Cryptocurrency Market News: Bitcoin recovery from $9,250 still eyes $10,000

Here is what you need to know on Thursday

Markets:

Bitcoin price extended the downtrend to $9,250 following the multiple rejections it has suffered at $10,000. The granddaddy of cryptocurrencies is valued at $9,489 amid a recovery push to at least reclaim the position above $9,500. The cryptocurrencies live rates suggest that BTC/USD trend is turning bullish once again while volatility expands.

ETH/USD has been forced below the vital $210 level. Since Monday, gains towards $220 have been unsustainable. A hurdle at $216 was impenetrable, leaving the bulls with very few alternatives like defending support at $210. With the price under $210, Ethereum could spiral further to test the next support target at $205 and $200.

Read more: Ethereum Price Analysis: Where is ETH/USD consolidation heading to?

XRP/USD is also battling a growing bearish grip. Unlike Ethereum, Ripple is still trading above its vital level at $0.20. On the upside, $0.21 is capping movements above another short term hurdle at $0.2050. XRP/USD is trading at $0.2014 after adjusting slightly from the intraday low of $0.2003.

Among the top 100 cryptocurrencies, the best-improved in the last 24 hours include HEX (up 10.23%), THETA (up 30.62%), Advanced Internet Blocks (20.33%) and Unibright (up 10%). The most bearish cryptocurrencies include Eletroneum (down 15.62%, Steem (down 16.32%), Hyperion (down 11.90%o) and DeviantCoin (down 80.26%).

Related content: Bitcoin Cash Price Analysis: BCH/USD delays triangle breakout as Bitcoin slips under $9,500

Chart of the day: ETH/USD daily

Market

Bitcoin price retreated by $500 to the support at $9,250 after a 50 BTC transaction from a wallet created only a month after the inception of Bitcoin in 2009. The transaction is not the biggest, however, the address has close proximity to the actual age of Bitcoin. The transaction caught the attention of many in the cryptocurrency industry with most people theorizing as a transaction made by Satoshi Nakamoto; the anonymous creator of the Bitcoin network. Other people have refuted saying this transaction has nothing to do with Bitcoin’s creator. Whale Panda, a prominent crypto trader wrote on Twitter:

Just for the record: this is not a known Satoshi address or anything. There were multiple miners even back then.

Industry

Coinbase, a United States-based cryptocurrency exchange company has announced the transition to a “remote-first” workplace after the COVID-19 pandemic is behind us. The announcement comes amid the pandemic that has forced global economies to their knees. According to the CEO, Brian Armstrong, Coinbase will give its employees the freedom to either work from home or in an office for most of the roles.

After the restrictions of quarantine are over, Coinbase will embrace being ‘remote-first’, meaning we will offer the option to work in an office or remotely for the vast majority of roles.

Coinbase made the announcement amid the launch of staking rewards for Cosmos token holders. The Product Manager at Coinbase, Bryce Ferguson said that it was a great step forward as risks associated with token staking will be covered by Coinbase Custody.

Regulation

The lawmakers in the United States are advising the government to consider putting in place a national blockchain strategy. A bill introduced in the House of Representatives by Rep. Brett Guthrie (R-Kent) is asking the Federal Trade Commission (FTC) to find out the extent of blockchain technologies across the industries and governments around the world. If the bill passes, the FTC will have two years to carry out the research and forward the findings to the Congress for discussion.

Quote of the day

“The ongoing coronavirus pandemic has made it clear that we need to maintain American leadership in technology. America is a nation of innovation and enterprise – and we need to keep it that way.” (@Rep. Brett Guthrie)