Bitcoin (BTC) is poised to retest its all time high resistance at 20k as the market is seeing increasing bullish sentiment. Looking at the technicals, price is currently trading near 18,700 and the trend remains intact in the 1D with immediate support around 17,600 and resistance around 18,900. Next potential target is around 19,000 - 20,000. However, pullbacks can occur at current levels as BTC is approaching a potential selling area. Nonetheless, there is a high probability of BTC reaching 20k in the coming days or weeks.
Global market cap is at $547B, while BTC's market cap is at $345B.
Crypto analytics firm CipherTrace has filed two patents for technology capable of tracing transactions for privacy coin Monero (XMR). The firm stated that the patents include forensic tools to explore XMR transaction flows to assist in financial investigations, statistical and probabilistic methods for scoring transactions and clustering likely wallet owners, as well as visualization tools and ways to track stolen or illegally used XMR.
Such a tool could potentially support investigations of crimes and reduce incidents of money laundering, and is something that the firm has been developing as part of a project with the US Department of Homeland Security. Even the US Internal Revenue Service announced its interest, offering a bounty of up to $625,000 to anyone who can 'break' Monero.
On Nov. 20, investment management firm Van Eck released new research saying that Bitcoin's (BTC) price movement is now less volatile than some of the stocks listed in the S&P500. BTC has been considered as a "nascent and volatile asset" compared to traditional assets, but reality shows that its volatility can now be compared to some of the largest companies in the world. 29% of S&P500's stocks had a more volatile price movement YTD than BTC, while 22% showed the same fluctuations on a 90-day basis, according to Van Eck.
Majority of Van Eck's assets under management (around $50 billion) has been known to be related to gold funds. However, the firm is also one of the big firms exploring Bitcoin as it currently offers Bitcoin exchange-traded products (ETP) to institutional investors, and has previously applied for a Bitcoin ETF to the SEC. The recent research is reportedly aimed to ease the fears of SEC regarding Bitcoin.
The US Office of the Comptroller of the Currency (OCC) is looking for public comments on rule-making that would stop banks from blacklisting or denying service to legal business based on sector, the crypto industry included. Comptroller Brian Brooks was quoted saying "blanket boycotts of entire industry sectors have to stop," and that these bans "are not politically partisan, but there are all kinds of attempts that we've seen to politically weaponize the banking system."
"There is no place within the United States where crypto is illegal, but there are different licensing requirements for companies involved with businesses so obviously if a bank was banking one of those businesses, one of the things that bank would look at as part of its diligence is whether that exchange or other business had the relevant approvals in that state," Brooks said - meaning that banks should not be able to disqualify potential crypto clients on the basis of their industry.
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