Bitcoin (BTC) continues its drop, now priced at 16,700 after closing yesterday at 17,100 as more traders seek to take profit from the massive run up since October. Support is currently at 16,000, but it remains to be seen if it holds should this correction continue. The correction isn't as massive as it seems, as weekly charts only show this to be a 10% drop from last week's close - and corrections are generally healthy in terms of market/price action. Levels to keep an eye on - 10 EMA and 10 MA at 17,700 and 18,100 respectively acting as immediate resistance, and supports at 16,000 and 14,600 (50 MA) acting as potential bounce areas.
Global market cap drops to $501B, while BTC's market cap is at $313B.
According to a report from Cointelegraph, the total number of "wholecoiner" address - Bitcoin (BTC) wallets holding 1 BTC or more, has accounted for 95% of the cryptocurrency's capitalization. This leaves 5% for wallets with less than 1 BTC. On Nov. 27, Glassnode CTO Rafael Shultze-Kraft showed a chart on twitter, revealing that more than 800,000 addresses currently hold at least 1 BTC. In addition, Bit Info Charts stated that "wholecoiner" addresses represent $301 billion worth of BTC, while less-than-wholecoin addresses is worth around $16 billion.
Cypherpunk Holdings (CSE:HODL), a privacy-focused Canadian investment company, has increased its stake in Bitcoin (BTC) and is now the 9th largest public holder of Bitcoin. According to a company disclosure on Nov. 26, 72.979 BTC has been added to its reserve since June 30,2020. The firm funded this by liquidating its holdings of Monero (XMR), Ethereum (ETH), and partial proceeds from a private placement of $505,000 CAD ($388,000 USD), closed on Aug. 27. The total reserves of Cypherpunks now stands at 276.479 BTC worth just under $4.8 million.
Facebook's long awaited digital currency Libra is reportedly launching in January 2021 as a United States dollar-backed stablecoin, according to news outlet the Financial Times. The Libra Associated also reportedly plans to eventually add more fiat currencies to the basket of assets that back Libra's value. The exact launch date is still unknown, as that depends on when the Libra Association receives regulatory approval by the Swiss Financial Market Supervisory Authority (FINMA) to operate as a payments service.
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