Sunday, November 29, 2020
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Cryptocurrencies see notable recovery gaining $15 billion

Here is what you need to know on Friday 25, September

BTC/USD is trading at $10,650 after a significant rebound in the past 24 hours regaining crucial support levels. 

ETH/USD bounced towards $346 following Bitcoin’s price action but remains weaker. Several indicators have presented strong buy signals in the short-term. 

XRP/USD continues trading at $0.23 and was not able to have a similar strong rebound like Bitcoin or Ethereum

Chart of the day: Crypto market capitalization

Market

The crypto market had a notable rebound today gaining more than $15 billion back within just a few hours. Some of the biggest gainers include ChainLink with a 30% price surge and Bitcoin or Ethereum

We have recently seen a significant increase in exchange inflow which should mean there is increased selling pressure, however, it seems the market’s sentiment might be shifting towards the bulls again. 

Industry

Russian’s ministry of Finance is seeking to create stricter measures regarding cryptocurrencies. Russians would need to report their wallet balances to authorities. The law was already signed and will come into force January 2021. 

Similarly, over the counter traders will need to report all transactions to tax authorities. 

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