Crypto Today: Bitcoin drifts lower within the range, altcoins follow the lead


Here's what you need to know on Tuesday

Markets

  • The BTC/USD is currently trading at $7,233 (-2% a day-to-day basis). The coin has been locked in a tight range with bearish bias during early Asian hours on Tuesday.
  • The ETH/USD pair is currently trading at $131.7 (-2.5% on a day-to-day basis). The Ethereum recovered from the intraday low of $130.6 amid low volatility.
  • XRP/USD managed to stay above $0.19 area. At the time of writing, the coin is trading at $0.1930, with 1.7% of losses on a day-to-day basis.
  • Among the 100 most important cryptocurrencies, the best of the day are Metaverse ETP (ETP) $0.4085 (+7.85%), Waves (WAVES) $1.05 (+7.5%) and THETA (THETA) $0.0917 (+5.49%). The day's losers are LUNA (LUNA) $0.2759 (-10.26%), V Systems (VSYS) $0.0292 (-9.3%), Synthetix Network Token (SNX) $1.22 (-5.7%).

Chart of the day:
BTC/USD, 1-hour chart


Market:

  • The creator of TRON announced a new acquisition that would happen in three days and benefit the BitTorrent project. After the announcement, TRX/USD stayed unchanged while BTT jumped by 16%, from $0.00027 to $0.00032. In a separate development, blockchain-based content sharing platform Dlive announced the migration to TRON's blockchain and joined the BitTorrent ecosystem to enhance its products and services. 
  • Over the recent ten years, Bitcoin posted gains of more than 9,000,000%, according to data compiled by Bloomberg. This wild rise was based on innovative technology and partially supported by the financial crisis. However, thee experts believe that the further increase would hinge on Bitcoin's adoption that may strengthen its narrative as digital gold. 
  • Altcoin LBRY Credit ranked 298 by CoinMarketCap, jumped by 130% in a week amid news that YouTube had been banning cryptocurrency-related content. The project behind the token is focused on developing an alternative platform for sharing video content. 

Industry: 

  • Dash Platform launched its Dash network upgrade codenamed Evolution,  to a public testnet Evonet. It allows developers to experiment with the features and functionalities of the platform ahead of the mainnet release.

This release represents the early stages of a platform that aims to revolutionize value exchange and deliver on the promise of digital cash.

Dash Evolution project focused on providing a user-friendly experience to cryptocurrency, using usernames instead of long cryptographic addresses.

  • Ethereum team is expected to launch Muir Glacier hard fork on January 1-2; however, the community is ill-prepared for the event. At this stage, only 65.8% of the network participants are ready for the updated, while some key cryptocurrency exchanges - including Coinbase and Kraken - are yet to announce their hard fork support. 
  • The US-based cryptocurrency exchange Poloniex confirmed the leak of users' personal data. Someone published a list of email addresses and passwords to cryptocurrency accounts on Twitter and thus forced to exchange to reset all users' passwords. 

Regulation:

  • The International Monetary Fund (IMF) disclosed its role in the development of central banks' digital coins (CBDC) and explained the risks and benefits of their implementation. The Fund offered assistance and consulting on the issues related to cryptocurrency regulation. The experts of the Fund admitted that CBDC would make payments faster and more cost-efficient. They will improve the competition within the cross-border payments industry and provide an alternative to private digital coins. In terms of risks, they noted liquidity risk, possible rundown on banks, and increased dollarisation of the economies with high inflation via US CBDC.


Quote of the day: 

fxsoriginal

 

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