Over the past 24 hours, total market capitalization rebounded slightly from ~$183.5 billion to ~$196.2 billion, with most coins seeing gains in the ~2-6% range.
BTC is currently trading at ~$7,200, up ~7.1% over yesterday. On the daily chart, BTC is still trading below its 21-, 50- and 100-day EMA support lines, and RSI is at ~30, indicative of significant bearish momentum. On the weekly chart, BTC is challenging its 100-EMA support line. BTC is back trading within its Bollinger Bands on both the daily and weekly charts.
BTC is still testing the lower bound of its lower highs and lower lows trading pattern/ channel/ zone it has been trading within since late June this year. 👀
Poll of the Day
How much do you agree with this statement: "I am looking to increase the weight of cryptocurrency allocation in my overall investment portfolio."
In a recent exclusive Cointelegraph interview, Blockstream CEO and hashcash proof of work system inventor Adam Back said that nothing is above "uncensored money" like Bitcoin (BTC), not even stablecoins or other central bank-issued coins.
He talked about how neither China's potential developments of a central bank digital currency (CBDC) nor private institutions' growing use of blockchain technology were as important as as “uncensored money” like BTC.
He explained that "blockchains are more about permissionless, uncensorable usage and free market money - separating money from state. While he felt that stable coins are "useful for some use cases, like crypto trading," structurally they fall short of BTC due to their "custody risk." 💰
He also added that blockchain applications that cannot be publicly auditable like BTC have no value, because "end users cannot tell the difference between an organization using databases behind the firewall and one using blockchains."
Pay for your stay with crypto 🛏️
A service that lets users pay for hotel stays with cryptocurrency, Travala, has integrated travel leader Booking.com's accommodations to its platform.
This new feature will supposedly allow users to reserve any hotel that is bookable via Booking.com, with the choice of over 90,000 different destinations, using cryptocurrencies. 🌍
Travala users can pay using its exclusive AVA token and also with 20 leading cryptocurrency assets such as "Bitcoin (BTC), Ethereum (ETH), Dash (DASH), Bitcoin Cash (BCH), Litecoin (LTC), EOS, Stellar (XLM), Cardano (ADA), Binance Chain (BNB), Monero (XMR), Tron (TRX), XRP and Dai (DAI)."
Travala CEO Matt Luczynski remarked that this collaboration leads to a "fantastic use case for our [their] own AVA token and another huge step towards mass cryptocurrency adoption."
Joining the party 🤝
Bank of New York Mellon, a $373-billion asset bank, has joined the Marco Polo trade finance association operating on R3's Corda, and has become the 28th bank to do so.
Global Head of Trade Finance at BNY Mellon, Joon Kim, explained that the bank is assessing Marco Polo's technology to bring customers on board if the network's capabilities are aligned with customers' business needs. The bank, which also works with 1,400 financial institutions overall, intends to "move into live production" as soon as possible. 🕒
Marco Polo was selected because it works well for open account financing that constitutes about 85% of trade finance, a "critical" aspect of BNY Mellon's transaction banking business, and because it works well for big corporates.
Other news 📰
The President of the government-backed nonprofit Beijing Blockchain Application Association, Yedong Zhu, said that ~89% (~25,000) of blockchain companies in China may have tried to make and issue their own cryptocurrencies. 🇨🇳
Thailand's Securities and Exchange Commission (SEC) intends to change cryptocurrency laws and reconsider its cryptocurrency policy in 2020 to remain "competitive." ⚖️
France's central bank wants the eurozone to create a blockchain-based settlement system to move euros faster and cheaper than current technologies do. 🏦
An attestation ledger is an account book designed to provide evidence of individual transactions. It is generally used to “attest” that a financial transaction took place, or to prove authenticity of transactions or products.
We have launched our very own, CoinMarketCap jobs board! Do check it out here!
Crypto calendar 📅
TBA - Justin Sun's lunch with Warren Buffett
What you said
"How much do you agree with this statement: "The current bearish crypto run doesn't faze me.""
The average vote was 8.2. 48.7% of y'all even voted a '10'! 💪
"Why do you say so?"
long term investors are never fazed by market fluctuations - Yup 😉
I still have a few more chips to put into btc so the cheaper the better. - Same
Because it's a great opportunity to buy in for the purpose of lowering your average cost per coin. Bringing your cost closer to the current value. That in and of itself creates a support level at the current price. It can only go up from there. – Hmm, we are still seeing significant overhead bearish momentum. But yes, I agree in DCA-ing.
I,m holding to $0 or $1,000,000. – ALL OR NOTHING
2019 was always expected to be a low for the whole year consolidating for a massive push upward in 2020, both in Bitcoin and all other crypto for a spectacular 2020 !!! – Don’t think it’ll be that quick.
The price dumps are a beautiful thing, when prices drop so low that's when everyone buys in, in essence starting another bull run. Imagine BTC hitting $4,000? Everyone and their mother would buy in. – It would create some good price support.
Female intuition – Hardly ever wrong. 😂
i am not worried about the current market.. it depends what u hold. there are few coins which will do good in coming times.. but majority will be worthless.. i am converting all my shit ico coins to Bitcoin, Ethereum, GRIN, BEAM, Zilliqa, COSMOS. – I hold some of those too!
been here before – I feel ya.
BTC remains one of the best performing assets over longer time frames, still offers some of the nicest swings available in any asset with decent liquidity (so these steep pulbacks are nice buying opps), is still one of the few assets that can't easily be stolen buy any sovereign entity, and seems quite likely to fulfill the 'stock-to-flow' value promise over the coming years. I'm long-term bullish and my goal remains to swing alt-BTC pairs into more BTC at a progressively lower basis. – Yup (:
Playing the long game. The halving next year should initiate a bull market just like every other one has. – May 2020!
Having only been involved with crypto since April 1st 2019 I must say that I still have a lot to learn in spite of studying the matter 6 days a week. While the size and depth of the whole movement is captivating, one can only be in awe of its sudden pumps and dumps. The idea I have assumed is not to take it personally -more easily said than done ! After all, the light at the end of the tunnel shines brighter every day. PS ( Not for publication this piece of advice - is that I saw an ad for the Miami Bitcoin/Block chain Conference Jan 15-17 2020 and thought this event maybe could fill out your Calendar which is woefully empty ! All the best R.Lomax – Great to have you in the space! Thank you for the suggestion! We are trying to fill that calendar with the more significant dates in the crypto space!
Thank you all for reading! Catch you back here again next tomorrow for your daily dose of crypto news! 💙