Bitcoin and Ether Market Update: March 8, 2019
The total crypto market cap increased by $500 million since March 7, 2019, and now stands at $133.6. The top ten currencies are all in red as only bitcoin is staying flat for the 24-hour period. At the time of writing bitcoin (BTC) is trading at $3,973 while ether (ETH) hangs around $140 and Ripple’s XRP holds above $0.318.
On March 7, the BTC/USD pair made another movement upward on the Bitfinex daily chart and managed to climb to $3,9964. Markets are still in the range-trading zone between $3,890 to $3980 since February 25, and a break above these levels will be crucial.
Next target for bulls will be to push above the psychological level at $4,000 and then try to break the 2019 high at $4,211.
The Canada Revenue Agency (CRA) is planning to perform audits on select cryptocurrency users and companies involved in crypto-related activities.
The news was shared by Forbes on March 6 and is based on information from “multiple sources.” The government agency will be sending questionnaires to the audited asking for their recent activities related to bitcoin and other crypto assets. The CRA classifies cryptocurrencies as a taxable commodity and will eventually be looking to prevent tax evasion and money laundering through digital assets exchange.
The Israeli based social trading platform eToro announced the launch of its cryptocurrency trading services in the United States. The exchange, which is home to more than ten million accounts, will expand to 31 states and will offer its customers a new digital wallet supporting six major cryptocurrencies. Additionally, the company is reportedly working on a native cryptocurrency exchange, eTorox, that will launch later this year.
The Ethereum token formed its second consecutive green candle on the daily chart on March 6 and successfully moved up to $140. The highly volatile session saw one of the most popular altcoins trade in the $136 to $143 zone.
The ETH/USD pair moved South on March 7 losing some ground but remained in the $140 area. Naturally, buyers will be looking to surpass $150 level and the year-high at $161 to form a new peak and prepare for a mid to long-term bullish recovery.
Ethereum co-founder Vitalik Buterin compared Bitcoin to a calculator in an interview with the financial news website Business Insider. He shared his opinion that although Bitcoin is suitable as a “single peer-to-peer currency,” it has very limited functionalities. Ethereum, on the other hand, is more like a smartphone – it offers more powerful, multi-purpose solutions that can be applied to blockchains.