Crypto Today: Bitcoin bulls need a critical closure above $7000

Here's what you need to know on Friday


BTC/USD is currently trading at $6900 (+2.25%), a cooling observed following the brief explosive jump above $7000. 

ETH/USD is currently trading at $144 (+1.45%), the next major game-changing barrier for Ethereum observed at $150. 

XRP/USD is currently trading at $0.18 (+1.20%), the daily breakout and closure above $0.1800 is critical for greater upside. 

Among the 100 most important cryptocurrencies, the best of the day are SXP $0.784126 (+108.80%), CHZ $0.007509 (+13.65%) SNX $0.677753 (+9.15%) The day's losers are NRG $2.14 (-8.42%), GNT $0.035215 (-3.55%), CRO $0.047767 (-1.30%).

Chart of the day: BTC/USD daily chart


In a new report, Binance Research found a ‘moderate’ positive correlation between Bitcoin and US equities during the first quarter of 2020 — but neither was correlated to gold. They added: “Despite Bitcoin displaying a significant positive correlation with US equities in the first quarter of 2020, this high correlation coefficient remains very unlikely to persist in the medium to long term.”

The Stellar Development Foundation has committed up to 2.5 million Lumens to six non-profit organizations to help out during the coronavirus crisis — and they’re calling on the community to help. The SDF will kick the initiative off by donating 100,000 XLM each to six charities, with the remaining funds used to match community contributions on a one-to-one basis throughout April. 


The chairman of the Russian State Duma Committee on Financial Markets has confirmed that the bill which provides the regulatory framework for cryptocurrencies in Russia has been completed. The official explained key features of the bill, including how cryptocurrency exchanges and miners will be regulated. However, the bill’s adoption has been delayed due to the coronavirus pandemic. Anatoly Aksakov, Chairman of the State Duma Committee on Financial Markets, has confirmed that work on the law “On Digital Financial Assets” has been completed, Russian media RBC reported this week. Aksakov, who is also the deputy of the State Duma of the Federal Assembly of the Russian Federation, has been overseeing the drafting of the bill.

The Spanish tax authority has begun sending out warning notices to 66,000 cryptocurrency holders to remind them of their tax obligations. According to Europa Press, the Agencia Estatal de Administración Tributaria (AEAT) began the campaign on April 1, and will keep firing off letters until June 30 in the midst of the national COVID-19 crisis.

The cryptocurrency trading app of Germany’s second-largest stock exchange, Boerse Stuttgart, exceeded 100,000 users on March 30 amid increasingly permissive regulations in the country.


OneConnect Financial Technology, which is the fintech arm of China’s largest insurance company, Ping An Insurance, has entered into a joint program with the China Merchants Port Group (CMPort) to build a logistics system based on blockchain for the Guangdong-Hong Kong-Macao Greater Bay Area, according to a report by the China News Service, a state media publication.

Venezuela's President Maduro decided to give a special bonus to doctors in order to fight against Coronavirus. Although Maduro claims doctors have all of his recognition. Regarding the current crisis, doctors are trying to deal with it without masks, gloves or the necessary materials to be protected against the Coronavirus.

Dapper Labs, the company behind the blockchain-based game CryptoKitties, has obtained a patent in Brazil enabling them to create collectible digital tokens in partnership with the National Basketball Association (NBA). 

Quote of the day

Bitcoin's market cap is $124 billion currently.

Norway's sovereign wealth fund lost $113 billion in Q1 of this year.

Norway's sovereign wealth fund lost almost the entire market cap of Bitcoin in 90 days.

It is still so early. Be patient.


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