Crypto Today: Bitcoin’s bull trend is back on track

Here’s what you need to know on 

Markets:

BTC/USD is currently trading at $10,140 (+3.2% on a day-to-day basis). The coin has been moving within a short-term bearish trend amid expanding volatility. BTC/USD has retreated from the intraday high of $10,208.

The ETH/USD pair is currently trading at $279.6 (+4.2% on a day-to-day basis). Ethereum retreated from the intraday high of $283.25; now, it is moving within a short-term bearish trend amid growing volatility. 

XRP/USD settled at $0.2952 after a spike to $0.2989 during early Asian hours. The coin has gained 1.5% in recent 24 hours.

Among the 100 most important cryptocurrencies, the best of the day are ABBC Coin (ABBC) $0.1279 (+31.5%), Bytecoin (BCN) $0.00059 (+15.7%) and DxChain Token (DX) $0.0015 (+15.16%), The day’s losers are, WAX (WAXP) $0.0515 (-6.9%), MonaCoin (MONA) $2.41 (-6.4%) and Swipe (SXP) $1.23 (-4.2%).

Chart of the day:

BTC/USD, 4-hour chart

Market:

Tech startup investor and Bitcoin trader Keith Wareing (@officiallykeith) noted a golden cross on the Bitcoin chart. This rare pattern is created when SMA50 daily crosses SMA200 daily from the bottom upwards. This is a strong bullish signal that implies that Bitcoin is on the verge of massive growth. Apart from that, the expert noted strong support created by an ascending channel and a gap on CME. These factors combined may lead BTC towards $10,500 in recent days.  

Fundstrat’s co-founder Tom Lee came up with another Bitcoin forecast. Now he expects the first coin to reach $500,000 someday. No clear timeline has been provided. He explained that the exponential growth of Bitcoin users would become a major price driver. Currently, there are about half a million Bitcoin users, but Lee believes that this number can easily double.

Industry:

The US billionaire and candidate for presidency Mike Bloomberg proposed creating a regulatory framework for cryptocurrency. He stands for tightening consumer protection measures. Thus he wants to obligate the financial institutions to monitor risks and gather data about all transactions in a single database. Also, the former New-York mayor believes that it is necessary to create regulatory sandboxes for startups. 

When it comes to digital assets he wants regulators to clarify several issues, including the status of digital tokens, cryptocurrency taxation procedures and standards applicable to service providers in the industry.

A decentralized finance (DeFi) protocol bZx suffered the second hack attack that put $645,000 worth ETH at risk. The new attack is twice as severe as the previous one. 

We have hit the pause button on the protocol again in light of suspicious transactions using flash loans and trading on Synthetix.

Commenting on the incident, Kyle Kistner, co-founder of the platform wrote on its official Telegram channel:

This attack appears to be an oracle manipulation attack.

Regulation:

The UK’s Financial Conduct Authority (FCA) published the annual research on the state of the financial industry, where it mentioned digital assets. According the survey conducted by the regulator, retail investors tend to buy Bitcoin out of fear of missing out (FOMO) or to get rich quickly. Notably, they usually distrust mainstream media and prefer to rely on friends and specialized media.

They prefer to rely on friends, family and acquaintances, specialized online media and social media. Respondents were confident in their knowledge of the market and/or their ‘instincts’ when making decisions.