Ken Chigbo
Independent Analyst
Here's what you need to know on Tuesday
Markets
BTC/USD is currently trading at $9050 (+1.40%) in the afternoon in US hours. Bulls managed to reclaim the psychological $9000 mark.
ETH/USD is currently trading at $172.00 (+.30%), resistance can be observed just ahead of the $180 price mark.
XRP/USD is currently trading at $0.2335 (+0.25%), the barrier of $0.2500 remains in the way of greater upside.
Among the 100 most important cryptocurrencies, the best of the day are ADA $0.051112 (+13.95%), QNT $4.05 (8.49%) and KICK $0.000056 (+7.27%). The day's losers are CENNZ $0.075347 (-12.50%), ABBC $0.094944 (-5.50%) and MOF $1.59 (-4.30%).
Chart of the day: BTC/USD daily chart
Market
According to Charles Hoskinson, the CEO of IOHK, heavy efforts are currently underway both at IOHK and at the Cardano Foundation to push product marketing and develop the commercial side of the blockchain. In a recent update, Hoskinson addressed some of the issues users had with the Shelley Incentivized Testnet, emphasizing that despite its success, it was still a developing product.
Mining pool Bitcoin.com will not now support the controversial bitcoin cash development fund proposal without broader agreement from the community. In a blog post published earlier on Tuesday, Bitcoin.com said it would no longer back the existing plan for a dev fund unveiled last week by the CEO of mining pool BTC.TOP, Jiang Zhuoer.
Regulation
Singapore’s new financial legislation is aimed to increase crypto-related activities in the country. Notable crypto operators and exchanges support the move to obtain a Singaporean license.
A UK court has ordered Bitfinex to freeze bitcoin worth $860,000 after the crypto exchange and blockchain sleuthing firm Chainalysis traced the funds to a ransomware payment. The court ordered Bitfinex to freeze the address and share its know-your-customer (KYC) information about the account's owner.
Industry
According to a recent report by the South China Morning Post, a former deputy governor of the People’s Bank of China (PBoC), Zhu Min, has advised the country to exercise caution in its response to Facebook’s Libra. Instead, the former central bank official thinks the Chinese government should collaborate with other institutions to regulate the stablecoin by the Menlo Park-based social media giant.
Swiss bank Julius Baer is now offering new digital asset services with licensed crypto bank SEBA.
IBM has received a US patent for a type of “self-aware token” that can record its own transaction data. According to the patent, the concept makes it possible to create a “complete lifecycle” for tokens that can include data on the payment location and amounts transacted, as well as any information regarding previous token holders. The token cannot store transaction data itself, but would store it on some sort of personal device, like a phone or laptop, or alternatively a purpose-built database.
Gemini Europe – the United Kingdom and EU affiliate of the Winklevoss twins’ United States-based crypto exchange Gemini – has appointed a new chief compliance and money laundering reporting officer. As part of the firm’s expansion into the transatlantic market
Quote of the day
$9,000 – and the 200-day moving average – need to hold for several days in order to convince him of a bullish trend. If we fall back below the 200-day moving average, then the double top holds.
Tone Vays.
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