A Glimmer of Hope Emerges As Bitcoin Price Rises Above $8,100

Siamak Masnavi

On Wednesday (November 20), despite the prevailing "risk-off" sentiment (due to the current state of the trade talks between the U.S. and China), Bitcoin is managing to stay above the $8,100 level.

According to a report published in TheStreet at 09:30 EST (14:30 UTC), shortly after the U.S. markets opened on Wednesday, the Dow Jones Industrial Average (DJIA) was falling "after China condemned a U.S. Senate resolution supporting human rights in Hong Kong, while President Donald Trump threatened to boost tariffs if Washington and Beijing are unable to negotiate a near-term trade agreement."

Per data from CryptoCompare, although Bitcoin started this day at $81,17, by 10:20 UTC, it had fallen to $8,062. However, since then the price has recovered, and Bitcoin is currently trading at $8,138, up 0.58% in the past 24-hour period:

BTC-USD 24-Hour - 20 Nov 2019.png

Bitcoin's market cap is currently around $146 billion, and Bitcoin's market cap dominance is just above 66%.

One interesting Bitcoin-related tidbit that came out today has to do with the crypto holdings of Dan Schulman, the CEO of PayPal.

He was asked during an interview with Fortune the following question: "Do you personally own any cryptocurrencies?" He answered: "Yes. Bitcoin." The follow-up question was: "Only Bitcoin?" Schulman replied: "Yes."

In other Bitcoin-related news, on Tuesday (November 19), the New York State Department of Financial Services (NYDFS, aka DFS) announced that it had granted a charter under New York Banking Law to Fidelity Digital Asset Services, LLC (FDAS) to "operate as a limited liability trust company as part of the state’s rapidly growing virtual currency marketplace." 

Linda A. Lacewell, the Superintendent of NYDFS, had this to say: 

DFS will continue to provide regulatory oversight of new technologies to both foster innovation and protect consumers, companies, and markets. This approval is further evidence that innovation and consumer protection can coexist in New York’s evolving and expanding financial services industry.

NYDFS's press release mentioned that FDAS had been authorized "to provide a virtual currency custody and execution platform, on which institutional investors and individuals can securely store, purchase, sell, and transfer Bitcoin."

Michael O’Reilly, Chief Operating Officer for FDAS, stated:

The custody and trade execution services that we provide are essential building blocks for institutional investors’ continued adoption of digital assets. The designation as a New York Trust Company under the supervision and examination of the DFS builds on the credibility and trust we’re establishing amongst institutions and other market participants.

 

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