Search ForexCrunch

Here’s what you need to know on Wednesday

Markets

BTC/USD is currently trading at $5250 (+0.65%), price action continues to move within a consolidation nature. 

ETH/USD is currently trading at $114 (-0.45%), the threat of $100 being challenged to the downside remains.

XRP/USD is currently trading at $0.14 (-0.90%), limited price action for now, as it continues to narrow within a pennant via the daily. 

Among the 100 most important cryptocurrencies, the best of the day are STEEM  $0.175925 (+55.00%), WAXP $2.14 (+20.75%) DASH $51.99 (+19.15%) The day’s losers are LUNA $0.122338 (-9.42%), DX $0.001225 (-8.30%), MKR $196.66 (-7.25%).

Chart of the day: XRP/USD daily chart (price action is narrowing within a bearish pennant structure) 

Market

The MakerDAO governance has approved the USD Coin (USDC) stablecoin as the third collateral type accepted in the Maker Protocol, according to a community post. USDC now joins Ether (ETH) and Basic Attention Token (BAT) as accepted forms of collateral which can be used to open vaults and generate Dai.

A board member of the Ethereum Classic Cooperative has resigned. The board member, James Wo, said his resignation is due to disagreement with the organization’s executive director Bob Summerwill.Ethereum Classic Cooperative is a Digital Currency Group-backed research organization focusing on the development of Ethereum Classic

Regulation

According to a legal executive at the Bank of Russia, the country’s major but still unfinalized cryptocurrency legislation — a bill “On Digital Financial Assets” — will ban the issuance and circulation of cryptocurrencies.

Industry 

Recent reports indicate that over 20 banks in the Chinese City of Chongqing incorporated blockchain into their daily banking activities. The banks acknowledged that blockchain aid in easing export verifications, tax payments and credit ratings for other entities. Authorities in China hope that blockchain technology can be leveraged to streamline the monetary sector of the economy.

Koala, the cross-border e-commerce marketplace acquired by Alibaba Group in September 2019, has adopted Ant Financial’s blockchain solution, to foster transparency in its supply chain and eliminate goods mismatch, according to a Sina Finance report on March 17, 2020.

Customers of digital asset security specialist BitGo can now boost their insurance limit beyond $100 million to cover the loss or destruction of crypto stored in special vaults. BitGo came out with a Lloyd’s-backed cold storage insurance product in February 2019 and is now allowing customers to extend the $100 million worth of cover to suit their needs. It’s a sign of the continued maturation of the crypto insurance sector.
 

Quote of the day

For something that has “died” so many times, bitcoin sure is stayin’ alive.

@tylerwinklevoss