Ken Chigbo
Independent Analyst
Here's what you need to know on Wednesday
Markets
BTC/USD is currently trading at $6800 (-1.15%), bearish momentum comes back into play following a critical $7000 breach.
ETH/USD is currently trading at $158 (-0.95%), market bears are testing important daily support at $150.
XRP/USD is currently trading at $0.18 (-0.50%), the sellers were able to regain control following the failure to conquer $0.2000.
Among the 100 most important cryptocurrencies, the best of the day are QNT $5.27 (+9.80%), LUNA 0.204231 (+7.35%) LSK $1.05 (+6.15%) The day's losers are CKB $0.004895 (-4.92%), LINK $3.23 (-3.55%), DGTX $0.042987 (-3.20%).
Chart of the day: BTC/USD 60-minute chart (Price action formed a head and shoulders structure, breaching the neckline)
Market
Ethereum blockchain explorer Etherscan announced the launch of “ETH Protect,” a new tool that seeks to identify and flag Ether (ETH) addresses in receipt of tainted funds associated with crypto exchange hacks, attacks, and other illicit activities.
The founder of Ethereum (ETH), Vitalik Buterin, expressed a critical opinion on crypto mining via smartphone, referring to what HTC Exodus announced for Monero (XMR). Buterin tweeted: Mining on phones is a fool's game. Goes against everything we know about hardware economies of scale and more likely to trick users with false hope than help them.
Regulation
The Philippines Securities and Exchange Commission (SEC) has flagged its third cryptocurrency scam this month, warning investors against a scheme dubbed “The Billion Coin” (TBC). Marketed as a so-called “abundance-based cryptocurrency,” the SEC said in an advisory on April 14 that TBCoin’s promoters present the asset as a decentralized cryptocurrency that “aims to revolutionize the global financial system in order to eradicate world poverty.”
Industry
Medici Land Governance (MLG) – a subsidiary of Overstock’s venture arm, Medici Ventures – has inked a deal to build a blockchain-based land registry for a second Wyoming county.
Blockchain Association Singapore (BAS), a new industry group, has been formed in the South Asian financial hub by merging two existing bodies – the Singapore Blockchain Association (SBA) and the Blockchain, Enterprise and Scalable Technologies (BEST). Announced on Wednesday, the new blockchain industry group will be tasked to push the development of existing and new blockchain companies in the city-state.
Screenshots of a purported pilot version of a wallet app for China’s forthcoming digital yuan are circulating on social media. Ling Zhang, executive director of M&A, Global Fiat, at cryptocurrency exchange Binance first shared the images on April 14, later retweeted by the exchange’s CEO, Changpeng Zhao.
Quote of the day
Bitcoin is still working exactly as intended.
Bitcoin is still churning out blocks every 10 minutes.
The halving is still only 25 days away.
There’s still only 21M Bitcoins.
And Bitcoin is still not dead.
@Bloqport
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Lukas Enzersdorfer-Konrad is the deputy CEO at Bitpanda, a broker based in Europe with more than five million users. At the European Blockchain Convention held in Barcelona, the executive shared with FXStreet his views on the current state of the crypto industry and its regulation.
Bitcoin still consolidates despite positive spot ETFs demand
Bitcoin (BTC) trades slightly up, around $64,000 on Thursday, following a rejection from the upper consolidation level of $64,700 the previous day. BTC’s price has been consolidating between $62,000 and $64,700 for the past week.
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DefiLlama data shows that Ondo TVL reached a new ATH of $613.75 million. Ondo’s Supply Distribution metric shows whale accumulation. On-chain data shows that ONDO’s daily trading volume is rising, and the supply of exchanges is decreasing.
Maker price eyes a rally on technicals and on-chain metrics
Maker trades above $1,500 on Thursday, suggesting a potential rally as technical indicators show bullish divergence. This positive outlook is reinforced by MKR’s Exchange Flow Balance, which shows a negative spike, indicating growing investor confidence in the platform.
Bitcoin: Fed-led rally could have legs towards $65,000
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