On October 31st, Bitcoin (BTC) moved past $14,000 just on the day it turns 12. As per the chart on TradingView, Bitcoin hit a high of $14,089 before retracing back again. Bitcoin closed the month of October on a good note as price was able to breach the key resistance around 14,000 - closing strong at the yearly highs. As we enter a new month, it remains to be seen whether BTC can pull up a new leg toward major resistance levels above 14,000 - 15,000 as price is currently resting around the key resistance in the monthly charts near the 14k level. If price is able to take the 14,000 level easily, it could head for a much bigger rally to 15,000 - 17,000. Otherwise, we may see a potential invalidation if price fails to hold above 12,000.
Global market cap is at $395B, while BTC's market cap is at $250B.
Turner Wright
A crypto user in Canada gave away almost $400 in Bitcoin (BTC) for Halloween. According to a tweet from Brad Mills on Oct. 31, he filled a Halloween candy box with candies and a little surprise of $200 in Bitcoin (BTC) gift cards - around 0.007 BTC. He posted the video putting in the cards and documented the reactions of the trick or treaters in his neighborhood. One boy in a white costume was the first to check on the box and after discovering the cards he shared to his friends saying, "I just got a $100 Bitcoin gift card." Other trick or treaters were also surprised to find out that they got BTC gift cards, "I got Bitcoin! I got Bitcoin!" said one child in a group while others didn't have an idea of what a Bitcoin is.
The tweet got positive reactions from the crypto community as some Twitter users were saying that the act was a good lesson in scarcity.
Reuters Staff
China's Central Bank Digital Currency (CBDC) is gaining progress. According to the governor of People's Bank of China, Yi Gang, the digital yuan tests was able to process around 4 million transactions worth more than 2 billion yuan or $299 million. Additionally, Yi shared that the pilots have been smooth and an extension in testing has been rolled out in four cities.
The digital yuan launched its first pilots in April 2020 and initially included Shenzhen, Chengdu, Suzhou, and Xiongan. Moreover, big tech companies are also preparing for the apparent launch of the digital yuan as Huawei recently announced that its new Mate40 smartphone will have a wallet feature for the currency which would be available for users even for offline use.
Sebastian Sinclair
Australia is looking to ramp up its research on CBDC as partnerships were formed for the project. According to an announcement from the Reserve Bank of Australia, or RBA, partnerships have been made with the Commonwealth Bank, National Australia Bank, the financial services company Perpetual, and software company ConsenSys in exploring the potential use of a wholesale CBDC in the country through Ethereum based distributed technology. The RBA said that the research would include several points such as
proof-of-concept for a tokenized CBDC, use of the currency for tokenized syndicated loans on a DLT platform, and implications of delivery-versus-payment security settlements with cross-chain atomic swaps.
The RBA's aim for the project is for efficiency, risk management, and innovation in wholesale financial market transactions, according to RBA Assistant Governor Michelle Bullock.
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