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Daily Dose: He's No Saint Nicolas

In the daily, BTC broke and closed below the $7,000 immediate support level yesterday. With this recent price action, selling pressure is still present and a follow through of the break down is possible if buyers are not able to hold bids. Next target is around $6,500 for support.

Global market cap is at $187B, while BTC's market cap is at $125B.

Venezuelan President Nicolas Maduro announced that their government will pay half a Petro to 8 million Venezuelan retirees and public workers as a Christmas bonus. The Petro has a fixed value of $60, so each bonus will be equivalent to $30 - totaling $240 million in bonuses to be given out. 

A district court in Shenzhen, China ordered the freezing of assets of Dongguan Yongjiang Electronics, Bitmain's miner manufacturing subsidiary. According to a report on Sept. 27, the amount of assets frozen were worth 4.7 million yuan ($676,000) for asset protection in a contract dispute with Shenzhen Century Cloud Core. It is not clear yet how long the freeze will take effect but according to Chinese laws, freezing of bank accounts and other stores of funds should be no longer than 6 months while liquid assets shouldn't be held for more than a year.

CipherTrace, a blockchain intelligence firm, claims that large banks may be processing up to $2 billion in undetected cryptocurrency-related transfers per year. Their research claims that every one of the United States' top 10 commercial banks have unregistered crypto businesses using their services to process funds.

 

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