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Daily Dose: Rockets and Rockets

Bitcoin rocketed up today as it broke past $8,000. Price has reached an intraday high (as of the current 4H candle) of around $8,455. In the daily, support level is around 6,800 - 6,400. In the 4H, price shows a clear structure and it's trailing with the 10 EMA as it creates consecutive higher lows. Retracement is likely to happen in the intraday charts which could be an opportunity to scale in positions or possible "bounce" areas. If bids are held and price is able to maintain its momentum in the daily, we might see a retest of the previous resistances around 8,800 - 9,000+. Otherwise, this would be invalid and general structure in the daily is respected; creating another lower high.

Global market cap is at $218B, while BTC's market cap is at $150B.

Bitcoin rocketed past $8,000 as rockets flew into US bases in Iraq today. The bitcoin price surged $600 in a matter of minutes to almost $8,500 per bitcoin on the Bitstamp exchange before falling back slightly to trade around $8,300 as the tensions escalated between the US and Iran, following in the footsteps of gold which also saw a marked increase, further solidifying its status as new safe haven asset and store of value, or digital gold. No casualties have been reported from the attacks. 

The District Court for the Southern District of New York has denied an application by the U.S. Securities and Exchange Commission (SEC) to make Telegram reveal its bank records. The SEC tried to compel Telegram to share the details of how the firm spent the $1.7 billion raised in its initial coin offering (ICO) in 2018. Despite the court ruling in the favor of Telegram, the company will still have to prove that its records comply with foreign data privacy laws. Telegram has emphasized several times that Gram tokens are not an investment product, thus not a security and is outside the SEC's jurisdiction.

BitBox, Singapore-based cryptocurrency exchange operated by messaging app 'Line' announced that it will delist Ripple (XRP) on Jan. 16. According to BitBox's announcement, the company actively monitors all coins that are being traded on their platform and if a coin doesn't meet standards, it is subject for delisting. BitBox advised their users to cancel all trades before delisting takes place. After XRP is delisted, customers will have until midnight Feb. 16 to withdraw their XRP funds. The company did not disclose reasons with regard to the incident.

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


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