After trading sideways for a few days, Bitcoin (BTC) broke below its immediate support and is currently experiencing downward pressure after it failed to reclaim the 18,500 - 19,000 level. Price is now trading around 18,200. Should price continue to move down, next key areas to look for is around 17,000 - 16,500 (potential 50 MA bounce). It's also worth noting that there's a good probability for a CME gap fill and could be one of the factors to consider with this drop.
Global market cap is at $544B, while BTC's market cap is at $337B.
Payments giant Square announced that it will be dedicating $10 million to its Bitcoin Clean Energy Investment Initiative as part of its major push to go carbon neutral by 2030. The initiative aims to "support companies that help drive adoption and efficiency of renewables within the Bitcoin ecosystem." The firm is behind CashApp, and continues to identify BTC as a "unique part of Square's footprint."
Jack Dorsey, CEO of both Square and Twitter, said that "We believe that cryptocurrency will eventually be powered completely by clean power, eliminating its carbon footprint and driving adoption of renewables globally."
Kraken, US-based cryptocurrency exchange, just reached a milestone for its newly launched Ethereum 2.0 (ETH 2.0) staking service as customers have deposited more than 100,000 ETH worth around $60 million for staking as of Dec. 8. According to the exchange, the service represents approx. 8% of all ETH staked for ETH 2.0 so far and will provide an APY between 5% - 17%. Other exchanges such as Binance, Huobi, and Bitcoin Suisse have launched their own staking services in the past week. OKEx is looking to launch its staking service by the end of the month, while Coinbase is set to join by early 2021.
Banking giant Wells Fargo has released a report that identified Bitcoin as the best performing asset of 2020, and labeled it a speculative asset, comparing investing in cryptocurrency as "like living in the early days of the 1850's gold rush, which involved more speculating than investing." The San Francisco-based bank noted that crypto assets may be worth investing in "one day," and that the bank would be "discussing the digital asset space more" by next year. Wells Fargo called investing in BTC a "volatile journey," after pointing out that BTC has outperformed both gold and the S&P 500 Index this year, and admitting that cryptocurrencies are likely to stick around, saying "Fads don't typically last 12 years."
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