Good morning and welcome to our rolling coverage of all things cryptocurrency, including price, regulation, innovation and financial crime.
Cryptocurrency charts show a sharp drop this morning after bitcoin traders took part in an overnight flurry of sales.
BTC has lost 3.71 percent on the day, trading at $7,837.76.
The rest of the market suffers from a bearish trend too, with Ethereum losing 5.57 percent to trade at $435.10, while Ripple dropped 3.50 percent to sell for $0.432959.
Litecoin tumbled 6.58 percent to trade for $77.49.
The bears appear to be moving in as the market slides away from last week’s gains.
Ripple, the third biggest cryptocurrency in terms of market cap, has partnered with singer Madonna to help orphans in the poverty-ridden country of Malawi.
The legendary pop icon announced the fundraiser Monday as a way to celebrate her 60th birthday, saying all donations would go to Raising Malawi, a non-profit organization she co-founded in 2006.
Ripple senior vice president of business operations Eric van Miltenburg said the charity was important.
He added:”We’re honored to be a part of Raising Malawi’s amazing work with some of the world’s most underserved children and are grateful to our investors at Sound Ventures for making the introduction to us and this important cause.”
One of the world’s biggest cryptocurrency exchanges, Binance, has acquired mobile ethereum wallet Trust Wallet.
The addition will enable Binance to add a mobile wallet to its services, while Trust Wallet will be able to tap into advantages offered by the exchange, including both its existing user base and a proposed decentralized exchange, according to a press release.
Although Trust Wallet has been acquired, its team will continue operating autonomously, the founders said.
In a statement, Binance CEO Changpeng Zhao said: “Wallets are the most fundamental interface to the crypto economy, and a secure and easy-to-use wallet is key to proliferate the adoption of cryptocurrencies.”
The current trader positioning for bitcoin is indicative of a bearish incoming trend, according to IG Markets senior strategist Ilya Spivak.
Talking to Business Insider, Mr Spivak said: “The latest numbers show that close to 78% of IG retail traders are net-long bitcoin, with the ratio of traders long to short at about 3.5 to 1.
“We typically take a contrarian view of crowd sentiment, and the fact that traders are net-long suggests Bitcoin may be heading lower.”
“What briefly looked like it may be an upside breakout fizzled as BTC/USD fell back into a Triangle consolidation pattern carved out since February.
“Critical support remains in the $US5790-$US6450 area, with a break below that opening the door for a test below the $US5,000 figure.”
“A break above resistance at $US8,488 is needed to negate immediate downside pressure. If that happens, a revisit of the $US10,000 figure might follow.”
The news media world is colliding with the cryptocurrency world as Thomson Reuters partners with CryptoCompare.
One of the biggest news organisations in the world, Thomson Reuters, has selected cryptocurrency market data aggregator CryptoCompare to provide trade data on more than 50 coins.
Thomson Reuters will display the date on its financial desktop platform Eikon, which is a powerful tool for compiling and reading real-time data for analysis.
Sam Chadwick, Director of Strategy in Innovation and Blockchain at Thomson Reuters, said: “Despite the decline in the price of many of the leading cryptocurrencies during 2018, we continue to see increasing demand from our customers for pricing coverage of the major names.
“We have been engaged with CryptoCompare since their involvement in our blockchain hackathon in September 2016, and continue to be very impressed by their approach to coverage of these challenging markets.
“This partnership puts pricing data for this emerging market alongside other asset classes, giving our customers a more comprehensive trading view in Eikon.”