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Daily Dose: Novem-Bear

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BTC is on track to hit key levels in the daily chart as bearish momentum increases. In the daily chart, price is nearing the target immediate support around $7,800 - $8,000. On the other hand, intraday levels (in 4H) continues to get hit followed by lower lows. Until bids settle, BTC is poised to go down further. Key support in the daily chart sits around $7,300.

Global market cap is at $221B, while BTC's market cap is at $146B.

* German Bitcoin mining farm Northern Bitcoin has acquired Whinstone US in order to build what will be the world's largest mining firm. The first phase of construction, which will finish in Q1 2020, will already have a capacity of 300 megawatts. Further construction to be completed in Q4 2020 will further raise capacity to 1 gigawatt on an area of over 100 acres in Texas. This will dwarf competitor Bitmain's mining facility, which will expand from 25 MW to 50 MW to only 300 MW in its largest phase.

* The US Federal Reserve is looking at the possibility of a central bank digital currency. While the US central bank is contemplating whether a digital currency would offer benefits to the US, Fed Chief Jerome Powell said that there are still concerns that needs to be addressed like law, monetary policy, financial stability, regulation, and operations. The digital dollar may also pose concerns regarding security and IT, i.e: record of transactions.

The Fed concluded that they have not yet identified potential material benefits of a central bank digital currency relative to the existing monetary policies/tools.

* Global cryptocurrency exchange Binance has acquired WazirX, one of India's biggest crypto exchanges. Starting November 25, Indian citizens will be able to buy and sell cryptocurrencies using Indian rupees (INR) on the Binance Fiat Gateway. WazirX's P2P engine will also be integrated into the Binance Fiat Gateway platform sometime in Q1 2020. The integration will allow users to trade any crypto on Binance with the purchase of USDT from the WazirX P2P platform.

 

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