Crypto Today: Bitcoin bulls have an opportunity for greater upside


Here's what you need to know on Friday

Markets

BTC/USD is currently trading at $5950 (+19.65%), bulls make a big range breakout as price firmly reclaims $6000, gunning for $7000. 

ETH/USD is currently trading at $130 (+18.45%), a break down of resistance at $130-140 range paved way for decent bullish momentum. 

XRP/USD is currently trading at $0.15 (+11.90%), narrowing trading conditions has been breached by the bulls, with foundations laid for a recovery. 

Among the 100 most important cryptocurrencies, the best of the day are BSV $165 (+33.00%), MCO $4.33 (+29.65%) NEXO $0.121145 (+28.15%) The day's losers are STEEM $0.27696 (-12.42%), BCN $0.000219 (-10.30%), EURS $1.057 (-1.25%).

Chart of the day: BTC /USD daily chart 

Market

Reports detail that bidders have already committed to buying Maker (MKR) tokens for a total of $2 million in Dai (DAI) as the first phase of the MakerDAO debt auction reaches its final stages.

The majority of the current winning bids were placed at around 1:25 a.m. EST, March 20, so unless further bids come in, most of the lots will be sold at around 7:25 a.m. EST.

The open-source Baseline Protocol code allowing private systems to be built on the Ethereum public blockchain has now been published to GitHub, as of March 19. This means that the EY, Microsoft and ConsenSys-developed protocol is available to the public.

Regulation

An industry association of Europe’s clearinghouses said they’re in favour of a single classification that covers all crypto assets across the bloc. The EU is developing a broader push on how to handle the cryptocurrency industry, and clearinghouses will bear more of the burden.

Dubbed “On an EU framework for markets in crypto-assets,” the new legislation looks further to standardize regulatory approaches across the European Union.

Industry 

Growing crypto adoption and the COVID-19 outbreak has encouraged Italy’s Banco Sella to launch a Bitcoin trading service. Around 1.2 million Italians already use Banca Stella’s Hype to carry out transactions and not only will they be able to buy and sell Bitcoin, they’ll also be able to pay for goods and services with the cryptocurrency. 

According to a recent study published by the Reserve Bank of Australia (RBA), Australia’s central bank, less than 1 percent of Australians paid for consumer goods with cryptocurrency in 2019. Revealed in RBA’s triennial Consumer Payments Survey (CPS), the findings from about 1,100 respondents shows that while consumers are largely embracing digital and alternative payment methods over cash, they’re just not paying in crypto. RBA conducted the survey in October and November 2019.

South American blockchain firm IOV Labs along with Grupo Sabra have launched their Gasnet blockchain network for Argentina’s natural gas distribution system. Gasnor was the first to greenlight the project but was soon followed by Argentina’s gas regulator Enargas who approved the nationwide deployment of the blockchain solution. 

Hawaii is set to take a significant step towards cryptocurrency adoption after the state’s governor announced that it would be launching a testing program for digital currencies. 
 

Quote of the day

Bitcoin is only down 15% from 8k, where the massive drop began. It’s up roughly 88% from the bottom.

@scottmelker


 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

XRP Price Forecast: Ripple could be on the verge of a breakout to $0.40

After losing more than 60% of its value in December 2020, XRP has been trading sideways without much action throughout 2021. The SEC has sued Ripple alleging that it conducted illegal sales of XRP which they consider a security.

More Ripple News

Bitcoin price shows ambiguity as a 30% move is underway according to technicals

Bitcoin has been trading inside a tight range after establishing a new all-time high at $41,950. The digital asset plummeted down to $30,420 and then formed a lower high at $40,100 followed by what seems to be a higher low at $33,850. 

More Bitcoin News

XLM Price Prediction: Stellar awaits a massive breakout but remains inside a no-trade zone

XLM has continued to trade sideways since we last reported about it. The digital asset remains locked inside a tightening range which will eventually burst. Let’s analyze some of the most important indicators to understand the most likely scenario.

More Stellar Lumens News

Ethereum Price Analysis: ETH bulls facing an uphill task inside short-term triangle

ETH/USD steps back from short-term resistance while declining to $1,256 during early Tuesday. In addition to easing from the immediate triangle’s upper line, Ethereum also drops from a three day high by press time. Monthly top, one-week-old ascending trend line favor bulls.

More Ethereum News

BEST CRYPTO BROKERS/EXCHANGES




Bitcoin Weekly Forecast: BTC price faces extreme volatility ahead of a new all-time high

Bitcoin had a wild run this week, dropping from a high of $41,350 to a low of 30,420 in less than 48 hours. 

Read the weekly forecast

BTC

ETH

XRP