Crypto Today: Bitcoin, Ethereum and Ripple revive the downtrend

Here is what you need to know

Markets

BTC/USD has shattered $8,800 support after falling from an intraday high at $8,898. The market has turned bearish in the European hours, although bulls remained in control of the Asian session. Bitcoin price is trading 0.25% lower from the opening value. The low volatility level (in the short term) suggests both downward and upward movements could remain limited.

ETH/USD is almost back to the intraday low on Friday at $226.64. The ongoing retreat follows failure to break above the resistance at $235. Tentative support at $230 tried but failed to keep Ethereum price afloat. At the moment, ETH/USD is teetering at $226.68 amid a growing bearish momentum.

XRP/USD has not been spared the ax after failing to break the hurdle at $0.2450. Losses are mounting at the time of writing while Ripple price is dancing at $0.2370. Support is expected at $0.2300 but if shattered, the recent buyer congestion zone at $0.2200 will come in handy.

Top 100 cryptocurrencies update

The best performing cryptocurrencies among the top 100 include Selfpay $1.06 (20.92%), Bytecoin, $0.0005 (16.29%), Kyber Network $0.5728 (19.87%), PRIZM $0.2122 (11.59%), NEM $0.0505 (7.09%), Maker $586.21 (8.76%) and Chainlink $3.94 (7.26%).

Chart of the day

BTC/USD daily chart (The zone between $8,200 and $8,500 remains to be Bitcoin’s primary support even as bulls continue to be ousted).

Market

FTX Ethereum futures volume shoot to all-time high

The relatively new Hong Kong-based FTX cryptocurrency derivatives exchange has seen a surge in the volume of Ethereum futures. The volume to an all-time high of $245 million, representing a 50% rise from the $162 million in volume recorded on Tuesday. Ethereum futures previous record high on the exchange was $189 million (on February 20).

As ETH futures volume ballooned on FTX, the crypto’s price plunged to $210 in tandem with Bitcoin price fall to $8,530.

Rodger Ver: Bitcoin maximalist only interest if to pump BTC price

According to Rodger Ver, an investor in the digital currencies, Bitcoin maximalists have gotten it all wrong. He says that his interest lies with seeing “crypto undermine the power of governments to control peaceful people.” However, “only hold a single coin and want to pump it”

Industry

The Litecoin Foundation has partnered with MeconCash in order to add support for Litecoin (LTC) to the M.Pay payments platform. The support would see crypto users withdraw LTC using Korean Won (KRW) at more than 13,000 ATMs in South Korea. The support will also enable users to have access to quick cash in addition to being able to send money from overseas to South Korea. The users of Litecoin will also be able to shop using LTC on MeconMall. Charlie Lee, the founder of LTC said in regards to the partnership:

Litecoin’s integration into M.Pay’s platform and large network of ATM’s is a big step toward expanding Litecoin’s footprint in the South Korean market, and we are excited to partner with MeconCash as they continue to grow their platform and offer additional services which Litecoin vas be used.

Regulation

The US Commodity Futures Trading Commission (CFTC) in a meeting held on February 26 discussed topics related to stablecoins and their impact on the traditional economy. In attendance, were representatives from three stablecoins, JPM Coin, MarkerDao and Paxo. CFTC Commissioner Brian Quintenz pointed out that stablecoins have the potential to serve as liquid exchange mediums in the future. He also said:

In the furtherance of providing such correlated value, stablecoins have the potential, through tokenization, to function as viable, liquid mediums of exchange and serve as powerful enablers of smart contracts.

Quote of the day

Bitcoin maximalists only hold a single coin and want to pump it.

I hold dozens of coins and just want crypto to undermine the power of governments to control peaceful people.

Roger Ver @rogerkver