Crypto Today: Altcoins drive the market higher, BTC aims at $7,500

Here’s what you need to know on 

Markets:

BTC/USD is changing hands at $7,330. The coin has gained over 5% since the beginning of the day as the upside momentum has been gaining traction after a sustainable breakthrough above $7,000. Currently, BTC is moving within a short-term bullish trend amid low volatility. 

At the time of writing, ETH/USD is changing hands at $172.30. The second-largest coin retreated from the Asian low of $176.88, though it is still nearly 16% higher from this time on Monday. ETH/USD is moving in a short-term bullish trend amid low volatility.

XRP/USD tested area above critical $0.2000 before retreating to  $0.1960.  The coin has gained nearly 9% on a day-to-day basis, moving with strong bullish bias in sync with the market.

Among the 100 most important cryptocurrencies, VeChain (VET) $0.0041 (+29.6%),Digitex Futures (DGTX) $0.0552 (+18.8%), Matic Network (MATIC) $0.0137 (+16.5%) are in the green zone. The day’s losers are Swipe (SPX) $0.7301 (-5.5%), Insolar (XNS) $0.9906 (-1.0%).

Chart of the day:

ETH/USD, 30-min chart

Markets:

Bitcoin’s correlation with gold has been growing stronger amid the massive sell-off on the financial markets triggered by coronavirus pandemic, according to a report published by ETF and Mutual Fund Manager VanEck Global.

While Bitcoin has started decoupling from major U.S. stock market indices in recent days, the correlation with safe-haven assets such as gold and the US bonds increased significantly. Both gold and U.S. bonds tend to attract massive capital inflows in times of uncertainty as investors pull off their money from equities and seek for safe places to wait out a storm.

VanEck’s report says:

We believe this may further cements its relationship with what is commonly viewed as safe haven assets and may bolster its potential as “digital gold.

Industry: 

A Republican Congressional candidate David Gokhshtein, who is running in the election on November 3 proved himself as a pro-crypto candidate. Commenting on Bitcoin on his Twitter account he said that the flagship cryptocurrency was a store of value. Apart from that, he invited his followers to discuss LTC and DGB as a potential means of payment. Obviously, he gained the support of voters with this tweet.

David Gokhshtein’s professional expertise includes finances and entrepreneurship. Gokhshtein has been associated with the Forbes Financial Council, Mazer Gaming, and Gokhshtein Media.

Regulation

The financial regulator of South Korea aims to define technical and legal grounds for the central bank digital currency (CBDC), The Block reports. The development of the technical aspect implies the creation of CBDC design and functionality, while the legal aspect will deal with the amendments to the Law of Bank of Korea required to launch the digital won.

The idea of creating digital won has been circulation in South Korea since December 2019, when the Bank of Korea published a research paper devoted to CBDC. The central bank of France also looking into the idea of digital euro that can be integrated into settlement procedures. The French regulator recently launched a pilot program.

Japan postpones the introduction of the cryptocurrency legislation until May 1. The lawmakers cited unexpected circumstances as a cause of the delay. The Payment Services Act (PSA) and the Financial Instruments and Exchange Act (FIEA) are the two bills in question. The bills were adopted in 2019  by the Japanese House of Representatives to regulate the cryptocurrency industry. They were expected to come into effect in April 2020. 

Binance and some other major cryptocurrency companies including TRON, Kucoin, and Civic, were targeted a flood of lawsuits were filed in New York on April 3. The lawsuits were initiated by “litigation boutique” Roche Cyrulnik Freedman on behalf of the plaintiffs’ Chase Williams, Alexander Clifford and Eric Lee, as well as William Zhang in the case of Civic and other interested parties. Notably,  Roche Cyrulnik Freedman also represents Kleiman estate in litigation against Craig Wright.

The claim against Binance stated:

“Binance and the Issuers wrongfully engaged in millions of transactions—including the solicitation, offer, and sale of securities—without registering the Tokens as securities, and without Binance registering with the SEC as an exchange or broker-dealer. As a result, investors were not informed of the significant risks inherent in these investments, as federal and state securities laws require.”

Quote of the day:

The argument of “the Bitcoin halving is priced in” is dumb. If incoming daily supply drops 50%, then you would need a 50% drop in daily demand as well to keep the same price. Good luck if your thesis is built on the idea that demand for Bitcoin is going to drop 50%.

Anthony Pompliano, the co-founder of Morgan Geek Digital