Here is what you need to know
Markets:
Rampage has been the order of the day for three days in a row across the cryptocurrency market. Major digital assets such as Bitcoin, Ripple, and Ethereum have suffered greatly at the hand of the bears. The entire market is under duress as cryptocurrencies face the worst selloff since the rally that started in January.
BTC/USD is dealing with increased selling activity. A drop under $9,500 support resulted in a stronger bearish grip. Bitcoin price plummeted to levels close to $9.000. However, an intraday low has been formed at $9,093. The largest crypto is valued at $9,146 while the trend remains bearish and the volatility levels heightened.
ETH/USD is down 3% on Wednesday after correcting from $246.71 (intraday high) to $239.50 (market value). Support at $250 failed to rise to the occasion leaving the bears to their own devices. Ethereum has hit lows of $235.52; it made a shallow recovery but the upside is limited at $240 and $250 respectively.
XRP/USD is trading 3.75% lower on the day after bears pushed the price lower from $0.2522 (opening value) to $0.2428 (market value). The high volatility and a strong bearish trend suggest that losses may still be imminent.
Top 100 cryptocurrencies worst performers
All cryptocurrencies among the top 100 are in losses. However, a number are posting extreme declines such as Bitcoin SV down 12.91%, Tezos down 11.49%, Tron down 10.84%, Dash down 10.62%, NEO down 10.17%, Cosmos down 10.98% and NEM down 12.01%.
Chart of the day
BCH/USD 1-hour chart (Price moving closer to the lower trendline of a falling wedge pattern. Further dip is likely to find support leading to a breakout above the wedge pattern in the short-term).
-637182956443919737.png)
Markets
MoneyGram relationship with Ripple balloons
MoneyGram, a global payments provider is expanding the use of both Ripple and XRP for its international money transfers. In a recent earnings call, CEO Alex Holmes said that the firm plans to launch more payment corridors utilizing Ripple’s RippleNet to cater to account-to-account transfers.
“Our progress on the Ripple partnership has been instrumental in helping us lead the evolution of digital P2P payments… Today, our trading volume continues to grow and we’re partnering to expand the service to more corridors.
I’m also excited to announce that we are working to integrate RippleNet for account-to-account transfers in 2020. This new integration will further accelerate our progress in accomplishing our vision of real-time global settlements.”
Regulation
The Bank of Canada (BoC) is yet to see any viable reasons as to why it should issue a central bank-backed digital currency (CBDC). According to the Deputy Governor, Timothy Lane, there is no threat to cash at the moment. However, if a competitor like Facebook’s Libra becomes successful then such digital currency considerations could be made. Despite taking part in CBDC concept study and research the bank concludes that:
There is not a compelling case to issue a CBDC at this time. Canadians will continue to be well-served by the existing payment ecosystem, provided it is modernized and remains fit for purpose.
In Japan, three significant economic watchdogs have come together in support of CBDC. The Finance Ministry, the Financial Services Agency, and the Bank of Japan are said to have participated in discussions that explore the possibilities of digital currencies and related economic impact. The three have also decided to focus on advanced research and analysis regarding the technological aspect of digital currency initiative. Haruhiko Kuroda, Bank of Japan governor was quoted in a local news daily saying:
We are advancing research and study from the technical and legal perspectives so that we will be able to move in an appropriate way when there is a growing need.
Industry
Coinbase has announced that its Coinbase Wallet has started support for Ethereum Name Service (ENS). The support will see users send ETH payments to a human-readable ETH address format. Users will feel as though they are sending crypto to an email address, unlike the usual hexadecimal addresses. It is important to note that the users must be registered under the ENS to utilize the new service.
Quote of the day
Economically, if you want to be viable as a community, you have to have some sort of technological expansion to ensure your survival. I think this is one way to do it, not just from a price standpoint of buying Bitcoin but also, from the technological standpoint, building the products we’ll use in the future.
Isaiah Jackson, author of “Bitcoin and Black America.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Uniswap nears $3 billion in daily trading volume despite Wells notice and fee hike
Uniswap's (UNI) price witnessed a double-fold crash in the past week after it received a Wells notice from the SEC and later due to the general crypto market crash over the weekend. In the past week, UNI has decreased more than 38%.
Arbitrum Price Prediction: 10% losses likely for holders ahead of $107 million worth of cliff token unlocks
Token unlocks are considered bearish catalysts, particularly when recipients are likely to cash in for a quick profit. The event, which adds tokens to the project’s circulating supply without increasing demand, leaves an effective imbalance in favor of supply.
Ethereum recovers from dip as Hong Kong ETH ETF approval sparks whale buying spree
Ethereum's (ETH) price slightly improved on Monday after Hong Kong approved applications for a spot Bitcoin and Ethereum ETF. Whales have also been accumulating ETH after the market dip over the weekend.
Bitcoin price delays pre-halving rally as US and China battle for BTC supremacy ahead of halving
Bitcoin has failed to showcase an enticing pre-halving rally. As the event remains less than a week out, traders and investors remain at the edge of their seats, with thoughts on whether the impact of the fourth cycle will be different than what has been seen before.
Bitcoin: BTC’s rangebound movement leaves traders confused
Bitcoin (BTC) price has been hovering around the $70,000 psychological level for a few weeks, resulting in a rangebound movement. This development could lead to a massive liquidation on either side before a directional move is established.