BTC bounced off the lower bound of the channel it has been trading in 2 days ago and continues on this brief upswing, and is at ~$7,200, up~1.8%over the past 24 hours. On the daily chart, BTC is still trading below its 21-, 50- and 100-day EMA support lines, but is currently contesting the 100-day EMA line (4th attempt since it broke below it early November this year). RSI is at ~46, still indicative of 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. It is currently testing the lower bound. 👀
Poll of the Day
How much do you agree with this statement: "The CoinMarketCap site is lacking in features and tools."
What tools would you like to see on our site? Share with me in the polls!
Busan's blockchain-based currency 🇰🇷
South Korea's largest telecommunications firm, KT, has announced the launch of a local blockchain-based currency for one of the country's biggest cities, Busan, that is expected to go live on 30 Dec.
Dubbed "Dongbaekjeon", the currency is one that is a blockchain-based card-type local currency issued by Busan City to reinvigorate Busan's local economy and ease small business' management burden.
There are a few ways to access the currency, like a bank called Hana and Busan Bank, and a Dongbaekjeon mobile app.📱
Users can use the "currency at any store in Busan with a credit card terminal," although it will reportedly be less common in terms of compatibility among larger retailers to encourage spending at smaller local businesses.
France's financial regulator, the Autorité des Marchés Financiers (AMF), recently granted the country's 1st approval for an ICO application made by a firm that has developed a platform for funding projects using cryptocurrency, French-ICO.
It is the 1st to be white-listed with a notice posted on the AMF website, and with the approval, the firm can market directly to the public in France. 💬
The AMF also explained that it has only approved the ICO proposal, not the token issuer. The country's primary regulator highlighted that interested issuers can only apply for 1 ICO over a maximum period of 6 months.
During a recent Kuala Lumpur Summit, Iranian President Hassan Rouhani said that Muslims need their own cryptocurrency, so as to design "measures to save themselves" from the U.S. dollar's domination in international trade and the American financial regime. 🙅♀️
The U.S. has imposed severe economic sanctions on Iran, limiting how the nation's financial institutions carry out investments overseas as the dollar is the most common currency used in global transactions.
The Iranian government has been trying to expand the use of cryptocurrencies like Bitcoin (BTC) to get around the U.S. sanctions.
Other news 📰
New York-based digital asset security business Fireblocks obtained the Service Organization Control (SOC) 2 Type II certification by Ernst & Young (EY), allowing them to attract more financial players through robust data security recognition. 🎉
Blockchain.com bets on Britain's impending Brexit by adding a British pound (GBP) gateway to its cryptocurrency exchange, The PIT. It gives its U.K.-based users new ways to protect their financial futures and hedge against uncertainty. 🔐
Liquidity provider GSR is helping cryptocurrency miners manage their risk against price volatility when running operations in 2020 by teaming up with Canaan Creative-backed Interhash to deliver 2 derivative products. ☺️
A technique played by a group of traders, aimed at manipulating the price of a cryptocurrency. The bear trap is set by selling a large amount of the same cryptocurrency at the same time, fooling the market into thinking there is an upcoming price decline. In response, other traders sell their assets, further driving the price down. Those who set the trap then release it, buying back their assets at a lower price. The price then rebounds, allowing them to make a profit.
Crypto deep dive: Dogecoin (DOGE)
Market Capitalization Rank: 28th (~$244 million)
Consensus: Proof of Work (PoW)
The gist of it ⚙️
The name "Doge" comes from an internet meme involving a Japanese dog breed known as the Shiba Inu. As you probably have already guessed, the dog is this cryptocurrency's mascot.
Dogecoin started out as a joke on 6 Dec 2013, but somehow amassed a huge worldwide following.
It was created by Billy Markus, a programmer from Portland, Oregon, who hoped the fun cryptocurrency would reach a broader demographic than Bitcoin. Well, he certainly got close...
Why people love it
Similar to Litecoin, Dogecoin can provide some value in terms of transacting small transactions due to its lesser value than Bitcoin. You will pay less in fees (e.g. say vs. Bitcoin) for a small value transaction, making it an appropriate choice for small transactions. Transaction confirmation time on the DOGE network is usually pretty quick.
Its low value allowed it to develop a reputation as an online tipping currency. This retains people in the DOGE community.
Dogecoin has a fun, loyal and arguably thriving community. Just pop by its reddit channel and you'll see what I mean!
Why people doubt it
Doge's Github has been rather inactive as of late.
As more and more coins (arguably with greater features and efficiencies) come to market, DOGE will find it increasingly difficult to retain its market capitalization ranking. There are too many substitutes.
It's very name could prevent big investors from taking the coin seriously.
Crypto calendar 📅
TBA - Justin Sun's lunch with Warren Buffett
What you said
"How much do you agree with this statement: "I find it hard to use any other crypto pricing site other than CoinMarketCap.""
The average vote was 6.5. 25% of y'all voted a '1', and 35.7% of y'all voted a '10'!
"Why or why not?"
I use the features of multiple sites. – Hmm, what would you like to see on ours? Do tell me in today’s poll! 😄i use coinmarketcap always to tracking price of the coins.. i also use coinmarketcap api to pull price on google sheet, it works very well.. thanks to the team for the hard work. – Awesome! Glad to know you’re using our proprietary API! 👍I suposse Its the original and there is no reason to change unless something dramatic occurs – True, and we have the best product! Heh 😉
I always double check price and don't pay more than listed price. found my local merchants/exchanges there a 300 USD price discrepancy. I've made significant "savings" since doing so. – Oh my! Yeah, local merchants tend to charge a hefty premium for their services. 😔
I also use coingecko, and my ultimate favorite is app.intotheblock.com for in depth analysis. – Interesting…
Thank you all for reading! Catch you back here again next week for your daily dose of crypto news! 💙