BTC continues to show weakness and an MA crossover has formed in the daily chart, which could tell that there's more room to go down. With this price action, intraday bounces for lower highs are likely to happen (spot the 4H chart for price structure). If BTC maintains its course, levels would remain the same with $7,800 - $8,000 as the next target for support and $7,300 as key support. Resistance is around $8,500 - $8,600.
Global market cap is at $226B, while BTC's market cap is at $149B.
* The US Securities and Exchange Commission (SEC) will review its decision to reject the proposed Bitcoin exchange-traded fund (ETF) filing from Bitwise Asset Management and NYSE Arca. Previously, the US regulators said that the applicants did not meet the necessary requirements, particularly "the requirement that the rules of a national securities exchange be designed to prevent fraudulent and manipulative acts and practices." While the review is ongoing, the order to disapprove the proposed listing will remain in effect. Any statements in support of, or in opposition to, the decision may be filed until Dec. 18, 2019.
* The UK Jurisdiction Taskforce of the Lawtech Delivery Panel published a legal statement on Monday (Nov. 18), saying that crypto assets should be recognized as "tradable property" under English and Welsh law. The statement also included the definition for smart contracts as "enforceable agreements" under English law.
The statement is expected to provide a solid foundation for the mainstream adoption of crypto assets and smart contracts in the UK, and potentially give a boost to companies working in the crypto industry.
* Maksim Zaslavskiy, the first person in the US to be convicted of running fraudulent ICOs, has been sentenced to 18 months in prison. Zaslavskiy pleaded guilty to conspiracy to commit securities fraud after running two scam ICOs, both of which were advertised as being backed by collateral - diamonds and real estate. Zaslavskiy lured in over 1,000 investors who invested at least $300,000 in the scam ICO during the summer of 2017. While he attempted to refund the investors, PayPal reportedly froze his accounts over concerns that payments were made with stolen or fraudulent credit cards.
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