Bitcoin (BTC) experienced its first strong rejection last night after being dumped from around 13,800. This could be caused by some traders locking in their profits after such a huge run. Nonetheless, immediate levels are still intact with around 12,700 as immediate support and resistance at around 13,800 - 14,000 as resistance. BTC may consolidate from here. However, the outlook for BTC may shift if price fails to hold above 12,000.
Global market cap is at $391B, while BTC's market cap is at $243B.
The number of unconfirmed Bitcoin transactions surpassed 100,000 on Oct. 27, the highest its been since late 2017 when BTC hit $20,000. The Bitcoin network has slowed down amid BTC's new yearly highs, with price reaching a peak of around $13,800. The all-time high of unconfirmed transactions in the Bitcoin network was recorded in early December 2017, accounting for about 180,000 transactions according to data from Blockchain.com.
Bitcoin's hash rate has also taken a tumble, with data from Oct. 25 showing that hash rate feel from 151.1 EH/s to 116.3 EH/s.
According to an announcement of Australia's crypto-friendly capital-raising platform, Stax, its client West Coast Aquaculture Group, or WCA, is raising capital through its initial public offering and will be the first to accept crypto as payment for an IPO. Investors participating in the IPO can purchase shares using Tether (USDT), or Australian Dollars. Stax CEO Kenny Lee said that "acceptance of USDT in an IPO is transformative and paves the way for future of capital markets."
WCA's offering will have between 10 million and 14 million shares, around 8.78% - 11.87% of the total available, and priced at $0.50 each. The minimum target of the raise is $5 million.
Paxful, a Bitcoin P2P marketplace, has partnered with Spanish neobank Bnext to launch its first crypto debit card in Mexico. This partnership will allow Paxful's Mexican customers to use their crypto funds to pay with a debit in any national or foreign point-of-sale (PoS), and withdraw cash from ATMs without fees. Bnext customers will also have direct access to the P2P marketplace to buy and sell crypto. According to Paxful, "strict banking regulations" in Mexico are encouraging people to focus on crypto, with crypto exchange Bitso revealing a growth of 342% in its volume in Mexico from September 2019 to May 2020.
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