Crypto Today: Bitcoin could encounter another steep fall

Here’s what you need to know on Monday

Markets

BTC/USD is currently trading at $5000 (-6.45%), and is firmly within the control of the market bears. 

ETH/USD is currently trading at $112 (-9.90%), Ethereum remains at risk of a $100 barrier breach. 

XRP/USD is currently trading at $0.14 (-7.50%), vulnerabilities are tilted to the downside, with $0.1000 in sight. 

Among the 100 most important cryptocurrencies, the best of the day are EURS $1.10 (+3.00%), DAI $1.05 (+1.75%) USDT $1.01 (+1.15%) The day’s losers are KMD $0.276889 (-22.42%), REN $0.030349 (-21.30%), BCN $0.000199 (-20.25%).

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

Market

In accordance with Ethereum Classic monetary policy, the network will have a reduction in its block reward from 4 ETC to 3.2 ETC when it reaches block 10 million. 

Blockchain project Cardano, the issuer of ADA token, has been forced into court by former partner Z/Yen Group Limited, which is located in the city of London. Cardano didn’t disclose the most relevant details of the dispute, but it explained that the proceedings revolve around an alleged agreement between the two, which dates back to July 2017.

Regulation

Rhode Island’s Representatives, David Place and Black Filippi have introduced a new bill aimed at creating regulatory clarity and making the state a safe haven for bitcoin (BTC) related businesses as well as blockchain innovators, according to a Forbes report on March 15, 2020.

The UK Financial Conduct Authority (FCA) recently issued well-filtered recommendations to the public especially the investors not to participate in cryptocurrency investments related to Covid19 through an official website. They noted: “Watch out for scams related to Covid19”. Adding, “Beware of investments that appear to be too good to be true,” it adds. “If you decide to invest in something offering a high return or in a cryptocurrency, you should be prepared to lose all your money.”

Zimbabwe’s central bank, the Reserve Bank of Zimbabwe (RBZ) is making plans to regulate the cryptocurrency industry, as there is a draft policy framework underway. A robust regulatory framework in place will see the development of the crypto sector in the country. 

Industry

Another Coinbase top senior executive has left the cryptocurrency industry unicorn for a US regulatory body. Brian Brooks, who worked as chief legal officer at Coinbase for nearly two years, is transitioning out of his role over the next couple of weeks to join the Office of the Comptroller of the Currency (OCC).

U.S. chip manufacturer NVIDIA launched a proposal for all users to use their computer resources to help the cause.lite

Quote of the day

Tin hat.

Whales have inflicted incredible pain pushing Bitcoin down with global markets. That said, the best way for them to make a metric ton of cash now would be to push $BTC up hard in the face of a global market crash – this would ignite the store of value narrative.

@scottmelker