Bitcoin gained pace above the $63,000 resistance against the US Dollar. BTC is rising and it may soon clear the $65,000 resistance in the near term.

• Bitcoin is showing positive signs above the $61,000 and $62,500 levels.
• The price is now trading above $62,500 and the 100 hourly simple moving average.
• There is a key bullish trend line forming with support near $62,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could extend rally and it might even clear the $65,000 level in the near term.

Bitcoin Price Eyes More Upsides

Bitcoin price started a major increase above the $62,000 resistance zone. BTC broke the key $63,000 resistance zone and settled above the 100 hourly simple moving average.

It even spiked above the $63,500 resistance and traded to a new multi-week high at $64,448. It is currently correcting lower and trading below the $64,000 level. An immediate support is near the $63,700 level. It is near the 23.6% Fib retracement level of the upward move from the $61,320 swing low to $64,448 high.

There is also a key bullish trend line forming with support near $62,800 on the hourly chart of the BTC/USD pair. On the upside, an initial resistance is near the $64,000 level. The first key resistance is near the $64,250 level.

Source: BTCUSD on TradingView.com

A clear break above the $64,250 resistance could open the doors for more upsides. The next major resistance sits near the $65,000 level, above which the price might rise towards the $66,500 level. Any more gains could set the pace for a larger increase towards the $68,000 level.

Dips Limited In BTC?

If bitcoin fails to clear the $64,200 resistance zone, it could start a downside correction. An immediate support on the downside is near the $63,700 level.

The first major support is now forming near the $62,850 level. It is near the 50% Fib retracement level of the upward move from the $61,320 swing low to $64,448 high. The main support is near the trend line, below which the…

China’s ban on crypto transactions pushed the neighboring India to the fore when it came to populous countries seeing a rise in crypto adoption. Boosted by the relatively cheap cost of data, several Indian crypto exchanges have reported tremendous growth in short periods of time.

For its part, the WazirX crypto exchange published its transparency report covering significant activities between April and September 2021.

Rising numbers, rising rules

Noting its own growth, WazirX reported that it had over 8.5 million users as of 14 October, 2021. Furthermore, since the start of this year, the crypto exchange claimed it saw around $30 billion in trade volumes.

Coming to compliance, WazirX stated that it was compulsory for users to provide their passport, driving license, or the biometric identification called “Aadhaar.” Apart from this, a PAN [Permanent Account Number] Card issued by the government was also mandatory.

Furthermore, at the time of sign-up, a “live selfie” is required in order to match the user’s face to their documents.

However, these steps didn’t mean the exchange was able to dodge legal scrutiny. The report stated,

“During the period from April 2021 to September 2021, WazirX has received 377 requests from law enforcement agencies out of which 38 requests are from Foreign Law enforcement agencies for transactional and user information.”

WazirX was quick to confirm that it had replied to the requests and complied with all of them. Furthermore, the crypto exchange noted that the 377 requests from law enforcement agencies were all related to criminal acts. Some examples were “fraud, kidnapping and narcotics-related queries.”

What’s more, WazirX reported that it locked 14,469 accounts between April and September 2021, noting that the legal team initiated only 10% of the locks.

Notes from the ‘Center’

Crypto usage is growing in India’s tier-two and tier-three cities while the Shiba Inu token was recently listed on the Indian…

Galaxy Interactive, a venture capital firm focused on next generation interactive technolo, has announced it has raised $325 million for its second fund from 70 different investors.

The fund is focused on virtual and augmented reality, artificial intelligence, and blockchain-based games.

In an Oct. 19 announcement, Galaxy Digital, the majority owner of Galaxy Interactive, stated that $150 million from the fund has already been allocated to new portfolio companies including Republic, 1047 Games, Elodie, ROAR, Art Blocks and Masterworks with other additional investments to be announced in coming months.

Established in 2018 by general partners Sam Englebardt and Richard Kim, the company now has more than $650 million in assets under management and has invested in more than 75 companies.

Englebardt describes the interactive sector as “the intersection of content, finance and tech” and believes it will drive considerable growth. The firm is notably focused on digital collectibles and the Metaverse, as Englebardt believes digital ownership via NFTs is a foundational pillar for a more immersive version of the internet.

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What would you invest in if you believe, as…

Facebook Inc.’s long-awaited Novi digital wallet has launched into testing but with a major feature missing: support for Facebook’s Diem cryptocurrency.

The pilot program is being run in the U.S. and Guatemala, except for those living in Alaska, Nevada, New York and the U.S. Virgin Islands. For now the program offers support only for USDP, a “stablecoin” provided by the Paxos Trust Company. USDP is claimed by Paxos to be the “world’s leading regulated stablecoin” and is pegged to the U.S. dollar through 100% cash reserves.

The pilot program for the Novi wallet is being supported by Coinbase Inc., which is acting as the custody partner for the product via Coinbase Custody. Coinbase explained in a blog post today that Novi users’ funds would be held within Coinbase Custody Trust Co., a qualified custodian in New York that is fully regulated under that state’s law. Novi users will also benefit from Coinbase Custody’s insurance, which includes a $320 million crime policy.

Coinbase Custody managed $180 billion of crypto assets as of the end of June and is pitched as offering deep expertise with secure and scalable crypto infrastructure.

“We believe that in the future, every company will be a crypto company, including fintech platforms, banks, social media, gaming companies and consumer brands,” Coinbase said. “Our goal is to arm them with the best tools possible so their own users have a first-class experience and participate in the crypto-economy.”

Picking Paxos as the stablecoin provider makes sense in that Paxos is fully regulated and legal, but it’s also not even close to being in the top 100 cryptocurrencies. USDP is so small and obscure that it currently has a market cap of just $74 million, according to CoinGecko, and is presently trading at 96.45 cents, below its $1 pegged rate.

The launch of Novi without Diem is also an interesting move by Facebook. The launch of the pilot program comes two years after Facebook…