Bitcoin seems to have slowed down as it settled in a range. The resistance has been established at around 24,000, while nearest possible support is around 21,900 - 10 EMA trail. This dip could be due to profit taking in the market; however, this could be an opportunity for a "Dip Buy" for some. In the 4H Chart, a bearish divergence has formed and this could extend the down move to test immediate support levels around 22,000 - 21,900. A successful reclaim of the 23,700 - 24,000 level is an invalidation of the bear divergence and could propel price to new ATH.
Global market cap is at $638B, while BTC's market cap is at $424B.
After cryptocurrency exchange Coinbase filed for an initial public offering (IPO) with the US Securities and Exchange Commission (SEC), research company Messari has valued the company at $28 billion. Messari's model examined the company's various business segments such as trading, custody and debit cards, to come to this figure. Coinbase is one of the biggest exchanges in the world, with daily trading volumes of over $1 billion and assets under custody worth over $20 billion.
Messari's analyst noted the significance of such a major IPO in the crypto space, saying "This listing is important even for Token valuations as Coinbase will provide a valuation anchor - not only for future equity listings - but also for crypto-native exchange tokens."
In an announcement last Friday, the US Treasury's Financial Crimes Enforcement Network, or FinCEN, announced proposed rules to restrict money services businesses, including US-registered crypto exchanges, from dealing with self-hosted wallets. The rules will require registered crypto exchanges to verify the "identity of their customers, if a counterparty uses an unhosted or otherwise covered wallet and the transaction is greater than $3,000." The rule is currently a proposal, and the Treasury has given stakeholders 15 days to respond with comments.
A number of lawmakers have already come out in opposition to the proposed rule, which many see as a threat to peer-to-peer transactions.
Peer-to-peer Bitcoin (BTC) volume in Nigeria is increasing as Nigerians lean toward Bitcoin due to stringent forex policies by the Central Bank of Nigeria (CBN) and blocking of remittances denominated in naira possibly due to decline of the currency. In an official statement issued on Dec. 16, the CBN ordered international money transfer operators (IMTOs) to stop processing remittance payments in naira.
This Daily Dose was brought to you by SCI News Channel.