Crypto Today: Russia set the bar high against Bitcoin's push
|Here's what you need to know on Monday
Markets:
- BTC/USD is currently trading at $7,241(-2.2%) and is once again entering the ultra long-term bearish continuation scenario, with a possible target of $5,250.
- ETH/USD is currently trading at $148.3 (-1.86%) and continues the medium-term bearish trend, which could take it to the $130 level, where it would find reliable support.
- XRP/USD is currently trading at $0.2205 (-2.37%) and could test price congestion support at $0.21.
- The day's winners are VET (+23.00%), FET (+10.22%) and ALGO (8.05%). The day's losers are MATIC (-5.93%), RLC (-5.72%) and PERL (-5-56%).
Chart of the day:
ETH/USD @fxscrypto
Regulation
- The Central Bank of Russia has issued a note warning that the only official currency in Russia is the Ruble and that Bitcoin cannot pretend to compete with the national currency. He warns that they would support a ban on cryptocurrencies if necessary.
- SEBA Bank, the Swiss-based crypto bank, has obtained permission from the Swiss regulator to offer its products to eligible customers outside the country. SEBA Bank publishes a cryptocurrencies index, the SEBA Index.
- 3iQ Corp, the Canadian fund manager, has obtained permission from the Ontario Securities Commission to launch an IPO on its 3iQ Global Cryptoasset Fund in the Toronto market. The fund distributes its assets among Bitcoin, Ethereum, and Litecoin.
Industry:
- Binance announces new trading pairs in Russian roubles available on its platforms, such as BNB/RUB, BTC/RUB, ETH/RUB, and XRP/RUB.
- The recent drop in the price of Bitcoin is liquidating the oldest mining facilities. Under current conditions, only installations that respect the $0.12/KWh ceiling are profitable under current market conditions.
- Skill, the UK-based wallet and payment gateway application, will allow its users to buy and sell cryptocurrencies from a selection such as Bitcoin, Ethereum, EOS, Litecoin.
Market:
- The world's top exchanges accumulate more than 1.8 million ($13.5 Billion) of Bitcoins in their cold wallets. This chunk accounts for nearly 10% of all Bitcoins available to be mined. The exchange with the highest number of Bitcoins is Coinbase with 996.230 BTC, followed by Bitmes with 265.000 BTC and Bitstamp with 229.000 BTC.
- The Bitcoin's Hashrate continues to decline, supposedly due to the disconnection of the oldest mining installations. The forecast expects that miners with higher electricity costs will not renew their hardware for the time being, due to the proximity of the next halving, in mid-May 2020.
Quote of the day:
Ripple (XRP) is the currency that boasts Japan’s second-largest domestic trade volume*2 after Bitcoin, and it can be bought and sold on our Altcoin Market through web browsers or through Buy/Sell on the bitFlyer Wallet app (iOS and Android).
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