Welcome to the Daily Crypto News: A complete News Review, Coin Calendar and Analysis. Enjoy!
🗞 Market Wrap: Ether Jumps to All-Time High as Bitcoin Stalls Despite JPMorgan’s $130K Call
Bitcoin was little changed, after briefly pushing above $60,000 earlier Friday but quickly finding selling pressure that brought the largest cryptocurrency’s price back down to about $58,900 as of press time.
“This could be an interesting weekend for bitcoin as much of the institutional money is expected to be dormant,” said Edward Moya, senior market analyst for the foreign-exchange broker Oanda. “Weekend volatility has been somewhat of a story this year, so many crypto watchers will look to see if any whales try to take advantage of illiquid conditions.”
Ether Price Jumps to New All-Time High
- Ether (ETH) trading around $2,100. Climbing 6.5% since 0:00 UTC, 5.9% over the previous 24 hours.
- Ether’s 24-hour range: $1,950-$2,097 (CoinDesk pricing)
Ether jumped Friday to a new all-time high as the second-biggest cryptocurrency extended its winning streak to five days.
The native cryptocurrency of the Ethereum blockchain, ether traded as high as $2,097 around 20:41 UTC, according to CoinDesk 20 data.
🗞 Bitcoin Decoupled From Stocks in Q1 as Institutional Demand Strengthene
Institutions haven’t just pushed bitcoin (BTC) prices toward the moon during the past two quarters; they seem to have helped the cryptocurrency decouple from traditional markets like the Standard & Poor’s 500 Index of U.S. stocks.
“The 90-day correlations between BTC and both gold and stocks (represented by the S&P 500) reverted to a more typical range of 0.0-0.2 during Q1, most likely as a result of the growing clarity around its value proposition relative to more traditional assets,” CoinDesk’s research analysts noted in their first quarter review.
While the cryptocurrency is no longer tracking stocks and gold so closely, its inverse correlation with the U.S. dollar remains intact, meaning a continued rally in the greenback (versus foreign-exchange counterparts like the euro, yen and British pound) may slow down bitcoin’s rally.
🗞 IRS Wants Kraken Customer Details, Judge Pushes Back
- The IRS has received a judge's approval to look through Circle's customer records.
- It's seeking similar permission to access some Kraken customer accounts.
- The judge thinks the government's request is too broad at the moment.
The Department of Justice, Tax Division, this week filed a court request to obtain information about customers of the San Francisco-based cryptocurrency exchange Kraken.
The so-called John Doe summons, filed in the US District Court for the Northern District of California, asks Kraken to provide account details for all American taxpayers who have held at least $20,000 in cryptocurrency on the exchange at any point from 2016 to 2020.
A John Doe summons is a tool the Internal Revenue Service (IRS) can use to conduct investigations when it doesn't know the name or identify of the taxpayer. A judge can approve the summons, provided there's a reasonable basis to presume a group of people may have broken tax laws and such information isn't accessible by other means. (The Department of Justice, Tax Division, works with the IRS and is responsible for enforcing IRS summonses.)
🗞 FinCEN Picks Former Chainalysis Exec as New Acting Director
- The Financial Crimes Enforcement Network has chosen Michael Mosier as its new Acting Director.
- FinCEN is one of the agencies that regulates cryptocurrencies in the US.
- Mosier has a history with FinCEN, and has worked at the blockchain analytics company Chainalysis.
Michael Mosier, a former executive at the blockchain data company Chainalysis, will lead the US Treasury’s Financial Crimes Enforcement Network, according to a statement from the regulator.
As FinCEN’s current Director Kenneth Blanco steps down, Mosier will become acting director. AnnaLou Tirol, formerly of FinCEN’s Strategic Operations Division, has been named deputy director.
Chainalysis has been involved in investigations with the IRS and the Air Force, and has said it’s valued at $2 billion following a $100 million Series D funding round. The company's year-end Crypto Crime Report for 2020 indicated that certain forms of extortionist malware attacks (especially towards vulnerable institutions like schools and hospitals) are on the rise—something FinCEN is keeping an eye on.
🗞 Daily Crypto Calendar, April, 3rd💰
- Chain Games (CHAIN)
"... Our #Fortnite implementation... Apr 3rd for public testnet release!"
- Compound (COMP), Kyber Network (KNC), Maker (MKR)
"Next week we'll list the three new crypto assets with Euro trading pair... Compound (COMP), Maker (MKR), and Kyber Network (KNC)."
- Axie Infinity (AXS), Beowulf (BWF), Binance Coin (BNB), General Event (CRYPTO), KardiaChain (KAI), ShareToken (SHR), TomoChain (TOMO), Travala.com (AVA)
"Vietnam Blockchain Day is a full day conference organized by Binance."
- Vite (VITE)
"Vite Full Node Reward Program III, more flexible and giving out more rewards!"
- MobieCoin (MBX)
The Mobie Merchant Web App is in final testing and will launch by the end of the week.
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