The spring’s market rise is still is highly anticipated trend – but is nowhere to be seen yet. The expected (super-expected, truth be told) bull run is not coming, though the industry is quite live and we have a lot of exciting news to share with you.
Regulation updates first. The infamous U.S. Securities and Exchange Commission had come up with news this week – the organization Chairman Jay Clayton expressed the opinion that the second largest cryptocurrency by capitalization Ethereum, most likely, cannot be qualified as security. Moreover, back in June last year, the head of the SEC’s corporate Finance Department William Hinman stated that Ethereum does not contain the properties inherent in securities. Putting it this way, this is an important step towards determining the status of digital assets from the SEC — this subsequently depends on the regulation and penetration of cryptocurrencies into the banking sector.
Speaking more about the digital assets – from the point of view of technical analysis, the cryptocurrency market is most likely in the medium-term phase of correction right now. Moreover, a clear signal about the direction of further movement is not yet observed.
Back to the Bitcoin – over the last trading week, the situation has not changed much on the technical side. The #1 cryptocurrency rate stands at $3918 on March 15 due to Coinmarketcap data.
On the 4-hour chart we can observe the continuation of the correction phase after the decline wave. The correction has reached the level of 50.0% on Fibonacci scale, and the further rise to the levels of 61.8% ($3986,00) and 76.0% ($4059,00) is still possible.
After the rebound from the resistance line of the correction channel, we should expect a decline to the support level at $3719. Its overcoming will make a clear signal to the beginning of a new wave of decline not only to the local minimum, but also to the level of 76.0% ($3541.00), and then to the main support at $3337,70. The MACD indicator lines are directed downwards, which in turn may be a prerequisite for the development of a scenario with downward dynamics.
Meanwhile, more news from the blockchain world:
Ripple plans to invest $100 mil into the blockchain-based game development
The Xpring ecosystem created by Ripple and the Forte blockchain platform have established a joint Fund with a capital of $100 million made to support the game developers. The Fund’s activities will be aimed at spreading the blockchain in the gaming industry and creating new opportunities for monetization.
“Blockchain can improve the process of games development and help developers to form a more successful gaming economy. The Forte platform will simplify the use of technology in games,” noted the Fund founders.
It is also mentioned that the Forte solution will include the Interledger Protocol, the Codius platform for working with smart-contracts and the option to conduct payments in the XRP cryptocurrency.
NY Times aimes to use the blockchain for publishing purposes
The second largest publication media in the United States, the New York Times (NYT), had recently opened a position for the developer of the blockchain concept for publishing purposes. At the same time, the NYT intends to share its vision with other media outlets, as well as to form some kind of consortium around the project. NYT also plans to attract advisors from news organizations, academia and social media.
The idea to use the advanced tech in publishing sector is not original though. Earlier, The Civil startup which was developing a blockchain platform for journalists, announced the return of funds to investors because of the failure to reach the ICO softcap. Back in October 2018, Forbes signed an agreement with the operator of the Civil platform to test the blockchain capabilities. However, overtime the startup failed to establish cooperation with NYT, Dow Jones and Washington Post.
And to the one of most controversial market news:
The owner of the fourth-largest Bitcoin wallet had moved the last 60,000 BTC ($230 million) from it. According to Trustnodes, the withdrawal occurred at the end of February.
However, the first transfer of funds to this address in the amount of 0.001 BTC had been made on October 24, 2014. Since then, the amount of incoming Bitcoin transactions amounted to 113,000 BTC ($440 million).The address was mainly used to accumulate the Bitcoins, but after the first cryptocurrency reached its maximum price in 2017, its owner began an active withdrawal of digital assets.
This news piece drew attention to the fact that the withdrawal of 60 000 BTC was made in parts on February 28. The size of each transaction was rarely more than 1,000 BTC. According to the assumption, the owner of the wallet either decided to disperse his assets to avoid excessive attention, or just sold the Bitcoins in the OTC markets.
At the same time, Bitcoin.com research states that since the end of 2018-beginning of 2019, the balances of the largest addresses have increased by more than 150,000 BTC! It seems, powerplay is still on despite the bearish market.
We wish you good trades, bright weekdays and positive spring emotions!