Cryptocurrency Market News: Bearish action for the crypto majors and much more

• Crypto majors struggle on Tuesday as BTC/USD drops 1.31%.
• Facebook’s Calibra wallet will now be called Novi and that’s not all.
• The Indian central bank backs down on crypto bank accounts.

Crypto majors struggle on Tuesday as BTC/USD drops 1.31%.

Bitcoin trades lower on Tuesday as general crypto sentiment remain weak. The market seems to be stuck between a rock and a hard place since the halving event took place last week. Now BTC/USD dipped below the 9K level after rejecting the 10K resistance zone twice in relatively quick succession. There are some positives on the technical side, the price is trading above the 200 and 55 moving averages. The MACD signal line is still holding above the zero line despite the histogram being under (in the red). The Relative Strength Index indicates is still above the 50 mid-point. The key support level remains the wave low of 8105.58 and if this breaks then a lower high lower low sequence would kick in. 

Ripple also pushed lower on Tuesday and hovers just under the 0.20 psychological resistance zone. It seems if the price continues this current bearish theme it will hit an important resistance zone marked in red on the chart below. The support level was used back on 18th December 2019 and helped the price moved higher after a considerable downtrend. The 0.1819 support also matches up very closely with the 38.2% Fibonacci retracement zone and this is one of the more reliable Fib numbers.

Facebook’s Calibra wallet will now be called Novi and that’s not all.

The wallet was originally named Calibra and now the Libra Associaton has rebranded the wallet and named it Novi. 

The digital wallet will allow people to send money as easy as sending a message in a stand-alone app or in Facebook Messenger or WhatsApp.

Why is it named Novi I hear you ask?  David Marcus who is heading up the project stated:

Novi was inspired by the Latin words ‘novus’ for “new and ‘via’ for ‘way.’ It’s a new way to send money, and Novi’s new visual identity and design represent the fluid movement of digital currencies,

He went on to comment:

All Novi customers will be verified using government-issued ID, and fraud protections will be built in throughout the app.

And, whenever you need it, you’ll have 24/7 access to our chat-based support and customer care team.

Despite the name change, it is still unclear if this project will get the go-ahead. Mark Zuckerberg sat before a Senate Committee lead by Maxine Waters and got a grilling. He tried his best to appease the rowdy collective and stated that the cryptocurrency will not be issued unless it meets the stringent rules set out by all regulators in the US. Headquartered in Switzerland the Libra Foundation originally said the coin could be made available toward the end of this year. Things have moved on since then and we are not yet closer to getting any kind of official date for the release. 

The Libra Association recently updated its white paper and made some very important changes to the cryptocurrency protocol. The Libra Association is no longer building a global stablecoin tied to a basket of fiat currencies and securities. This may bypass some of the stringent rules and regulations. Now when Libra commences, there will be several stablecoins. They will be backed by a single fiat currency, such as USD, EUR, GBP or SGD. A cunning move by the collective and maybe one that will bypass certain rules to get the project up and running.

The Indian central bank backs down on crypto bank accounts.

The Reserve Bank of India (RBI) backed down from its decision regarding crypto firms and traders having bank accounts in India.

According to a report published by the Economic Times,  RBI stated that said “no such prohibition exists” in response to an official query about whether banks must continue stopping crypto traders and crypto businesses from using their services.

On March 2020, the Supreme Court of India overturned the ban, but some rogue banks reportedly continued to impose restrictions. The RBI’ss clarification comes over two months after the supreme court ruling on banking services for crypto-related ventures. Despite this, some crypto dealers had complained of remaining frozen out of the banking system. 

This could be a big bullish sign for Bitcoin and the rest of the crypto majors. When a market as big as this one comes online its hard not to take notice.