Daily Market Update- Dec 22nd, 2020

Total Market Cap $653.6 BN (+2.67%)

24 Hour Volume $178.6 BN (-16.15%)

Notable Movers Kin (KIN) (+31.34%)

Bitcoin Dominance 66.6% (+1.72%)

It was a mixed start to the week. Bitcoin fell to a Monday intraweek low $19,008.3 before making a move.

Steering clear of the first major support level at $18,053, Bitcoin surged to a Sunday intraweek high and a new swing hi $24,244.0.

Bitcoin broke through the week’s major resistance levels on the way to a new all-time high.

A bearish end to the week, saw Bitcoin fall back to end the week at sub-$23,500 levels. In spite of the pullback, however, Bitcoin avoided a fall back through the third major resistance level at $22,418.

6 days in the green that included a 9.55% rally on Wednesday and a 6.89% gain on Thursday delivered the upside.

Ripple Says SEC is Going to Sue over XRP

Brad Garlinghouse has claimed that the SEC has "voted to attack crypto." Reports suggest that the regulator is planning to sue Ripple over the alleged sale of unlicensed securities. The Ripple CEO has defiantly said "this battle is just beginning" — adding that the SEC "should not be able to cherry-pick what innovation looks like." Read our full story here.

XRP Tumbles as Traders Digest Lawsuit Drama

XRP fell by as much as 15% as Ripple aired its dirty laundry in public. Although it has recovered from a low point of $0.45, XRP remains below the crucial $0.50 level. Bitcoin has managed to bounce back into the $23,000s but faces a battle as it tries to surpass the record price of $24,209 set over the weekend. Here’s our full round-up of the markets.

Bitcoin is ‘Utterly Illogical,’ Famous Investor Warns 🤯

Dennis Gartman has predicted that BTC won’t be a threat to gold for much longer. He also believes the cryptocurrency will head to zero because central banks will refuse to give up their monopoly on monetary policy. Gartman doesn’t understand why Bitcoin’s supply cap is treated so reverently, as there are "an infinite amount of finite amounts of cryptocurrencies." Find out what he had to say.

Wirex Given Green Light to Launch Visa Cards

Wirex has become a Visa principal member in Europe. This means that the company will be able to issue Visa cards itself. The company’s cards allow people to convert crypto into fiat, which can then be spent at millions of merchants. Wirex says it currently has three million customers, and a launch in the U.S. is "imminent." Read more.

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