- Ethereum lacks momentum ahead of $1,000
- Canadian exchange plans to launch Ethereum blockchain platform
Ethereum price is driven by the same fundamentals as the other major cryptocurrencies: better regulatory climate, partially dispelled fears about crypto bubble burst, lesser risk aversion on global markets.
Canada dives into financial innovation
Another Ethereum-specific piece of news came from Canada where the Toronto-based Canadian Securities Exchange (CSE) plans to deploy the Ethereum blockchain platform for clearing and settling securities.
According to the press-release, published on the official website of the exchange, "the platform will enable companies to issue conventional equity and debt through tokenized securities, which would be offered to investors through Security Token Offerings (“STOs”). Unlike blockchain-based cryptocurrencies, the STOs will be subject to full regulation by applicable securities commissions".
In other words, the new platform will be used to hold fundraising events, much like ICO, but subject to full regulation and ongoing oversight. The company believes that the service will exploit the benefits of new technology while providing investors with adequate protection.
“Our platform represents an intersection between blockchain and the capital markets that delivers on blockchain’s promise to disrupt conventional transaction and record-keeping mechanisms, thereby providing tangible benefits for market stakeholders. By harnessing this technology, the potential exists to extend corporate finance beyond the limits of traditional equity and debt offerings” - Richard Carleton, Chief Executive Officer of the CSE commented.
An exact launch date is to be set, as the CSE has to receive approval from Canadian regulators.
ETH/USD technical picture
ETH/USD did a good job, but the coin is needed to surpass a strong resistance at $1,000, strengthened by 50-DMA. A break above could see the Ethereum price rise towards $1,100 region. On the downside, the nearest support is seen at $870 and at $779 (Sunday’s low).
ETH/USD, daily chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.