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Here’s what you need to know on Tuesday

Markets

BTC/USD is currently trading at $8722.57 (-1.45%), is moving within a tight range as the price consolidates.

ETH/USD is currently trading at $228 (-3.60%), remains vulnerable as the price narrows within a bearish range-block. 

XRP/USD is currently trading at $0.2356 (-2.50%), the big barrier remains at the $0.2500, as the price consolidates below.

Among the 100 most important cryptocurrencies, the best of the day are ANT $1.35 (12.55%), CKB $0.007494 (+11.49%) MOF $0.651594 (+8.15%) The day’s losers are BCN $0.000438 (-8.42%), KMD $0.001541 (-8.30%), KNC $0.656299 (-6.25%).

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

Market

Co-founder of Morgan Creek Digital, Anthony Pompliano, recently in a newsletter, compared Ethereum to traditional currencies. He wrote: “Fiat currencies have (a) no fixed supply, (b) an inflationary supply schedule, and c) monetary policy decisions that are decided by a small group of individuals. Ether has (a) no fixed supply, (b) an inflationary supply schedule, and c) monetary policy decisions that are decided by a small group of individuals,”

Regulation

The German financial watchdog (BaFin) issued a new summary leaflet detailing how cryptocurrencies are treated under newly enacted laws for 2020. The instructions are presented as BaFin’s interpretation of the new German legislature.

According to an indictment filed in federal court and revealed on Monday in Washington, D.C., the two accused Chinese individuals had been helping North Korea launder crypto obtained through hacks and cyber theft between Dec 2017 and April 2019. 

A British digital payment platform halted operations after the Financial Conduct Authority (FCA) suspended its license, which cost its clients over $128 million. The payment services recently halted their operations in the United Kingdom leaving hundreds of clients without access to their savings. Other reports indicate that once the firm goes insolvent users would have no insurance against their deposits.

The Ukrainian National Agency for the Prevention of Corruption (NAPC) in recent guidance defined digital currencies as a type of intangible asset.

Industry 

The number of crypto ATMs across the globe has grown to over 7,000, with machines in 75 countries.

CoinATMRadar listed 7,014 cryptocurrency ATMs in existence. This number also includes machines hosting digital currencies other than Bitcoin (BTC), including assets such as Bitcoin Cash (BCH), Ether (ETH), Dash (DASH) and Litecoin (LTC).

The Marshallese sovereign (SOV), the national digital currency of the Marshall Islands, will be built using the blockchain of Algorand.

Walmart has become the latest major conglomerate to join open-source blockchain consortium Hyperledger. Walmart is among eight new members to join the platform. The new members were announced on March 3 at the Hyperledger Global Forum 2020 in Phoenix, Arizona.

Quote of the day

Fiat currencies have (a) no fixed supply, (b) an inflationary supply schedule, and c) monetary policy decisions that are decided by a small group of individuals. Ether has (a) no fixed supply, (b) an inflationary supply schedule, and c) monetary policy decisions that are decided by a small group of individuals

Anthony Pompliano