Crypto Today: Bitcoin bulls conquering $10,000

Here's what you need to know on Tuesday

Markets

BTC/USD is currently trading at $10140 (+3.40%), as the bulls attempt to break down supply ahead of $10,000. 

ETH/USD is currently trading at $235 (+5.80%), the price has been consolidating ahead of next committed moves. 

XRP/USD is currently trading at $0.2785 (+1.20%), XRP remains vulnerable the longer it fails to break down $0.3000. 

Among the 100 most important cryptocurrencies, the best of the day are HPT $0.010097 (+26.55%), SNX $1.03 (+16.49%) QNT $5.00 (+15.75%) The day's losers are KICK $0.000517 (-24.42%), MOF $1.15 (-13.50%),  BCN $0.000293 (-9.92%).

Chart of the day: BCH/USD daily chart (Price action breaking out of a critical range-block formation)

Market

Bitcoin (BTC) is going to reach 40,000 before the Dow Jones does, eyeing a 200% price jump by August 2020., according to analyst Tom Lee.

Litecoin Foundation has joined forces with fintech startup Cred to provide a slew of financial services to the altcoin hodlers. Based out of California, Cred is one of the leading crypto-backed lending and borrowing platforms across the world. The licensed startup already has a business footprint that spans across 190 countries.

Regulation

The White House has recently released its 2021 budget. Therein, the White House proposes shifting the US Secret Service to operate under the US Treasury, with the explicit goal of investigating crypto crimes.

Italy’s securities regulator has clamped down on eight cryptocurrency and forex trading related websites allegedly promoting their services in an illegal manner in the region. In the past few months more than 150 forex and crypto domains have been blocked by Italian authorities, reports Finance Magnates on February 11, 2020.

Several German banks are reported to be seeking regulators’ go-ahead to offer digital assets services. Local newspaper Handelsblatt reported that Germany’s Federal Financial Supervisory Authority (BaFin) is dealing with a cascade of applications from 40 banks seeking to become regulated cryptocurrency custodians.

The European Commission is gathering feedback from EU citizens, businesses, regulators and other interested parties to establish a regulatory framework for crypto assets and markets on a European level. The public consultation which started in December will continue until March 19, 2020, with the finalized proposal expected in the third quarter.

Industry 

Binance has further expanded its services for Russia’s fiat currency.

The exchange is adding Russian ruble pairs for its peer-to-peer trading platform, a Feb. 11 announcement reads. The platform is available via Binance’s mobile app for iOS and Android.

Coinbase has now added the privacy-enhancing cryptocurrency in New York state. Coinbase announced that the state’s residents can now buy, sell and exchange zcash (ZTC) on Coinbase.com, as well as in its iOS and Android apps.

Blockchain technology is reportedly helping to streamline medical paperwork processing for insurance service providers as global coronavirus containment efforts continue. Leveraging blockchain’s ability to process information transparently and efficiently, insurance service providers are relying on the technology to speed up claims payouts in over 27 coronavirus affected Chinese cities, as well as Hong Kong, according to a report by South China Morning Post. 

ECB Lagarde on digital currency: "the ECB is assessing the potential and implications of technological developments for payment services and financial stability, and it is also making an active contribution to such innovations.

To this end, we set up a Eurosystem task force in January to investigate the opportunities and challenges associated with different potential designs for a central bank digital currency and to test how they would work in practice. In particular, we want to assess whether a central bank digital currency could serve a clear purpose for the public and support the ECB’s objectives. Together with five other central banks and the Bank for International Settlements, we will share experiences in this area and assess the potential cross-border use of such digital currencies."

Quote of the day

Never short Bitcoin in a bull market.

@WhalePanda