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Markets:

BTC/USD is hovering around $5,000, down 6.8% since the start of the day. The first digital coin is moving within a short-term bearish trend vulnerable to further losses amid expanding volatility.

ETH/USD dropped below $120.00 in Asia to trade at $111.20 by the time of writing. The coin is down over 9% from the levels registered at the beginning of the day as the downside momentum is gaining traction.

XRP/USD crashed to $0.1400 during early Asian hours. The cin is down 7% since the beginning of Monday and 4% on a day-to-day basis.

Among the 100 most important cryptocurrencies, OKB (OKB) $3.29 (+1.3%), Tether (USDT) $1.01 (+0.6%) and STASIS EURO (EURS) $1.07 (+0.05%) are in the green zone. The day’s losers are Hedera Hashgraph (HBAR) $0.0344 (-23.9%), Ren (REN) $0.0316 (-23.5%), WAX (WAXP) $0.0259 (-21.4%).

Chart of the day:

BTC/USD, daily chart

Market

The experts of Arcane Research found out that Bitcoin’s correlation with the S&P 500 reached the highest level on record amid panic sell-off on the global markets. The correlation went from 0.1 to 0.5 in a single day.

Even though this correlation is expected to fall drastically again, there is no doubt that the “uncorrelated asset” narrative for bitcoin is taking a hit these days.

The growth of correlation was accompanied by the increase of fear on the market. The Bitcoin’s Greed and Fear Index dropped to 8 on Saturday, which is the lowest level since August 2019. This value corresponds to “extreme fear”.

The head of Galaxy Digital and cryptocurrency supporter Mike Novogratz believes that retail traders and speculators are responsible for the current Bitcoin sell-off. He said that people who bought on margin hit the panic button.

That wasn’t institutions. That was a leveraged washout. Institutions aren’t fast enough to sell like that. That was panic selling from people who bought on margin.

Industry

The ethereum-based crowdfunding platform, Gitcoin, joins the trend of providing blockchain-based tools for donating or raise funds for the fight with coronavirus. The team offers $50,000 in development grants toward coronavirus-related initiatives. according to the recent tweet, the fifth round of grants includes health care initiatives.

Gitcoin Grants Round 5 (starting 3/23) will include at least a $50K Public Health Round. Read more below for details.

Cardano team confirmed the plans of launching commercial infrastructure. The head of the blockchain-based project Charles Hoskinson said that the development stayed on schedule.

Proof-of-stake (PoS) blockchain Cardano (ADA) is working on implementing commercial infrastructure. The coin’s officials have reassured the public that development is on schedule and the updates on the progress would be published in the coming months. He also reassured that things were going as expected.

Cardano commercially critical infrastructure are things that Cardano needs for it — in our view — to be competitive against other cryptocurrencies.

Regulation

The FXStreet reported earlier that the Supreme Court of India lifted the ban on cryptocurrency trading implemented by the Reserve Bank of India. However, some large Indian banks, including HDFC and Indusind Bank, ignore the decision and decline processing transactions related to cryptocurrencies. They wait for direct instructions from the Reserve Bank of India (RBI) before they can lift the ban. According to Mohammed Danish of Indian law firm Fintech Lawyers, the banks do not provide written explanations:

In most of the cases, the banks have not given any written communication but verbally informed their customers that they are waiting for RBI notification in this regard.

Quote of the day

$BTC is in a terrible place to long, terrible place to short. I have no interest in taking any trades until volatility picks back up: I imagine we’ll see things start move again starting around 9:30AM EST Monday.

Crypto Dog (@TheCryptoDog), blockchain investor, crypto Twitter expert.

 

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