Bitcoin (BTC) remains sideways as price continue to tread between its immediate range with 15,800 - 15,900 as resistance and 14,800 - 14,300 as immediate support. A break of the 15,900 - 16,00 level could open doors for a fresh rally toward 17,000 - 18,000. Otherwise, a break below the 10 EMA trail (14,800 - 14,300) could push price lower to 13,000 area.
Global market cap is at $447B, while BTC's market cap is at $286B.
After the Bitcoin network's hash power soared this week, the network mempool also shrank to its smallest size since mid-October, clearing thousands of stuck transactions and leaving very few unconfirmed transactions still outstanding. The spike in hash power has been attributed to the re-activation of China-based miners, as hash rate saw an increase of 42% over a two day period, Nov. 9 and 10.
The shrinking of the mempool also means that Bitcoin transaction fees have been reduced significantly, going from the peak average of around $13.16 on October 30, to less than $1 today.
Lebanon's central bank, Banque Du Liban, plans to launch a new digital currency in 2021 as part of an effort to combat a economic and financial crisis that has engulfed the country. Central bank governor Riad Salameh told officials on Monday that "We must prepare a Lebanese digital currency project." The project in 2021 will help implement a cashless financial system as a way to boost the flow of money locally and abroad. The Lebanese lira has been in freefall and has made it almost impossible to transact in the local currency.
CoinDCX, one of the largest cryptocurrency exchanges in India, is preparing to launch its ETH 2.0 staking in anticipation of the launch of Ethereum 2.0. According to the announcement, ETH 2.0 will require users to hold at least 32 ETH to be able to participate in the staking. In addition, co-founder of CoinDCX Neeraj Khandewal stated that the new staking option will come in two phases. The first phase will allows users to stake ETH to the platform starting next week, while phase two is planned to go live a few weeks after the ETH 2.0 goes live.
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