1. Market Wrap: Bitcoin Drops to Near $56K as Spot Trading Volume Remains Low
The oldest cryptocurrency is looking at a price support level around $54,000, with resistance around $60,000.
Bitcoin (BTC) trading around $56,140.49 as of 20:00 UTC (4 p.m. ET). Slipping 3.72% over the previous 24 hours.
Bitcoin’s 24-hour range: $55,541.91-$58,645.77
BTC trades below its 10-hour and 50-hour averages on the hourly chart, a bearish signal for market technicians.
Bitcoin slid for a second day as the №1 cryptocurrency saw flat trading volume, typical of a rangebound market.
Bitcoin’s spot trading volume on eight U.S.-focused crypto exchanges tracked by CoinDesk was largely unchanged on Wednesday. The trading volume has been around or below $3 billion for seven days now.
The oldest cryptocurrency is looking at a price support level around $54,000, as CoinDesk reported earlier, with resistance around $60,000.
2. Mysterious Filings Suggest Impostor Is Using Grayscale’s Name to Pump Obscure Coins
Someone appears to have gone to odd lengths to impersonate digital asset manager Grayscale Investments, possibly in an effort to drive up the prices of two lesser-known cryptocurrencies.
To be clear: Grayscale said it has no intention of creating a financial instrument around Nahmii, an Ethereum scaling project, or Theta, a video platform. Nevertheless, there is a pair of registered trusts, one for each obscure coin, in the state of Delaware (the trust for Nahmii misspells the coin’s name with one “i”). Each of these trusts bears Grayscale’s name, and the registration gives the same agent’s address that the firm uses for its real crypto investment vehicles.
“Grayscale maintains a list of assets that we may potentially include in our family of products, and any further additions will be announced,” an external spokesperson said by email. “Anyone seeking to confirm an asset Grayscale is considering should refer to this list.” Neither Nahmii nor Theta is on it.
3. Caruso Properties to Accept Bitcoin for Rent, Allocates 1% of Treasury to Asset
The move makes Caruso the largest real estate manager to accept bitcoin for payment.
California real estate stalwart Caruso properties will now accept bitcoin (BTC, -2.22%) for rent on all its properties.
In a partnership with Gemini Exchange, Caruso will now let tenants of its retail and commercial properties pay their rent in bitcoin. This makes Caruso the largest real estate manager in the United States to accept the digital asset as a form of payment.
Additionally, Caruso has allocated roughly 1% of its treasury into bitcoin, according to the LA Times.
4. $1B Fei Stablecoin’s Rocky Start Is a Wake-Up Call for DeFi Investors
The episode could be the tipping point where retail crypto traders realize they have to be more judicious about buying into protocol launches.
The $1 billion Fei Protocol stablecoin project has gotten off to a very rocky start.
The most important data point is this: Fei was built to maintain a 1:1 peg with the U.S. dollar but it has not quite hit the mark over this first week of its existence.
Backed by major VCs, Fei aimed to create a stablecoin protocol that would outright buy assets with its token, rather than holding them as collateral for loans. It appears the team underestimated the demand it would see to participate in the launch. It also seems clear that many of those who jumped into the project didn’t understand Fei’s “direct incentive” method for stabilizing the price.
5. Ripple CTO: ‘All the Evidence’ Suggests XRP and Bitcoin Are Similar, Contrary to SEC
David Schwartz also suggested rumors of a Coinbase relisting of XRP could account for the crypto’s recent rally.
The chief technology officer (CTO) of Ripple, David Schwartz, said on CoinDesk TV that “all the evidence” suggests bitcoin (BTC, -2%) and XRP (-12.81%) are similar despite allegations XRP is being sold illegally as a security.
Speaking during “First Mover” on Wednesday, Schwartz said: “The market considers them similar. We consider them similar.”
Ripple is in the midst of defending itself against a U.S. Securities and Exchange Commission (SEC) action alleging the company and two of its executives violated U.S. securities laws in selling XRP to retail consumers. The SEC action “came out of nowhere,” said Schwartz, who said XRP and cryptocurrencies like bitcoin are “completely different.”
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April 8, 2021