Crypto Today: Bitcoin subject to a huge test of $6500 support
|Here's what you need to know on Tuesday
Markets
BTC/USD is currently trading at $6870 (-0.15%), the price is consolidating after breaking out and retesting a bear flag.
ETH/USD is currently trading at $158 (-1.10%), remains within the confinements of a bearish flag structure, subject to a breakout south.
XRP/USD is currently trading at $0.18 (-0.50%), at risk of another potential fall as the price trades under critical $0.2000 mark.
Among the 100 most important cryptocurrencies, the best of the day are ENJ $0.107777 (+4.80%), LEND $0.026229 (+1.85%) PAXG $1721.92 (+1.15%) The day's losers are SNX $0.747286 (-4.92%), XVG $0.002741 (-4.55%), NEXO $0.105208 (-3.20%).
Chart of the day: BTC/USD daily chart (Price action remains vulnerable trading underneath the breached bearish flag structure)
Market
The developers behind major privacy-focused cryptocurrency Dash (DASH) announced that they expect to update the project’s “Evonet” test network every roughly six weeks. The Dash Core Group expects that frequent updates will allow feedback on whether the design choices are appreciated. As a consequence, the developers will be able to change design direction quickly if feedback reveals that it is necessary. The announcement explains: “Frequent software releases are encouraged as a way of quickly generating feedback. This feedback will uncover any erroneous assumptions made during the design and implementation of software, thereby mitigating the risk of devoting too much time to unneeded or undesired features.”
Regulation
The U.S. Commodity Futures Trading Commission (CFTC) has approved a new bitcoin derivatives trading platform. Bitnomial Exchange will list margined and physically delivered bitcoin futures and options. Besides Bitnomial, the CFTC has only approved a handful of other platforms to offer bitcoin derivatives trading, such as CME, Cboe, and Bakkt.
Industry
The Japan Security Token Offering Association (JSTOA) has just released self-regulatory guidelines on how to separate customer assets and electronic record transfer rights.
Available on the JSTOA website on April 20, the association attributes the guidelines to the revisions of the country’s Financial Instruments and Exchange Act (FIEA), passed by the Japanese House of Representatives and set to be enforced starting May 1.
Cryptocurrency exchange BitMEX has joined the ranks of companies lending a hand amid the coronavirus pandemic. Earlier this week, the Seychelles-based derivatives exchange announced that it had launched a dedicated COVID-19 Response Fund, as well as a donation of $2.5 million in grants to four separate recipients.
Crypto wallet banking and donation app BABB has announced on April 20 that they have incorporated a cash-out fiat gateway with GBP/EUR conversion in 36 countries in Europe. According to the official announcement, users can convert fiat currency (£/€) into BAX, which is the BABB’s native token, and then be sent without having to go through interbank networks, in addition to not carrying FX conversion fees. The tokens can then be converted to fiat and withdrawn to a bank account in 36 new countries in Europe, including Switzerland, Germany and the U.K.
The Internal Revenue Authority of Singapore (IRAS) has published new crypto tax guidelines indicating a tax exemption for hard forks and airdrops. Also, the guide outlines Singapore’s tax treatment scheme for digital tokens and securities.
Quote of the day
- Crude oil collapse = cheap energy.
- Fear of hyperinflation rising.
- Taditional markets proven a joke.
- Commodities in turmoil.
- Consumers turning to savers.
- Hashrate + difficulty all time high.
- S2F model value < 1.
- Halving in 20 days.
@ArminVanBitcoin
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