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Markets:

BTC/USD hit the intraday high at $8,958 and retreated to $8,920 by the time of writing. The first digital asset has gained 1.2% on a day-to-day basis amid a moderate recovery on the cryptocurrency market. Currently. BTC/USD is moving within a short-term bullish trend, though the volatility remains low. 

ETH/USD tested a $230.00 barrier during early Asian hours but failed to get enough momentum for a decisive breakthrough. The pair is currently trading at $229.25 (+1.20% on a day-to-day basis). Ethereum has retained bullish momentum, moving in sync with the market.

XRP/USD settled at $0.2380 after a move to $0.2392 during early Asian hours. The coin has been moving in a tight range during recent days.

Among the 100 most important cryptocurrencies, the best of the day are Energi (NRG) $1.83 (+24.5%), ABBC Coin (ABBC) $0.1090 (+16.4%) and Tezos (XTZ) $3.29 (+13.3%), The day’s losers are WAX (WAXP) $0.0457 (-5.1%),  Bitcoin SV (BSV) $273.54 (-3.79%), Terra (LUNA) $0.2382 (-2.9%).

Chart of the day:

XTZ/USD, 4-hour chart

Market

According to a prominent cryptocurrency analyst Willy Woo, Bitcoin will hit the maximum of the current cycle somewhere at $135,000. Speaking at the Keiser Report show, the expert explained that during ten years of its existence, Bitcoin always topped at a level that was 35 times higher from its average aggregated price level. Now, this method implies Bitcoin’s growth to $50,000. However, the longer it stays at current levels, the higher it is an aggregated value.

A new governor of Bank of England Andrew Bailey urges cryptocurrency traders to be prepared to lose all their money. Speaking to lawmakers in parliament on March 4, he said:

If you wanna buy Bitcoin, be prepared to lose all your money. If you wanna buy it — buy it, but understand what’s you’ve got. It has no instrinsic value.

It is not the first time the official that led the Financial Conduct Authority (FCA) cautions Bitcoin buyers. He made virtually the same statement in December 2017, when the first cryptocurrency was close to its peak.

Industry

Singapore-based cryptocurrency company Matrixport aims to raise financing to the tune of $40 million. The company, foundered by Bitmain Technologies Ltd.’s billionaire Wu Jihan pitched its latest round to investors in recent weeks, Bloomberg reports, citing the knowledgeable sources. The startup earned about $8 million in revenue in 2019 and expects to double this amount in 2020. In the previous financing round the company was valued at $114 million.

Regulation

The UK financial regulator, FCA, issued a warning about the US-based cryptocurrency exchange Kraken. According to FCA, the company has been operating on the territory of the UK without proper authorization. The regulator stated:

We believe this firm has been providing financial services or products in the UK without our authorization. Almost all firms and individuals offering, promoting or selling financial services or products in the UK have to be authorized by us.

 

Meanwhile, Kraken insists that the authority found a fake entity as the telephone numbers and email addresses given in the warning do not belong to the exchange.

Another FCA’s warning was about cryptocurrency derivatives exchange BitMEX. The regulator also pointed out that the com[any was not authorized to solicit customers in the UK.

In a separate development, the German regulator, BaFin, shut down an operator of cryptocurrency ATMs located on the territory of the country. The Poland-based company KKT UG run by Adam Gramowski was ordered to stop business in Germany as it doesn’t have the authorization for cross-border proprietary trading.

Quote of the day

With the 10-year U.S. treasury yield dipping below 1%, it’s no longer just a theoretical possibility that we may be heading to negative yields territory in the United States. As #Bitcoin and #gold have non-negative yields I expect safe-haven conversations to re-emerge.

 

Gabor Gurbacs, digital asset strategist/director at VanEck/MVIS