Crypto Today: Bitcoin bulls must break above $7000 or face imminent wave of selling

Here's what you need to know on Wednesday

Markets

BTC/USD is currently trading at $7090 (+3.15%), the bulls were able to press for a move above $7000 again, however much supply remains within the early part of the price region. It appears to be very much unstable within this territory, allied with the price trading underneath a breached bear flag.

ETH/USD is currently trading at $188 (5.95%), upside momentum was seen in the session, however, supply remains heavy from the range of $175 up to $190, ahead of the $200 retest. 

XRP/USD is currently trading at $0.18 (+2.50%), despite the minor move both in the session, price action over the last two weeks has offered nothing but a tight range, between $0.1800-0.2000. 

Among the 100 most important cryptocurrencies, the best of the day are ZEN $5.93 (+5.80%), OKB $4.76 (+5.85%) OKB $0.017278 (+5.15%) The day's losers are QNT $5.20 (-6.92%), LUNA $0.199353 (-4.55%), MAID $0.111460 (-2.60%).

Chart of the day: BTC/USD daily chart (Price action made a push above $7000, however much supply is seen within this early price territory, with vulnerabilities trading underneath the breached bear flag)

Market

Regulation

A warning came in a recent blog post from the Oxford University Law Faculty. The post, titled “How Is the Market for Cryptocurrencies Affected by the Coronavirus and Why Should We Care”, argues that cryptocurrency regulation is necessary to prevent a meltdown of the financial system.

Industry 

The Dutch central bank says The Netherlands is well placed to develop and trial a digital Euro. In a 45-page report published by the De Nederlandsche Bank (DNB), saying it was “ready to play a leading role” with research and development into its own digital currency as well as a Europe-wide digital currency. A digital Euro is expected to make cross-border payments faster and cheaper for all member states who participate. The Netherlands would be a suitable testing ground, the report said. 

A Texas federal judge issued warrants for the arrest of an ex-Washington state senator and the leaders behind an alleged cryptocurrency scam involving the Meta 1 coin. The arrest warrants are part of an ongoing case from the SEC regarding the Meta 1 coin, an alleged crypto scam backed by Schmidt that promised investors the coins were backed with “$1 billion in fine art or $2 billion of gold holdings” without having any actual tokens. The SEC froze the cryptocurrency’s assets on March 16 and charged the firm’s operators with fraud.

An April 21 report by malware lab Emsisoft showed that there was a significant drop in the number of successful ransomware attacks on the US public sector during Q1 2020. The findings show a total of 89 organizations were victims of ransomware in the first quarter of the year. And as the COVID-19 crisis deepened, successful attacks fell even lower, to levels “not seen in several years.”

Ripple and its CEO are suing YouTube over the platform allowing scams regarding the cryptocurrency. CEO Brad Garlinghouse filed the lawsuit in San Francisco, reports Fortune.

Quote of the day

Bitcoin is destroying capital controls. It's coming for crony capitalism next.

@jimmysong