Crypto Today: Bitcoin bears force devastating break of $9000

Here's what you need to know on Wednesday

Markets

BTC/USD is currently trading at $8740 (-6.50%), the bears have smashed the big $9000 mark to the downside. 

ETH/USD is currently trading at $228 (-9.70%), as the bears took full control in driving the price down south. 

XRP/USD is currently trading at $0.2340 (-8.50%), smashing support at $0.2500, allowing for a fresh wave of selling pressure. 

Among the 100 most important cryptocurrencies, the best of the day are AION $0.186688 (+39.55%), LSK $1.51 (+5.49%) BCN $0.000522 (+3.15%) The day's losers are MANA $0.0.040433 (-18.42%), BTS $0.025007 (-17.30%), WICC $0.240183 (-16.25%).

Chart of the day: BTC/USD daily chart

Market

Coinbase has said that the EOS network is experiencing some issues has been experiencing them over the past few days/week. The platform said: “EOS network has degraded performance. Sends and receives might be delayed.” 

MakerDAO has approved a new important executive proposal that will add a 24-hour delay to governance actions. This is important for MakerDAO and decentralized governance systems because it settles a new rule on how to better improve these networks and reduces the possibility of a flash governance attack. 

Regulation

The Malta Financial Services Authority (MFSA) has released a feedback statement, unveiling industry answers to questions regarding offerings of security tokens within the country. In the document published Tuesday, the EU nation’s financial regulator summarized two months of feedback received from market participants over how challenges arising from security token offerings (STOs) “can be tackled in a manner that does not stifle innovation.”

Banking authorities in China have issued a set of rules pertaining to the secure application of crypto-related technologies in the financial sphere. The new standards, the first of this kind, are to guide the work of developers and service providers operating in the industry.

Industry 

Research on a central bank digital currency (CBDC) in China has been delayed as the coronavirus epidemic continues. Global Times reported on Feb. 25 that the epidemic’s impact on staff has resulted in significant setbacks. A source familiar with the matter reportedly said: “The coronavirus outbreak has led to postponed work resumption in government institutions, including the People's Bank of China. Policymakers and research staff involved in the DCEP [Digital Currency Electronic Payment] project are no exception, which weighs on the development process.”

NIGMA Conseil, a French security company, specializing in blockchain technology, has recently signed an agreement of cooperation with the Austrian Institute of Technology, or AIT. The agreement focuses primarily on helping each other track the larger influx of crypto crime. Both of these organizations are working in tandem with the other on the creation of the e-NIGMA platform. e-NIGMA will be created using the technology of AIT GraphSense.

Boerse Stuttgart, Germany’s second-biggest stock exchange that handles some $75 billion in yearly volumes, has made available for trading the world’s first inverse bitcoin Exchange Traded Product (ETP). The inverse bitcoin ETP is by 21Shares’s and is approved by the Swedish Financial Supervisory Authority (SFSA) with the bitcoins custodied in segregated accounts with an independent custodian.

A former employee at Microsoft has been found guilty of 18 federal felonies in connection with a complex scheme to embezzle $10 million using cryptocurrency.

Quote of the day

Bitcoin has been UNCORRELATED to other asset classes. If stocks drop, this does not mean Bitcoin has to pump. If gold prices climb, this does not mean Bitcoin will rise with it everytime. Not negative or positive. UNcorrelated. Narratives will come & go.

@VentureCoinist