Global markets experienced sudden volatility in price movement last night due to breaking news of Pfizer's success in its vaccine trial. Bitcoin (BTC) remained composed and held its levels despite the drop from around 15,800 to 14,800+. Currently, price is back above 15,000 and is trading around 15,300+. The 10 EMA trail in the 1D remains intact with 14,800 - 14,300 as immediate support and resistance around 15,800 - 15,900. Meanwhile, 4H chart shows a sideways structure. A sustained break above 16,000 could be a confirmation for a another run up, while a break below 14,300 could push price down to 13,000.
Global market cap is at $445B, while BTC's market cap is at $285B.
Former Microsoft employee, Volodymyr Kvashuk, 26-year old Ukranian descent, has been sentenced to 9 years in jail for stealing more than $10 million worth of digital assets in the form of "CSV" - Currency Stored Value and gift cards from Microsoft. According to a Cointelegraph report, Kvashuk used the accounts and identities of his colleagues to steal and sell the CSVs which made it appear that his fellow employees were the ones responsible for the illegal act. In addition, Kvashuk obfuscated the trails of his transactions through a Bitcoin (BTC) mixing service and filed fake tax forms to the IRC saying that the Bitcoins he received was a
gift from a relative.
The Treasury Department of the United Kingdom is drafting proposals to regulate private stablecoins, while also researching central bank digital currencies (CBDC) as an alternative to cash. UK Treasury Chancellor Rishi Sunak noted the forthcoming regulatory proposals, saying that "new technologies such as stablecoins - privately issued currencies - could transform the way people store and exchange their money, making payments cheaper and faster."
The announcement asserts that draft guidelines will require stablecoin initiatives to abide by the same minimum standards as entities operating with other methods of payment, and that both England's central bank and treasury are researching a CBDC.
Trading volume on decentralized exchanges, or DEXs, increased by 1,132% from Q2 to Q3, reaching $42.6 billion according to an industry report from TokenInsight. The decentralized finance, or DeFi, boom saw July reach $5 billion in volume, which was up 33% on the entire Q2 figure. The average monthly increase for Q3 was 140%.
Eight decentralized exchanges topped $1 billion of trading volume in Q3, compared to zero in the previous quarter. However, even in the midst of gains in trading volumes on DEXs, they still only account for 1.24% of the total spot market transactions for this period.
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