it is planned to raise $50 million.

Technical analysis of Bitcoin (BTC):

Over the past day, bitcoin was in the flat between $10,000-10,400. This movement fully coincided with our yesterday's forecast. Now, the price of bitcoin is $10,230. From a technical point of view, the price of bitcoin should drop even lower. The nearest resistance levels are $10,400, $10,650, $10,900, $11,100. The nearest support levels are $10,000, $9,500.

Technical analysis of Ethereum (ETH):

Over the past day, ethereum tried to break through the support level of $181, but unsuccessfully. Now, the price of ethereum is $179. We expect the continuation of the negative movement. The nearest resistance levels are $181, $185. The nearest support levels are $173, $172, $169, $165.

Technical analysis of Ripple (XRP):

Over the past day, ripple fell in price and reached the support level of $0.2540. After such a decline, its price turned around and rushed up. Now, it is $0.26. According to the technical analysis, we expect an increase in price. The nearest resistance levels are $0.2630, $0.2670. The nearest support levels are $0.2560, $0.2525.

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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