New year off to a good start! Is it a sign of things to come? Bitcoin broke out of the range and price is currently sitting above resistance of the previous range at $7,800+. Moving average crossover has also materialized. In the daily, support levels remain at 6,800 - 6,400 while resistance now sits at 8,000. If price is able to pick up momentum, a continuation of the breakout is possible; another supporting idea is for the price to trail and hold above the smaller moving average (10 EMA) intraday. Otherwise, the rally is invalidated.
Global market cap is at $210B, while BTC is at $143B.
The Ethereum network completed its Muir Glacier hard fork, with its purpose being to delay the so-called Ethereum ice age or difficulty bomb for another 4,000,000 blocks. The Ethereum ice age protocol will increase the network's mining difficulty over time until it makes the mining of the chain practically impossible - a measure to prevent miners from continuing the old Ethereum chain after Ethereum 2.0 deploys. With the new hard fork in place lowering mining difficulty, average block time on the Ethereum blockchain decreased by around 24.5% and block rewards increased by over 31%.
The Presidential Committee on the Fourth Industrial Revolution (PCFIR) of South Korea is proposing for the South Korean government to bring crypto into mainstream finance. According to a news report by Business Korea, the committee said that crypto-asset trading is no longer possible to stop and the Korean government has to gradually allow institutional investors to deal in crypto assets and promote over-the-counter (OTC) desks dedicated to institutional investors.
The PCFIR also proposes that the nation's fintech sector should develop crypto custody solutions to avoid using foreign custodians. In regard to crypto exchanges, the government is encouraged by the committee to bring a licensing scheme and guidance.
A Burger King branch in Venezuela now accepts cryptocurrency as payment. Customers can now use Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Binance Coin (BNB), Dash (DASH), and Tether (USDT) to pay when buying at a Burger King branch in Sambil area of Caracas. According to Dash executives, the recent move is just a first of 40 locations expected to be added this year.
The initiative is a part of the new partnership between Cryptobuyer and Burger King Venezuela. Cryptobuyer is a Panama-based crypto merchant gateway startup that offers conversion of cryptocurrency funds for businesses in exchange for fiat currency.
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