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Daily Dose: Three Million To Go!

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Three Million To Go!

Not much has been going on with BTC the past few days due to sideways price action but direction is still bleak and likely to go down further if bulls are not able to reclaim levels as it approaches the support in the daily chart. 4H chart also continues to form series of lower highs and lower lows as of this time. Immediate resistance is around 8,500 and support is around 7,700 in the daily chart.

Global market cap is at $222B, while BTC's market cap is at $147B.

The Oxford English Dictionary (OED) announced that it added the word "Satoshi," Bitcoin's smallest unit. The OED announcement notes "A satoshi is the smallest monetary unit in the Bitcoin cryptocurrency, and is named after Satoshi Nakamoto, the - probably pseudonymous - developer(s) of Bitcoin."

* Social trading and investing platform eToro partnered with analytics and finance startup The Tie for a project that would track people's perception of cryptocurrencies via Twitter. The new strategy unveiled by eToro will be named "The TIE-LongOnlyCopyPortfolio. The strategy will analyze crypto related conversations and will process 850 tweets every day through machine learning and natural language processing technology.

* Three million Bitcoins left to be mined! Bitcoin miners will mine the 18 millionth bitcoin this week, leaving just 3 million to be mined up until 2140. Yes, you read that right, 120 years to go before the last satoshi is mined. This leaves about 14% of the total supply remaining. With mining hashrate going up to 100 exahashes, the competition is heating up. Recently, US-based Bitcoin mining company Layer1 received $50 million in funding from Peter Thiel on a $200M valuation, showing institutional money entering the multi-billion dollar Bitcoin mining industry. 

That's it for today's daily dose!

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Tuesday, 12 November 2019
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