Here’s what you need to know on Monday
Markets
BTC/USD is currently trading at $9616 (-2.50%), remaining at risk underneath the $10,000 price mark.
ETH/USD is currently trading at $263 (-2.70%), critical support at $250-40 remains intact, as part of the double top, the neckline area.
XRP/USD is currently trading at $0.2680 -4.50%), vulnerabilities remain underneath $0.3000.
Among the 100 most important cryptocurrencies, the best of the day are WICC $0.268449 (+21.55%), KNC $0.609368 (+10.49%) SEELE $0.0.090145 (+4.75%) The day’s losers are SXP $1.09 (-10.42%), AION $0.145326 (-7.30%), XTZ $3.29 (-6.25%).
Chart of the day: BCH/USD weekly chart (Evening star formation has seen another week heavily close in the red, big risk of reversal)
Market
Ethereum Classic Labs announced that it has formed a collaboration with the nonprofit foundation behind Fantom (FTM), a Directed Acyclic Graph (DAG) based smart contract platform that aims to solve the scalability issues of distributed ledger technologies, to bring crypto-agnostic DeFi features to the Fantom ecosystem.
Large U.S. cryptocurrency exchange Coinbase said that the EOS network is having some issues. Coinbase issued a status update stating, “EOS network has degraded performance. Sends and receives might be delayed.” However, EOS block producer EOS Nation responded on Feb. 22 that, although there had been issues with micro-forks on Feb. 20, the EOS mainnet was “currently extremely reliable.”
Regulation
The authorities of European Union (EU) have been trying to look for a possible solution for Facebook’s cryptocurrency, a stablecoin anticipated to be launched in the Q1 of 2020. The European Commission (EC) needs additional details to determine the legal status of the altcoin Libra. This was stated by the Vice-President (VP) of the EC Valdis Dombrovskis. The VP revealed that the agency had sent a request to the Libra Association for more information about the initiative
Christopher Giancarlo, the former chairman of the Commodity Futures Trading Commission (CFTC) believes it’s time for the Federal Reserve to issue a fully digital currency. Giancarlo added that a digital dollar is agnostic to other initiatives in the cryptocurrency space. He said that Bitcoin and innovations like Facebook’s Libra have their own “value propositions” and could co-exist with a central bank issued digital currency (CBDC). Saying: “I think the market is always better when there is a lot of competition out there… An instrument like Bitcoin may serve to the equivalent to the digital dollar might be equivalent to the digital gold.”
The New Jersey state legislature is now considering a new bill that would require cryptocurrency businesses to obtain a proper license to operate.
Industry
A recent report by US investment bank JP Morgan Chase suggested that current blockchain developments are lying down the foundation for digital money, but adoption is still years away.
The report suggests that the finance industry is moving beyond blockchain technology. The bank also believes that project’s like Facebook’s Libra stablecoin calls for a higher degree of centralization: “For a stablecoin like Libra to succeed, it will likely require short-term liquidity facilities, a source of positive-yielding reserve assets, and less distributed, semi-private networks.”
Three major Japanese economic watchdogs – the Finance Ministry, the Financial Services Agency, and the Bank of Japan – joined hands to promote research on central bank digital currency (CBDC). Reported by The Japan Times on Saturday, the three state entities have held several meetings to discuss the prospect of digital currencies and the related economic impact with it. They also have decided to advance research and analysis on the technological aspect of such an initiative.
The Bank of England’s (BoE) chief cashier, Sarah John, has said it is “crucial” that central banks research digital currencies so they can strike a balance with private issuers.
Binance said on Monday that users can deposit and withdraw Hong Kong dollars from today for trading against supported cryptocurrencies.
Binance already supports euros and pounds sterling through Epay, a payments provider founded in Hong Kong in 2014.
Quote of the day
Bitcoin is seemingly not reacting to the coronavirus and market shakeup. Gold is ripping, equities are dumping. The bitcoin market never closes – it should have reacted already if it was a flight to safety. That said, it’s still a massive benefit if it remains uncorrelated.
@scottmelker
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