Crypto Today: Bitcoin hit with another big rejection underneath flag structure

Here's what you need to know on Monday

Markets

BTC/USD is currently trading at $6890(-3.15%), the price is likely to face punishment giving up $7000 again. 

ETH/USD is currently trading at $176 (-3.55%), with a big bull opportunity if $185-190 is broken down.

XRP/USD is currently trading at $0.18 (-2.50%), bulls enjoy a five-week rally, however again losing momentum running into supply ahead of $0.2000. 

Among the 100 most important cryptocurrencies, the best of the day are MAID $0.146941 (+111.80%), NMR $23.47 (+15.35%) QNT $5.98 (+12.15%) The day's losers are SNX $0.747286 (-4.92%), XVG $0.002741 (-4.55%), NEXO $0.105208 (-3.20%).

Chart of the day: BTC/USD daily chart (The bears regain control after running into sellers underneath a flag structure)

Market

Venture Smart Asia has launched Hong Kong’s first approved cryptocurrency fund with a target of $100 million under management for its first year. As per a report by Bloomberg, Arrano Capital, the blockchain arm of Venture Smart Asia, announced the rollout of a new Bitcoin (BTC) fund in Hong Kong. The venture capital firm reported it had met the conditions for a licensed crypto fund by the local Securities and Futures Commission (SFC).

Regulation

The Inland Revenue Authority of Singapore, or IRAS, has now issued out a new e-tax guide. This guide, published on Friday, filled in the taxation gaps for “digital tokens,” a catch-all term to cover all three tokens in the Singapore legal system. Utility tokens represent a right to goods and services, payment tokens are used to buy products and services, and security tokens can be described as digital securities. Each of these legal classifications has a new definition and corresponding treatment in terms of taxation within the IRAS framework.

Industry 

One of the largest advertising companies in Japan is making it easier to recognize content creators on popular apps as a market force, even if they use copyrighted material in their work. According to an article from the Nikkei newspaper on April 20, Dentsu has partnered with Kadokawa Ascii research laboratories and others to begin Proof of Concept (POC) for rewards to independent content creators using blockchain technology.

Crypto.com and The Economist teamed up to survey more than 3,000 consumers on issues concerning crypto assets.  The survey found far greater trust in central bank digital currencies, or CBDCs, than decentralized cryptocurrencies — indicating that crypto is still yet to gain widespread trust from the public.

The Bank of China’s secretive digital currency tests have led to tremendous curiosity among Chinese citizens. Recently, the bank responded with an official explanation of the proposed digital Yuan and how it would work. A bank representative confirmed on the China Central Television on April 19 that the new digital currency (also referred to as DC/EP, for “digital currency/electronic payment”) pilot test has been carried out in the cities of Shenzhen, Suzhou, Xiongan new area, Chengdu, and the future site of the winter Olympics. 

Quote of the day

Every dollar that the Fed prints is picking winners and losers.

Winners: Government employees, Banks, Big companies, Already rich people

Losers: Private sector employees, Small businesses, middle class, paycheck-to-paycheck workers

Reset the system with #Bitcoin

@jimmysong