Here's what you need to know on Tuesday

Markets:

BTC/USD hit $7,975 during early Asian hours and retreated to $7,730 by press time. The first digital coin has stayed mostly unchanged both on a day-to-day basis and since the beginning of Tuesday. Now it is trading within the short-term bearish bias amid low volatility.

At the time of writing, ETH/USD is changing hands at $195.60, has stayed mostly unchanged since the beginning of Tuesday and down 1.3% in the recent 24 hours. The second-largest coin hit the recent high at $199.26, but the upside momentum faded away as the bulls are not ready to take out $200.00. Now ETH is moving within a short-term bearish trend. The volatility is low.

XRP/USD is changing hands at $0.1975. The coin has barely changed in the recent 24 hours amid the sense of uncertainty on the cryptocurrency markets.  From the short-term perspective, XRP/USD is trading within a bearish trend amid shrinking volatility.

Among the 100 most important cryptocurrencies, Steem (STEEM) $0.2199 (+16.8%), Stellar (XLM) $0.0697 (+11.2%),Synthetix Network Token (SNX) $0.7445 (+9.8%). The day's losers are Hive (HIVE) $0.5944 (-35.2%), DigiByte (DGB) $0.0107 (-18.8%), Enjin Coin (ENJ) $0.1320 (-9.7%).

Chart of the day:
XLM/USD, 1-hour chart


Market

Asset management company  Grayscale Investments purchased nearly half of all ETH coins mined since the beginning of the year, according to the calculations performed by one of the Reddit users. He estimated that 1563245,875 ETH coins were mined since the start of the year until April 24. Grayscale Investments purchased 756539,77 ETH of them. Moreover, the first quarter report published by the company revealed that over $110 million were invested in  Ethereum Trust, which is more than the combined investments for the previous two years.

Industry

Bitfinex, the cryptocurrency exchange based on the British Virgin Islands launched Bitfinex Pulse, a social platform that will allow users to interact with each other, exchange ideas and become a part of a growing cryptocurrency community. According to the press release, the social platform is tailored for traders needs to provide  Bitfinex’s customers with new benefits and trading opportunities.

Bitfinex Pulse, the next generation of social trading, has finally arrived! Distinguish yourself, join the trading community of the future and never miss that life-changing market insight again.

Verified customers will get access to special channels where they can interact with each other and publish their ideas (pulses) either privately or publicly.

The blockchain payment service provider BitPay now supports Binance-backed stablecoin BUSD. Thanks to the partnership between the companies, tow million individual and merchant customers of  BitPay in 50 States will be able to use BUSD in their operations. BitPay’s wallet supports BUSD as of April 27, with merchant support will go live “in the coming days.”

Changpeng Zhao, Binance’s founder commented:

Partnering with BitPay will enable merchants and businesses from around the world to accept BUSD,” Zhao stated, adding, “We believe a growing number of merchants and businesses will start adopting crypto.

Regulation

Another European cryptocurrency exchange has chosen to stop operations due to new European anti-money laundering (AMLD5) regulations. Bittr, the small platform based in the Netherlands, announced that it would shut down on April 28. According to Bittr's founder, the company does not have enough capital to meet the regulatory requirements as the cost of registration with the Dutch National Bank (DNB) is about  $36 500. 

Above all, Bittr would have to appoint a dedicated compliance officer who’s responsible for compliance with the new regulations. Who can I appoint? Myself? That probably doesn’t work also being the sole shareholder and director.” Ruben wrote in his blog post on Friday.


The US regulator approved The Public-Private Execution Network (PPEX), an alternative trading system (ATS) for digital assets and private securities. The company is a subsidiary of broker-dealer North Capital Private Securities that obtained membership from FINRA in February and got a green light from the SEC on its Form ATS filing in March. According to North Capital CEO Jim Dowd, PPEX supports secondary trades for various exempt securities, including blockchain-based digital assets.  The company will have due diligence procedures, disclosure requirements, and other processes similar to those required for the public listings.

We’re going to offer a solution that's kind of in-between a fully private illiquid non created asset and a kind of a traditional public offering,” Dowd said. 


Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Recommended content


Recommended Content

Editors’ Picks

Bitcoin reaches new highs near $90,000, on-chain data show chances of pullback

Bitcoin reaches new highs near $90,000, on-chain data show chances of pullback

Bitcoin hit a new all-time high of $89,900 on Tuesday before easing to around $86,000, following a 30% surge since November 5. Technical indicators suggest the rally may be overstretched, with a potential corrective pullback ahead. 

More Bitcoin News
GIGA investor loses $6M to phishing scam via fake Zoom link

GIGA investor loses $6M to phishing scam via fake Zoom link

On Monday, a Gigachad (GIGA) investor lost $6.09 million due to a phishing attack involving a fake Zoom link. Crypto investigation firm Scam Sniffer declared the scam that led the victim to a malicious site, compromising their wallet.

More Cryptocurrencies News
Tron, Avalanche and Uniswap: Double-digit gains on the cards, technical indicators show

Tron, Avalanche and Uniswap: Double-digit gains on the cards, technical indicators show

Tron is breaking above an ascending triangle formation on Tuesday, signaling a potential rally continuation. While AVAX and UNI are retesting their crucial support level — if supported, this suggests an upside move — all three altcoins look poised for double-digit gains as the crypto rally continues.

More Cryptocurrencies News
BNB: Bullish technical pattern validated, eyes all-time high

BNB: Bullish technical pattern validated, eyes all-time high

Binance Coin trades slightly down on Tuesday after breaking above an ascending triangle formation on the weekly chart, following a 12.5% rally last week. The technical outlook suggests a bullish breakout pattern and continuation of the rally, with a target set for a new all-time high of $825.

More Binance News
Bitcoin: Further upside likely after hitting new all-time high

Bitcoin: Further upside likely after hitting new all-time high

Bitcoin hit a fresh high of $76,849 on Thursday as crypto-friendly candidate Donald Trump won the US presidential election. Institutional demand returned with the highest single-day inflow on Thursday since the ETFs’ launch in January.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP