Crypto Today: Playing with the thin red line

Here’s what you need to know on Friday:  

Markets:  

– BTC/USD has fallen below $8,500 during the Asian trading session. A close below this support level would put $7,500 on the trading table.

– ETH/USD is moving below the 50-period exponential moving average for the first time in two weeks. The struggle for market dominance is at an all-time high.

– XRP/USD chains six consecutive days of declines and threatens a bearish run with unintended consequences.

– The day’s winners are VET (+17%), FET (+11.81%) and ZIL (+9.4%). Red is led by LINK(-5.2%), ARPA (-4%) and BAT (-3.7%).

Chart of the day:

Crypto Confluences Indicator

Regulation:

– At a recent conference, Paul Atkins, the former Commissioner of the U.S. Securities and Exchange Commission, has stated that the authorization of an ETF finds its most considerable difficulty in the wide variety of existing exchange models.

Fundamentally, we’re talking about trading platforms that are all decently centralized, but they’re just structured and operated in very firmly different ways. Some have fiat off-ramps, some don’t, and that to me [is]one of the biggest divides in the marketplace today, and it affects the discussion about ETFs.  

– The Islamic Republic of Iran has launched a plan to control the cryptocurrencies mining industry. The state limits the operation of legalized facilities during peak energy consumption hours, to avoid supply problems in cities. On the other hand, it will reward reports of illegal installations with 20% of the value of the seized assets, mainly Bitcoins.

Industry:  

– Kris Marszalek, founder, and CEO of Crypto.com has released the company’s 2020-2025 strategic plan. The company plans to launch exchanges capable of ranking among the top 10 in the market.  

– The users of the internet browser Brave from IOs operating systems will be able to manage their rewards in the cryptocurrency BAT from their iPhone if they wish. Brave is a browser that rewards its users with tokens in exchange for seeing advertising and other interactions.  

– The South China Morning Star newspaper has reported that the Chinese government is considering paying the salaries of the Army of the People’s Republic of China through cryptocurrencies.

 Quote of the day:  

Crypto Even @Crypto_Even

!!! Shanghai government has officially announced a war towards shitcoins and certain crypto-related activities. Please read my translation attached to this tweet for details. The authenticity of this document has been confirmed by multiple sources. I rest my case.