Bitcoin bounced today after its selloff yesterday. In the daily, range is intact with resistance around $10,500 and support around $9,500. The intraday chart (4H) is anticipating a bounce as well; should it materialize, immediate resistance sits around $10,000 (around 50 MA). Otherwise, 10 EMA gets rejected and the recent swing high in the 4H is going to form a lower high. The much anticipated weekly candle close for Bitcoin, the 50/100 MA golden cross, is all but confirmed & we're closing on a bounce above fibonacci support from the December bottom in 2018 to the 2019 top. The last golden cross on the weekly led to 75% gains in the following week.
Global market cap is at $287B, while BTC's market cap is at $178B.
Chinese cryptocurrency exchange FCoin has closed down, as announced by founder Zhang Jian. Zhang also revealed that it may not be able to pay the 7,000-13,000 BTC (around $67 million - $125 million) that it owes its users, while also claiming that the exchange hasn't been hacked, nor is the move an exit scam. The closure is apparently due to a series of internal data errors and decisions that are "too complicated to be explained in a single sentence."
Zhang claims that he will handle users' request for withdrawals personally, and will compensate FCoin user losses with profits from his other projects - but did not mention what specific projects he has been working on, if any.
Crypto exchanges based in Brazil face huge fines or being shut down https://t.co/vjSFmEG2NB— Cointelegraph (@Cointelegraph) February 17, 2020
Brazil's crypto tax regulations have been more stringent as small exchanges were urged to shut down due to threats of heavy fines and immediate effects of regulations. Acesso Bitcoin is one of the exchanges that was hit and forced to shut down due to the tax rules. The current crypto regulation applied in Brazil is the Normative Instruction No. 1888 issued by the Department of Federal Revenue which requires all companies to report all crypto transactions or face fines, ranging from 500 BRD to 1500 BRD (120 to 360 USD).
India's Chief Election Commissioner Sunil Arora said that India will soon implement a blockchain-based voting system with the hope of increasing voter turnout. Arora said that in 2019, 300 million eligible voters did not vote because they were either not politically engaged or were too far from their registered voting district, something that they hope to tackle before 2021 with their proposed voting system. Blockchain technology will be used to allow citizens to vote outside their city of registration while preventing them from casting multiple votes.
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