2 minutes reading time (421 words)

Daily Dose: I Ran A Mining Farm

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Bitcoin is on the move again as it was able to erase the previous downswing and is looking to retest one of the key resistances around the $9,000 level. One of the interesting points to consider in the daily is the resistance area which is also around the 200 MA. A continuation of this break above the 200 MA is a good sign of a possible surge to $9,500 (retest to key resistance $9,800 - $10,000). Otherwise, if price gets hammered, support is around $8,200. 

Global market cap is at $247B, while BTC's market cap is at $163B.

​Iran's Ministry of Industries, Mining and Trade has issued over 1,000 cryptocurrency mining licenses to domestic operations. A local official estimates that if the local mining industry operates at full capacity, it would bring $8.5 billion into the local economy. Iran has some of the lowest energy prices in the world at $0.007 per kilowatt-hour, but recent shortages and the rise of crypto mining led the government to raise its electricity tariffs for the sector to $0.07 per kilowatt-hour.

Major Swiss private banking and wealth management group Julius Baer has launched its digital assets trading and custodial service through partnership with Seba. The service will make use of Seba's proprietary platform and capabilities. In line with the increasing demand for crypto services, Julius Baer's initiative will include services such as secure digital asset custody, cryptocurrency transaction solutions, and consolidated portfolio overviews for both traditional and digital assets.

Julius Baer hasn't disclosed which assets it will be offering but criteria for selection will be on the grounds of liquidity, security and technical robustness.

The Monetary Authority of Singapore (MAS) is updating its regulatory framework for digital payments. The Payment Services Act 2019 (PSA) brings Digital Payment Token (DPT) services, covering all crypto businesses and exchanges, under current anti-money laundering (AML) and counter-terrorist-financing (CTF) rules. Affected firms will have a month to register with MAS, and will have a six-month grandfathering period during which they will have to apply for a payment institution license.

 The Bitcoin Gold (BTG) blockchain was hit by a 51% attack. According to a GitHub post by James Lovejoy, researcher at MIT's Digital Currency Initiative, the attack comprised of 2 deep reorganizations of over 10 blocks last Jan. 23 and Jan. 24. The attack happened within 6 hours resulting in $70,000 worth of BTG double spent.

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

 

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