Bitcoin failed to go above the 10 EMA yesterday and continues to move sideways. Price is currently trading above 11,500 and it is retesting this area of immediate support. A break below 11,500 - 11,400, could push price down further and test the key support level - potential 50 MA trail support around 10,900. Key resistance is intact around 12,400.
Global market cap is at $363B, while BTC's market cap is at $214B.
While the People's Bank of China (PBoC) does not have a timetable for the rollout of the digital yuan yet, PBoC is likely to launch it before the 2022 Winter Olympic Games as they plan to use it during the international sports event in Beijing. Sun Guofeng, head of the monetary policy department at PBoC, confirmed that internal tests are being conducted in Shenzhen, Suzhou, Xiongan, and Chengdu in preparation for the launch of the digital yuan.
Customers of Empire Market, a major darknet marketplace for illicit goods, are concerned with what's happening with the site as it has been offline for 48 hrs. Speculations are going around about whether a distributed denial-of-service attack (DDoS) caused the site to be offline. The site has a history of DDoS attacks that kept the site down for extended periods of time back in 2019. Furthermore, "Se7en" who is claiming to be one of the moderators of Empire issued a vague statement after the attack, saying that he will make a post about the whole situation if the market is still down in the next days. Users continue to speculate on Reddit saying that Empire Market could be preparing for an "exit scam."
Over 1,100 crypto mining farms in Iran were shut down after allegedly operating without the proper licenses, being taken down by whistleblowers and the country's power company Tavanir. Tavanir has been relying on whistleblowers because the power company "cannot detect all illegal farms solely by studying their consumption patterns," even as some miners were using high levels of subsidized electricity. While national law on crypto does allow mining, miners should disclose their identities and provide detailed information on their mining farms to the Ministry of Industry, Mines, and Trade. Illegal miners risk fines ranging from $2,000-$2,500 for each piece of hardware used, and an additional $20,000 fine for anyone caught using a subsidized electricity source.
The Iranian government is giving out 100 million rials, around $480, to individuals who provide information leading to the detection of unauthorized miners.
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