Crypto Today: Ethereum rockets into orbit to fresh seven highs

Here's what you need to know on Friday

Markets

BTC/USD is currently trading at $10,270 (+0.80%), the price further consolidates just above the $10,000 barrier. 

ETH/USD is currently trading at $281 (+5.80%), market bulls are continuing to push aggressively north. 

XRP/USD is currently trading at $0.3288 (+2.80%), XRP as the bulls are gaining decent ground above $0.3000. 

Among the 100 most important cryptocurrencies, the best of the day are BCN $0.000610 (+62.55%), STEEM $0.290043 (+26.49%) SC $0.003092 (+16.75%) The day's losers are HBAR $0.052540 (-16.42%), CHZ $0.015170 (-9.50%),  THETA $0.165047 (-7.22%).

Chart of the day: ETH/USD weekly chart

Market

Ripple in a recent publication has pointed out the major problems with remittance in the APAC region and explained how it can solve these problems. It detailed that one of the largest problems with remittance in the APAC region is a very strong dependence on cash. Most parts of the region still prefer cash transactions, a method that can very easily stifle any innovations.

Reports suggest that IOTA’s blockless network, has been attacked, hacked, and funds have been stolen. Representatives of the decentralized network are now working closely with law enforcement and cyber-security experts to investigate what they say is a “coordinated attack” that resulted in a loss of funds.

Regulation

U.S. taxpayers have been freed from tax obligations on gaming transactions carried out with virtual cash, according to recent language modifications to the Internal Revenue Service (IRS) webpage. However, there is still some confusion for U.S. citizens regarding the IRS tax regulations for real cryptocurrencies.

Industry 

OKEx partnered with India’s largest cryptocurrency trading platform, CoinDCX, to launch a new crypto futures product in India. As part of the partnership, OKEx will make a major step into the Indian cryptocurrency market.

Binance have recently been struggling with the surge in traffic, According to a notification from Changpeng Zhao, the CEO of the exchange, certain parts of their system were struggling to keep up with high traffic. He said: “Parts of the system are still struggling to keep up with the high traffic. Given so many updates per day, not all parts of the system have been live tested under this load. I guess the good news is: there is very high SUSTAINED demand. Working on it, all hands on deck.”

According to the South China Morning Post (SCMP), there has been a series of scandals in China regarding public donations since the coronavirus broke out. In a bid to combat this, Chinese blockchain startup Hyperchain backed by the China Xiong’an Group has developed a blockchain-based donation tracking platform called Shanzong. Launched on Monday, it had already recorded 500 donations as of yesterday. 

The Bahamas’ Central Bank governor John Rolle confirmed that the digital Bahamian dollar will be rolled out by the second half of 2020.

Quote of the day

Roses are red,

Bitcoin is gold,

all you need do

is keep calm and hold

Jameson Lopp

@lopp