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Daily Dose: The Virus is Spreading

Bitcoin has tried to test resistance levels at $9,500 but has been rejected several times, with price now at around $9,300. A break above $9,500-$10,000 should confirm a long awaited trend reversal. A look at shorter time frames show that $9,190 is a solid support level, while 10-day MA and EMA trail at around $8,850-$9,000. While most signs are bullish, there is a decent change for a pullback for a brief consolidation before continuing this run. A drop below $9,000-$8,700 would invalidate the whole run.

Global market cap is at $259B, while BTC's market cap is at $171B.

MicroBT, Bitmain, and Canaan, leading manufacturers of crypto mining hardware, notified their customers that their shipments will be delayed at least a week due to the outbreak of the coronavirus in China, and the subsequent quarantine efforts. The Chinese New Year holiday was extended to Feb. 9, delaying production, delivery, after-sales service and other operations by a week.

Bittrex records the highest coverage for digital assets insuring up to $300 million worth held in its cold storage. The company said in an announcement that the insurance will protect users' holdings against "external theft and internal collusion." The insurance was underwritten by Arch Syndicate 2012, which provides specialized insurance for corporations.

Nomura Research is looking to launch a benchmark index. The benchmark index is intended to pull together information about the Japanese crypto market, including data on crypto-yen pairs and closing values, all in local time. The "NRI/IU Crypto-Asset Index Family" will include support for bitcoin, ether, litecoin, bitcoin cash, and XRP. It will be calculated using the MVIS index platform, with data from CryptoCompare.

This Daily Dose is brought to you by our partner SCI News Channel.


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