Crypto Today: Bitcoin breaking out of big bearish pennant
Here's what you need to know on Tuesday
Markets
BTC/USD is currently trading at $8,650 (-1.50%) in the afternoon in U.S. hours, price action breaking out to the downside.
ETH/USD is currently trading at $167.95 (+0.10%), as the price continues to move within consolidation mode.
XRP/USD is currently trading at $0.2360 (+0.70%), a move south is being seen following a rejection at $0.2500 over the weekend.
Among the 100 most important cryptocurrencies, the best of the day are BSV $321.00 (+17.00%), AE $0.173182 (+11.49%) and BCD $0.629015 (+11.27%) and The day's losers are CEENZ $0.062238 (-10.90%), CRPT $0.414776 (-4.75%) and NEXO $293.28 (-7.30%).
Chart of the day: BTC/USD 4-hour chart (price action breaking out from a bearish pennant)
Market
EMURGO, the official commercial arm of Cardano (ADA) has set up a strategic blockchain taskforce with Uzbekistan’s National Agency of Project Management (NAPM), the KOBEA group, a technology consulting company, and Infinity Blockchain Holdings, an investment firm. EMURGO will lead the development of a legal framework for security token offerings (STOs) and security token trading (STX) in the Central Asian country, according to a blog post on January 20, 2020.
The BCH developer known as Acidsploit announced the launch of the highly anticipated Cashfusion alpha. Interested parties can reach out to the Cashfusion developers via the team’s Telegram group to become an alpha tester. The news of the launch has got a few talking within the BCH community a great deal, as it means a significant privacy tool is coming to the Bitcoin Cash environment.
Regulation
The Reserve Bank of India (RBI) recently in court clarified that digital currencies are not banned in the country, but banking support on their trading is.
The Australian Prudential Regulation Authority (APRA) is seeking to oversee stablecoin projects like Facebook's controversial stablecoin Libra.
In an official proposal to the Senate published on Jan. 20, APRA submitted a possible regulatory framework dedicated to fintech and regulatory technology (regtech) covering topics ranging from digital wallets to data protection. The proposed framework, “is intended not only to be fit for purpose for the current financial system but also be able to accommodate future developments and technological advances, such as proposals for global stablecoin eco-systems that have been the subject of significant attention in recent months.”
HM Revenue and Customs (HMRC), the UK tax authority, is considering investing in blockchain analytics technology to help identify crimes involving digital currencies.
Reported by Public Technology on Monday, the tax agency has published an open contract seeking a tool not only to identify illegal crypto transactions but also for tax evasion and money laundering.
Industry
Binance has officially launched P2P trading services for the Vietnamese dong. With this, Binance will now enable traders to buy, sell, and store four major digital currencies – Bitcoin (BTC), Ether (ETH), Binance Coin (BNB), and Tether (USDT) – using fiat.
Quote of the day:
Those coins can never be recovered, and the total circulation is less. Since the effective circulation is reduced, all the remaining coins are worth slightly more. It's the opposite of when a government prints money and the value of existing money goes down.
-Satoshi Nakamoto
Author
Ken Chigbo
Independent Analyst
Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.
