Daily Market Update, Dec 17th 2020- BTC Breaks All Time High!!! Currently over $23,000!


Bitcoin has reached it's highest traded value ever today, making history as institutions continue to flood into the market purchasing large amounts as a hedge against dollar inflation and fiat volatility.


The BTC/USD’s third attempt to break above the 20k resistance zone finally worked. Price action went sideways at the resistance zone, which indicated that there were no sellers pushing price lower.

The consolidation zone at the 20k resistance indicates a wave 4 (grey) pattern. The swift break above the -27.2% Fibonacci target is indicating strong momentum as well. Typical for a wave 3 (purple) pattern.

The volatile price action will be a difficult read. But an uptrend continuation is very likely to take place. The first target is the -61.8% Fibonacci level at $25,000. Higher targets could be $26,500 and then $27,500 followed by the round $30k level.


Coinbase CEO: ‘We May Occasionally Fall Short’

Brian Armstrong has subtly addressed the outages that Coinbase suffered when Bitcoin’s record-breaking run began on Wednesday. In a blog post, he wrote: "Although we may occasionally fall short, we will always do our best to address our shortcomings." The exchange’s CEO also warned newcomers to be careful before investing in crypto when prices are high. Here’s what he had to say.


How You Could Have Been a Bitcoin Millionaire

New data from Glassnode shows that the number of BTC addresses worth $1 million has risen 150% since BTC hit $20,000. Anyone who mined a single Bitcoin from 2009 to 2012 would have pocketed 50 BTC as a reward, and this would have been worth seven figures now. Figures suggest that at least 66,540 addresses are now in the seven-figure club. Find out more.


Firm Behind PayPal Crypto Service Raises $142M

Paxos, whose brokerage service is being used by PayPal to bring crypto to the masses, has raised $142 million in a Series C funding round. The company’s CEO, Charles Cascarilla, told CoinDesk the funds will be used to fuel the mainstream adoption of digital assets. Other Paxos clients include Credit Suisse and Revolut, and the brand is also planning to double the size of its workforce. Read more.


Bitcoin is Causing a Big Buzz on Twitter

Data from The TIE suggests that the number of tweets about Bitcoin is at its highest level since January 2018. More than 92,000 tweets about the world’s biggest cryptocurrency have been posted. This metric could be more significant than meets the eye, as it suggests that retail investors are interested in BTC as well as institutions. Read more.

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