Crypto Today: Bitcoin dives below $10,000 only temporarily

Here’s what you need to know on 

Markets:

BTC/USD is currently trading at $9,814 (-1.08% on a day-to-day basis). The coin has been moving within a strong bearish trend after hitting a new 2020 high at $10,195.

The ETH/USD pair is currently trading at $221 (+1.8% on a day-to-day basis). Ethereum retreated from the intraday high of $229.00 amid global correction on the cryptocurrency market.

XRP/USD settled at $0.2742 after a spike to $0.2890 on Sunday. The coin is down 1.9% in recent 24 hours.

Among the 100 most important cryptocurrencies, the best of the day are KickToken (KICK) $0.0007 (+53.5%), Lisk (LISK) $2.24 (+28.57%) and Aion (AION) $0.1416 (+19.16%), The day’s losers are, Synthetix Network Token (SNX) $0.9011 (-12.6%), Centrality (CENNZ) $0.0676 (-8.36%) and Dogecoin (DODGE) $0.0031 (-7.46%).

Chart of the day:

XTZ/USD, daily chart

Market:

Bitcoin’s move above $10,000 triggered a lot of positive reaction within the cryptocurrency community and unlocked a new wave of $100,000+ expectations. Thus a co-founder of Morgan Geek Antony Pompliano (aka Pomp) believes that BTC/USD will hit this area by the end of December 2021, driven by growing demand and decreasing supply. CEO of BitMEX Arthur Hayes is also enthusiastic, though he prefers to set short-term and more realistic targets: 

Nothing can stop me, I’m all the way up! Slow and steady wins the race. Let’s take the staircase up to bitcoin $20k.

Many other cryptocurrency traders and investors share the same views, which may eventually result into a strong bullish run.

Tezos (XTZ) was one of the biggest winners on the weekend. The coin gained over 20% in less than 24 hours and hit $2.75 on Sunday. While the real factors behind the pump remains unknown, Weiss report might have served as a positive trigger for the coins. The cryptocurrency rating agency noted the success of the project on several aspects, including bug-free code and a high level of decentralization.

Reason for #Tezos’ success can be summed up in 4 key success factors: Flexible governance, bug-free code, 5% crypto “dividends” paid to #XTZ token holders, and decentralization.

Industry:

Deep Work Studio, a developer of blockchain projects, leaked the interface of Ethereum 2.0 and revealed a step-by-step procedure of sending ETH from Proof of Work (PoW) chain to the new Proof of Stake (PoS) Beacon Chain. Teh company states that it worked on the interface of the new version of Ethereum block, which is also referred as the world’s computer.

The South Korean Pohang University of Science and Technology cancelled the  graduation ceremony due to coronavirus outbreak and issued 828 fresh graduates with blockchain-based diplomas. They received a QR code that links to a blockchain-secured diploma certificate.

In the aftermath of the new corona, it is impossible to hold the graduation on time, so even if a student does not go to school and receive a diploma, he or she can get a digital degree that is secured by blockchain technology, a spokesperson from the university told the local media outlet MBN.

Regulation:

Several banks in Germany filed a request to launch a cryptocurrency custody business, the national financial regulator, BaFin, reports. The watchdog received over 40 applications from the institutions interested in offering cryptocurrency custody services. The updated Money Laundering Act allows local banks and other financial institutions to provide and manage digital assets, like Bitcoin (BTC), Ether (ETH), and XRP along with traditional securities.

Quote of the day:

Most traditional finance folks don’t understand Bitcoin’s asymmetry. If they miss a stock investment, there are thousands more to get right. If they miss the next global reserve currency, there won’t be another. Bitcoin is a VC investment disguised as a finance opportunity.

Antony Pompliano, co-founder of Morgan Geek