Ken Chigbo
Independent Analyst
Here's what you need to know on Tuesday
Markets
BTC/USD is currently trading at $9199 (-1.20%), with the $9000 level currently at risk of a breach.
ETH/USD is currently trading at $188.00 (-0.50%), bulls are losing further momentum underneath $200.
XRP/USD is currently trading at $0.2670 (+6.90%), a surge in upside pressure as the price breaks down $0.2500 barrier.
Among the 100 most important cryptocurrencies, the best of the day are ICX $0.463045 (+29.55%), KICK $0.000131 (+26.49%) and HBAR $0.016759 (+18.27%) and The day's losers are MONA $1.60 (-10.50%), MOF $1.18 (-7.75%) and XTZ $1.94 (-5.30%).
Chart of the day: XRP/USD daily chart
Market
BitMEX, one of the leading crypto derivatives exchange, is set to launch XRP perpetual swaps on February 5. The exchange on Twitter announced they will offer leverage of up to 50x for the XRP/USD swap contract. The decision was not abrupt as the platform already announced the baking of such a contract last month.
Elsewhere regarding XRP, 500 million XRP was locked in an escrow at Ripple at 23:34:20 UTC. The transaction was termed- “back to me.” Whale Alert announced this news on Twitter today.
BitPay, announced that the company will soon allow invoices to be paid from any Bitcoin wallet or exchange.
Regulation
The UK’s Financial Watchdog, the Financial Conduct Authority (FCA) has announced its implementation of a new regime to provide a detailed set of rules for crypto businesses in the country. The new FCA handbook proposes different application fees for businesses according to their business size, income, and profit from asset activity.
The Monetary Authority of Singapore (MAS) has announced new anti-money laundering (AML) and counterterrorist-financing (CTF) rules for cryptocurrency firms.
According to MAS, the new rule is an update of the Singaporean regulatory framework for digital-payments-services and will be enforced immediately. From now on, cryptocurrency businesses operating in Singapore will need to register and be licensed to continue operating in the country.
Industry
Research conducted by Gartner Inc. predicts a 50 percent increase in overall data quality by 2023 for all businesses and organizations using blockchain smart contracts.
Cryptocurrency exchange Binance is adjusting its fee structure to get market makers to add liquidity on its futures platform. Under the revised Binance Futures Market Maker Program, market makers will receive a negative fee for selected trading pairs, according to an official announcement.
IBM is designing a blockchain proof-of-concept (PoC) for an agency of the U.S. Dept. of Agriculture (USDA) called the Food Safety and Inspection Service (FSIS), which will enable it to assess how distributed ledger technology (DLT) can fully enhance important regulation services especially export certification systems.
Quote of the day
An estimated $3.5 billion changed hands on the Bitcoin blockchain yesterday. The highest level since the 2017 bull market.
MatiGreenspan
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
Editors’ Picks
Lukas Enzersdorfer-Konrad, Bitpanda deputy CEO: “Crypto needs Gary Gensler gone”
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.
Why is ONDO’s price outlook bullish?
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
Bitcoin is poised for a second consecutive week of gains, supported by the recent 50-basis-point cut in interest rates by the Federal Reserve. Bitcoin broke above several key technical resistances this week, signaling a rally continuation.
Five best Forex brokers in 2024
VERIFIED Choosing the best Forex broker in 2024 requires careful consideration of certain essential factors. With the wide array of options available, it is crucial to find a broker that aligns with your trading style, experience level, and financial goals.