Over the past 24 hours, total market capitalization saw a steep sell off from ~$216.9 billion to ~$194.4 billion, with most coins seeing losses in the ~5-15% range. A possible explanation for this sell off could be the recent news pertaining to the PBoC cracking down on illegal local crypto exchanges.
BTC is currently trading at ~$7,090, down ~11% over yesterday. On the daily chart, BTC is still trading below its 21-, 50- and 100-day EMA support lines, and RSI is at ~23, the lowest it has been since end Sept this year. It is also notable to add that RSI has been steadily dropping over the past month prior to today's steep drop, indicative of growing bearish momentum. On the weekly chart, BTC is currently testing its 100-EMA support line - a level it has not breached below since April this year. BTC has also broken below its bottom Bollinger Band on both the daily and weekly charts.
BTC continues to be trading within its lower highs and lower lows trading pattern it has been trading within since late June this year - However, because of today's steep drop we are seeing BTC test the bottom support of this trading channel/ zone. 👀
Poll of the Day
How much do you agree with this statement: "Governments are growing increasingly afraid of cryptocurrencies and their potential impact."
Proof-of-stake (POS) blockchain Algorand (ALGO) recently updated its protocol to Algorand 2.0, to add decentralized finance (DeFi) functions and smart contract functionality.
Algorand 2.0 is the largest expansion of the network's capabilities since its June 2019 launch, and this new release allows for "new features and simple developer resources" that "enable new use cases and broader adoption of blockchain overall".
Its ASC smart contracts contain back-end differences from those of blockchains like Ethereum (ETH), because its new in-house programming language Transaction Execution Approval Language (TEAL) is non-Turing-complete. 🎉Algorand claims that TEAL smart contracts are more secure to write and to execute.
Building bridges 🛠️
LG’s IT affiliate, LG CNS, and the blockchain subsidiary of Kakao, Ground X, are working together to connect public and corporate blockchains via the creation of mutually compatible infrastructure.
The formal signing ceremony was made in Magok, Seoul, at the LG CNS headquarters. One LG representative explained that the blockchain sector has numerous inter-chain projects that must work across many unique networks to be successful, and this could be achieved by breaking down "the existing boundaries between private and public blockchains" and "combine our strengths for new business opportunities." 🤝
Another Ground X representative explained that the company's Klatyn network's anchoring technology would make sure of data purity offered by LG CNS' Monachain blockchain, and that the partnership would help expand South Korea's blockchain ecosystem.
Setting standards ✒️
Vice president of China's central bank, the People's Bank of China (PBoC), Yifei Fan, intends to formulate industry standards for the financial sector - across 17 fintech categories, including blockchain. ⚡
This move stems from a lack of standards and the need to update existing standards, as "the current regulations for financial services are not clear and strong enough to guide high-quality developments in the industry."
Before this, a round of standards were made for mobile financial payment platforms, as well as voice and image recognition technologies.
Other news 📰
Game developer behind popular video game Assassin's Creed, Ubisoft, has teamed up with EOS-based game distribution channel Ultra to become its block producer. 💻
The Intercontinental Exchange (ICE)’s Bakkt platform has officially confirmed its forthcoming launch of a cash-settled Bitcoin (BTC) futures contract, that it will be listed on ICE Futures Singapore as of 9 Dec.
Crypto exchange Binance has acquired the WazirX platform to make its foray into the Indian market. 🇮🇳
A situation where a large limit order has been placed to buy when a cryptocurrency reaches a certain value. This can sometimes be used by traders to create a certain impression in the market, preventing a cryptocurrency from falling below that value, as demand will likely outstrip supply when the order is executed.
Crypto deep dive: Waves
Market Capitalization Rank: 38th (~$241 million)
Consensus: Proof of Stake (PoS)
The gist of it ⚙️
Waves is a blockchain platform in which users can create their own customized tokens, perform crowdfunding campaings and buy/sell/trade tokens.
Founded in 2016 by Russian entrepreneur Alexander Ivanov, the Waves platform launched shortly after a $16 million ICO campaign.
Somewhat similar to Ethereum, Waves' mission is to offer the world a shared infrastructure equipped with easy-to-use and highly functional tools that will make blockchain accessible to every person or organization.
Why people love it 😘
Waves have been picking up some steam as a viable ICO platform.
The Waves platform is equipped with a decentralized exchange, WAVESDEX, that allows for low fee and fast token/ fiat trading within the Waves platform.
Waves has some good partnerships, such as Deloitte, the Russian Central Securities Depository and Burger King (Russia). It also has strong ties with several Russian banks, allowing them to establish necessary and very beneficial fiat gateways so that the platform allows for trading against fiat currencies like the USD and EUR.
Why people doubt it 🤔
The blockchain platform space is already crowded and saturated. It will take much to stand out.
The Waves platform isn't the most user-friendliest of interfaces. It needs to improve on this to increase adoption rates.
Crypto calendar 📅
TBA - Justin Sun's lunch with Warren Buffett
What you said
"How much do you agree with this statement: "The next financial crisis will be the true litmus test for Bitcoin (BTC).""
The average vote was 7.4.
"Why do you say so?"
The next time?! That time is practically now my friend, nail-biting the suspense in here! BTC all the way of course. - HODL4LIFE
Although people are looking for alternatives to cash, they are still shy of going all-in with Bitcoin. – Yeah, soon it will change imo.
Debatable. Depends what countries the crisis hits, or if it's a global crisis. I'm losing faith in BTC. – Why would you? I would double down on BTC and Gold.
Bitcoin is not a rescue package, nor significant part of the financial scene....yet. – Key word: “yet”. 😉
yes & no. in the next financial crisis it is possible BTC will also loose value. true test will be how will it recover after the crisis is over. in my view BITCOIN will never die & will get good valuations in time to come. people who hold it will reap a fortune. - Interesting viewpoint, but aren't you interested to see how BTC performs when there is a global recession? Similar to how gold performed during 2008-2011.
Any global financial crisis will reveal bitcoin as a reliable medium of exchange. It will become more accepted as it is not being controlled across international boundaries. – I believe more so as a store of value.
Things are rare, and bitcoin demand has never been less. Even if it goes back to USD3,000 or lower. It will eventually rise again and again~ - No question about its staying power now… 👍
Because the next crisis will not be limited to just the housing market...it will affect them all. People will try to find something outside of the $ as a store of value – Yup!
The next major financial crisis will provide a unique opportunity for crypto currencies to form a more solid, even stronger foundation! - Agreed!
We can see how much it is correlated to Equity n cash markets – Not much at the moment, but who knows in a global crisis. That’s why to me, it is the true litmus test.
BTC is like digital gold: a great store of value. I think that in the next financial crisis a lot of money is going to flow to BTC. – Agree.
Yeah it's make or break for bitcoin. The +10 years leading up to the next recession is bitcoins time to shine. It had its time in the shadows, lurking, building and expanding. Now it's time to grab the world by the throat and emerge as a victor when traditional banks are scrambling. The world must know a financial system can exist without a public bailout. – I share the same sentiments
The Usd will plummet and investors will take refuge in bitcoin or gold , which one will depend on price , but I see it as a safe haven , governments have seized gold or made it illegal to possess in times of kaos and I think we will see if ones truly value cryptocurrency and especially bitcoin . – Yup.
Thank you all for reading! Catch you back here again next tomorrow for your daily dose of crypto news! 💙