Bitcoin (BTC) made another run up to 18,400 and got rejected at that level yet again, although it keeps trending positively. BTC has seen very bullish momentum recently, with five straight 'green' days, and more importantly, has been 'in the green' for seven straight weeks. Next major resistance is the all-time high of 20k, and support levels are at around 17,300 - 16,500. Before 18k is flipped into support, a major pullback can still be in the cards as traders could look to lock in their profits and create major selling pressure.
Global market cap is at $512B, while BTC's market cap is at $338B.
US-based asset manager, Digital Asset Management (DAiM) has launched the first employer-sponsored 401(k) retirement plans that support Bitcoin in the country. According to an announcement on Nov. 19, DAiM will be an advisor and fiduciary in helping companies create a 401(k) plan that will include varying exposure to traditional assets and up to 10% allocation to Bitcoin. In addition, the BTC will be held in a cold storage by Gemini Trust which would allow DAiM to transfer BTC to former employees who are no longer with
The crypto-friendly plan of DAiM is reportedly compliant with the Employee Retirement Income Security Act of 1974, and will be available in 2021.
Winning Poker Network (WPN), an online network that supports online poker websites across the world, is reportedly receiving high demand for Bitcoin payouts. According to a Bloomberg report, Phil Nagy CEO of Winning Poker Network has revealed that up to 95% of poker players are now requesting to be paid in Bitcoin (BTC). The company has already supported several cryptocurrencies since 2014 but the current surge in demand due to the recent price rally will require the company to increase their BTC purchases in order to meet the said demand.
WPN has a Guinness World Record in 2019 for the largest crypto jackpot for online poker winnings with $1,050,560, around 106 BTC during that time.
The US Securities and Exchange Commission (SEC) has published a "no-action letter" to digital avatar company IMVU, allowing the firm to sell its VCOIN digital tokens to users under certain strict conditions. The SEC will allow the firm to offer the token without registering it as a security, but will still subject IMVU to Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations in addition to having "specified limits" on VCOIN purchases, conversions, and transfers. IMVU can only sell the tokens at a fixed price, and buyers must agree to not speculate on price, and that proceeds cannot be used to build the VCOIN network. Several other strict rules and regulations have been placed on the movement and acquisition of these tokens, with IMVU planning to start selling them starting in January 2021.
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