Cryptocurrency Market News: Bearish action for the crypto majors and much more

• Crypto majors struggle on Tuesday as BTC/USD drops 1.31%.
• Facebook’s Calibra wallet will now be called Novi and that’s not all.
• The Indian central bank backs down on crypto bank accounts.

Crypto majors struggle on Tuesday as BTC/USD drops 1.31%.

Bitcoin trades lower on Tuesday as general crypto sentiment remain weak. The market seems to be stuck between a rock and a hard place since the halving event took place last week. Now BTC/USD dipped below the 9K level after rejecting the 10K resistance zone twice in relatively quick succession. There are some positives on the technical side, the price is trading above the 200 and 55 moving averages. The MACD signal line is still holding above the zero line despite the histogram being under (in the red). The Relative Strength Index indicates is still above the 50 mid-point. The key support level remains the wave low of 8105.58 and if this breaks then a lower high lower low sequence would kick in. 

Ripple also pushed lower on Tuesday and hovers just under the 0.20 psychological resistance zone. It seems if the price continues this current bearish theme it will hit an important resistance zone marked in red on the chart below. The support level was used back on 18th December 2019 and helped the price moved higher after a considerable downtrend. The 0.1819 support also matches up very closely with the 38.2% Fibonacci retracement zone and this is one of the more reliable Fib numbers.

Facebook’s Calibra wallet will now be called Novi and that’s not all.

The wallet was originally named Calibra and now the Libra Associaton has rebranded the wallet and named it Novi. 

The digital wallet will allow people to send money as easy as sending a message in a stand-alone app or in Facebook Messenger or WhatsApp.

Why is it named Novi I hear you ask?  David Marcus who is heading up the project stated:

Novi was inspired by the Latin words ‘novus’ for “new and ‘via’ for ‘way.’ It’s a new way to send money, and Novi’s new visual identity and design represent the fluid movement of digital currencies,

He went on to comment:

All Novi customers will be verified using government-issued ID, and fraud protections will be built in throughout the app.

And, whenever you need it, you’ll have 24/7 access to our chat-based support and customer care team.

Despite the name change, it is still unclear if this project will get the go-ahead. Mark Zuckerberg sat before a Senate Committee lead by Maxine Waters and got a grilling. He tried his best to appease the rowdy collective and stated that the cryptocurrency will not be issued unless it meets the stringent rules set out by all regulators in the US. Headquartered in Switzerland the Libra Foundation originally said the coin could be made available toward the end of this year. Things have moved on since then and we are not yet closer to getting any kind of official date for the release. 

The Libra Association recently updated its…