In one of 2020s biggest stories about cryptocurrencies so far, the Indian Supreme Court struck down a blanket ban on trading cryptocurrencies issued by the Reserve Bank of India earlier in the year. Then, March happened, and everything changed as COVID-19 spread around the world, inducing quarantines across the world and stoking unprecedented volatility in financial markets.

India is now in a national 21-day lockdown with industries shuttered and strict enforcement doled out by the government. Following similar initiatives by other countries affected by the viral pandemic, the COVID-19 fallout changes the narrative of the Supreme Court ruling fomenting a distinct uncertainty about the future of fiat money globally.

The United States government has passed a $2-trillion fiscal stimulus package, and the total including the Federal Reserves standing lending facility of $4.25 trillion at the discretion of the Treasury Department equates to more than $6 trillion flooding the global economy, which is roughly 28% of the U.S. gross domestic product for 2019.

The sheer scale of the Feds response to the COVID-19 crisis is both unprecedented and causing ripple effects around the world as the U.S. dollar functions as the worlds reserve currency. Other countries, primarily G-7 countries, have even begun ramping up fiscal and monetary stimulus of their own.

Naturally, the deluge of money into the global economy raises questions about the origin of its value, which the Fed would tell you is just adjusting a few digits on its balance sheet. However, crypto enthusiasts have a more keen eye for the potential impact of unfettered money creation.

Whether the current bonanza of cash will lead to a cost-push inflationary environment is yet to be determined, as the floodgates first have to temper the current deflationary situation as USD demand surges. Meanwhile, in the context of India, a country whose monetary policy is whimsical at best, the coupling of the Supreme Courts ruling with the current situation has bred significant uncertainty.

Putting aside the COVID-19 and lockdown fiasco for a moment, the Indian Supreme Courts move was celebrated across the industry as a turning point for the worlds largest software exporter and home to more than 1.3 billion people.

The implications for the broader industry are tangible, and opening the floodgates to Indias booming tech-savvy market should help push the needle of crypto adoption forward significantly.

Numerous Indian-based crypto exchanges had already resumed fiat services before the crisis, and some observers believed the move would spark crypto financing opportunities in a previously arid Indian finance market for blockchain tech. That will assuredly change, pending the outcome of the next few months, but its important to keep in mind.

Indian-based blockchain projects, such as Matic Network, viewed the regulatory move as a compelling opportunity to showcase Indias push for crypto adoption. Additionally, many crypto projects have squandered their financial runways, whether from initial coin offerings or initial exchange offerings, meaning that sound money management of projects is now at a premium.

In particular, Matic Network has been focusing on the long-term picture, saving for the back-end of the current COVID-19 dilemma, when hopefully, the brightening Indian regulatory environment will continue.

I reached out to the company before the crisis to help provide insight into Indias push for such adoption. Despite much of the hype for blockchain technology, the adoption of most platforms is woefully lacking, said Sandeep Nailwal, the chief operating officer and co-founder of Matic, during our conversation. Now that we have more developed underlying technology for the industry, paired with a warming regulatory environment, this is the opportunity to capitalize on adoption.

While the situation is different today, Nailwals comments translate well into the new reality facing the crypto sector and the broader global financial system.

Its no secret that crypto user adoption numbers are waning. Pure DApps those that operate on a public blockchain network fail to attract any meaningful adoption when compared to traditional applications.

According to MakerDAO, the darling of Ethereums DeFi push, has a 24-hour peak user number just under 13K. Compared to surging financial apps like Robinhood, with millions of users, the numbers indicate a major hurdle left for the crypto industry.

The near-collapse of MakerDAO following the S&P 500s tumble off a cliff also hasnt done any favors for people exploring DeFi as a legitimate avenue for investing or credit instruments, though.

The metrics have not been lost in the crypto community. Poor UX/UI, significant onboarding friction, the complex learning curve of crypto and a lack of developer tools have all hindered user growth for many of cryptos leading applications not to mention the more obscure ones.

Then the COVID-19 pandemic happened.

From a macro perspective, the implications of Indias lockdown are manifold.

India reportedly sources 80% of the raw materials for pharmaceutical drugs from China, which the U.S. relies on to meet medical demands, which are swelling right now. Additionally, Indias government is mulling a 1.5-trillion-rupee ($19.6 billion) stimulus package amid the COVID-19 pandemic. Thats a highly conservative figure at best and likely to change considering they are only projecting to shave two points off its GDP projections for 2020, while JP Morgan is forecasting a minus 14% for Q2 in the U.S.

India already has much higher annual inflation than the U.S. and many G-7 countries, which means that it needs to carefully consider the impact of a Fed bazooka similar to what the U.S. did. After eliminating 86% of cash overnight only a few years ago, trust in the Indian governments monetary policy is likely not very high.

The opportunity for crypto to make a splash in India has never been more appealing, especially with the recent Supreme Court ruling inspiring some hopeful innovation.

However, the problem of crypto adoption remains tough. Bitcoins (BTC) volatility doesnt make it an ideal stability option during periods of helicopter money, so Indians may have an opportunity to turn to stablecoins, which, according to Coin Metrics, have been surging in supply to meet growing demand.

Distinct changes are coming in finance e.g., DeFi social media, identity and gaming centering on areas from privacy to data and digital property. Blockchain will be the main driving force behind this revolutionary disruption, said Nailwal. Crypto may provide a release valve for people trying to salvage value, tap into foreign currencies, or function as an intermediary vehicle for goods or services exchanges.

Nailwals sentiment is reflected by recent research from The Open Money Initiative, which indicated that Bitcoin and other crypto-assets are widely used in South America as ways to circumvent capital controls or function as an intermediary for exchanging local currencies.

Now, its just a matter of reducing the barriers of entry to showcase the possibilities of crypto applications. That entails a significantly improved user experience, however, and the elimination of critical vulnerabilities like flash loans in DeFi lending pools.

The censorship-resistance of DApps, their persistent uptime and privacy advantages during a crisis (see the EARN IT bill) could serve as vital anchors for people in distress. That reality may be far away, however. Nobody can predict how the next few months will play out, and if crypto adoption does begin to climb, it will likely be because it was forced out of necessity which means that the financial, economic and viral pandemic situation will have only deteriorated by summer.

The RBIs position on cryptocurrencies for payments appears to remain volatile, too. COVID-19 is in the drivers seat of the narrative now, and delayed government responses arent doing them any favors in the eyes of the public.

A few years ago, the notion of a warming regulatory environment in India seemed far-fetched. The Supreme Courts ruling altered that dynamic and stoked excitement for projects like Matic and others looking to spearhead the Indian crypto and blockchain scene.

COVID-19 then bludgeoned the global economy and has induced panic and volatility in financial markets, which will have unforeseen consequences on the global fiat system as we know it.

Whether that boosts cryptos preponderance in India is unpredictable, but at least the beginnings of a DApp ecosystem to let users tap into an alternative financial system are available now and have some judicial approval underscoring the technology for now.

The views, thoughts and opinions expressed here are the authors alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Andrew Rossow is a millennial attorney, law professor, entrepreneur, writer and speaker on privacy, cybersecurity, AI, AR/VR, blockchain and digital currencies. He has written for many outlets and contributed to cybersecurity and technology publications. Utilizing his millennial background to its fullest potential, Rossow provides a well-rounded perspective on social media crime, technology and privacy implications.

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Indias Lift of Cryptocurrency Trading in the Context of COVID-19 - Cointelegraph

Nothing screams confidence in the U.S. economy more than swapping Federal Reserve-issued money for a digital hedge against the mainstream financial system.

The U.S. government issued more than 80 million stimulus checks, each for $1,200, last week. To be deposited directly into bank accounts, the payment is intended to give citizens affected by the coronavirus a few extra dollars to pay for essentials, things such as food and utility bills.

But it appears some proportion of Americans instead of spending their stimulus check at Walmart, Amazon or wherever, may have decided to swap their dollars for crypto.

Coinbase CEO Brian Armstrong tweeted earlier on Friday his exchange had experienced a sudden spike in the number of buys and deposits worth $1,200. Up until mid-April, around 0.1 percent of total buys and deposits had been for $1,200, then it suddenly spiked nearly 0.4 percent this week, around the time many Americans started receiving their stimulus checks.

Of course, it's impossible to say for certain if all these deposits were U.S. citizens looking for a new home for their government-issued money. The graph doesn't specify what the split was between buys and deposits, so it's possible some customers may have simply parked their money in the exchange. We can't tell if these deposits even came from the U.S.

But despite a soaring unemployment rate, most in the U.S. are still working and still getting paid. Many who are financially secure may have decided to invest, rather than spend, their stimulus checks.

Investors aren't just heading over to Coinbase with their stimulus money. Speaking to CoinDesk, a Binance US spokesperson confirmed they had also seen a spike in $1,200 deposits. "People do seem to have deposited exactly $1,200 into Binance US in the past couple of days," the firm said.

Adding to the evidence, last Thursday was also the single largest day for USD deposits into Binance US for more than a month, the spokesperson added, but declined to go into the specifics of how many deposits that would be.

Crypto prices took a hit when COVID-19 outbreak fears peaked in March but they have since rebounded. With interest rates at record lows and other assets, like equities, reporting lackluster returns, some U.S. investors may see this is as an opportunity to try a new asset class.

CoinDesk reached out to Coinbase and other exchanges for further comment, but hadn't received a response by press time.

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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Some US Citizens Look to Be Splashing Their Stimulus Cash on Cryptocurrency - CoinDesk

Yesterday, the world was aghast as they watched oil prices tumble into negative territory for the first time in history. The shocking price drop took the cryptocurrency community by storm, who have compared the long-traded commodity to an illiquid altcoin.

But this isnt the first time crypto traders are showing an increased interest in traditional markets, with increasing chatter around the stock market, gold, and much more.

Cryptocurrencies like Bitcoin, Ethereum, and Ripple turned many everyday Joes into investors and traders for the first time. The allure of the emerging financial technology and wealth-generating rallies introduced investing and trading to many millennials for the first time.

Boomers who have long controlled the wealth in the world, preferred stocks, commodities, forex, and more.

But as cryptocurrency assets plummeted in valuations, and with traditional markets more explosive with volatility than ever before due to the coronavirus causing mass disruption and economic recession, traders cannot peel their eyes away from the record-breaking drops and historical rallies taking place left and right.

Related Reading | Stock Market Prints TD9 Sell Signal, Correlated Bitcoin Could Plunge in Tandem

Oil prices tanked yesterday by over 300%, into negative territory for the first time in the assets long history. Watching an asset fall to zero, and then even deeper, is a once-in-a-lifetime experience, and it has caused an eruption in discussion amongst the cryptocurrency community.

Crypto traders are used to 300% moves, thanks to the low liquidity environment across many altcoins, however, in such a widely traded asset like oil, the event is monumental.

Well-known figures in the cryptocurrency industry began comparing oil prices to other assets, such as Binance CEO Changpeng Zhao comparing the price of the commodity to his native utility token, Binance Coin.

Others posit the question that if oil can drop to zero, whats preventing Bitcoin and other crypto assets from doing the same? Even more have called attention to how maybe Bitcoin isnt such a risky investment, after all, considering that something in as wide use as oil could become worthless.

Related Reading | VIX Points To Turbulent Week As Oil Prices Tank to Lowest in Two Decades

It wasnt just oil markets, either. The Dow Jones, S&P 500, and NASDAQ all saw strong drops yesterday after a sustained rally from lows put in around Black Thursday last month.

The historic volatility in traditional markets hasnt been this high since the recession in 2008, according to the VIX volatility index by CBOE. The massive rallies followed by epic declines are opportunities for traders to profit, making these markets even more attractive suddenly than crypto.

With traditional markets showing such strong price movements, will it lure more traders away from crypto, and potentially cause trading volumes to drop further? And is the move to traditional markets partly responsible for cryptocurrency trading volumes dwindling since the March collapse?

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Cryptocurrency Community Explodes In Chatter Over Oil and Stocks - newsBTC

@elaine-bennett

Freelance blogger, digital marketing specialist and tech enthusiast

Your Easter plans for this year probably looked a lot different. Instead of spending time with our families and enjoying the first days of spring, we stayed home wondering how the future will look like.

But the COVID-19 outbreak didnt only change our social plans. It disrupted all aspects of life from social interactions to the global economy. While saving lives is the primary goal right now, wondering how the economy will look like after the crisis is the concern that bothers many.

In the middle of these big economical changes and global financial insecurities, you might be wondering - whats happening with cryptocurrencies?

An unstable market situation caused by the ongoing pandemic might not seem like a good environment for cryptocurrency investments. Even if you already own cryptocurrencies, you might be tempted to liquidate and get more cash into your pockets.

However, this would actually be a terrible idea. In fact, as stated by Sir John Templeton The time of maximum pessimism is the best time to buy, and the time of maximum optimism is the best time to sell.

Putting all of your eggs (pun intended) in one basket is rarely a good idea when it comes to investments, especially in a volatile situation such as this one when its impossible to predict how the market will look like in the following months.

Bitcoin has often been referred to as digital gold and praised for its potential to be a safe haven investment. While its impossible to predict what exactly is going to happen with Bitcoin during the crisis, weve already had a chance to see how it reacted to the first hit of crisis and it can serve as a guideline for future predictions.

The panic caused by COVID-19 surely caused traditional markets to tumble, with the largest stock market crash since the 2008 crises. However, alternative assets havent been spared either. Even the value of gold, the go-to safe haven asset that endured the test of time, fell more than 10% this year.

These ups and downs surely seem scary, but lets not forget that these are not normal circumstances. On the contrary, the current market situation is much like the 2008 crisis where we saw assets such as gold being liquidated, and the same thing is happening right now to Bitcoin. Further down the line, we can expect that the bitcoin will behave much like gold did during the 2008 financial crisis.

While this does call for caution, it seems that the worse has already passed. Its clear that bitcoin has recovered from the recent market crash faster than its traditional assets.

In the long run, we can expect that the value of Bitcoin will continue to rise. Investors who take advantage of the Bitcoin price dip and see this crisis as an opportunity to get Bitcoins at low price points will have the best chance to gain the most after the crisis is over.

Between the 13th and 31st of March, the total value sent to cryptocurrency scams on a daily bases dropped 61%. In the meantime, some of it has recovered, but the total values remain lower than before. Nearly all of those losses are concentrated around the two most popular scam categories - Ponzi schemes and investment scams.

However, its not all good news. Unfortunately, while investment scams and Ponzi schemes are being crushed by COVID-19, its given scammers the opportunity to develop whole new narratives around the crisis, especially those involved in email spamming tactics.

While these scams are rarely successful, they still need to be taken seriously and the general public should be aware of them.

We cant know for sure when the COVID-19 crisis will end, and the more it lasts, the more long term impact it will have on the cryptocurrency market and the global financial situation. We can probably expect more changes, so stay informed, stay home & stay safe!

Freelance blogger, digital marketing specialist and tech enthusiast

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Cryptocurrency in the Time of Crisis: What to Expect - hackernoon.com

Spam and phishing emails are a constant plague in our inboxes, but more recently, sextortion campaigns have also appeared on the radar.

This particular brand of fraud attempts to capitalize on how some of us view adult content -- a personal and private matter, and one of which we would not necessarily want contacts such as friends or family to know about, or to become acquainted with our viewing preferences.

Often, these emails will claim that someone has been watching you through your webcam at the same time you are watching pornography or live cams and they not only know what you have been watching and when, but have also obtained the contact information of friends, family, and co-workers.

Emails may also include a password from an online account, stolen through a data breach and published online in data dumps, to appear more authentic.

See also:France asks Apple to relax iPhone security for coronavirus tracking app development

Cybercriminals will then demand a payment from victims in cryptocurrency such as Bitcoin (BTC) or Ethereum (ETH) to stop footage of the victim apparently watching pornography from being leaked.

Given the adult nature of these threats, some recipients of sextortion emails do fall for this tactic and pay up. But where does the cryptocurrency go?

Researchers from SophosLabs, together with analysts from CipherTrace, decided to find out.

On Wednesday, the companies published an investigative report on a large sextortion campaign that was active from September 2019 to February 2020.

Millions of sextortion spam emails were sent during this timeframe. Victims were asked to pay up to $800 in BTC into wallet addresses owned by the fraudsters, amassing the cybercriminals roughly $500,000 -- 50.98 BTC -- during the scam's lifetime.

The scheme employed botnets made up of compromised PCs worldwide to send out spam. The majority of the emails were sent in English, but some were also sent in Italian, German, French, and Chinese.

The sextortion campaign appears to be a cut above most as the fraudsters used obfuscation techniques to bypass spam filters, including white garbage text blocks, random strings, and adding words in Cyrillic script to confuse scanners.

An example of the sextortion message is below:

The research teams analyzed the wallet addresses associated with the campaign which pulled in an estimated $3,1000 a day in proceeds. Wallets that received deposits were cycled every 15 days or so.

In total, 328 addresses were tracked, 12 of which were connected to online cryptocurrency exchanges and online wallet services -- many of which already considered "high-risk" as they do not impose Know Your Customer (KYC) requirements, making them useful in money laundering.

Cryptocurrency exchanges including Binance, LocalBitcoins, and Coinpayments were also "unknowing participants" in cryptocurrency washes, in which funds are moved around to clean up dirty trails, according to the researchers.

Other transactions were connected to private, non-hosted wallets. In total, 316 transactions made up to three 'hops' from one original transaction address, ending up in places including the Dark Web Hydra Market and credit card dump marketplace FeShop. Funds were also sent to other corners of the underground criminal economy including mixers for conversion to other cryptocurrencies, cash, and services.

One wallet used in the sextortion scheme was also connected to a BTC transaction linked to the 2019 Binance hack.

"There were 13 addresses among the 328 passed to CipherTrace that did not have traceable outbound transactions," the report says. "But for the remainder, whoever was behind the wallets did not let their cryptocurrency spoils sit for long. Based on the date of the first input (when the first extortion payment transaction occurred) and of the last output (when the last of the value of the wallet's Bitcoin was drained), [there is] an average "lifespan" of approximately 32.28 days."

Tracking the funds from the sextortion campaign in the real world is a difficult prospect, not only due to the anonymization factors of wallets but also due to the use of IP masking and VPNs.

CNET:Senator asks Google and Apple CEOs to be personally liable for COVID-19 tracking project privacy

Out of all 328 addresses, CipherTrace was able to track the IP data of 20 addresses, but each of these was either connected to VPNs or Tor exit nodes. The majority of the deposits ended up in global cryptocurrency exchanges and the use of these solutions can bypass geographical restrictions, giving the teams little to work with when it comes to honing in on the true locations of threat actors.

"Given that some of the transfers were used to obtain stolen credit card data or other criminal services -- probably including more botnet services for sending spam -- the payouts from the sextortion campaigns are funding yet another round of scams and fraud," the researchers said.

TechRepublic:Security teams want new tools but lack the budget to experiment

Earlier this month, cybercriminals stole over $25 million in cryptocurrency belonging to Lendf.me. It is believed that a combination of security flaws and blockchain features were strung together in an attack that allowed the threat actors to repeatedly make withdrawals.

Three days after the assault, the cyberattackers returned all of the funds following the leak of an IP address during the attack and direct negotiation with the cryptocurrency exchange.

Have a tip? Get in touch securely via WhatsApp | Signal at +447713 025 499, or over at Keybase: charlie0

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This is what happens to cryptocurrency paid out in sextortion campaigns - ZDNet

There was a biggie last week with the leaking of Chinas much anticipated Central Bank Digital Currency (CBDC). The leak revealed extensive details of how the accompanying app works, a look at the visuals of the wallet, and a preview of what the currency would look like for the general public.

A digital coin from China has been much talked about, so this tease is exciting news as central banks launching digital currencies would help increase the widespread adoption of crypto assets, which in turn would show people the benefits that crypto assets can bring to the real world.

Clearly China is on the hunt for supremacy in crypto assets, as well as looking to usurp the US dollar as the worlds dominant currency. Tie Chinas digital currency with its intention to launch the Blockchain-based Service Network, which will help companies deploy blockchain technology in a smarter and more efficient manner, and there is no doubt the country with the worlds second-biggest economy is looking to take the blockchain bull by the horns.

However, for those of us who appreciate the decentralised nature of crypto assets, there is a fear that having the worlds most authoritarian superpower launching its own highly centralised digital currency could actually lead to more surveillance of its population. Blockchain technology enables you to track transactions and for this reason, it will be harder for people to maintain privacy. Some people are unbanked for exactly this reason.

Facebooks new approach could go well with the regulator but not with the community

Mark Zuckerbergs social media mastodon outlined the new direction of its heavily debated Libra project. The paper published by the Libra Association makes three key changes: Libra will be permissioned at first, it will only be stablecoins, and it will use regulated nodes (VASPS). The crypto community could in fact fully disregard the Libra project, highlighting these three changes as the foundation ditching its decentralised ethos.

I think these are positive changes though, as it is important for projects from companies as large as Facebook to take a regulated approach, a view eToro CEO Yoni Assia discussed in eToros position paper on the matter, published last November. Overall, it is important that firms looking to launch these sorts of cryptoasset ecosystems take their first step by supporting multiple currencies on-chain. Only then, once they have the trust of both the regulator and of the consumer, should they look to launch novel crypto tokens.

Bitcoin halving sparks search interest and winners could span the whole sector

Ahead of the bitcoin halving we have seen a massive increase in interest in the event. Google Trends, which tracks increases in the frequency and popularity of specific search phrases, shows that bitcoin halving is currently at 100% interest, which means it is at the peak of its popularity, garnering 28% more interest for the search term compared to the 2016 halving.

Ive already talked about where I think the price of bitcoin is heading following Mays halving, and it is well-documented that other crypto assets follow the performance of bitcoin, to a greater or lesser degree. However, there are some crypto assets that could even outperform the original crypto. One of these is Ethereum. Given that there are various DeFi applications being built on Ethereum that use bitcoin as collateral or as a means of bringing liquidity to decentralised exchanges, the overall Ethereum network would grow and develop, if bitcoin prices increase following the halving and we see greater bitcoin inflows into these applications.

Other winners from the halving could be application-specific integrated circuits (ASICs) manufacturers, such as NYSE-listed Canaan. With the mining reward being cut in half, miners will have to operate more efficiently, placing an emphasis on having the most up to date ASICs.

UBI-based cryptos could be the vaccine for wealth inequality

Many countries are beginning to release data showing some positive signs with regards to controlling the coronavirus impact., Some of the world is also beginning to discuss how we solve some of the ills that the coronavirus has laid bare when it comes to wealth inequality.

With central banks now adopting helicopter money policies to directly put wealth into citizens pockets, the use of blockchain technology could help solve some of the logistical issues that come with such a grand scheme. This becomes increasingly important when we think about the vast number of people across the globe that do not have a bank account to receive such capital. By giving everyone a crypto wallet central banks could directly deposit this money into them. It also removes the need for people to jump through the regular bureaucratic hoops of opening a bank account.

GoodDollar itself is a research hub, funded by eToro, exploring how UBI principles could be deployed through crypto assets to address global wealth inequality. Theoretically, everyone can receive a GoodDollar token into a crypto wallet.

This is just one of the ways that blockchain and cryptocurrencies can help to build a better future if we choose to use them. And we should.

Top crypto assets traded on eToro last week (UK clients only)

Top crypto assets traded on eToro last week (all clients global)

This is a marketing communication and should not be taken as investment advice, personal recommendation, or an offer of, or solicitation to buy or sell, any financial instruments. This material has been prepared without having regard to any particular investment objectives or financial situation, and has not been prepared in accordance with the legal and regulatory requirements to promote independent research. Any references to past performance of a financial instrument, index or a packaged investment product are not, and should not be taken as a reliable indicator of future results.

All contents within this report are for informational purposes only and does not constitute financial advice. eToro makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared utilizing publicly-available information.

Cryptoassets are volatile instruments which can fluctuate widely in a very short timeframe and therefore are not appropriate for all investors. Other than via CFDs, trading crypto assets is unregulated and therefore is not supervised by any EU regulatory framework. Your capital is at risk.

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Chinas Cryptocurrency Currently the First, but Fears Remain - newsBTC

The cryptocurrency market is in a lull situation following a retreat from the highs achieved last week. The majority of cryptoassets are barely sustaining in the green especially the top three; Bitcoin Ethereum and Ripple. The most battered coin is Bitcoin Gold (BTG) after losing 1.36% of its market value on the day.

Data by CoinMarketCap shows a fall in the total market capitalization from the recent high at $204 billion to the current $198 billion. The drop clearly shows that the selling pressure in the past 48 hours has been significant especially for Bitcoin after falling from high above $7,300 to lower levels at $6,748. The total trading volume has also tumbled from $186 billion to $114 billion (reported in the last 24 hours).

BTC/USD has a market value of $6,864 at the time of writing. The cryptoasset features a 0.30% gain on the day from an opening value of $6,854. Its trend is bullish amid shrinking volatility; an indication that upward movements will not be forthcoming in the current and next sessions of the day unless a catalyst comes into play.

Looking at the four-hour chart, Bitcoin is still holding above the 50-day SMA; a very key indicator that buyers have enough power to avert further losses. The only thing that is holding them back is the low trading volume which can also be resolved by a catalyst. Signals from the MACD suggests that Bitcoin is in the hands of the bulls and that the path of least resistance is to the north. It is also vital that support at $6,800 is defended while the focus remains on rising above $7,000 in the near term.

ETH/USD is slightly in the green having accrued 0.76% of gains from the opening value of $170.34. Ether tested highs at $190 over the weekend but has lost a significant chunk of its value in the last 48 hours. In spite of a bullish trend, the low volatility means that low volume is recorded across the exchange platforms and that traders are choosing to stay away from the current choppy markets. At the time of writing, Ethereum is teetering at $172 after defending support at $170.

XRP/USD, the third-largest cryptocurrency in the industry is trading 0.43% higher on the day. Over the last 48 hours, Ripple has contained its movements in a narrow range between $0.18 and $0.19. Trading remains limited just like the other top cryptocurrencies as movement stays drab. Minor price actions are expect throughout the trading sessions on Wednesday unless something extraordinary happens.

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Cryptocurrency Market Update: Bitcoin. Ethereum and Ripple in total lockdown as consolidation takes over - FXStreet