Header logo
  1. Research
  2. Crypto Research
  3. Market Update

BitDigest March 31 · Issue #626

Mar 31, 2020
Author
Gregory Landegger
Gregory Landegger
Download PDFs
  • Crypt markets are back in the $180 billion range as bitcoin and ether are showing support at their current price-levels
  • The Bank of France announced it will investigate the use of a central bank issued digital euro for interbank settlements
  • The Mt. Gox trustee has delayed the submission of its rehabilitation plan to July
BitDigest March 31 · Issue #626

The Bitcoin Fear and Greed Index repeated last week’s reading of “12” signifying negative market sentiment as investors remain worried about digital assets, but the rating is actually an uptick from yesterday when the daily metric slid to “10.” 

BitDigest March 31 · Issue #626

The Headlines

BitDigest March 31 · Issue #626

Bank of France to Experiment with Digital Euro for Interbank Settlements

www.banque-france.fr
The Bank of France is looking to use a digital euro currency for interbank settlements and is calling for companies to provide solutions. The bank is looking to see how “traditional” interbank settlement could be carried out using a central bank digital currency (CBDC); identify the benefits of CBDC for the current ecosystem of market and payment infrastructures (including productivity gains) and understand how CBDC could foster financial innovation; and analyze what the effects of introducing a CBDC would be on financial stability, monetary policy and the regulatory environment.
BitDigest March 31 · Issue #626

Venmo and Cash App Can Deliver CARES Stimulus Payments

www.edition.cnn.com
Although the digital dollar has been stripped from the CARES Act, digital payment providers Paypal and Square have responded to the new government stimulus package by separately notifying the US Treasury Department that they can help distribute the expected $1,200 individual payment checks. “People need help immediately. The technology exists to get money to most people today (even to those without bank accounts). Square and many of our peers can get it done. US government: let us help,” tweeted Square CEO Jack Dorsey in an effort to drive public opinion in his favor.
BitDigest March 31 · Issue #626

Mt. Gox Trustee Extends Submission of Rehabilitation Plan to July 1st

www.mtgox.com
The Trustee in the Mt. Gox rehabilitation (bankruptcy) case announced it is extending the scheduled submission of its rehabilitation plan to the Tokyo District Court until July 1, 2020.
BitDigest March 31 · Issue #626

HIVE Acquiring 30 MW of Crypto Mining

www.newswire.ca
Publicly traded crypto miner Hive Blockchain Technologies (TSX.V: HIVE) is doubling its global mining capacity with acquisition of a 30 MW mining operation in Quebec, Canada. Hive is paying CAD $4 million in stock and cash to purchase the operation from Cryptologic Corp.

Market Data

BitDigest March 31 · Issue #626

Bitcoin Addresses with >1 BTC Reaches New High

www.studio.glassnode.com
Glassnode on-chain intelligence data is reporting that the number of bitcoin addresses holding at least 1 BTC has reached a new all-time-high with over 797,000 addresses above this level.

Exchange, Custody and Product News

BitDigest March 31 · Issue #626

Civic Offers $1 Million Protection on Non-Custodial Wallet

www.businesswire.com
Civic announced it will begin offering $1 million coverage guarantee on its non-custodial wallet. The new offering is currently in private beta and will be insured by Lloyd’s of London.
BitDigest March 31 · Issue #626

Lightning Introduces New Protocol Standard for Authentication and Payment

www.lightning.engineering
Lightning Network, the decentralized network using smart contract functionality in the blockchain to enable instant payments across a network of participants, introduced a new protocol standard for authentication: Lightning Service Authentication Tokens (LSAT). Allowing businesses to offer a new tier of paid API’s on the network. LSATs can service as both an authentication and payment mechanism and can be simply viewed as a ‘ticket.’
BitDigest March 31 · Issue #626

Bitmain Releases Update for ETH/ETC Miners

www.blog.bitmain.com
Chinese mining equipment manufacturer Bitmain issued a firmware update responding to media claims that the ethereum / ethereum classic designed mining rig, the Antminer E3, will stop mining tokens in April. The new firmware will ensure the ongoing operationality of the Antminer E3 by expanding the usage of double date rate (DDR) memory.
BitDigest March 31 · Issue #626

Binance Adds Fiat On-Ramps and Will Release First Cloud Platform (in Korea)

www.binance.zendesk.com
Binance has added new fiat currencies to its exchange. Users can now buy digital currencies using Visa debit and credit cards by trading Israeli shekels, Argentine pesos, Malaysian ringgits, New Taiwan dollars, Swiss francs, Singapore dollars, or Philippine pesos. These purchases will occur without the added expense of international currency commission fees, Binance is also planning to release the first global use case of its new cloud solution with the launch of Binance KR, a crypto-to-crypto exchange in Korea. Binance KR will support its new South Korean won (KRW) backed stablecoin (BRKW).
BitDigest March 31 · Issue #626

Huobi Launches Perpetual Swaps

www.prnewswire.com
A Chinese, Singapore-based exchange Huobi Global has introduced perpetual swaps enabling users to better hedge risk and create leveraged arbitrage opportunities in volatile market conditions. The perpetual swaps will allow users to buy or sell assets at a specific price to hedge against market fluctuations but unlike traditional future contracts the perpetual swaps let users hold positions as long as they’d like—as long as they maintain their required margins.
BitDigest March 31 · Issue #626

Tron Introduces MakerDAO-like DeFi System Offering

www.cryptobriefing.com
Decentralized internet protocol Tron has introduced a a MakerDAO-style DeFi ecosystem, known as Djed pegged to a Tron backed US dollar stablecoin (USDJ).

Reports you may have missed

Bitcoin Equilibrium Price Likely to Top $168,000 Following ETF Approval, FSInsight Says

Traditional markets are finding some relief in Thursday’s trading after four consecutive sessions of losses. The SPY and QQQ have gained approximately 0.30%, while the IWM (+0.99%) is showing outsized gains. Crypto markets are finding larger relief, with $BTC rising 3.92% to $63.7k, and $ETH gaining 2.71% to exceed $3,050. Injective ($INJ) is one of the leading tokens today, gaining 9.37% following news of a partnership with JamboPhone to bring blockchain-powered financial solutions to emerging markets. JamboPhone...

Art Rachen YJpjLD3c9bU Unsplash

Equities and crypto assets are selling off in tandem today as inflation and geopolitical fears have spooked risk assets. The SPY and QQQ have decreased by 0.46% and 0.92%, respectively, while crypto is selling off more aggressively. $BTC (-5.49%) has tested the high $59,000s and $ETH (-4.42%) is trading below $3,000. Among a sea of red, $SUI is showing relative strength, gaining 6.44% on the back of a partnership announcement with...

SUI
Bitcoin rises back toward record as first related U.S. ETF begins trading

Risk assets remain under pressure as the DXY's relentless rally has continued, now approaching its 2023 highs, currently at 106.5. Rates continue to move higher, with the 10Y now reaching a new year-to-date high of 4.7%. Gold continues its upward march amid persistent geopolitical tensions. Crypto remains weak in the face of rising rates, geopolitical risks, and tax season. $BTC continues to range between $61K and $63K following yesterday's afternoon...

Bitcoin could soar an additional 38% after topping its record high of $65,000, according to Fairlead's Katie Stockton

Crypto prices suffered steep declines over the weekend following news of Iran launching drone strikes at Israel. Bitcoin and Ethereum reached respective lows of $60.8k and $2.85k, while many altcoins saw drops of over 20%. Open interest (OI) across all coins on Friday was $48 billion, and after the rapid price declines, approximately 25% of that was wiped, with total OI of about $36 billion at the time of writing. $BTC...

ONDO

Get invaluable analysis of the market and stocks. Cancel at any time. Start Free Trial

Articles Read 1/1

🎁 Unlock 1 extra article by joining our Community!

You are reading the last free article for this month.

Already have an account? Sign In