Crypto Today: BTC/USD zig-zagging around $7,000 amid oil markets mayhem

Here's what you need to know on Tuesday

Financial markets are gripped with fear and dismal as oil prices crashed to single-digit values; while the cryptocurrency markets are also affected by bearish sentiments, Bitcoin and all major altcoins continue moving within the recent ranges. 

Markets:

BTC/USD is back below $7,000. The coin recovered from the intraday low $6,824 to trade at $6,885 at the time of writing. BTC/USD has lost over 4% in the recent 24 hours and stayed unchanged since the beginning of the day. Now it is trading with the short-term bullish bias amid low volatility

At the time of writing, ETH/USD is changing hands at $173.00. The second-largest coin hit the intraday low $169.82 but managed to regain the ground. Despite the correction, it is still 5.6% lower from this time on Monday and 1.7% higher from the start of Tuesday. ETH/USD is moving within a short-term bullish trend. The volatility is low.

XRP/USD is changing hands at $0.1843 during early Asian hours, close the intraday high of $0.1853. The coin has gained 1.4%  since the beginning of the day and lost 4.5% in the recent 24 hours.  From the short-term perspective, XRP/USD is trading within a bullish trend amid low volatility.

Among the 100 most important cryptocurrencies, Aave (LEND) $0.0271 (+6.9%),Hyperion (HYN) $0.1308 (+1.6%) and PAX Gold (PAXG) $1720 (0.9%) are in the green zone. The day's losers are MaidSafeCoin (MAID) $0.1161 (+35.9%), DigiByte (DGB) $0.0072 (-13.8%) and Nervos Network (CKB) $0.0045 (-12.5%)

Chart of the day:
BTC/USD, 30-min chart

The number of Twitter users engaged in XRP discussions decreased by 16% in the first quarter of 2020, according to the research data provided by the social trading platform eToro and The Tie analysts. Since the beginning of 2018, the figure dropped by 82%, and the experts believe that the trend is caused by the price decrease and RIpple's regular tokens release. They believe that there is a direct correlation between XRP supporters and the price of the token. While it is unknown how many XRP tokens were sold in the 1st quarter of 2020, but the sales might have influenced the market sentiments. Currently, XRP/USD takes third place in the global cryptocurrency rating with the capitalization of $8.4 billion. However, the coin has lost over 40% in the recent 12 months.

Bitcoin's volatility dropped to the lowest level in three months, according to Intotheblock data. At the time of writing, 3-days volatility is registered at 55.74% against April 6 high 139.65%. Meanwhile, one-month implied volatility as measured by crypto derivatives analytical firm Skew stays close to its long-term average around  77%. The figure decreased from 184% in the first half of March. The option market reflects the general sentiments as traders buy options when the volatility is low and sell them when it hits new highs. 

Industry

An EU-based cryptocurrency trading platform 2gether that allows users to spend their digital coins anywhere with  VISA cards now supports Tezos token. It means that  2gether customers can buy and sell the token with zero fees. Moreover, the platform's functionality allows transacting the token and withdraw cash from any Visa-accepted ATM. Commenting on the news, Ramon Ferraz, CEO of 2gether, said: 

 We are thrilled to be adding Tezos to our platform. Tezos is currently planting the seeds of a flourishing market, and it’s 2gether’s goal to make cryptocurrency as accessible and easy-to-use as possible for the growing crypto community and beyond.

According to the recent research published by Goldman Sachs says U.S. companies will reduce cash spending by 33% annually. The note said:

We forecast S&P 500 cash spending will decline by an annual record 33% during 2020 as firms prioritize liquidity in a worsening economic environment.

This trend is in line with the rise of digital payments in the retail sector amid COVID-19 pandemic.

Regulation:

Cryptocurrency traders in Singapore won't have to pay taxes on the airdrops from cryptocurrency projects provided that they get their coins for free. According to the guide, published by the Inland Revenue Authority of Singapore (IRAS), the cryptocurrencies are categorized as payment tokens, used to buy goods and services, utility tokens, used to access goods and services and security tokens used to gain profit. The guide also clarified that IRAS would not levy income taxes against airdropped tokens or those received after a blockchain hard fork.