BTC maintains its tight sideways structure as price remains relatively flat. In the daily, price made no significant move yet and is just bouncing between immediate levels. Price is currently hovering support level at around 10,500. It remains to be seen if bulls can pull off a bounce to retest 50 MA. Otherwise, a potential invalidation can be seen if price fails to hold 10,500 - 10,300. Key resistance sits around 10,900 - 11,000, while key support is around 10,100 - 9,800.
Global market cap is at $333B, while BTC's market cap is at $195B.
At least 75 crypto exchanges have closed down in 2020 either due to hacks, scams, or have simply disappeared for unknown reasons. According to the Crypto Wisser Exchange Graveyard, five exchanges were labelled as scams, and four were flagged as being hacked. 31 exchanges shut down voluntarily, while 34 were labeled as "MIA" for disappearing with no explanation. Two exchanges, Dutch exchange NLexch, and Chilean exchange Chilebit were the only two to be flagged as being shut down by their respective governments.
The South Korean central bank is making significant progress with its CBDC pilot program. According to a report by The Korea Times, Bank of Korea (BoK) will begin the distribution phase in a virtual environment of its central bank digital currency pilot scheme next year. However, there would be no third party involved during this phase, according to a BoK official. As of now, the second phase is in progress which is focused on analysis of the business and related processes. This is scheduled to run until the end of 2020, leading to the final build and distribution phase.
OKCoin, one of the oldest crypto exchanges has opened its office in Singapore. According to an announcement on Oct. 8, the exchange received its exemption from the Monetary Authority of Singapore and is now opening its doors to crypto traders in Singapore. OKCoin supports the Sinagpore Dollar, allowing users to trade SGD pairings for Bitcoin (BTC) and Ethereum (ETH). In addition, the Singapore Exchange is looking to put up indices for BTC and ETH through U.K. based crypto firm CryptoCompare. The feed can be used by exchanges to monitor price of crypto assets in real time.
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