Ken Chigbo
Independent Analyst
Here's what you need to know on Monday
Markets
BTC/USD is currently trading at $8911 (+4.80%), as the price receives some respite from harsh selling pressure. Catching support from critical ascending trend line.
ETH/USD is currently trading at $223 (+7.20%), despite near-term bounce, the price remains at risk of reversing 2020 gains.
XRP/USD is currently trading at $0.2341 (+5.50%), critical support should be noted at $0.2200, a weekly comfort area.
Among the 100 most important cryptocurrencies, the best of the day are SXP $1.23 (17.55%), CHZ $0.012265 (+14.49%) NEXO $0.172243 (+11.15%) The day's losers are MOF $0.614550 (-7.42%), DX $0.001541 (-6.30%), POWR $0.103873 (-4.25%).
Chart of the day: BTC/USD daily chart
Market
Bitcoin (BTC) has hit a new all-time high in terms of hash rate despite dropping almost 12% last week, data suggests. According to various resources tracking hash rate growth on the Bitcoin network, the metric was circling its highest value ever as of March 1.
Ripple just unlocked one billion XRP from escrow. The amount is worth approximately $226 million. This move has been spotted by cryptocurrency whale watchers and now the question is up again regarding the quantity of the XRP the San Francisco-based startup is selling on a monthly basis. Once a month, one billion XRP coins get unlocked from Ripple’s escrow wallet
Brad Garlinghouse, the CEO of Ripple,“We would not be profitable or cash flow positive without selling our XRP holdings. We XRP is one source. I don’t know how to answer that because if you took away our software revenue, we’ll become less profitable. If you took away all our XRP, that makes us less profitable. So I don’t think about it as one thing.”
A United States Securities and Exchange Commission (SEC) 8-K filing by remittance processor, MoneyGram, has revealed that Ripple has been injecting a significant amount of funds into the business since its investment in the company in June 2019.
Regulation
Jon Cuncliffe, the deputy governor for the financial stability of the United Kingdom’s central bank, the Bank of England (BoE), has warned that the emergence of a cryptocurrency economy may weaken or eliminate bank credit issuance.
The Japan Virtual Currency Exchange Association (JVCEA), the body set up to monitor and regulate crypto businesses in Japan, recently registered major U.S.-based crypto exchange Coinbase and two other companies as Class 2 members.
Industry
While global governments are competing to become the first country in the world to issue a central bank digital currency (CBDC), no CBDC project really focuses on cross-border payments, according to a new study released by the Bank for International Settlements (BIS).
Bahamas is pushing ahead with its central bank digital currency (CBDC), dubbed the ‘Sand Dollar’. Pilot projects have already reached two of its largest island chains.
Quote of the day
It's hilarious that I have the reputation for being someone who does "not short." I do not short Bitcoin because I am American and don't trust any of the leverage exchanges. I rarely short the stock market - the conditions have to be perfect. When I do, it's heavy.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Crypto traders brace for short-term volatility with $2.4 billion options expiry on Friday
Bitcoin and Ethereum options market looks bullish on Friday, according to data from intelligence tracker Greeks.live. The firm said it has identified two Bitcoin calls that show an underlying bullish sentiment among market participants.
XRP recovers from week-long decline following Ripple’s response to SEC motion
Ripple filed a letter to the court to support its April 22 motion to strike new expert materials. The legal clash concerns whether SEC accountant Andrea Fox's testimony should be treated as a summary or expert witness.
Lido adds 4% gains as protocol rolls out first step towards decentralization
Lido takes the first batch of simple DVT validators to live, a step taken to decentralize the protocol. Lido leveraged technology to expand the protocol to multiple node operators, inviting both solo and community stakers.
Bitcoin Weekly Forecast: Should you buy BTC here? Premium
Bitcoin (BTC) price shows signs of a potential reversal but lacks confirmation, which has divided the investor community into two – those who are buying the dips and those who are expecting a further correction.
Bitcoin: Should you buy BTC here? Premium
Bitcoin (BTC) price shows signs of a potential reversal but lacks confirmation, which has divided the investor community into two – those who are buying the dips and those who are expecting a further correction.