Crypto Today: Bitcoin bulls retreat ahead of another big attempt at $10,000 break
Here's what you need to know on Monday
Markets
BTC/USD is currently trading at $9830 (-2.50%), as the bulls fail to hold on to $10,000.
ETH/USD is currently trading at $221 (-2.50%), the psychological $250 remains a problem for the bulls.
XRP/USD is currently trading at $0.2799 (-2.95%), $0.3000 is proving to be much of a challenge to claim.
Among the 100 most important cryptocurrencies, the best of the day are OKB $5.59 (+40.55%), HPT $0.010006 (+35.49%) WAVES1.28 (+17.75%) The day's losers are MANA $0.056774 (-12.42%), HOT $0.000757 (-8.50%), DODGE $0.003002 (-7.92%).
Chart of the day: XRP/USD daily chart
Market
In the Monero network, two mining pools currently account for around 59 percent of the total hashrate.The Monero Community is discussing the causes of centralisation of the mining pool.
Leading stablecoin operator Tether launched its U.S. dollar-backed stablecoin USDT on the Algorand proof-of-stake (PoS) blockchain.
Regulation
Belgium's regulator The Financial Services and Markets Authority (FSMA) is pushing the government to bring regulations for digital currencies.
Ukraine’s Manifesto of the Virtual Assets Ministry, Ministry and Committee of Digital Transformation of Ukraine, has just released the sanest and sound crypto-regulatory policy for Public Blockchains and Proof of Work (PoW) mining on earth.
Industry
Insurance firms in China use blockchain to manage coronavirus-related claims amid the outbreak. English-language local news outlet South China Morning Post reported on Feb. 9 that this month Chinese online mutual aid platform Xiang Hu Bao added the coronavirus to the illnesses eligible for the maximum one-time payout of around $14,300 (100,000 yuan).
BitGo is expanding its institutional cryptocurrency storage service to Europe with the launch of two new entities in Switzerland and Germany.
Reports suggest that top Bitcoin mining giant Bitmain is having a series of challenges to maintain the production capacities of two of its mining centers. The company’s sales director recently stated that T17 and S17 production capacities are presently producing at a very limited capacity.
Australia is working on an integral blockchain technology plan that would allow it to get at the forefront of the race to offer a better legislation on the matter. In a blockchain roadmap, the government explains that it wants to revolutionize the country’s blockchain industry. Moreover, they also shared which are the most important opportunities in space and how several industries can be improved by implementing distributed ledger technology (DLT).
Given the worsening of Coronavirus, the Chinese authorities are shutting down Bitcoin mining farms to contain the spread.
Jiang Zhuoer, the operator of mining pool BTC.Top, revealed on Weibo last Tuesday that his mining facility and several others were shut down by the local police, citing the ongoing epidemic.
Quote of the day
Bitcoin is creating a new class of high net worth individuals who will reshape the world via entrepreneurship, investment, and philanthropy.
Jameson Lopp
Author
Ken Chigbo
Independent Analyst
Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.
