Bitcoin (BTC) managed to close yesterday's candle on a hammer from a low of around 17,600 to a high of around 18,500. This was a good close; however, selling pressure is still present as price may consolidate within this range and continue to move down to test key support levels around 17,000 - 16,500 (key areas around 50 MA) if it fails to reclaim 18,500 - 19,000 level. Otherwise, a sustained break above 18,800 - 19,000 could be a potential invalidation of the drop. Price is currently hovering 18,200.
Global market cap is at $548B, while BTC's market cap is at $338B.
Germany's Bankhaus von der Heydt (BVDH), has launched a Euro stablecoin on the Stellar network. The EURB stablecoin is claimed to be the first of its kind to be issued by a banking institute, and is fully regulated and backed one for one by the Euro. The asset will not be openly traded on exchanges due to tight regulatory and know-your-customer (KYC) requirements. A customer that wants to acquire EURB must first have a fiat currency transfer held in an escrow account at the BCDH, which then triggers the issuance of the stablecoin.
The stablecoin was developed on the Stellar blockchain in partnership with tokenization and digital asset custody technology provider Bitbond. German regulator Federal Financial Supervisory Authority has already provided their approval for Bitbond to issue tokenized bonds on Stellar.
Paxos, a stablecoin creator and crypto services provider, has filed an application to open a national bank. If approved, the Paxos General Trust will be headquartered in New York, licensed to hold crypto and execute duties of a regular trust bank. It would also mark the first time that a steward of digital assets was regulated at both the state and federal levels within the US. Their mission, if they are to be granted a national trust bank charter from the US government is "to modernize financial market infrastructure and enable the movement of any asset, any time, in a trustworthy way. A national Trust Bank charter would help up realize our goal by enabling us to serve customers across the country in the most efficient way."
Paxos operates the ItBit exchange, offers crypto brokerage services, maintains the stablecoins PAX, BUSD, and PAXG, and provides services for PayPal.
Venezuela is looking to increase Bitcoin (BTC) payments for imports from Turkey and Iran. According to an investigative report form news outlet RunRun.es, the increase in the use of Bitcoin (BTC) for imports is intended to bypass financial sanctions by the U.S. In addition, an anonymous source from the country's central bank told RunRun.es that "payments to companies from allied countries such as Iran and Turkey have been made using Bitcoin.” Venezuela is not the only country that is using Bitcoin payments for imports as Iran also created a law to use Bitcoin payments for imports in an effort to reduce pressure on the country's weak economy.
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