Crypto Industry News:

The Ukrainian Kuna cryptocurrency exchange has released a stablecoin linked to the local fiduciary currency, the Ukrainian hryvnia (UAH).

The new stablecoin, named UAX token, is associated with the hryvnia in a 1: 1 ratio and based on Blockchain Ethereum, according to the official announcement of the Kuna exchange.

According to Kun, UAX is currently being tested by selected stock market users in the open beta, which will last until March 20, 2020. The goal of the first stage of UAX implementation is integration with market participants, technical testing on decentralized financial platforms, as well as the study of "the latest economic theory", said the company.

UAX will be publicly presented by Kun founder Michael Chobanski at a local BlockchainUa 2020 industry conference in March.

In an interview with Cointelegraph, Chobanian confirmed the company's position that Kuna is the first entity to introduce stablecoin based on the hryvnia. The founder of Kuna also mentioned that the central bank of Ukraine piloted the national digital currency, e-hryvnia, in February 2019. According to Chobanski, the e-hryvnia project, however, did not go far beyond research. "There was also a pilot of the National Bank of Ukraine, but only as a study," he said.

When asked about the regulatory conditions of the new token, Chobanian stated that there are currently no relevant regulations in Ukraine, adding that Kuna will now be using its own regulatory supervision infrastructure.

Technical Market Outlook:

The bears took control over the Bitcoin market again and immediately pushed the price right back on towards the level of $9,555, where the short-term technical support is located. Currently, the BTC/USD is trading below this level of support and the local low was made at the level of $9,393. The momentum remains weak and negative, so odds for another wave down are high. The next target for bears is seen at the level of $9,249 and $9,123.

Weekly Pivot Points:

WR3 - $11,253

WR2 - $10,744

WR1 - $10,274

Weekly Pivot - $9,742

WS1 - $9,288

WS2 - $8,756

WS3 - $8,263

Trading recommendations:

The market might have made the first impulsive wave up of a higher degree. This strategy is valid as long as the level of $7,582 is not violated. Nevertheless, the larger timeframe trend is still down and all the shorter timeframe moves are still being treated as a counter-trend correction inside of the uptrend until the level of $10,433 is clearly broken.