Bitcoin (BTC) continues to move higher as it reached yearly highs. Currently, price is trading near 13,000 which is a key resistance level. While the current scenario is evidently in favor of the bulls, it is fitting to look at possible scenarios of where BTC could go in the next days or weeks. The daily structure remains strong and price could potentially create consolidation around immediate levels: 12,500 - 13,200. Meanwhile, in the 4H, intraday structure also shows possible consolidation above the 10 EMA trail with 13,200 as resistance and 12,600 as immediate support. Failure to sustain the 10 EMA trail/12,500 area could bring price back to 12,000 - 11,900.
Global market cap is at $389B, while BTC's market cap is at $238B.
PayPal announced on Wednesday that they will be entering the cryptocurrency market by offering crypto payments starting in 2021. PayPal customers will be able to use cryptocurrencies to shop at any merchant in its large network, with payments being settled through fiat currencies. This means that the merchants will be receiving fiat, as PayPal will be taking care of the conversion. The coins initially supported will include Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash BCH), and Litecoin (LTC). The company partnered with Paxos to deliver the service, and obtained a conditional cryptocurrency license from the New York State Department of Financial Services.
In addition to crypto payments, PayPal users will also be able to purchase crypto directly through the app, as PayPal will feature a cryptocurrency wallet, letting users buy, sell, and hold crypto.
Russia's public officials will be mandated to declare all private crypto assets holdings starting January 1, 2021. As announced by Russian prosecutor general Igor Krasnov, "civil servants will be required to declare virtual currencies on an equal basis with other assets." This reverses the ruling made in 2018 when the labor ministry announced that public officials would not need to declare virtual assets due to the unregulated status of crypto.
Russia has seen new laws signed by President Vladimir Putin that will classify crypto assets as akin to physical commodities in 2021 - and while these laws do not recognize crypto as legal tender, they will legitimize crypto-related activities in Russia.
The U.S. Securities and Exchange Commission (SEC) and Kik's lawsuit has ended, the US SEC announced on Wednesday, Oct. 21. According to a Cointelegraph report, the court has ruled that Kik failed to treat its sale of KIN tokens as a securities offering. The SEC's view was confirmed by a district judge last September, but the final judgment was seen by the court only on Oct. 21. As a consequence, Kik will need to pay the SEC $5 million in penalties and will be required to provide notice to the SEC before engaging in future capital issuances. This pose a question whether the company will survive as it is already having financial difficulties before its initial coin offering (ICO).
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