Cryptocurrency News Update: ETH ready for a decisive breakthrough, BTC range-bound

Here's what you need to know on Monday

Markets:

BTC/USD hit the intraday high above $11,400 during early Asian hours and retreated to $11,226 by press time. The first digital coin has stayed unchanged on a day-to-day basis and since the beginning of the day, moving within a short-term bullish trend amid low volatility.

At the time of writing, ETH/USD is changing hands at $390.50. The price touched the intraday high above $400.00 during early Asian hours, but failed to hold the ground. ETH/USD has gained over 2.5% in the recent 24 hours and 1.5% since the start of the day. The coin is moving within a short-term bullish trend amid low volatility.

XRP/USD is changing hands at $0.3090. The price hit the intraday high of $0.3191 during early Asian hours. The coin has gained over 5% in the recent 24 hours and lost 1% since the beginning of the day. Now it is moving within the short-term bullish trend amid shrinking volatility.

Among the 100 most important cryptocurrencies, The Midas Touch Gold (TMTG) $0.0337 (+34.9%), MCO (MCO) $5.37 (+29.7%), Ocean Protocol (OCEAN) $0.2655 (+14.9%) are the most successful.  The day's losers are  Ampleforth (AMPL) $0.9063 (-14.6%), Celsius (CEL) $0.4141 (-6.9%).  Aave (LEND) $0.3219 (-4%).

Chart of the day:
XRP/USD, 30-min chart

The global volume of XRP on the leading cryptocurrency exchanges dropped by 40%, from $29.68 bln to $17.86 bln, in the second quarter of 2020, according to the latest report published by Ripple. The figures are confirmed by CryptoCompare. The service shows that the aggregate volume of XRP on top-tier cryptocurrency exchanges decreased by 39%. The collapse ins in line with the global trend in the industry as traders have been moving their coins from the exchange accounts. Moreover, if the liquidity and volume are taken into account, Ripple is still the fifth most actively traded cryptocurrency.

Industry

The number of active cryptocurrency traders decreased in Japan before the pandemic started, according to the report, published by Japan’s self-regulatory body Japan Virtual and Crypto assets Exchange (JVCEA). However, the updated data revealed that the decrease of trading activity was accompanied by a spike in fiat deposits. Some experts believe that this may have been due to households expecting to receive governmental support in the amount of 100,000 yen. However, once the state of emergency was declared, people started taking their money back.

Basler Kantonalbank, a Swiss cantonal bank plans to launch cryptocurrency trading and custody in 2021. The bank with 27.305 billion Swiss francs ($29.622 bln) in assets under management will provide the cryptocurrency-related services through its Bank Cler subsidiary. According to Natalie Waltmann, a spokeswoman of Bank Cler, Basler Kantonalbank will become the first government-owned bank in Switzerland to venture into the cryptocurrency industry.

Regulation

Singapore’s financial authority, the Monetary Authority of Singapore (MAS), proposed new regulations that would expand its powers in the fields of digital assets and cybersecurity. The proposed legislation would introduce new rules for virtual asset service providers established in Singapore. They will be related to anti-money laundering and countering of financing of terrorism (AML/CFT) purposes.