Bitcoin (BTC) took a pause and continues to consolidate at the highs after its massive run last week with price currently trading above 13,000. In the daily, structure remains intact with no signs of strong rejection yet, and the 10 EMA is also looking to catch up with price. Key resistance now sits around 13,300 - 14,000, while immediate support is around 12,600 - 12,500. Failure to hold above 12,000 could set potential invalidation of the current structure.
Global market cap is at $396B, while BTC's market cap is at $242B.
Al Khaleej Sugar, the world's largest sugar refinery, officially announced the implementation of blockchain technology in its sugar trading platform, DigitalSugar.io. Users of the UAE-based platform will trade the spot price of sugar via tokens tied to "up to 100,000 tonnes of raw sugar," with its peg assued by the Universa blockchain. Traders will be able to hold tokens representing between 1kg to 1 million tonnes, and will pay 0.4% in exchange fees as well as a 2.5% yearly storage fee.
The platform was launched in partnership with the Free Zone and Government of Dubai Authority on commodities trade (DMCC) and Universa Blockchain, and will be the first global exchange to offer traders raw spot sugar trades on an immediate basis rather than options or futures.
The People's Bank of China (PBOC), China's central bank, has published a draft law that aims to provide regulatory framework and legitimacy for a central bank digital currency (CBDC), the digital yuan. The draft law states that the yuan is official currency of the country whether in physical or digital form, and takes aim at third-party efforts at yuan-backed digital currencies - making it illegal to 'replace' the digital yuan. Sanctions against violators include confiscating all profits, destroying all tokens, and imposing a fine of not less than five times the illegal amount created, and may include the possibility of criminal prosecution and imprisonment.
The PBOC clarified that the draft law is on the table for public consultation until November 23, 2020.
Harvest Finance, a major decentralized finance protocol, has been compromised earlier today. The attacker was reportedly able to exploit around $24 million from Harvest Finance pools, swapped it for renBTC (rBTC), and sent back the $2.5 million in the form of Tether (USDT) and USD coin (USDC). Shortly after, the protocol confirmed the hack saying that they are working on the issue of mitigating the issue on the Stablecoin and BTC pools. The returned $2.5 million will be disrtibuted to affected depositors pro-rata using a snapshot. Additionally, Bitcoin addresses where the funds were transferred were identified with the help of Ren Protocol and major exchanges including Binance and Coinbase were asked to freeze the alleged stolen funds. Harvest Finance has put a $100,000 bounty for the first person to reach out to the attacker.
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