Bitcoin's (BTC) immediate levels are held as it remains in a sideways movement throughout the day. In the daily, the immediate support or 10 EMA trail was held around 12,700, while key resistance remains intact around 13,300 - 14,000. BTC may consolidate from here before the market decides which way to go. Nonetheless, the general bullish scenario is still valid and may go for higher key resistances around 15,000+ if momentum picks up from the current duration. Otherwise, potential invalidation could be seen if price fails to hold above 12,000.
Global market cap is at $394B, while BTC's market cap is at $244B.
An anonymous Bitcoin holder has just moved the largest amount of cryptocurrency by fiat value in history - transferring over 88,857 BTC, worth roughly $1.15 billion, for a fee of only around $3.58. Analytics platform CrystalBlockchain appears to show that the user sent the coins from an address labeled as a Xapo Bitcoin wallet, which may point to it being a Coinbase wallet, as the exchange acquired Xapo in 2019.
While the transaction is the largest by fiat value, it is nowhere near the largest by BTC amount, a record held by the 550,000 BTC transaction made by Mt. Gox back in November 2011 which was only worth $1.32 million at the time.
According to an announcement by fintech firm Cashaa, they will be partnering with India's United Multistate Credit Cooperative Society to build a crypto-friendly financial institution called UNICAS. This launch will reportedly include 34 "physical branches and operations" in Northern India, with plans to expand to over 100 branches by next year.
Cashaa India stated that it would allow Indian businesses and individuals to open a savings account to buy, store, and save cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), XRP, and its native token CAS. Customers will also be allowed to use their crypto holdings as collateral for loans, and to buy crypto with local fiat currency.
The number of Bitcoin whales has increased since last week. According to data from Glassnode, there were 2,178 addresses that held at least 1,000 BTC ($13 million) on Oct. 20. By Oct. 25, the number of address increased to 2,231. From this data, it can be deduced that whales control at least 2.23 million Bitcoin which is equivalent to around 12% of the current total supply.
On the other hand, data from BitcoinCharts show that these whale addresses control a much higher quantity of around 7.9M BTC, or 42% of the total supply. Although the number of addresses are identified, the number of individuals or entities controlling these addresses aren't. Nonetheless, it seems that whales aren't in a rush of selling their holdings as BTC reached its yearly highs.
This Daily Dose was brought to you by SCI News Channel.