Search ForexCrunch

Here’s what you need to know on 

Markets:

BTC/USD is currently trading at $9,560 (+5.2% on a day-to-day basis). The coin attempted a recovery above $9,600 during early Asian hours, but failed to gain upside momentum. At the time of writing, BTC/USD is changing hands within a short-term bullish trend amid low volatility.

The ETH/USD pair is currently trading at $258.5 (+6.8% on a day-to-day basis). Ethereum has been moving in sync with Bitcoin. Now the coin is trapped inside a short-term bearish trend amid declining volatility.

XRP/USD settled at $0.2752 after a spike to $0.2813 during early Asian hours. The coin has lost nearly 6% in recent 24 hours.

Among the 100 most important cryptocurrencies, the best of the day are Kyber Network (KNC) $0.5348 (+17.5%), Tezos (XTZ) $3.75 (+7.7%) and Algorand (ALGO) $0.3664 (+6.16%), The day’s losers are, MonaCoin (MONA) $1.87 (-22.4%), WAX (WAXP) $0.0459 (-6179%), and Centrality (CENNZ) $0.0984 (-14.2%).

Chart of the day:

BTC/USD, 4-hour chart

Market

A legendary commodity trader Peter Brandt believes that XRP may be on the verge of a sharp sell-off towards $0.20. The expert pointed out to a head-and-shoulder H&S) pattern on the charts. If it plays out, XRP will extend its current decline. H&S is a classic reversal pattern that usually signals that a new downtrend is about to begin.

Industry

Cryptocurrency owners have started to diversify their holdings buying some physical stuff like gold, clothes and art. Unlike the crypto boom of 2017, Lamborghinis are no longer in demand this time as crypto riches prefer to spend money on more practical and much cheaper things like jewelry and outfits. Commenting the new trend, Elizabeth White  from concierge service, The White Co., explained:

“The lavish, lavish items — like having everybody want a Lamborghini — have gone away. The crypto wealthy now are more aware of the upswing and the market going up, but they are also very well aware of the crash that happened.”

Coinbase has become the first cryptocurrency company that was grunted with Visa’s principal membership. The credit card giant awarded the membership in December, but the information went public only now. This development will allow to reduce bypass banks and make cryptocurrency payments much easier. Basically, users will be able to pay with Bitcoins, and other digital money anywhere Visa is accepted.

Moreover, principal membership will allow Coinbase issuing Visa debit cards for other companies; however, the exchange stated that it has no such plans so far. Zeeshan Feroz, CEO of Coinbase UK, explains:

“Your Bitcoin holdings have never been liquid because you have to sell them, you have to go through a process, withdraw the money, and then spend it. It’s never been an instant . What the card is trying to change is the mindset that crypto is tucked away, takes two days to access, and can actually now be spent in real time.”

The largest cryptocurrency exchange by an average daily trading volume went offline for several hours due to unscheduled maintenance caused by technical issues. By now all operations are resumed, all functions and services are back online. According to Binance CEO, all funds are SAFU. Commenting on the reason that caused an issue, he wrote: 

One of the market data pushers had issues, matching engine was fine, no data loss or corruption (other than market data). Working on it. Should be fixed soon.

Regulation

According to Jake Chervinsky, the US Securities and Exchange Commission (SEC) will announce the decision on Wilshire Phoenix bitcoin ETF on February 26. As Bitwise & VanEck revoked their applications, this is the only proposal pending, and the SEC’s decision will be negative, Chervinsky believes. 

Quote of the day

Give a man a bitcoin and he’ll spend it in a day. Teach a man to hodl bitcoin and he will spend the rest of his time on crypto twitter talking about disintermediation, fall of nation-states, economics, and the rise of sovereign individuals.

Bitcoin Experts (@BTC_Experts)

Expert score

5

Etoro - Best For Beginner & Experts

  • 0% Commission and No stamp Duty
  • Regulated by US,UK & International Stock
  • Copy Successfull Traders
Your capital is at risk.