Bitcoin remains inside range as it stays near the 50 MA in the daily. Immediate support remains at around 6,600 - 6,500 while key support sits around 6,000 - 5,800 and resistance is around 7,400. If price is able to break above 50 MA in the daily which is around 7,000, it could be a possible relief and could push price higher if it is sustained. Otherwise, breakout could fail and fall back to support levels below.
Global market cap is at $194B, while BTC's market cap is at $124B.
The Chinese government have put together a technical committee of 15 organizations to devise national standards for blockchain and distributed ledger technology (DLT). The organizations include the likes of the People's Bank of China (PBOC) Digital Currency Research Institute, the Ministry of Industry and Information Technology (MIIT), Tencent, Baidu, and Zhejiang University, with 71 individuals currently listed in the committee. Chair of the committee will be MIIT vice-minister Chen Zhaoxiong, while PBOC Digital Currency Research Institute's vice head Di Gang will be one of the five vice chairs.
Blackmoon Crypto, the exchange that eyed to be the first to offer Telegram's blockchain tokens for sale is closing down. According to Blackmoon CEO Oleg Seydak, high regulatory compliance costs were the reason for the exchange's shut down. Seydak explained that running a crypto exchange with modern regulation including the Fifth Anti-Money Laundering Directive and licensing requirements is unfavorable and not competitive to unregulated alternatives in the market at the moment.
The exchange sent an email to its users regarding the closure and all withdrawal limits and fees have been lifted. Holder of its own BMC tokens, will be able to convert the coins into USDC stablecoins.
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