Bitcoin closed red at $8,000 yesterday. Now it's back below again as of  this time. The current range in the daily chart seems to hold well.   Intraday price action in the 4H chart; price is back below the 50 MA and  looks like an MA crossover is imminent. Now it's just a matter of time  before either of the bulls or bears take control of the majority and  dictate direction. Support remains around $7,700+, while resistance is  around $8,700+ in the daily chart.  

Global market cap is $217B, while BTC's market cap is at $144B.

* Mark Zuckerberg, CEO of Facebook released his written testimony a day ahead of his scheduled appearance before the House of  Representatives Financial Services Committee. Among the issues pointed  out in the testimony are:

1) Current financial system is stagnant and failing.
2) No digital financial architecture to support innovation we need.

On  the other hand, Zuckerberg added that Libra has no intention of  competing with sovereign currencies or with monetary policy and the  Libra Association is willing to work with the Federal Reserve and other  central banks responsible for monetary policy.  According to Zuckerberg,  Libra can bring financial services to the world's 1.7 billion unbanked  and cautioned that if Libra isn't allowed to launch, China's new  central-bank will; as China is moving quickly to launch similar ideas in  the coming months.  

Zuckerberg also stated that "Facebook will  not be part of launching the Libra payments system anywhere in the world  until US regulators approve."

* A draft bill has been introduced in the U.S. Congress seeking to regulate and classify stablecoins as securities. under the Securities Act of 1933. Should the bill be passed into law,  the rule would give the US Securities and Exchange Commission (SEC)  jurisdictional authority over all stablecoins and their issuers. The  bill states that "The market value of such digital asset is determined,  in whole or in significant part, directly or indirectly, by reference to  the value of a pool or basket of assets, including digital assets,  held, designated, or managed by one or more persons."

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

Share this post