Crypto Today: Bitcoin bear market returning
Here's what you need to know on Tuesday
Markets
BTC/USD is currently trading at $9340 (-2.50%), the bears gain full control again forcing a further reversal of 2020 gains.
ETH/USD is currently trading at $250 (-5.70%), set to breach critical support at $250-40 remains intact, the neckline area of a daily double top.
XRP/USD is currently trading at $0.2550( -5.50%), smashing critical support at $0.2650, allowing for a fresh wave of selling pressure.
Among the 100 most important cryptocurrencies, the best of the day are WICC $0.287112 (+5.55%), KNC $2.42 (+1.49%) BCN $0.000535 (+1.15%) The day's losers are ALGO $0.419063 (-14.42%), SC $0.002370 (-13.30%), KNC $0.515314 (-13.25%).
Chart of the day: XRP/USD daily chart (price action breaking to the downside below a neckline of head and shoulders pattern)
Market
CREAM, a leading strategic advisory and investment firm involved with the VeChain (VET) blockchain project has entered into a business partnership with Singapore-based cryptocurrency exchange platform Bitrue. This, according to an official announcement.
Regulation
The financial watchdog of Abu Dhabi Global Market (ADGM) has unveiled various amendments to its dedicated cryptoasset regulatory framework which has been included into the FSRA’s core regulations since 2018. The Financial Services Regulatory Authority (FSRA) updated and greatly expanded guidance that includes a more granular level of detail and addresses a range of topics not covered in the initial guidance.
New Jersey Assemblywoman Yvonne Lopez (D.-19) introduced the Digital Asset and Blockchain Technology Act Friday, putting forth a proposal to license any entity looking to provide digital asset trading, storage, purchase, sales, exchange, borrowing/lending or issuance services. The N.J. Department of Banking and Insurance would be tasked with overseeing this license and regulating businesses.
Industry
Coincheck, the large Japanese-based crypto exchange at present handles trading, selling, and buying for eleven cryptocurrencies. They announced on Feb. 25 that they were planning to add another to the mix. The cryptocurrency Qtum (QTUM) will soon be the 12th available for trading on the exchange.
Caitlin Long, a former Wall Street executive who has helped Wyoming enact 13 blockchain-enabling laws, is taking advantage of the progressive Wyoming legislature to establish a first crypto-native bank in the U.S. The bank’s name is Avanti, which means “forward” in Italian.
25 leading pharmaceutical manufacturers, distributors, logistic partners, and other representatives of the pharma supply chain have published a report arguing in favor of adopting blockchain technology to track and trace prescription drugs after completing a pilot program with the US Food and Drug Administration.
Quote of the day
#Bitcoin, #Litecoin Ł, and #Dogecoin Đ was on the latest episode of @TheSimpsons. Mass adoption here we come!
Charlie Lee
@SatoshiLite
Author
Ken Chigbo
Independent Analyst
Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.
