The most important news at a glance
While Bitcoin and Co. have to record manageable losses on Tuesday, the Indian Central Bank is relaxing its crypto restrictions. With a population of about 1.353 billion, India ranks number two among the most populous countries. A crypto-boom there could have immense consequences for the entire block chain. But this is not the only positive news on Tuesday. We take a look at the latest developments!
Bitcoin course in detail
At the time of writing, the No.1 crypto currency is priced at 8827 USD. This value corresponds to a daily loss of about 1.2%. Currently, several indicators suggest that the bulls can rely on the support area at 8800 USD. On the upside, the next major resistance level is at 9000 USD. In the range between 8800 USD and 9000 USD, a preliminary decision will be made as to which direction the chart will move in.
Trading Volume Declines
A falling trading volume could argue against a new price rally. After the halving, investors remain cautious. The last step for the magic 10000 USD border was missing in several attempts. In addition, the declining hash rate is making itself felt. For many miners, the break-even point is shifting after the coin rewards have been halved. An enormous dip would further worsen this situation. At the same time, the risk of a so-called 51% attack would increase.
Indian central bank clears the way for BTC
The Reserve of India (RBI) has confirmed that it will not continue to “block” crypto assets, crypto traders and block chain companies. Following a decision by the Supreme Court, a former decision (circular) was reversed. When similar news circulated through the crypto space in March, Bitcoin experienced a minor bull run. Again and again, experts emphasize the enormous potential of crypto-affine countries from the Asian region.
Altcoins in the occultation
Most Altcoins follow the “digital gold” at every turn on Tuesday as well. This is illustrated by a BTC Dominance Index of 65.5 %. THEHA (+ 22 %) Ontology (+ 6 %) and Hadera Hashgraph (+ 11 %) can escape this trend. Meanwhile, news from Libra is making its way into the public eye. Accordingly, the wallet is to be renamed “Novi”. In a statement co-creator David Marcus justifies the decision as necessary. Further it says in a paper:
“Today, we’re excited to introduce Novi — the new name and brand for the digital wallet that will help people send and hold Libra digital currencies. While we’ve changed our name from Calibra, we haven’t changed our long-term commitment to helping people around the world access affordable financial services. Whether you’re sending money home to support the family members who supported you, or you’re receiving money from your friends no matter where they are, the Novi wallet will make money work better for everyone.”