Crypto Today: Bitcoin bulls raining in on $7000 return

Here's what you need to know on Tuesday

Markets

BTC/USD is currently trading at $6270 (+4.65%), another session from the bulls extending to the upside, with eyes on a big test of $7000. 

ETH/USD is currently trading at $130 (+3.45%), bulls must break down resistance at $150, a key barrier to greater upside pressure. 

XRP/USD is currently trading at $0.15 (+2.90%), upside remains capped, with a region of supply running from $0.17-0.18. 

Among the 100 most important cryptocurrencies, the best of the day are GXC $0.459488 (+50.00%), NANO $0.505720 (+22.65%) BCN $0.000251 (+20.15%) The day's losers are MOF $0.387349 (-5.42%), LEO $1.02 (+0.55%), PAX $0.999884  (+0.60%).

Chart of the day: BTC/USD daily chart 

Market

The number of Ethereum Daily Active Addresses (DAA) is at a 9-month high, according to a community reddit threat. Noting;“There has been an impressive rise over the past week and a half with a large increase in transactions taking place on the ETH network, and daily active addresses skyrocketed to approximately 395,000 DAA on Saturday, March 21st. This was a 9-month high, with a daily level last exceeding this mark in late June 2019 (when prices reached an annual high of around $336).”

Regulation

India plans to regulate cryptocurrencies, and is awaiting a Supreme Court judgment governing them before taking a final decision. The government is weighing whether the virtual currencies can be regulated by the Reserve Bank of India, according to people aware of the development. A framework for the regulation will be decided upon after deliberations with the central bank.

The Democratic Party-controlled U.S. House of Representatives has introduced draft legislation that includes the creation of a digital dollar to be used for stimulus payments to Americans due to the COVID-19 pandemic.

Industry 

Singapore-based cryptocurrency exchange Bybit recently added tether (USDT) perpetual contracts to its suite of derivative products. The contracts will use the world’s largest stablecoin by market cap as both the quote and settlement currency for two-way trades, enabling traders to hold both long and short positions at the same time and with different levels of leverage.

According to an official document, Mt. Gox creditors are taking further steps to move the lengthy process forward. After all, the unfortunate victims of this exchange have been waiting for more than six years for compensation. Moreover, the Mt. Gox hack remains the largest bitcoin hack in the history of the space.

Per the press-release made on 19 March, OKEx cryptocurrency derivatives exchange is launching a C2C loan service. It will be available via the official app, as well as via the website. The C2C loan service by OKEx is a useful addition to the already existent OKEx mobile app. The traders will now allow themselves to loan cryptocurrency to each other.

Bitfinex, the Bitcoin and cryptocurrency exchange platform, today announced it has deployed a proprietary surveillance tool — Shimmer — to combat market abuse and help promote orderly trading.

Quote of the day

Fed printing unlimited money to pump markets = good for bitcoin

Devaluation of dollar over the long term = good for bitcoin

Short-term may be gloomy for bitcoin, but long-term prospect of it remains very bright.

@iamjosephyoung




 

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