Crypto Today: Bitcoin $7000 is the gateway to greater gains

Here's what you need to know on Wednesday

Markets

BTC/USD is currently trading at $6663 (+0.65%), the price is moving within consolidation mode, ahead of another attempt at $7000.

ETH/USD is currently trading at $136 (-0.45%), heavy supply runs from $140-150.

XRP/USD is currently trading at $0.16 (-0.20%), narrow trading continues with a chunky barrier at $0.17 and key support at $0.14.

Among the 100 most important cryptocurrencies, the best of the day are SNX $0.561074 (+15.00%), BAT $0.157876 (+15.65%) VET $0.00351 (+7.15%) The day's losers are NEXO $0.104277 (-8.42%), MOF $0.363043 (-7.55%), BCN $0.000218  (-5.60%).

Chart of the day: ETH/USD daily chart (Risk of a bearish flag looms)

Market

The Cowrie crypto exchange has presented a payment corridor for Nigeria powered by Stellar Lumens (XLM).

Data from Tronscan shows that the overall number of contracts launched on Tron has now exceeded 30,000. There are 638 ones that have been verified among those.

Regulation

With the ongoing court battle between the US Securities and Exchange Commission (SEC) and Telegram, the court has ordered a halt to Gram token distribution.

According to a court filing on March 24, the court has approved a preliminary injunction requested by the SEC.

The U.S. Commodity Futures Trading Commission (CFTC) published its final guidance on “actual delivery for digital assets” Tuesday, seemingly settling a longstanding question on when a cryptocurrency can be “delivered” from one party to another. The CFTC shared a 35-page document stating that in its view, “actual delivery” occurs when a customer has complete control over the asset and the offeror no longer has any control over the asset by the end of 28 days after the transaction.

The Blockchain Contents Association (BCA) in Japan announced that they had written new guidelines to deal with laws related to gambling and online scams. A Japanese self-regulatory organization established in February 2020, the BCA intends to promote customer protection for any blockchain-based content, including gaming and social media.

The Texas State Securities Board (TSSB) has issued a warning on March 23 about crypto scams that have emerged in the wake of the COVID-19 pandemic. The report refers to different types of scam, among which are those related to crypto investments that promise high returns in the midst of the coronavirus crisis.

Industry 

A draft bill posted Tuesday to the U.S. Senate Committee on Banking, Housing and Urban Affairs defines a “digital dollar” and details how it might be maintained. The bill echoes language from a pair of draft U.S. House bills aimed at stimulating the economy during the coronavirus outbreak. 

The World Health Organization (WHO) has organized tech a new hackathon. This event is to create and encourage new soft skills to combat problems created by COVID-19. This comes at a time when people are getting laid off as the pandemic causes issues across the globe. 

Quote of the day

Bitcoin will never run out of scarcity

@danheld