Fundamental analysis

Israel prepares to leap in crypto market

While the US and other countries are working on developing cryptocurrency legislation and their own digital currency, the Tel Aviv Stock Exchange, the only public stock exchange in Israel, announced that it is exploring the crypto industry and expanding into it. It will do so by developing its own digital asset platform.

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“The next five years are a critical window of opportunity for TASE to play an active role in the technological revolution of the global capital markets,” the CEO of the Israeli exchange said. The Tel Aviv Stock Exchange is the only public stock exchange in Israel. It intends to enter the market between 2023 and 2027. The plan was approved by the board.

The strategic goals are to create a platform for digital assets using blockchain and the introduction of cryptocurrencies. TASE will also promote the adoption of innovative technologies, including DLT, tokenization of various classes of digital assets and smart contracts. The company intends to convert existing infrastructure into innovative technologies, deploy these innovative technologies on specialized platforms, and develop services and products for digital assets.

“The plan anticipates the needs of the market and takes the development and management of innovative services and products to the next level. We will not only partake in the change but aim to spearhead it. We will leverage our home court advantage in Israel to adopt and develop Fintech and position TASE as a hub of services and products,” Ittai Ben Zeev, the CEO of the Israeli exchange, commented on the initiative.

A large number of innovations are expected to be developed and implemented over the next five years, playing a major role in the technological revolution in global capital markets. TASE is also expected to increase its presence in the local capital market to match Israel’s economic strength and global activity.

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As for today’s bitcoin technical picture, drop has been overlapped, and the market situation has become calmer. This indicates that investors are refraining from taking risk. The focus now is on the resistance of $19,500, the return of which is necessary to build a new upward correction in the pair. If BTC breaks through this level, we might see an upward spurt to $20,000. To make a larger ascending trend, it is necessary to break above $20,540 and $21,410. If the pressure on bitcoin increases, and there are all preconditions for that, bulls will have to protect the supports of $19,100 and $18,625. If they are pierced, the instrument may be pushed to the lower boundary of $18,100 within the sideways channel and open the way to $17,580.

Ethereum has recovered from the significant support of $1,275 and now it is trading within the sideways channel. If the asset pierces $1,275, it may lead to significant changes in the market. Only if ETH fixes above $1,343, it is likely to calm the market. If Ethereum manages to consolidate above $1,343, it may stabilize the market and push the asset to the area of $1,402 and $1,457. The next targets are located at $1,504 and $1,550. If the pressure on the trading instrument persist and the level of $1,275 is broken through, we might see a new drop to the support of $1,210. If this level is tested, ETH may be pushed to $1,150, where big players can enter in the market again.

The material has been provided by InstaForex Company – www.instaforex.com


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