Bitcoin (BTC) has remained inside its immediate range throughout the week. Currently, price went back to immediate support around 11,200 and is hovering around the 10 EMA trail. It remains to be seen whether the weekend sessions can hold this range or break below and test next potential support at around 10,800 (50 MA). Immediate resistance can be seen around 11,700, while Key resistance remains untouched at around 12,000.
Global market cap is at $353B, while BTC's market cap is at $208B.
The Central Bank of The Bahamas (CBOB) is planning to make its central bank digital currency (CBDC) project interoperable on an international level. The Bahamas' digital currency, dubbed the "Sand Dollar," is set to be interoperable with other global currencies according to the CBOB's assistant manager of electronic solutions, Bobby Chen. "At the moment, it is currently only used in a domestic setting, but eventually we are working on a solution that will make it interoperable with other global currencies."
The Sand Dollar's interoperability with other wallets will be a key strategy alongside integrating real-time gross settlement and Automated Clearing House, according to Cleopatra Davis, head of banking at the CBOB. This will enable the movement of the Sand Dollar to and from user bank accounts to facilitate fiat conversions.
Bitstamp has improved its insurance measures to mitigate risks associated in the crypto space. According to the company's statement, the improved policy includes wide coverage of crime-related issues, such as employee theft, loss of the assets in storage, loss in transit, loss due to computer fraud/transfer fraud, and loss related to legal fees and expenses. With this, Bitstamp emphasized that the
new insurance measures are specifically tailored for crypto. This initiative is made possible through UK-based Paragon International Insurance Brokers and involvement of other entities.
Tether's cumulative transaction volume has reached a new high this year. According to on-chain analytics provider Glassnode, USDT surpassed $600 billion in cumulative transaction volume with current value now standing at $600,000,880,895 USDT. There has been an increase of around 20% in Tether's 30 day transaction volume leading to this new milestone. In addition, daily transaction volume for USDT is evidently higher than Bitcoin as it's going an average of $35 billion while BTC's daily transaction volume is only around $20 - 25 billion, according to data from Coingecko and Coinmarketcap.
In 2017, Tether only accounted for a small fraction of the trade volume, with BTC dominating over 50% of trades. This year, 70% of exchange trade volume are now denominated in USDT pairs.
This Daily Dose was brought to you by SCI News Channel.