Among the 100 most important cryptocurrencies, the best of the day are ETC $10.68 (+20.95%), QNT $3.87 (+20.49%) and BSV $316.03 (+16.27%) and The day's losers are KMD $0.006086 (-4.50%), SEELE $0.111343 (-2.15%) and ABBC $0.100183 (-1.30%).

Chart of the day: BTC/USD 4-hour chart (price action smashes out of descending wedge or bull flag structure)

Market

Two former employees of the TRON (TRX) blockchain project have dragged the TRON Foundation as well as CEO Justin Sun to court, alleging that they were treated in an unfriendly manner by Sun and illegally fired from the firm for objecting to the project’s unlawful management practices, according to reports.

Ripple and Coinbase officials are joining forces by forming Market Integrity Working Group. By creating this new group, the focus shifts to introducing fairness, equality, and accountability.

Prominent people at the forefront of this initiative are executives of both Ripple and Coinbase. One of the first orders of business seemingly revolves around addressing the lack of cryptocurrency regulations in the United States.

Researchers at Deutsche Bank say cash will not become obsolete in the near future even with the growing pivot towards cryptos and other forms of digital currencies. The report notes: Cash is unlikely to disappear anytime soon. However, a real digital payment revolution has been underway for the past ten years. Cash is losing ground as a payment method. Several countries have recently removed large notes worth $100 or more and implemented policies to replace traditional payment methods with digital solutions.

Regulation

A new report from the Bank for International Settlements (BIS) published on January 23rd is pointing out a positive outlook on the issuance of digital currencies in developing economies.The new report is based on a follow-up survey on the issuance of a central bank digital currency (CBDC). BIS talked to 66 banks in the 2019 study to discuss the possibility of a central bank-backed currency in their economies. Last time, 56 central banks participated in the survey. It suggests that central banks are interested in digital currencies and are experimenting with new innovations in this field.

The Israel Securities Authority (ISA) intends to draft regulation for distributed ledger technology-backed (DLT) digital asset exchange platforms, according to ISA Chair Anat Guetta.

Cryptocurrency transactions in Ukraine will be strictly monitored by the state, although the country’s finance minister admits that it’s not digital coins but fiat cash that criminals and corrupt officials are more likely to use. The legalization of cryptocurrencies remains a priority in Kiev as the government has indicated its clear understanding that the benefits outweigh the risks.

Industry

The government of Iran has issued licenses to more than 1,000 cryptocurrency mining farms since it started to regulate the industry last year.

Quote of the day

“You look at Bitcoin and you say 'Hey, this is great because it's not my father's Oldsmobile. Our banking system is the Oldsmobile, is the old Oldsmobile.

Tim Draper

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.

Sui extends sideways action ahead of Grayscale’s GSUI ETF launch

Sui is extending its downtrend for the second consecutive day, trading at 0.95 at the time of writing on Wednesday. The Layer-1 token is down over 16% in February and approximately 34% from the start of the year, aligning with the overall bearish sentiment across the crypto market.