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Crypto Today: Rallies remain vulnerable to being sold

Here’s what you need to know on Friday

Markets: 

  • BTC/USD is currently trading at $7,200 (+0.15%) in the afternoon in U.S. hours,as price action narrows, remaining vulnerable to further downside pressure.
  • ETH/USD is currently trading at $125.00 (-0.05%), with the price moving within a bearish pennant formation. 
  • XRP/USD is currently trading at $0.1885 (-0.50%), further moves to the south are still eyed given current technical price behaviour. 
  • Among the 100 most important cryptocurrencies, the best of the day are MANA $0.035520 (+10.40%), ETC $4.49 (+8.90%) and DGD $17.16 (+5.35%). The day’s losers are SLV $6.80  (-19.10%), TOMO $0.594415 (-15.60%) and CENNZ $0.93890 (-6.00%).

Chart of the day:

XRP/USD 4-hour chart:

Market:

  • Ethereum co-founder Jeff Wilcke admitted he has sold 90,000 ETH, noticed by whale-watching bots in recent transactions. The transfer, which carried the significant stash of ETH to Kraken, sparked fears the coin may slide in the coming days, erasing more of its value by the end of the year.
  • Ripple CEO CEO Brad Garlinghouse anticipates that 2020 will see a situation where only the cream will rise to the top. Thus the demise of the majority of projects out there.

Regulation:

  • The China Securities Regulatory Commission (CSRC) website pointed out the risks of the resurgence of digital currencies, such as the escalation of crypto trading activities, digital currency mortgage provision and introduction of zero-interest loans, as well as serious violations of the People’s Bank of China (PBoC) provisions.
  • Federal Reserve Governor Lael Brainard warned about the use of bitcoin in illicit activities. Brainard explains how over a quarter of bitcoin users are associated with illegal activity. Further adding to these problems is the fact of mot exchanges not requiring KYC and AML verification.

Industry:

  • South Korea’s central bank is organizing a task force to research central bank digital currencies (CDBCs).  Announced in a Dec. 26 report titled “Monetary Policy for 2020,” the Bank of Korea will hire experts to study the effects of distributed ledgers, cryptocurrencies and CBDCs on financial settlements and security. The group will also “keep an eye” on other countries’ experiments with CBDCs. The task force could be formed as early as January 2020 according to reports.
  • The National Payments Corridor of India (NPCI), set up by the Reserve Bank of India in 2008, has issued a public document to outline the architecture of their new permissioned blockchain, Vajra, allowing for faster and greater efficiency with settlements.
  • Russian authorities recognize digital assets as “digital rights,’ and the Supreme Court noted that these assets could be used for illicit purposes like bribing. 

Quote of the day:

To predict the growth of Bitcoin to $250,000 is irresponsible. 

Tony Vays

source : fxstreet

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