Bitcoin (BTC) seems to be crawling its way back to resistance levels as weekend sessions brought price back to 19,000 level. This puts the recent drop as a "Buy on Dip" opportunity. Currently, price is trading around 19,100. Should price be able to break and sustain 19,500 - 19,800, a new leg could surface and bring BTC above 20k as we enter 2021. Otherwise, a failure to sustain above resistance levels could bring price back to support levels around 17,000.
Global market cap is at $560B, while BTC's market cap is at $355B.
Russian president Vladimir Putin has signed a decree obliging Russian officials to disclose their crypto investments by June 30, 2021. The decree stipulates new measures related to Russia's federal crypto law "On Digital and Financial Assets," or DFA. The law will require officials to disclose data like the name of the digital asset, the date of acquisition, the total amount of held assets, as well as information about the issuer of an asset like the country of registration. Declarations must also include info about the cryptocurrency and tokens belonging to officials as well as their spouses and minor children. The disclosure process starts on Jan. 1, 2021.
MicroStrategy, a leading business intelligence firm, announced on Dec. 11 that it has completed the raise of $650 million worth of convertible bonds to purchase Bitcoin (BTC). According to the company, the convertible senior notes will offer a rate of 0.75% due in 2025 which would be paid semi-annually starting June 15 and December 15 2021. This initiative emphasizes the company's stance on Bitcoin (BTC) as a generational investment opportunity. The company currently has a total holdings of 40,824 BTC worth around $734 million.
The Swedish government is launching a formal review of a potential transition to a central bank digital currency (CBDC), the e-krona. The review will explore the feasibility of moving the country's payments infrastructure to a digital currency, as Sweden is already one of the most cashless economies in the world. The country's financial markets minister, Per Bolund, said that the government expects to complete the review by the end of November 2022.
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