Crypto Today: Bitcoin failure to above $7000 could be very punishing

Here's what you need to know on Friday

Markets

BTC/USD is currently trading at $6663 (+0.65%), the price is moving within consolidation mode, ahead of another attempt at $7000.

ETH/USD is currently trading at $136 (+1.45%), heavy supply runs from $140-150.

XRP/USD is currently trading at $0.16 (+9.20%), bulls are knocking on the door of a critical barrier at $0.1800.

Among the 100 most important cryptocurrencies, the best of the day are QNT $3.64 (+34.00%), MKR $330.33 (+19.65%) CHZ $0.007084 (+12.15%) The day's losers are EDC $0.013185 (-17.42%), GNT $0.034065 (-1.55%), RVN $0.0015336  (-1.30%).

Chart of the day: XRP/USD daily chart (critical daily break above narrowing range)

Market

EOS creator Block.one has acquired the team behind once-prominent block producer EOS New York, which has now entirely ceased operations. Block.one, which raised more than $4 billion in a yearlong initial coin offering (ICO) in 2018, said Wednesday it had hired EOS New York founders Rick Schlesinger and Kevin Rose, as well as their team. Block.one says the former EOS New York staffers will work on community outreach initiatives.

The President of the Brazilian Banking Federation, Murilo Portugal, has argued that  cryptocurrencies are not really currencies at all. Portugal argued that “cryptocurrencies do not fulfill any of the classic functions of the currency" and said they are not a unit of account, or a means of exchange, or a store of value. "They are actually called coins but they are not coins, which is why it is cryptocurrency. They do not fulfill any of the classic functions of the currency, which is to serve as an account unit, where people can express prices. They do not serve as a means of payment or as a store of value because the volatility is very high."

Regulation

The government of India is reportedly discussing a regulatory framework for cryptocurrencies with the central bank, the Reserve Bank of India (RBI), and the Securities and Exchange Board of India (SEBI). Furthermore, the government is awaiting the outcome of another cryptocurrency case at the supreme court to make its final decision on crypto regulation.

Industry

The 2020 Chess Candidates Tournament in Ekaterinburg, Russia has been postponed due to the coronavirus, but organizers are already looking to the future and how blockchain can give the sport a boost. 

The United Arab Emirates’ (UAE) Ministry of Community Development (MOCD) has replaced its existing manual systems with innovative technologies such as blockchain technology as part measures to contain the coronavirus pandemic, according to local press reports.

KuMEX, the Bitcoin futures platform developed by KuCoin, today announced that USDT Perpetual Contracts will be officially available on the exchange at around 18:00 on March 30, 2020 (UTC+8) and deposit of USDT has already been enabled.

EY, the court-appointed bankruptcy trustee for the defunct Canadian crypto exchange QuadrigaCX, has been asked to submit all of the exchange’s user information to the Canada Revenue Agency (CRA). Court documents filed with the Ontario Superior Court of Justice on March 24 detail the demand, which spans 750,000 documents on the exchange’s 115,000 customers.

HSBC has put $10 billion of paper-based private placement records on R3’s Corda blockchain and plans to ramp up the project through this year and next.

Estonia-based cryptocurrency BitBay went offline for more than 18 hours citing problems caused by a third-party service provider. On March 26, BitBay tweeted that it was struggling with a “network problem” resulting from their “external service provider.” The exchange stated that it had contacted the provider and was working on resolving the problem. Founded in Poland in 2014, BitBay claims to be the third-largest cryptocurrency exchange in Europe with more than 800,000 users. 

Tech Mahindra, the IT subsidiary of Indian conglomerate Mahindra Group, has become the first Indian business to use R3’s blockchain-based Marco Polo Network for conducting cross-border transactions.

Cryptocurrency exchange Binance has launched its own debit card that allows holders to pay for goods and services with crypto coins, providing a fiat gateway into the asset class. If you want to buy a coffee directly from your exchange wallet, shopping online or paying bills, this card is the answer to that wish, Binance said.

Quote of the day

How I expect the next year or two to progress:

1. Massive bailouts, stimulus, and fed expansion occurs without immediate problems

2. Activists begin saying “if you can print without problem, why do I have to pay rent, healthcare, taxes?

3. The Bitcoin End Game truly begins

@_ConnerBrown_