Bitcoin was able to close the  weekly candle (Oct 21) with a pump from a low of $7,300 to a high of  $10,370. The 3rd largest single day move in Bitcoin's history, fueled by the Chinese President announcing support for Blockchain initiatives.  The last time it moved this way, Bitcoin was worth less than $10. The  move was not obvious in the daily chart but higher timeframe (weekly  chart), showed a possible significant support around the $7,300 area.  Currently, price is looking for support as sellers immediately took  opportunity of the intraday rally to take profits. If price is able to  hold above $8,800 - $9,000, BTC can possibly push for another rally  towards key resistance level around $11,000 in the daily chart.  Otherwise, a fall back within the current range is likely. Intraday  rallies can give high reward opportunities but it can also be  detrimental if defined stops aren't put in place.    

Global market cap is at $250B, while BTC's market cap is at $170B.

China's Xi urges acceleration of development of blockchain technology— Reuters (@Reuters) October 25, 2019

* China seized opportunities in blockchain technology as  more than 500 blockchain projects have been registered with the Chinese  government since March. Projects include banking giants, tech  companies, government projects and others. Congress also passed a  cryptography law a day after Chinese president Xi Jinping's call for  more research on blockchain techonology, which in turn seemed to trigger  a massive positive response from the country in the crypto market.  Literally all companies with blockchain on their stock market hit their  intra-day maximum gain.

* An unknown Bitcoin Cash (BCH) miner was apparently in control of more than 50% of its hash rate for 24 hours. The miner, or potentially miners, mined over 70 blocks from Oct. 24 to  Oct. 25. By controlling 50% of the total hash rate, the miner wasn't far  off from controlling the entire network, which is a security risk and could have been one of the biggest consensus attacks the network has  seen.

Crypto  Capital principal Oz Yosef was indicted on three criminal counts by the U.S. Attorney’s Office, confirming statements made by Bitfinex's  general counsel Friday.

Report via @wsfoxley @bitfinex @bitcoinlawyer— CoinDesk (@coindesk) October 27, 2019

* After the president  of Panama-based payments processor Crypto Capital, Ivan Manual Molina  Lee, was arrested last week after being suspected of money laundering  and being involved in an international drug cartel, another one of their executives has been indicted. Oz Yosef was indicted by the US Attorney for the Southern District of  New York on conspiracy to commit bank fraud, bank fraud, and conspiracy  to operate an unlicensed money transmitting business. Bitfinex recently  alleged Crypto Capital of defrauding the exchange of over $850 million.

Today's daily dose is once again brought to you by our partner SCI News Channel.

Share this post