BTC is back trading below the $7,000 mark and is currently trading at ~$6,920, down ~2.6%over the past 24 hours. As we continue on this downward trajectory, it is interesting to note that the breakeven point for U.S. miners is ~$6,000, and for China miners (the ones who control most of the global hashing power for BTC), is ~$3,000. On the daily chart, BTC is still trading below its 21-, 50- and 100-day EMA support lines, and failed to break through its 100-day EMA line yesterday. RSI is at ~32, indicative of significant bearish momentum.
BTC is still trading within 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: "In order for the crypto space to grow, it needs more avenues where people can about it in a formalized setting (e.g. university courses)."
Popular short-video sharing app TikTok has recorded its 1st viral Bitcoin (BTC)-related video. This comes as the company's owner supposedly launched a joint blockchain venture with state-run Chinese media group and ThePaper.cn operator Shanghai Dongfang Newspaper. 🗞️
The video, posted by TikTok personality 'The Wolf of Bitcoins', shows a room in a house apparently fitted with dozens of cryptocurrency mining hardware units. It includes a short caption, "this is why GPU prices went up," and several BTC-related tags like "Bitcoin," "Bitcoin mining," and "explain Bitcoin."
You get some Petro! And you get some Petro! 👐
Venezuelan President Nicolas Maduro recently announced that he would airdrop 0.5 petro, supposedly worth $30 each, as a holiday bonus to public sector workers, retirees and the military.
Citizens are eligible if they register for the state's cryptocurrency payments platform, PetroApp, which supports the oil-backed cryptocurrency.
The platform is designed to allow users to buy goods and services from their phones, for standard transfers, and can also be used to exchange other cryptocurrencies as well. 📱
The airdrop is the latest effort to encourage Venezuelans to switch to the petro and push for nationwide adoption.
Handy toolkit 🧰
Multinational IT services firm Tata Consultancy Services (TCS) has launched a blockchain app development kit (DevKit), dubbed the "Quartz DevKit".
It is a low-code web-based integrated development environment that aims to help enterprises to speedily build and deploy applications on any selected blockchain in a simplified manner.⚡
The DevKit has expandable pre-built templates for "platform setup, administration, deployment, platform security authentication, encryption, node, identity and user management," allowing programmers to write smart contracts 40% faster.
Global Quartz Head at TCS, Ramgopal Vivekenand explained that they developed the Quartz DevKit to "help their teams rapidly put together high-quality pilots using smart contracts on any platform with reduced coding effort."
Other news 📰
CipherTrace's chief financial analyst recently published findings that the top 10 U.S. retail banks by asset size have (possibly unknowingly) worked with unregistered crypto money services businesses by transmitting funds on their payment networks. 🤔
Blockchain financial services company Diginex and the UN-led International Organization for Migration (IOM) launched a joint blockchain tool to prevent the exploitation of migrant workers in Hong Kong. 🇭🇰
Blockchain developers organization Ethereum Classic (ETC) Labs Core (ETC Labs Core) has rebranded to ETC Core to differentiate itself from ETC Labs. 🤔
A method in which you research the underlying value of an asset by looking at the technology, team, growth prospects and other indicators. Some people perform fundamental analysis as part of an investment strategy called “value investing”.
Crypto calendar 📅
TBA - Justin Sun's lunch with Warren Buffett
What you said
"How much do you agree with this statement: "I like the idea of privacy coins.""
The average vote was 8.1. 51.6% of yall voted a '10'!
"Why or why not?"
It seems to me governments should not like privacy coins – No doubt. They wouldn’t be able to track our spending habits. 🧐
I love privacy coins, but I am concerned about its use on black markets and deep web markets. That leads to delisting, yet those criminal elements use bitcoin, traceable. I think when global standard and KYC's kick in we will see a problem with privacy coins, yet as far as I know Zcash is both, you can toggle a setting when sending it, not sure about rest. – I think having the option is toggle privacy on and off is important. ETH will have that with zK-snarks. 👍
With 5G soon to be the norm, privacy is going to be very important. It is nobodys business what I do or say, or spend, or not spend money. – I agree. It’s very sensitive information. 😟
Nobody has to know where, when or how I spend my money!!! – Exactly!
Privacy coins are the only true replacement of cash! – Yes I agree. We shouldn’t completely make do without a payment method like cash. 🤔
Because 🖕 the gov – LMAO! 😂
How could you ever negotiate the purchase of anything if everyone knows how much money you have? – Well you create have several wallets. 👍
Fiat currency will be gone soon and I don't trust any government implemented currency. Also, an independent/private digital asset is not affected by government manipulation (i.e. interest rates, inflation, debt level, etc.) – Hmm true. Gonna be interesting to see how privacy coins compete with CBDCs going forward. They will face an especially hard time with regulation because of their private nature. 🤔
I believe that value in specific instances should be moved privately to protect the data or individuals. – I agree.
Thank you all for reading! Catch you back here again tomorrow for your daily dose of crypto news! 💙