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Daily Dose: Bitcoin's $9 Billion Dollar Hour

Screen-Shot-2019-12-06-at-5.26.15-PM Source: Bitcoin Billionaire Game
Bitcoin (BTC) tried and failed to break resistance yesterday at 7,500 - 7,800 and has since remained flat, trading at around 7,300. Overall sentiment remains bearish, with the possibility of hitting lower highs at around 7,600 - 7,700. If bears are able to defend that level, we could see a drop back down to around 6,900 - 6,600. Markets will only reverse if bulls can rally prices past 8,200 (50-day MA) and stay comfortably above 8,500 after the weekly close.

Global market cap is $201B, while BTC's market cap is at $134B. The wider market is mostly up and in the green today, although not significantly so.

On Dec. 8, almost $9 billion in Bitcoin (BTC) were moved on the blockchain in an hour. The transaction excluded change volume (BTC that returns to sender). According to Rafael Schultze-Kraft, co-founder of on-chain market intelligence firm Glassnode, it was the highest hourly USD transaction in Bitcoin's history.

It was found out that cryptocurrency exchange Bittrex caused the volume spike; the exchange moved 21 on-chain transactions in an hour with 56,000 BTC each (nearly $416 million) and only cost about $0.60 in fees. The transaction happened prior to the scheduled maintenance of the exchange and no hacks were reported but it is speculated that the exchange's cold wallets were moved.

Microsoft has partnered with Enjin for a new blockchain-based incentives scheme. The incentive scheme will be named "Azure Heroes" which will be rewarded to Azure community members for their positive actions such as coaching, making demos, providing sample code, making posts about Azure or completing challenges.

Badges will be given to members with proven contributions; a QR code will be sent to winners, which when scanned will give the recipient the option to install Enjin's wallet to be able to receive the non-fungible tokens. Once claimed, the non-fungible tokens can be sent to any ethereum address.

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

 

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