Bitcoin and Ether Market Update: March 22, 2019
The top ten cryptocurrencies are in the red for the 24-hour period with Stellar (XLM) being the worst performer with a four percent decrease.
The total market cap dropped to $139.2 since March 20 after losing $1.3 billion. At the time of writing bitcoin (BTC) is trading at $4,042, while ether (ETH) dropped to $137 and XRP broke below $0.32 to $0.314.
Bitcoin closed trading session on March 20 at $4,125. This was the third consecutive day in green for the most popular cryptocurrency as bull traders were trying to stabilize the price above the psychological level at $4,000.
The BTC/USD pair, however, formed a red candle on the Bitfinex daily chart on March 21, as predicted yesterday, and lost two percent of its value, dropping to $4,040. It will be important for bulls to defend the levels above $4,000 and convert them into a strong support.
The biggest online retailer in Switzerland, Digitec Galaxus, is now accepting cryptocurrencies as an official payment method. As announced on March 19, users will be able to pay with bitcoin, ether, XRP, litecoin and a few other altcoins on the two online shops if their purchase is worth over two hundred Swiss francs.
The service was developed in joint collaboration with local e-payment company Datatrans AG and Danish crypto payment provider Coinify. The latter guarantees customers a stable exchange rate, which is valid for 15 minutes and charges a 1.5 percent flat fee.
At the same time, the Swiss Federal Assembly authorized the Federal Council of the country to work on cryptocurrency regulation by adapting some of the rules and procedures currently in use. Switzerland is one of the most crypto-friendly countries in the world, but the government is continuously looking for a way to battle money laundering and extortion practices, which are often linked to cryptocurrencies use.
Ether was trading mainly in the $139 to $143 range on March 19 and ended the day at $142.2, slowly but surely gaining new territory.
The ETH/USD pair moved lower to $136.8 on March 22. The move represented a 4.2 percent price correction and perfectly matched the uptrend channel breakpoint.
Ethereum co-founder Vitalik Buterin discussed some of the hot topics in the community and crypto industry as a whole in a live-stream interview with crypto journalist Laura Shin at the Columbia Graduate School of Journalism. According to him, the higher price of ether is good for network security as the blockchain cannot operate normally if prices drop to zero. It also allows ICO projects that raised funds on the platform to develop their projects and work in a more stable environment.
Price stability, on the other hand, distinguishes his project from the pump-and-dump coins as regulators are closely monitoring market manipulations.