Bitcoin (BTC) experienced a drop to the 10 EMA during the weekend as price fell from a high of around 15,900+ and back to immediate support (10 EMA trail) at around 14,300. Currently, price seems to be heading for a V-shape recovery in the daily with price now trading above 15,400. Resistance was established around 15,900 - 16,000 and a break above this area could open doors for a rally to next potential targets between 17,000 - 18,000. Otherwise, a fall below 14,300 could push price down to 13,000.
Global market cap is at $445B, while BTC's market cap is at $286B.
Cred, a US-based cryptocurrency lending service, has filed for Chapter 11 bankruptcy protection on Nov. 7. According to an official statement, the company reasoned that the filing for Chapter 11 is due to "an attempt to maximize the value of its platform for its creditors." Prior to the bankruptcy filing, the company announced on Oct. 28 that inflows and outflows of funds will be suspended for two weeks. Cred explained on Twitter that the suspension of fund transactions was not due to any criminal investigation, but due to a "fraudulent incident" and they are working with authorities to investigate the matter. This led to the termination of its partnership with Uphold.
Customers are looking for answers on how they'll be able to get their funds back due to the bankruptcy filing as one Twitter user said, "We just want to know that our funds are safe." Cred has estimated assets between $50 - $100 million and its liabilities are estimated to be between $100 - $500 million.
There has been a nearly 80% increase in the number of crypto ATMs around the world since 2019 - from an estimated 6,372 machines at the end of last year, to around 11,665 ATMs now according to CoinATMRadar. They also report that the number of crypto ATMs is constantly increasing by an average of 23 machines per day, nearly one new one per hour. The United States currently records the most number of machines in a country with 9,242 ATMs, with Canada coming second with 880 ATMs. Rounding out the top five are the United Kingdom with 268 machines, Hong Kong with 62 ATMs, and finally Colombia, with 59 machines.
Cryptocurrency exchange BLOX has become the first consumer-focused crypto company to be registered in the Netherlands, with the news coming after the country implemented the European Union's 5th Anti-Money Laundering Directive, or AMLD5. BLOX will be included in the registry of De Nederlandsche Bank NV, the Dutch Central Bank, and will allow customers to buy, sell, trade, and hold cryptocurrencies.
Netherlands-based crypto services provider AMDAX BV was the inaugural company of its kind in the Netherlands back in October, but only caters to larger investors - as AMDAX only supports businesses and private investors with a portfolio starting with investments of 2..5 Bitcoin. BLOX on the other hand will allow consumers "to invest in their favorite digital currency for as little as €1" according to the company's blog post.
This Daily Dose was brought to you by SCI News Channel.