Bitcoin is currently hovering at 11,700, with price coming up just short of another retest of resistance at 12,000 earlier today. 10-day MA and EMA are holding as immediate supports as BTC continues to establish a pennant pattern in the daily chart, which would signal a breakout after this consolidation period. Holding above 11,400 in the next few days will be important for bulls to make good on a potential breakout. Dropping below key supports at 11,400 and 10,900 would mean complete invalidation.
Global market cap is at $367B, while BTC's market cap is at $216B.
Crypto derivatives exchange BitMEX is going to launch a user verification program on August 28. The user verification program will require customers to submit to complete ID checks within the next six months. In line with this, the exchange is also offering a trading competition which is only available to verified customers. According to Commercial Director of BitMEX Ben Radclyffe, user verification has been one of their priorities lined up and the company has been preparing for this to be able to run a scalable, responsible, and compliant platform moving forward.
The verification process will only take up to 5 minutes - users will be required to upload a photo ID, proof of address, and a series of multiple choice questions relating to funds and trading experience. All users must complete the new verification process by February 12, 2021.
South Korea's Woori and Shinhan banks have just announced their intention to introduce "crypto asset services," aiming to hold and manage cryptocurrencies for clients. This means that four of the country's top five banks, holding a combined value of more than $1.2 trillion in assets, will now have crypto services. Woori and Shinhan both announced their plans as a response to the amended Special Financial Transactions Information Act which will change legislation around crypto assets. The NH Nonghyup Bank and Kookmin Bank already have plans on launching crypto custodial services for institutional investors in the coming months.
Ethereum (ETH) transaction fees have been skyrocketing in the past few days with fees reaching a new record average of over $7.50. During a similar situation last June - July 2020, Ethereum co-founder Vitalik Buterin called for a reform of Ethereum's fee system, saying that very high fees could undermine the security of the network. Buterin also said that miners' increased reliance on transaction fees may encourage selfish mining practice which could disrupt how transactions are processed.
Vitalik Buterin suggests Ethereum improvement proposal 1599 as a potential solution and this proposal is intended to burn base transaction fees to reduce miners' reliance on them as a source of income.
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