Bitcoin (BTC) seems to have formed a small triangle in the daily as it continues to trade sideways with immediate levels at 18,500 - 18,000 as support (10 EMA trail) and 19,500 - 19,800 as resistance. Currently, price is trading around 19,200. The triangle in the daily is a tight consolidation and could be crucial. A sustained breakout above 19,500 - 19,800 could be a catalyst for a continuation of the bull run as more and more institutional investors are getting involved. Otherwise, price could retest support levels around 17,000 - 16,000 if it fails to hold 18,000.
Global market cap is at $569B, while BTC's market cap is at $357B.
3iQ, a Canadian digital asset investment manager, will be launching an Initial Public Offering (IPO) of its Ethereum exchange-traded trust called "The Ether Fund" on the Toronto Stock Exchange (TSX) under the ticker "QETH.U". According to a Cointelegraph report, the maximum offering is at $100 million, and the IPO will end on December 10, 2020. In addition, the company said in a press release on Dec. 3 that the listing has a patriotic backstory as the concept of Ethereum was developed in Canada back in 2013. The investment firm has around $400 million CAD under management and is focused on Bitcoin, Litecoin, and Ethereum.
Japanese firm Layer X, in partnership with a digital identity application called xID will be building a blockchain-based voting system in the Japanese city of Kaga. The electronic voting project is an effort to promote safe and secure elections, one "that balances the transparency of the voting process and the confidentiality of voting records."
The xID application will help verify a voter's identity and ensure only one ballot is issued per person. The system will allow voters to check their own voting results, and provide the cryptographic ability to independently verify that the recording and aggregation processes for a particular vote was performed correctly on the blockchain.
The People's Bank of China (PBoC) and the Hong Kong Monetary Authority (HKMA) are in the preliminary stages of piloting the digital yuan for cross-border payments, another key development in the rollout of a central bank digital currency (CBDC). HKMA chief executive Eddie Yue said that the "HKMA and the Digital Currency Institute of People's Bank of China are discussing the technical pilot testing of using e-CNY, the digital renminbi issued by the PBoC, for making cross-border payments, and are making the corresponding technical preparations."
In the long term, Yue said that the goal is to build an integrated cross-border payment platform for the whole region.
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