Bitcoin has dropped below $9,000 and price is now below the 50 MA in the daily. We can look at the 50 MA (1D) area as the next possible resistance since the drop from $9,000 and support is around $8,500 - $8,200. BTC is likely to hit support level around $8,200 if selloff continues. Otherwise, invalidation of the downside is still possible should price reclaim $9,200 level and flip momentum from that level.
Global market cap is at $251B, while BTC's market cap is at $161B.
The U.S. SEC rejected Whilshire Phoenix's bid for a bitcoin-based exchange-traded fund (ETF). According to the regulator, Wilshire Phoenix wasn't able to prove that bitcoin (BTC) market is sufficiently resistant to market manipulation. SEC Commissioner Hester Peirce also known as "crypto mom" in the crypto space, wrote that the SEC applies a "heightened standard" when it comes to bitcoin products which led her into conclusion that the commission is unwilling to approve the listing of any product that would provide access to the market for bitcoin.
China's research on a possible central bank digital currency (CBDC) has been delayed due to the ongoing coronavirus epidemic. A source familiar with the matter reportedly said that "The coronavirus outbreak has led to postponed work resumption in government institutions, including the People's Bank of China. Policymakers and research staff involved in the Digital Currency Electronic Payment project are no exception, which weighs on the development process."
The coronavirus has had considerable impact on the blockchain and cryptocurrency industries, with several conferences across Asia being delayed, and crypto mining companies delaying their shipments and services.
Saeed Muhammad, an Iranian general and the commander of the Islamic Revolutionary Guard Corps, called for Iran to use cryptocurrencies to evade economic sanctions enforced on the country by the United States. The general was quoted as saying "We are demanding the creation of a more sophisticated mechanism to bypass sanctions. To circumvent sanctions, we must develop solutions such as the exchange of products and the use of cryptocurrencies with our partnerships in other countries."
Following the withdrawal of the US from the Joint Comprehensive Plan of Action in 2018, Iran has seen the value of their currency drop significantly, and has been effectively isolated from foreign trade and investment. The intention to develop their own national cryptocurrency was announced by the Iranian president in 2018.
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