As this bearish scenario continues, BTC has formed a range in the daily chart with support around $6,500 and resistance around $7,300. In line with this bearish scenario, price is now below the 10 and 50 moving averages and there's also a possible lower high with reference to the 10 EMA as a trail for resistance in the daily chart. In the intraday chart (4H), price remained relatively flat today after the pump to $7,300+; if price breaks through the 50 MA (in the 4H), we might see a test towards the $8,000 level. Nonetheless, the party for bears isn't over yet as macro charts are still bearish. Global market cap is at $196B, while BTC's market cap is at $130B.
* A bill that will provide a legal basis for cryptocurrencies in South Korea has been passed by their National Assembly's national policy committee, and will await approval from their judiciary committee. The bill, which categorizes virtual currencies as digital assets, will require all crypto-related businesses to register with the Financial Services Commission's (FSC) Financial Intelligence Unit (FIU) and to report to them. Crypto businesses will need to obtain an Information Security Management System certificate from the Korea Internet and Security Agency as well.
The bill seeks to legitimize investments in digital assets, and will stress anti-money laundering practices as well as compliance with standards by the Financial Action Task Force. Should the bill be passed by the judiciary committee, it will come into force by 2020.
* BitBay, an Estonia-based crypto exchange announced on Monday (Nov. 25), that Monero (XMR) will no longer be tradable in their platform starting Feb. 19, 2020. According to the company, Monero (XMR) will be delisted due to its privacy features which uses ring signatures that pile up small transactions to blur individuals' identities. The decision was made to hinder the possibility of money laundering and adherence of the company to compliance standards.
The exchange will cease deposits of XMR on Friday, Nov. 29 and temporarily block withdrawals from Nov. 29 - Dec. 5. All users are advised by the exchange to withdraw their remaining XMR by May 20, 2020.
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