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News :

Exchange Rates 02.06.2020 analysis

Key Takeaways

  • The announcement of Celo Network earlier this year marked the first true rival for Facebook's Libra.
  • a16z believes more competitors could emerge, putting stress on Libra, forcing regulators to take action.
  • Libra's failure thus far stems from Facebook's scandalous past and its initial plan of introducing a new currency.
  • The winner of this race will likely be the one that operates without threatening the state's monopoly over the monetary system.

Technical analysis:

BTC has been trading aggressively to the upside. The price tested the level of $10,400 but it did that on the ultra high volume and very wide spread of the candle, which represents climatic action and potential for the downside rotation.

Trading recommendation:

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Performed by Petar Jacimovic,
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InstaForex Group © 2007-2020
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