Crypto Today: Bitcoin regains lost ground; altcoins switch in a green mode

Here’s what you need to know on 

Markets:

BTC/USD is currently trading at $9,800 (+0.8% on a day-to-day basis). The coin has recovered from Monday’s low of $9,469, but the upside momentum has yet to gain traction. 

The ETH/USD pair is currently trading at $268.7 (+7.5% on a day-to-day basis). The Ethereum retreated from the intraday high of $271.8; however, it is still moving within a short-term bullish trend.

XRP/USD settled at $0.2911, having gained over 3% in recent 24 hours. the coin has recovered from the intraday low of $0.2816, now int is moving within a short-term bullish trend amid expanding volatility.

Among the 100 most important cryptocurrencies, the best of the day are Golem (GNT) $0.0735 (+21.5%), Enjin Coin (ENJ) $0.1365 (+21.00%) and Siacoin (SC) $.0032 (+18.16%), The day’s losers are, WAX (WAXP) $0.0551 (-7.9%), Swipe (SXP) $1.27 (-5.42%) and Bytecoin (KMD) $0.00048 (-4.02%).

Chart of the day:

BTC/USD, 4-hour chart

Market:

Founder and CEO of Galaxy Digital Mike Novogratz says that Bitcoin will hit a new all-time high above $20,000 within two or three months from now. Be believes that the upcoming halving and regulated cryptocurrency exchanges will play a significant role in driving the first digital asset to higher levels. Bitcoin, like gold, serves as a hedge against inflation and irresponsible monetary policy of global central banks, he explained in the recent interview with CNBC.

Open interest in Bitcoin futures jumped in January according to the recent monthly survey conducted by Kraken. The researchers also noted that historically this development was a precursor of either bull’s run or increased volatility. Since the beginning of February, BTC/USD gained about $500, while volatility stayed virtually unchanged.

Industry:

Ripple’s CEO Brad Garlinghouse compared his company with Amazon. Speaking in the recent interview with Julia Chatterley from CNN, he said that currently the company was focused on B2B sector and commercial use cases, but they were also thinking of other types of consumers. 

We want to make sure that we are winning in cross-border payments before we do another verticle.

Chinese cryptocurrency exchange FCoin halted operations and stopped processing withdrawal requests after it had found $125 million of user funds missing. According to the exchange founder and the former Huobi CTO Jian Zhang, the company may default on its obligations as it won’t be able to pay back the missing amount to its users. He also added that the issue was caused by a data error or decision error rather than an external hack or scam.

The biggest problem that FCoin currently faces is not the problem that the system cannot be restored, but the problem that the capital reserve cannot be paid by users. The internal problems and technical difficulties we face are the results of financial difficulties.

Binance introduced Binance Cloud, a new infrastructure solution that would allow customers and partners to launch their cryptocurrency exchanges under  white label program. They will be able to leverage technology, security and liquidity of the world’s leading exchange. Changpeng Zhao, CEO of Binance, commented:

As a part of Binance’s Open Platform initiative to enable more crypto access globally, Binance Cloud supports its customers and global partners with a complete turn-key exchange platform solution, consolidating the new financial infrastructure to an open platform based on blockchain technology.

Quote of the day:

The best part about buying #bitcoin is it instantly makes you an expert on diet and nutrition, economics, pandemics, and basically all notable world events.

Crypto trader sicarious (@Sicarious)