Bitcoin (BTC) had its pullback today and seems to be testing the 19,000 mark as it's currently hovering near 19,100. This pullback could be due to traders trimming positions at the current level. In the daily, immediate levels can be seen at 19,400 as resistance while 18,000 - 17,600 as immediate support (10 EMA trail). Looking in the 4H, price is holding above the 10 EMA as well and it's currently trying to reclaim the 19,400 area. If price is able to have a good close above 19,400, there could be a potential momentum to 20,000 mark. Otherwise, a break below 18,600 could push price back to immediate support at 18,000 - 17,600.
Global market cap is at $574B, while BTC's market cap is at $354B.
Trading volume on major crypto exchange Binance hit new highs, with more than $37 billion in volume in the last 24 hours. According to CoinMarketCap, the daily trading volume of Binance went up 40.5% in the last day, hitting $37,291,444,117. In addition, Bitcoin futures open interest on Binance also hit an all-time high of $1.17 billion according to Glassnode. The increase in trading activity coincides with a 4% rise for BTC yesterday, a 25% increase for ETH over the past week, and a rally for XRP that saw it hit its yearly high of around $0.73.
Nigeria's Finance Ministry is reportedly in talks with the country's Securities and Exchange Commission (SEC) to develop a new framework for blockchain and cryptocurrencies. The goal is to "provide a regulatory environment for blockchain" and digital assets. According to SEC Nigeria, "the general objective of regulation is not to hinder technology or stifle innovation, but to create standards that encourage ethical practices that ultimately make for a fair and efficient market."
Nigeria is Africa's largest economy, and hopes to generate $10 billion in revenue from blockchain technology by 2030.
Bitcoin broke two records on Nov. 24 as it surpassed the $19,000 mark for the first time since December 2017 and breaking milestone in terms of market cap against American banking giant JPMorgan. According to data from MacroTrends, JPMorgan's market cap closed at $349 billion on Nov. 24. On the other hand, Bitcoin (BTC) recorded its market cap at $352 billion on Nov. 24. JPMorgan's CEO Jamie Dimon has been known to have a negative stance on Bitcoin. Despite this, in October 2020, JPMorgan reportedly told investors that "BTC's potential long-term upside is considerable."
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