Crypto Today: Roaring bulls return to the market, altcoins drive the recovery

Here's what you need to know on Monday

Markets:

BTC/USD is currently trading at $8,625 (+3.2% on a day-to-day basis). The coin has been moving within a strong bullish trend amid low volatility. A sustainable move above $8,450 improved the short-term technical picture.

The ETH/USD pair is currently trading at $166.9 (+3.8% on a day-to-day basis). The Ethereum retreated from the intraday high of $169.39; now, it is moving within a short-term bearish trend amid shrinking volatility. 

XRP/USD settled at $0.2288 after a spike to $0.2235 during early Asian hours. The coin has gained 3.5% in recent 24 hours.

Among the 100 most important cryptocurrencies, the best of the day are ICON (ICX) $0.1885 (+20.57%), Bytecoin (BCN) $0.0003 (+16.2%), Quant (QNT) $3.66 (+15.2%) The day's losers are, Enjin Coin(ENJ) $0.0878 (-1.7%), Seele(SEELE) $0.1133 (-0.59%) and V System (VSYS) $0.0324 (-0.45%).

 

Chart of the day:

ETC/USD, 4-hour chart

Market:

Bitcoin may fall as low as $5,500 before new buyers start to pup in. Nearly half of Bitcoin traders polled by a prominent crypto trader aka Crypto Dog answered that they are ready to buy if BTC dumps to $5,500. About 31% of the respondents may consider buying BTC at $8,100. Notably, the first digital asset has been struggling below critical level of $8,450 after a sharp sell-off from the recent high of $9,184.

Industry:

The Estonian-based cryptocurrency exchange WhiteBIT announced support for has added support for Dash’s InstantSend instant transaction locking and anti-51% attack feature ChainLocks. Also, to promote Dash trading pairs, the platform offers users with zero-fee trading for two weeks.

As the next step in our collaboration with @Dashpay we’d like to provide our users with zero-fee trading on all DASH pairs for two weeks and introduce ChainLocks - another great feature of Dash protocol.

The news served as a bullish trigger for DASH. The 15th largest digital asset with the current market capitalization of $1  billion gained 9% hit $117.00 and became one of best-performing assets out of top-20 on Monday. At the time of writing, DASH/USD is changing hands at $116.40.

Bitcoin will have a major protocol update as developers published The taproot/Schnorr proposal as Bitcoin Improvement Proposals (BIPs). The Taproot idea was suggested by Bitcoin Core developer Greg Maxwell in January 2018 and formalized by another Bitcoin Core developer, Pieter Wuille, who proposed to bundle it into a soft fork with Schnorr. The update will bring the much-needed privacy feature to the protocol. Basically, it will make all transactions look the same from the outside so that an observer cannot tell whether it is a payment transaction opening or closing of a Lightning channel, or a smart contract.

Regulation:

The European Commission wants to encourage businesses to share data with its new set of protectionist antitrust rules. This is a part of a broader strategy aimed at giving European companies a sharper edge on global markets by the more aggressive use of trade defense instruments against companies that are benefitting from foreign subsidies. The new policy implies a wide-spread usage of artificial intelligence and blockchain technology to access and share data.

Our vision is not about shielding uncompetitive industries or encouraging protectionist policies ... At the same time, the EU cannot be complacent about third countries or companies undermining fair competition in the single market on global markets,” the document seen by Reuters said.

Quote of the day:

Bitcoin bugs are saying I'm not qualified to give advice about Bitcoin because I don't know the difference between a pin and a password. I know the difference now and my advice hasn't changed. But those Bitcoin bugs still don't know the difference between #Bitcoin and #gold.

Peter Schiff, the CEO of Euro Pacific Capital and a prominent gold bug.

 

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