Crypto Today: Bitcoin bulls must break $7500 for greater buying pressure

Here's what you need to know on Wednesday

Markets

BTC/USD is currently trading at $7300 (-0.55%), price action is comfortably consolidating above the $7000 price mark, next barrier eyed at $7500. 

ETH/USD is currently trading at $170 (-0.45%), resistance remains strong at the $170 mark. 

XRP/USD is currently trading at $0.19 (-0.20%), the bulls struggled to break and close above $0.2000. 

Among the 100 most important cryptocurrencies, the best of the day are SEELE $0.0004017(+39.80%), BSV $216 (+16.35%) CKB $0.005914 (+7.15%) The day's losers are CVT $0.036948 (-7.92%), NEXO $0.116372 (-4.55%), SNX $0.764895 (-4.70%).

Chart of the day: BCH/USD 60-minute chart

Market

Bitcoin enthusiast Tim Draper noted that the global spread of the coronavirus played a major role in the dramatic 2020 stock market crash. The bailout bill for saving the world’s economy is $7 trillion and rising fast. Draper believes this confluence of factors may be the tipping point that allows innovations such as Bitcoin and smart contracts to flourish.

Industry 

U.S. electric car manufacturer Tesla is working with the Shanghai Port Group to test if blockchain can make the process of importing goods into China any easier. In an announcement, blockchain-based logistics provider CargoSmart revealed Tesla, the Shanghai International Port Group (SIPG) – the sole operator of the port – and Chinese cargo ship operator COSCO trialled a blockchain app that shortened the cargo release time and makes it easier for Tesla’s logistics teams to take ownership of goods once they are offloaded.

Multi-billion dollar companies are more likely to use blockchain for traceability and provenance than for payments and settlement, according to a new analysis of the Forbes Blockchain 50. Research from Dutch firm Blockdata, which incorporated its own data in the analysis, found that fifteen have solutions that tackle traceability and provenance, while 13 are using blockchain for payments and settlements. Companies with blockchain traceability solutions include IBM, Nestle, Foxconn, Honeywell, Walmart, Amazon, BMW and Mastercard.

The world economy could be experiencing a new shift from paper to digital during these days of lockdowns and Coronavirus expansion. According to the managing director of Ripple for Southeast Asia, the Middle East and North Africa, Navin Gupta. He added that the Coronavirus crisis has started many changes all over the world and specifically in the economic field.  He further noted, Ripple’s payments data will be showing how lockdowns are placing people and companies in a situation where they have to use electronic payments rather than paper. 

Since the covid-19 outbreak wreaked havoc across the world’s economies, the global multinational investment bank Deutsche Bank has been encouraging the use of digital currencies. The firm’s Twitter account and macro strategist Marion Laboure have been tweeting regularly about how coronavirus infection risks could “accelerate digital payment systems across the world.”

Quote of the day

This is going to be a really interesting time where people say ‘well, why don’t I just use Bitcoin?’ I know there are only 21 million of them and we don’t have to worry about whether a government is diluting their currency by printing tons of it, we can instead just use a currency we all agree on and it’s all a part of the economy and it’s already frictionless and open and transparent and global.

Tim Draper