Bitcoin and Ether Market Update: March 29, 2019

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Top ten cryptocurrencies remained mostly flat for the 24-hour period with Cardano (ADA) seeing some gains. The total market cap stands at $142 billion while bitcoin (BTC) is trading at $4,097, ether (ETH) stays around $140, and XRP remains at $0.3123.

BTC/USD

Bitcoin gained 2.5 percent of value on March 27 and stormed past $4,000 and $4,050 to erase all losses from the previous three days and closed at $4,100.

On March 28, the BTC/USD pair dropped to $4,091 after trading as low as $4,065 during the day session.

The Swiss president showed his support for blockchain technology in a speech at the CV Crypto Valley Summit in Zug. According to Finews, Uwe Maurer urged local authorities to prepare transparent and progressive legislation and amend existing laws to cover the innovative technology.

On March 22, the Federal Department of Finance (FDF) suggested creating a new category within the local financial markets law to make way for distributed ledger technology (DLT) trading systems. Two days earlier, the country’s Federal Assembly decided to approve a motion in favor of adopting such legislation.

The biggest cryptocurrency exchange in terms of daily trading volume, Binance, announced a new partnership with the risk management and RegTech compliance platform IdentityMind. The two companies will be working together to implement IdentityMind’s Know Your Customer (KYC) and Anti-Money Laundering (AML) service, which are explicitly designed for cryptocurrency trading platforms to comply with worldwide regulations, enhance user’s security, and promote blockchain technology safety and transparency.

Malta-based cryptocurrency exchange and wallet provider Zebpay has announced it will enable lightning payments for its users becoming the first major platform to do so. According to the official blog post, customers will be able to use bitcoin to perform up to ten transactions a day with values as low as one Satoshi (0.001 BTC) or less. Zebpay will also cover all transaction costs to promote its services across crypto enthusiasts.

The Lightning Network operates on top of a blockchain through a mesh of payment channels settled off chain which help ease the scalability problem.
BTC Price Movement Chart

BTC Price Movement Chart

ETH/USD

The Ethereum token formed a solid green candle to $141.7 on March 27 in its best day since March 5. The ETH/USD pair moved 4.2 percent up avoiding the $135 to $130 levels.

On March 28, ether moved lower to $140 in a profit-taking activity from some of the traders after the positive boost during the previous session.

The smart contracts platform UMA has reportedly developed a blockchain-based version of the leading U.S. index S&P 500. The new product will be an ERC20 token that will represent ownership in the stock index giving users the opportunity to track its performance and eventually profit, Yahoo Finance reported on March 27. The project will be listed on the China-based decentralized exchange DDEX and will be paired with MakerDao’s DAI.

ETH Price Movement Chart

ETH Price Movement Chart

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