Bitcoin (BTC) continues to create consecutive highs as it reached a new record for the year at around 16,800. The current structure shows that the trend is not going to be over soon, and could be the onset of a potential bigger move as BTC inches closer to its major resistance near 20k. Currently, price is trading at above 16,600, and still trailing with the 10 EMA in the daily. The next potential target could be seen around 17,000 - 18,000 while immediate support is around 15,700 - 15,800. Moreover, a break below this level could push price back to 15,500 - 15,000.
Global market is at $474B, while BTC's market cap is at $308B.
Grayscale Investments now reached more than 500,000 BTC holdings in its Bitcoin Trust. According to the company it holds $8.35 billion worth of Bitcoin, which is now currently around 2.69% of Bitcoin's outstanding supply and market cap. In addition, Chainalysis stated that around 3.7 million BTC have known to be 'lost', and Grayscale's holdings may be 3.37% of BTC's remaining circulating supply.
Grayscale has been aggressive in accumulating Bitcoin during this year and had almost 50% increase in its BTC holdings in the past 6 months. The fund reported its largest weekly inflow last week, with 15,907 BTC or $215 million.
The central bank of Kyrgyzstan is working on a draft law to regulate the cryptocurrency industry in the country. The National Bank of the Kyrgyz Republic announced on November 13 that it was working on a law that would regulate crypto exchanges in consultation with industry stakeholders, and that it would regulate the sale and purchase of cryptocurrencies. The law aims to tackle fraudulent crypto schemes and financial crimes, and would safeguard consumer and investor rights.
The bank will accept proposals for the draft law until November 27, after which they will be published on the official register by December 4.
SkyBridge, an investment firm founded by former Goldman Sachs' vice president Anthony Scaramucci, is putting together a hedge fund that includes Bitcoin (BTC) investment. The firm is currently seeking approval from the US Securities and Exchange Commission (SEC) to invest in crypto.