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Crypto Industry News:
Jeremy Allaire, CEO of Blockchain's remittance company, Circle, said the company has long maintained that major fiat currencies will eventually be tokenized.
In an online podcast, Allaire said that Circle has for years believed that sovereign currencies will eventually be digitized.
"When we started with Circle in 2013, I think we believed that there would be significant non-state digital currencies that would grow in use and be attractive to people for many different reasons, and Bitcoin is obviously the most noteworthy. But we also believed that the world's main reserve currencies, the world's major trading currencies, would become digital currencies" - he said.
Allaire also believes that the world is moving towards a system of cheap, instant cash transactions with traditional fiat currencies - no matter which countries introduce fiat digital currencies. In addition, he believes that this will be a radical change in the operation of payment systems, monetary system and economic interaction in general.
Allaire explained that he did not believe that digital currencies were simply tokenized using Blockchain and did the same as they do now. Instead, it predicts that global money tokens, supported by reserve currency baskets, will appear and become the preferred monetary model.
Technical Market Overview:
The ETH/USD pair keep trading in a consolidation zone that gets even tighter. Currently, the market is trading between the technical support located at the level of $178.81 and technical resistance located at the level of $196.76. Despite the fact, that the whole WXYXZ corrective cycle might have been completed at the level of $172.82 on 15th of August, there is still no bullish momentum present on the market. The global investors should then await the breakout in either direction.
Weekly Pivot Points:
WR3 - $218.26
WR2 - $210.07
WR1 - $196.01
Weekly Pivot Pont - $185.93
WS1 - $171.02
WS2 - $161.63
WS3 - $146.97
Trading Recommendations:
The best strategy in the current market conditions is to trade with the larger timeframe trend, which is still up. All the shorter timeframe moves are being treated as a correction inside of the uptrend. The current cycle is wave 2 of the higher degree and it might have been completed, so the uptrend should resume soon. The global investors are waiting for a breakout above the level of $238.68 to confirm the resumption of the uptrend.
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