Bitcoin (BTC) is currently stuck within its range with no significant move to retest key resistance levels yet. Currently, BTC's price is trading around the immediate support level around 10,500. A break below this level could invalidate the 50 MA retest scenario and could push price to test key support levels around 10,100 - 9,800. Otherwise, a sustained break above the 50 MA (10,900 - 11,000) key resistance validates a momentum move with potential target at around 11,500 - 12,000. Bitcoin is currently 70 days consecutive above $10,000, the longest streak ever.
Global market cap is at $334B, while BTC's market cap is at $196B.
SBI Holdings, Japan's largest online financial conglomerate, has acquired crypto exchange TaoTao, making it the second licensed crypto trading platform it now owns. TaoTao is now a wholly-owned subsidiary of SBI's foreign exchange and derivatives arm SBI Liquidity Market. The exchange was formerly 40% owned by Yahoo! Japan's YJFX, and was actually in talks with Binance before being acquired by SBI.
With the acquisition, SBI now has two licensed crypto exchanges as the company is already offering crypto trading services through its crypto-focused venture capital arm, SBI VC Trade.
Ripple is considering to relocate to Europe or Asia due to lack of regulatory clarity in the United States. Ripple co-founder Chris Larsen said that the firm is considering several countries for relocation like the U.K., Switzerland, Singapore, or Japan due to the stance of regulatory bodies like the SEC toward crypto and blockchain industry. Brad Garlinghouse CEO of Ripple also explained further in a tweet, saying “Responsible players like Ripple aren’t looking to avoid rules, we just want to operate in a jurisdiction where the rules are clear”
The firm is currently facing class-action lawsuits regarding an alleged XRP token sale in an unregistered securities offering and continuously called to court partly over an apparent lack of regulatory clarity from the government agency.
ETH hash rate is currently at an all time high for the first time since August 2018. According to data from on-chain analytics provider Glassnode, the hash rate of ETH has reached an all time high of more than 250 TH/s on Oct. 6, an increase of 80% since January. The surge in the hype
with the DeFi projects this year which brought higher gas fees may be one of the factors that caused the hash rate to hit new highs, Glassnode said. Moreover, data from F2Pool shows that ETH is currently more profitable to mine than Bitcoin as six of the mining rigs monitored by F2Pool have shown that ETH miners getting a daily profit of more than $10, while only two Bitcoin mining rigs recorded a profit of more than $4.
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