Bitcoin (BTC) retested the 11k level but wasn't able to establish a strong stance as it has been rejected near the 50 MA area. Currently price is trading above 10,700 and nearest potential support can be seen at around 10,600. In addition, if price breaks below this level, it could trigger a potential test of key support (for this range) around 10,100 - 9,800. Otherwise, this scenario is invalidated if price is able to reclaim above 50 MA area.

Global market cap is at $342B, while BTC's market cap is at $199B.

Philippines Central Bank Becomes the Latest to Consider Issuing a CBDC
The Philippine central bank has confirmed in a virtual briefing that it has formed a committee to look into issuing a digital currency

Benjamin Diokno, the governor of the Bangko Sentral ng Pilipinas (BSP), the Philipine central bank, told Bloomberg that the technology behind digital tokens could improve delivery of financial services, as well as expand reach and lessen costs of these services. It could also help the central bank eventually reduce the use of fiat money, according to Diokno. The Philippines continues to study the possibility of a cetral bank digital currency, including a "comprehensive discussion" on issues such as price stability and legal hurdles, and the effects on the existing domestic digital-token market and the broader financial system.

Ethereum’s Gas Spike Forces Coinbase Pro to Pass Network Fees to Customers | Bitcoin News
The popular cryptocurrency exchange, Coinbase Pro, announced that the trading platform would be passing network fees onto customers.

Coinbase Pro is now passing the gas fees to users due to spike in fees. Yesterday, Uniswap announced its plan to airdrop its governance token 'UNI' to past users. According to a tweet of crypto analytics firm Glassnode, the announcement of UniswapProtocol's $UNI token was followed by a massive surge in Ethereum miner fees hitting almost $1M USD in fees in an hour. The excessive increase in fees are affecting ordinary users and major exchanges. Today, U.S crypto exchange Coinbase Pro has announced that it will no longer cover network fees. The exchange explained that networks have gotten busier due to broader adoption in applications like DeFi, payments and other projects.

World’s largest sovereign wealth fund indirectly holds almost 600 Bitcoin
Mainstream finance giants may hold more Bitcoin than you think

The Norwegian Government Pension Fund, considered as the world's largest sovereign wealth fund, reportedly owns almost 600 Bitcoins (BTC) through its investment holdings. According to Arcane Research's report on Sept. 19, the fund has 577.6 BTC through its investment in MicroStrategy. The company's holdings in BTC is now around $6.3 million which translates to indirectly owning BTC through its 1.51% stake in MicroStrategy. Meanwhile, BlackRock Fund Advisors and the Vanguard group have the highest stake in MicroStrategy, with 15.24% (5829.30 BTC) and 11.72% (4482.90 BTC), respectively.

MicroStrategy has been going around the headlines for days as it previously announced its plan to invest in Bitcoin. The company initially bought 21,454 BTC ($250 million) in August, followed by another tranche with 16,796 BTC ($175 million) in September.

This Daily Dose is brought to you by SCI News Channel.

Share this post