🗞 Daily Crypto News, February, 15th💰

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Welcome to the Daily Crypto News: A complete News Review, Coin Calendar and Analysis. Enjoy!

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🗞 Bitcoin Corrects Gains, Ethereum and Altcoins Drop Sharply

  • Bitcoin price traded to a new all-time high near USD 49,650 before correcting lower.
  • Ethereum declined sharply and tested USD 1,660, XRP is down 10% and approaching USD 0.525.
  • DOGE, ONT, CRD are down around 20%, while FLOW, RVN, BTC are up over 11%.

Bitcoin price climbed to yet another new all-time high at USD 49,650 before it started a downside correction. BTC dipped below USD 47,000, but it remained stable above USD 46,000. It is currently (05:00 UTC) recovering higher, but it could face resistance near USD 47,500.

Besides, most major altcoins corrected lower sharply. ETH/USD is down over 5% and it even spiked below the USD 1,700 support zone. XRP/USD declined heavily from well above USD 0.600 and it is approaching the USD 0.525 support.

Bitcoin price

After trading to a new all-time high near USD 49,650, bitcoin price faced a strong selling pressure. BTC failed to test USD 50,000 and started a downside correction. It declined below the USD 47,500 and USD 47,000 support levels. However, the bulls were seen active near the USD 46,000 level. The key weekly support sits at USD 45,000.

Ethereum price

Ethereum price struggled to continue higher above USD 1,875 and started a sharp decline. ETH declined almost USD 200 and it tested the USD 1,660 level

ADA, litecoin and XRP price

  • Cardano (ADA) failed to test the main 1.00 resistance and started a fresh decline. ADA declined over 15% and it even broke the USD 0.850 support level. It is now trading below USD 0.800, with a major support at USD 0.765. The next important support is near the USD 0.720 level.
  • Litecoin (LTC) climbed higher above the USD 200 and USD 210 levels. LTC tested the USD 230 level before it corrected lower. The price traded below USD 210 and it is struggling to remain stable above USD 200. Any more losses might lead the price towards the USD 185 support level.
  • XRP price extended its rally above the USD 0.550 resistance levels. The price spiked above the USD 0.600 level before correcting lower. The price is now down over 10% and it even broke the USD 0.550 support. On the downside, the first major support is near the USD 0.525 level, below which the price might even test the USD 0.500 support level.

🗞 SEC Commissioner Calls for Regulatory Clarity on Crypto—the Industry Couldn't Agree More

  • The SEC's "Crypto Mom", Hester Peirce, said in an interview that BNY Mellon's crypto plans push US regulators to bring more clarity to crypto.
  • Crypto industry leaders are in agreement, saying that more clarity will also encourage a higher uptake of digital assets.
  • However, as she previously told Decrypt, her regulatory colleagues are not an easy bunch.

Hester Peirce, the US Securities and Exchange commissioner affectionately referred to as “Crypto Mom” for her favorable stance towards crypto, said that BNY Mellon’s crypto plans make it more pressing for US regulators to take action and bring more regulatory clarity. Crypto industry leaders who spoke to Decrypt agree that more clarity is desperately needed for the further uptake of digital assets.

BNY Mellon, the investment bank that manages $2 trillion worth of assets, announced earlier this week that it would add crypto to its asset-management services. Referring to BNY Mellon’s announcement, Hester Peirce told Reuters that this “adds to the urgency of us taking some sort of action in this area to provide more clarity.”

Andrew Kessler, CTO and co-founder of the blockchain-based peer-to-peer trade company Zenotta, told Decrypt that BNY Mellon’s decision was significant for custody service providers, “but the lack of regulatory clarity meant that this would be unlikely to spur much uptake of digital assets.”

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🗞 Russia’s Opposition Leader Has Received 658 Bitcoin to Take Down Putin—Now Worth $32 Million

  • Russia’s opposition leader Alexei Navalny’s campaign has received 658 BTC since December 2016.
  • This year alone, it received about 6 BTC.
  • Analysts say the recent surge is related to the general interest in

Bitcoin, Russia’s crypto liberalization, and anger over Navalny's detention upon return to Russia.

Russia’s opposition leader Alexei Navalny’s movement has received 658 BTC in donations since 2016 to mount a campaign against incumbent strongman Vladimir Putin. At today’s price, that Bitcoin is worth $32 million.

And Navalny received 6.242 BTC, now worth $304,000, in donations this year alone. Political analysts told Decrypt that Bitcoin donations provide a lifeline for democracy activists in Russia and remain a useful tool to subvert authoritarian governments.

“This follows the—now largely justified—view of the government that crypto presents a threat to the status quo,” Filip Rambousek, a London-based political analyst specialized in Eastern Europe, told Decrypt.

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🗞 US Government Won't Allow Corporates to Keep Replacing Dollars With Bitcoin, Warns Investment Advisor

Dan Nathan, the founder of Risk Reversal Advisors, says that the U.S. government will not keep allowing corporations like Elon Musk’s Tesla to replace dollars with bitcoin. They won’t “let the dollar fall away from being the reserve currency for the world,” which could happen if corporations keep replacing dollars in their balance sheets with bitcoin.

US Government Will Not Let Bitcoin Replace Dollars, Says Risk Reversal Advisors’ Chief

Dan Nathan offered his view on the future of bitcoin in an interview with CNBC last week. His comments followed the news of Elon Musk’s Tesla investing $1.5 billion in bitcoin and planning to allow the cryptocurrency as a form of payment for its products in the near future.

Nathan is the principal of Risk Reversal Advisors, which offers consulting services to investment banks, investment advisors, and private companies. He spent the late 1990s and the 2000s as an equity and options trader at hedge fund firms SAC, Exis, Cheyne Capital, and within the equity derivatives group of Merrill Lynch.

They can regulate the hell out of it. That’s what they can do.

The advisor further opined: “All these people, who are making a ton of money on both of these things, just understand that there’s got to be some sort of gravity that takes hold at some point, and the two of them combined makes for, I think, a very difficult situation if they both start going down together, and the ripple effect that we’ll see across currency markets, financial markets, and the such, could be great. No one is talking about it right now. There are no more naysayers in bitcoin.”

🗞 Daily Crypto Calendar, February, 15th💰

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  • MANTRA DAO (OM)

"OM V2 Migration Compensation Airdrop Extended to Feb 15th!"

  • SmartCash (SMART)

"The 'Skin in the Game' #SmartNodes 3 years timelocked snapshot will take place February 15th; a trial that precedes SmartRetire..."

  • Enigma (ENG)

"We will be delisting Enigma $ENG on February 15th as this project has completed its token swap to Secret Network $SCRT."

  • MyWish (WISH), Rubic (RBC)

"$RBC airdrop for $WISH holders, Prepare for the next one on 15-Feb!"

  • YAM (YAM)

"Yam.Finance will be ending the migration function on 2/15/2021 00:00 UTC. Yam has also ended the rebasing function of the token."

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Once a company's balance sheet it in Bitcoin it can easily leave the US and set up elsewhere if the US government tries to "regulate the hell out of it".

After all BTC held on chain in private wallets is outside the US government's jurisdiction.

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Indeed, but they could make it illegal for publicly traded company to own BTC, etc... They have a lot of ways to make it painful for companies.

The biggest fight might be in the future for BTC actually :D

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