Crypto Today: Fresh wave of market selling pressure
|Here's what you need to know on Tuesday
Markets:
- BTC/USD is currently trading at $6,700 (-2.60%) in the afternoon in U.S. hours after breaching critical support at $7,000 in the prior session.
- ETH/USD is currently trading at $126.37 (-4.50%), as another psychological price mark is given up, at $130.
- XRP/USD is currently trading at $0.1904 (-7.30%), sellers managed to force a break below $0.2000.
- Among the 100 most important cryptocurrencies, the best of the day are ZEN $7.23, (+12.63%), WAVES $0.858315 (+10.47%) and THETA $0.98575 (+6.93%). The day's losers are AOA $0.004721 (-16.60%), LSK $0.492630 (-11.92%) and LINK $1.78 (-11.47%).
Chart of the day:
Market:
- The oldest cryptocurrency exchange in the UK, Coinfloor, is planning on delisting Ethereum next month. Their reasoning was due to unclear future of hard forks and the need for onerous technical support for the second-biggest coin by market capitalization.
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The founder of Messari, a crypto research firm Ryan Selkis said:
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Let’s reiterate, ETH 2.0 is a brand new blockchain. It’s going to be a chaotic and high-risk transition. In the meantime, the existing network needs to run existing applications (particularly financial settlements for DeFi transactions). More critical upgrades are needed in the current system.
Regulation:
- Chinese authorities in the city of Weihai, Local Financial Supervision and Administration said investors should be more cautious because illegal crypto issuance and trading are on the rise, according to a statement from the body.
- Fidelity Investments’ cryptocurrency branch Fidelity Digital Assets set for expansion in the UK market. They were quoted by newswire Cointelegraph saying:
- “We recognize that the regulatory requirements for service providers in the digital assets space is evolving, and we intend to comply with all applicable requirements in the U.K. and elsewhere as we continue to globally expand our services to the institutional investment community.”
Industry:
- Parity Technologies, a Blockchain startup is planning to switch its Ethereum client to a DAO ownership & maintainer model. The Ethereum mainnet is consuming much resources, according to the developer. The developer believes that the maintenance of the Ethereum mainnet eats up significant
- The Government of the British Virgin Islands (BVI) has denied information regarding the upcoming launch of a state-backed stablecoin. Earlier, the FXStreet team reported that the government had partnered with the blockchain company LIFElabs to issue a stablecoin pegged to the US dollar with a 1:1 ratio.
Quote of the day:
XRP has tremendous and surprising staying power. I didn’t understand it when I realized it isn’t required to use Ripple’s software. I really don’t understand it in a future that includes institutional stablecoins and central bank digital currencies…The bitcoin forks are write-offs at this point, even if the IRS ends up walloping people during audit open season these next five years.
The founder of Messari, a crypto research firm, Ryan Selkis
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