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Bitcoin is facing selling pressure on Tuesday as traditional markets suffer the jitters over fears of a “no-deal” Brexit.
The top cryptocurrency by market value is changing hands near $18,800 at press time, representing a more than 2% decline on the day, according to CoinDesk 20 data. The decline comes after multiple rejections near $19,400 in the past 48 hours.
Bitcoin (BTC, -1.84%)‘s rally has lost steam in the past few days, with large sell orders placed around the all-time high of $19,920 capping the upside. According to observers, people are looking to sell at current levels based on what happened during the 2017 bull market. Bitcoin peaked at $19,783 in December 2017 and fell as low as $6,000 by early February.
Bitcoin’s 14-day relative strength index recently charted a bearish divergence, or lower high, possibly warning of an impending price pullback. The MACD histogram, an indicator used to gauge trend strength and shifts, is producing deeper bars below the zero line, also indicating a downside move may be imminent.
A potential sell-off in the stock markets could be a driver for a notable price pullback in bitcoin. The cryptocurrency has rallied to record highs, but has yet to decouple from the stock markets. The ascent from $10,000 to $19,920 seen over the past three months happened amid the bullish price action in the equity markets.
The world’s largest publicly traded business intelligence firm, MicroStrategy has announced plans to invest the proceeds from a $400 million securities offering into Bitcoin.
On Dec. 7, the firm revealed plans to issue $400 million in convertible senior notes — a debt security that can be converted into the issuing company’s shares. The announcement stated:
“Microstrategy intends to invest the net proceeds from the sale of the notes in Bitcoin.”
At current prices, the $400 million would increase the company’s holdings by 20,833, which would bring the firm's total crypto stash to almost 62,000 BTC.
BBVA, the second-largest bank in Spain, with about $840 billion in assets, is poised to enter the cryptocurrency trading and custody space, according to two people familiar with the plans.
The Spanish bank will begin its crypto offering out of Switzerland, said a source. Switzerland has relatively comprehensive rules around digital assets, set out by the country’s Financial Market Supervisory Authority (FINMA).
One source with knowledge of the plans told CoinDesk that BBVA is “launching its Europe-wide crypto initiative from Switzerland.”
“There are still some compliance hurdles so this will not be in December, but I expect they [BBVA] will be live next month,” they added.
Square has announced a Bitcoin Clean Energy Investment Initiative.
The initiative is designed to promote clean energy consumption in Bitcoin mining.
The company has also announced plans to go net zero on carbon by 2030.
Payments company Square has launched a Bitcoin Clean Energy Investment Initiative. The company is committing $10 million to support other companies that drive renewables within the Bitcoin ecosystem.
"We believe that cryptocurrency will eventually be powered completely by clean power, eliminating its carbon footprint and driving adoption of renewables globally," said Square co-founder and CEO Jack Dorsey.
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