Crypto Recap March 22: BTC Finds $9k Hard Nut to Crack, BNB Headlines Overblown
The crypto market gave back some of its recent gains, with Bitcoin unable to sustain above the $9k handle. The topside failure in the BTC charts led to an immediate setback in the Alts complex, which remains extremely susceptible to Bitcoin price fluctuations. A few assets that managed to put up a fight to end the day eking out tiny gains include NEM, EOS, ETC, QTUM, while ADA, XLM or VEN were hit the hardest among top cryptos, falling by 5–7%.
In terms of the total market cap, we are down by over $15b to $335b or thereabouts. Notice, the vigorous rebound off lows back on March 20 saw the market cap downtrend line violated on increasing volume, a technical revelation that increases the odds of finding buyers on dips. We can draw such conclusion as a rise in increasing volume reveals a new wave of committed buyers came in betting for higher prices, with $9k unlikely to be the first and only upside attempt.
In the dominance chart, BTC remains firm at 44%, but a noteworthy development is that the basket of Alts described as “Others”, which gives you a contextual perspective over the wider spectrum of the market, is starting to recover its footing, up by 3% to about 20% from a year-low of 17%. This means a sign of more diversification away from Bitcoin, which should be understood as a tentative sign of optimism.
Looking at the main drivers for Thursday, this time we can single out one catalyst to blame for the reversal in prices. As we reported, the Nikkei Asia Review published a story claiming that the Financial Services Agency of Japan was investigating Binance’s activity in Japan and was preparing to issue a warning due to the fact that the company hadn’t registered with the FSA yet. According to the article, Binance could even face criminal charges if it continued to operate without a license.
However, as our reporter, Eren Sengezer, explains: “It didn’t take long for Changpeng Zhao, the CEO and founder of Binance, to respond to those claims. “Nikkei showed irresponsible journalism. We are in constructive dialogs with Japan FSA, and have not received any mandates. It does not make sense for JFSA to tell a newspaper before telling us, while we have an active dialog going on with them,” CZ said in a Twitter post.”
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* Headlines below are listed in chronological order, as seen in CoinLive News Terminal
Top Headlines Industry / Regulations
- Britain Announces Task Force to Help Fintech Companies With Crypto Tech — Britain has organized a task force to understand Blockchain technology and cryptocurrency to help fintech startups use it.
- Huawei in Talks to Develop Mobile Phone to Run Blockchain Apps — Huawei Technologies is in talks with Sirin Labs OS to build a mobile phone that will run Blockchain applications on Android.
- eToro Raises $100 Million in a Venture Round — The popular social trading platform, eToro, has announced that it successfully managed to raise $100 million in a venture round.
- China: Governor of PBoC Shares Positive Views About Cryptocurrencies — Yi Gang, the newly appointed Governor of the People’s Bank of China (PBoC), announced a positive stance on Bitcoin.
- Russia: Crypto Regulations to Become Law on 1st July — Russia will pass the law on crypto regulations on July 1, the Chairman of the State Duma Committee of the Financial Markets, Anatoly Aksakov, announced.
- South Korea Encouraging Blockchain Usage for User Protection — The FSC is encouraging enterprises and companies in the country to improve their services and security by utilizing the blockchain technology.
- Microsoft Based Nivaura: Blockchain-Based Investment Product — Nivuara, a UK based fintech firm that uses Microsoft’s Azure has registered, cleared and settled two PPNs linked to the FTSE 100.
- IBM Launches New Platform to Develop Blockchain Projects on — IBM has introduced IBM Blockchain Platform, a tool designed to accelerate the development, governance, and operation of blockchain projects.
- British Coder Exposes Vulnerability in Ledger Hardware Wallet — A British coder posted an article titled ‘Breaking the Ledger Security Model’ to expose a vulnerability that he discovered in Ledger hardware wallets.
- Google Is Exploring Ways to Utilize Blockchain Technology — Google’s senior VP of ads and commerce said that they were looking into the blockchain technology and searching for areas to incorporate it.
- Swiss Investors to Create Fiat-Pegged Cryptocurrency — Saga — A Swiss investment group is planning to create a fiat-pegged cryptocurrency, Saga.
- Dutch Court Publishes Ruling on Koinz Trading Case, Regards Bitcoin as Property — The court regards Bitcoin as a property according to the official document.
Top Headlines Crypto-Asset Fundamentals
- McCaleb Predicts Future of Blockchain in Banking — Jed McCaleb, Co-founder of Stellar, has argued that the future of Banking will be revolutionized by Blockchain technology.
- VeChain: Launches XNode Series Snapshot — VeChain has launched the XNode series snapshot on Mar 20, the launch was scheduled at 12 pm, UTC+8.
- Twitter CEO Believes BTC will Become the Single Global Currency in 10 Years — Jack Dorsey, Twitter CEO, said in an interview with the Times-UK that he believes the Bitcoin will overtake the USD.
- ICON Signs Mou with Nonghyup Bank — TheLoop, one of ICON’s Loopchain Engine partners, has signed an MOU with one of South Korea’s top banks — Nonghyup Bank.
- Highlights from Cryptocurrency Australia’s Interview with LISK’s Mat Piaggi — Popular YouTube channel Cryptocurrency Australia sat down for an interview with LISK’s community manager Mat Piaggi.
- Status Publishes Alpha 0.9.15 Release Notes — Status announced the release of their next Alpha version 0.9.15 on iOS and Android.
- Dragonchain Comments on Atari Movie Using Coiin’s Platform — The makers of the upcoming Atari movie will be using the Dragonchain-powered Coiin platform.
- Augur Releases Weekly Dev Update — The team is preparing the bug bounty program which will be launched with the augur-core contracts within the next few weeks.
- Claims of Japan’s FSA Investigating Binance Weighs on Market Sentiment — Nikkei Asia Review has published a story claiming that the FSA of Japan was investigating Binance’s activity in Japan.
- Ripple Is Exploring Options to Enter Chinese Market — Ripple’s head of government and regulatory relations for Asia Pacific, Sagar Sarbhai, they were hopeful to enter the Chinese market in 2018.
- VeChain Introduces Proprietary Data Sharing Concept — Distributed Data Vending — VeChain’s Dr. Ziheng Zhou, has published the whitepaper: Distributed Data Vending on a Blockchain.
- Ethereum’s Vitalik Buterin Publishes Guideline to Compute Rent Fees — Ethereum founder Vitalik Buterin has published an article on the sharding section of the ethresear.ch.
Key Events on Top Cryptos for Mar 23 (Fri)
- aelf (ELF) — Zero Knowledge Summit
- AirSwap (AST) — Ethereum Singapore Meetup
- Bitcoin Cash (BCH) — Satoshi’s Vision Conference in Tokyo
- Bitcoin Gold (BTG) — Crypto Con 2018 in Mumbai
- Civic (CVC) — Satoshi’s Vision Conference in Tokyo
- Eidoo (EDO) — ICO Launch
- Ethereum (ETH) — BlockchainUA Conference in Kiev
- Ethereum Classic (ETC) — Redesigned Website Preview Images Release
- Gifto (GTO) — AMA on Telegram
- Gnosis (GNO) — Ethereum Singapore Meetup
- Golem (GNT) — Ethereum Singapore Meetup
- IOTA (MIOTA) — Crypto Con 2018 in Mumbai
- Lisk (LSK) — Meetup in Minneapolis
- NEM (XEM) — International BlockchainUA Conference in Kiev
- NEM (XEM) — Meetup in Seoul
- Quantstamp (QSP) — Post-YC Reddit AMA
- Red Pulse (RPX) — Spring Career Fair in Shanghai
- Stellar (XLM) — Stellar on IMTC Brasil
- TaaS (TAAS) — BlockchainUA Conference in Kiev
- TRON (TRX) — German Weekly Report
- Waves (WAVES) — Meetup in Taipei
- WAX (WAX) — Project Update Presentation
Main Gainers / Losers Top 100 Coins
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