Crypto News Blocks

Bitcoin Price Returns To $19,000 Despite Record Future Gaps
  • Despite 15% gains coming during a weekend, the price of Bitcoin returned to $19,000 on Nov. 30. Recent data showed BTC/USD retaking another key psychological level during Monday trading.
  • The weekend had produced major upside for the pair, which late last week dived to $16,300. By the start of Monday, $18,600 had appeared, with Bitcoin going on to deliver returns of at least 17% versus those lows.
  • A large $1,300 CME futures gap threatens to take the market lower, but buyers so far remain unfazed. The leading cryptocurrency surged to highs above $19,200 with around half an hour to go before the start of trading on Wall Street.
  • The crucial area to watch is $18,200, and the final breaker before ATH is the resistance around $18,600-$18,900.
  • Should Bitcoin manage to flip that zone to support, the door remains open for another attempt at challenging $20,000.
  • Read the full story here.
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Posted on Nov 30, 2020
Posted: Nov 30, 2020
Gold Outflows On The Rise As Bitcoin Continues Rally Toward $20,000
  • The ongoing Bitcoin rally has primarily been driven by institutions, with metrics such as CME’s open interest and Grayscale’s assets under management (AUM) supporting this narrative.
  • At the same time, the gold market has seen large outflows in recent weeks. On Nov. 24, the precious metal saw its largest weekly outflow in history.
  • The timing of the heightened level of outflows from the gold market is noteworthy because it comes after the entrance of Guggenheim Partners into the Bitcoin market.
  • In the medium to long term, the inflow of institutional capital into Bitcoin could lead to two key trends. The leading cryptocurrency could see a more sustained uptrend that has emerged since September.
  • Fund managers believe this could make Bitcoin even more dominant in the cryptocurrency market. Currently, the market cap of BTC accounts for 63.83% of the global cryptocurrency market’s valuation.
  • Read the full story here.
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Posted on Nov 30, 2020
Posted: Nov 30, 2020
Yearn Finance Partnering With Akropolis To Boost Institutional Outreach
  • Yearn Finance announced on Monday yet another merger with Akropolis, a multi-product DeFi protocol featuring yield optimization and under-collateralized loans.
  • While the two figure to work closely together, they will remain largely independent in terms of their tokens and overall product lines.
  • Akropolis will now integrate Yearn vault technology and publish its yield farming strategies on its Vault V2 platform.
  • Moreover, Akropolis developers will be able to build their strategies using tools from the expanding Yearn ecosystem, including Cream’s lending platform.
  • For the Yearn protocol, Akropolis will offer its business development expertise and institutional contacts. Akropolis will also deprecate AkropolisOS and Sparta, its two other products unrelated to yield generation.
  • These will be moved into open source development mode. Development will then be concentrated on an institutional front-end that would let professional traders access the combined Yearn-Akropolis ecosystem.
  • Akropolis additionally will introduce an IOU token to track losses from its recent hack. Platform profits will be redirected into this token’s fund to eventually repay all those who lost money on the hack.
  • Read the full story here.
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Posted on Nov 30, 2020
Posted: Nov 30, 2020
Guggenheim’s Macro Opportunities Fund To Invest Nearly $500 Million In Grayscale’s Bitcoin Trust
  • Guggenheim’s billion-dollar Marco Opportunities Fund (MOF) may seek indirect exposure to Bitcoin through the investment of 10% of its net asset value into Grayscale’s BTC Trust (GBTC).
  • The investment, when complete, means MOF will have committed as much as $497 million into the GBTC.
  • Guggenheim’s MOF explained that it wants to achieve its investment objective by “investing in a wide range of fixed-income and other debt and equity securities.”
  • This includes exposure to cryptocurrencies which the fund’s management believes will “offer (an) attractive yield and/or capital appreciation potential.”
  • The investment company also acknowledged the risks associated with investing in cryptocurrencies in general. As regulators zero in on cryptocurrencies and crypto exchanges, Guggenheim hints this will have a bearing on the fund’s decision-making process.
  • Moreover, the filing also details the tax implications that may arise as a consequence of being exposed to the highly volatile Bitcoin.
  • The investment is considered a major win for Bitcoin. It suggests that many investors now understand not only the advantages, but also the risks associated with the inclusion of cryptocurrencies in their portfolios.
  • Read the full story here.
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Posted on Nov 30, 2020
Posted: Nov 30, 2020
eToro Helping Bitcoin Traders Avoid Hidden Fees
  • Purchasing Bitcoin can be costly and confusing to some due to the hidden fees involved. eToro helps simplify the process by making any potential charges known from the start.
  • On eToro, trading costs are contained in a single charge. The percentage of the spread for buy and sell is the entire cost of the trade, meaning there are no hidden fees whatsoever.
  • Depositing U.S. dollars on eToro is completely free, and a flat fee of $5 is charged to cover the processing cost of withdrawals.
  • If one deposits in another currency, an FX conversion fee may apply, but costs are made clear in advance. Most other trading platforms charge a set commission as a percentage of the position size.
  • Moreover, account maintenance and inactivity fees can be hidden away in the terms and conditions, eating into profits and adding to losses each time you place a trade.
  • With eToro, however, there are no additional transaction fees. The only cost is the spread, making it one of the most user-friendly crypto trading services out there.
  • Read the full story here.
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Posted on Nov 30, 2020
Posted: Nov 30, 2020
What Bitcoin Analysts Believe Is Next After Bitcoin Plunge
  • The price of Bitcoin dropped sharply on November 26 following a mass sell-off from whales. Data from on-chain data firms, namely Santiment, Intotheblock, and CryptoQuant, show heightened levels of whale exchange inflows.
  • Whales sold quickly after Bitcoin surpassed $19,300. Many of these high-net-worth individuals sold so aggressively that they are no longer in the whale category of holding over 1,000 BTC.
  • The bearish case for Bitcoin in the near term mainly revolves around two things. First, during previous bull markets, BTC historically dropped 30% or more before seeing a continuation of the rally. Second, short-term investor activity is increasing as the price of BTC consolidates.
  • The market sentiment around Bitcoin remains generally bullish. Many analysts that anticipate BTC to fall in the near term still expect the dominant cryptocurrency to hit an all-time high by the year’s end.
  • Whale exchange deposits have continuously remained high throughout November, which was the main source of selling pressure. But, the one variable that could offset the sell-off from whales is stablecoin inflows.
  • Read the full story here
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Posted on Nov 29, 2020
Posted: Nov 29, 2020
Three Reasons Traders Expect Bitcoin To Hit $13,000 Before A New Rally Occurs
  • A few Bitcoin traders expect now expect a deeper correction but data suggests that a relief rally toward $18,000 should not be ruled out.
  • There are three main reasons why traders expect a deeper drop to occur in the near future, namely,  historical cycles, the Fibonacci Sequence, and the record-high open interest of the futures market.
  • BTC price frequently saw 20% to 30% drops in past bull markets like the rally to nearly $20,000 in 2017. Though the rally continued afterward, major corrections occurred as the derivatives market became overcrowded.
  • Traders are pinpointing the 0.618 level using the Fibonacci sequence as a potential area of interest for buyers. The Fibonacci sequence encompassing Bitcoin’s entire rally until $19,400 puts the 0.618 level at around $13,500.
  • When the open interest of the Bitcoin futures market remains above $1 billion, the price of BTC tends to drop. Throughout BTC’s history, its price often corrected when the futures market saw a heightened level of trading activity.
  • Read the full story here
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Posted on Nov 29, 2020
Posted: Nov 29, 2020
Bitcoin.com Lottery Announces ‘Sure-Win’ Games With A Guaranteed Jackpot Winner Every Draw
  • Earlier this year Bitcoin.com partnered with Bravio Tech to present the first blockchain-powered lottery platform. Nearly 20% of all tickets sold on the platform have resulted in winners taking home a handsome payout in Bitcoin or Bitcoin Cash.
  • Players can not only purchase tickets to $100s of millions of jackpots in traditional lotteries, but also play a variety of crypto games with jackpots of up to $1 Million drawn out daily.
  • Bitcoin.com has now launched a set of 10 new games, each with a guaranteed jackpot winner on every draw named Sure-Win games.
  • Tickets are limited in all Sure-Win games where users can enter with as low as €2 and play for raffles to win up-to a massive jackpot of €25,000.
  • Bitcoin.com Lottery CTO: “We can guarantee a jackpot winner in every single draw, not many platforms can offer that. We have adopted Bitcoin and Bitcoin Cash as mainstream payments. Bitcoin.com is pioneering this new digital age, their expertise in building on blockchain technology is second to none. 
  • Read the full story here
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Posted on Nov 29, 2020
Posted: Nov 29, 2020
A Bitcoin Relief Rally Is Underway: Can It Reclaim $18,000?
  • Bitcoin price dropped severely in the previous week, falling from $19,500 to $16,000. Since then, Bitcoin’s price consolidated above $16,000, which marked a temporary bottom.
  • A crucial support area was established around the $16,000 area. Bitcoin’s price did lose the uptrend on lower timeframes, through which a chain reaction of liquidations occurred. This chain reaction made the price accelerate downwards.
  • There was a clear breakdown from the $18,600 support level, which caused the chain reaction downwards, but during this correction, some lower timeframe signals are showing crucial resistance levels starting at the $18,000 level.
  • The daily chart of the total market capitalization shows an apparent breakdown, as the total market capitalization dropped significantly after reaching the 1.618 Fibonacci level.
  • The most likely scenario for Bitcoin would be a relief rally towards the $18,000 to 18,500 area. Through that, the $18,000 to 18,500 area is immediately the crucial breaker of the scenario described.
  • Read the full story here
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Posted on Nov 29, 2020
Posted: Nov 29, 2020
Bitcoin Must Break These Crucial Levels To See An Explosive Move Higher
  • Where Bitcoin trends next will likely depend largely on whether or not bulls can maintain its ongoing uptrend as the weekly candle close fast approaches. Where this candle closes will likely set the tone for the week ahead and offer insight into its macro-outlook.
  • There are still a few crucial levels that need to be surmounted before Bitcoin can see significantly further upside.
  • One trader is now noting that a break above the resistance that sits right above where it is currently trading at could lay the groundwork for the benchmark cryptocurrency to see an explosive move higher shortly.
  • At the time of writing, Bitcoin is trading up just under 4% at its current price of $17,750. This marks a notable climb from its recent lows of $16,400. If it can hold above this level and possibly navigate into the $18,000 region, it could be a sign that further upside is imminent for the entire market.
  • Unless Bitcoin faces a harsh rejection around its current price levels, there’s a strong possibility that further upside is imminent in the near-term.
  • Read the full story here
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Posted on Nov 29, 2020
Posted: Nov 29, 2020
Where Traders Believe Bitcoin Is Heading After Correcting Below $17,000
  • The price of Bitcoin has begun its correction below $17,000, picking up from where it left off on Nov. 26. Traders are conflicted on how much the leading cryptocurrency will fall.
  • Some think that BTC could drop to $16,000 or possibly even lower to $13,800. The probability for a drop to the $13,000 region remains slim, but that level is the previous peak of the June 2019 rally.
  • Traders are turning cautious in the short term because of the trend Bitcoin saw overnight. Overleveraged longs in the futures market were liquidated en masse.
  • However, a drop in the price of Bitcoin was necessary for the derivatives market to neutralize. The funding rates of BTC prior to the correction were at unsustainable levels.
  • Despite the technical strength of Bitcoin, the rally reached a point where it was more compelling to short-sell BTC.
  • In the short term, traders expect Bitcoin to either face a larger drop or weakening momentum.  $15,000, $16,000, and $16,200 are viewed as more likely support levels than $13,800.
  • Read the full story here.
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Posted on Nov 27, 2020
Posted: Nov 27, 2020
Cryptocurrency Thefts Are On The Rise; 2020 On Track To Become 2nd-Costliest Year
  • Cryptocurrency theft has boomed over the past couple of years, and especially so in 2020, with over $1.40 billion being stolen in the first five months.
  • If thefts continue to rise at this rate, 2020 is on track to become the second-costliest year in the history of crypto – lagging slightly behind last year’s record of $4.5 billion.
  • Although cryptocurrency developers, wallets, and exchanges are working hard to strengthen their defenses, hackers continue to outpace them with innovative tricks and tactics.
  • Binance suffered a major attack in 2018, with over $40 million worth of crypto assets being stolen by hackers who used a lethal cocktail of phishing, viruses, and other attack vectors.
  • These transactions happen so quickly that the assets are usually long gone before anyone notices.
  • Although this is what the general trend has been like in the past, one cryptocurrency, Bitcoin Vault (BTCV), has provided a security solution that not only slows down transactions but also allows users to reverse them.
  • After an entire year of research and development, BTCV was able to launch its 3-Key Security Solution. Powered by three private keys, this security solution gives users time to react to an attack.
  • It also provides them with the tool and authority to cancel any unauthorized transaction within the 24-hour window, which was previously impossible to do.
  • Read the full story here.
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Posted on Nov 27, 2020
Posted: Nov 27, 2020
Chinese Police Seizes $4.2 Billion Worth Of Crypto Assets
  • Court filings show that a large volume of crypto assets worth $4.2 billion in today’s value was seized by Chinese authorities from seven convicts in the PlusToken case.
  • A jaw-dropping 194,775 Bitcoin, 833,083 Ether, 1.4 million Litecoin, 27.6 million EOS, 74,167 Dash, 487 million XRP, 6 billion Dogecoin, 79,581 Bitcoin Cash and 213,724 Tether were seized from seven individuals convicted in the case.
  • According to the ruling from the Yancheng Intermediate People’s Court, the gains from the seized crypto assets will be forfeited to the national treasury.
  • The PlusToken scheme had presented itself as a South Korean crypto exchange and wallet provider that could provide users with interest-bearing accounts capable of generating between 8% and 16% returns monthly, with a minimum deposit of $500 in crypto assets.
  • PlusToken drew an estimated 2.6 million members from May 2018-June 2019. The scheme is believed to have absorbed 314,000 BTC, 117,450 BCH, 96,023 Dash, 11 billion DOGE, 1.84 million LTC, 9 million ETH, 51 million EOS and 928 million XRP.
  • By summer 2019, the scheme had ceased operations, citing “system maintenance,” in what appears to have been one of the industry’s largest-ever exit scams.
  • 15 individuals have been convicted to date and were sentenced to between two and 11 years in jail, with fines ranging between $100,000 and $1 million.
  • Read the full story here.
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Posted on Nov 27, 2020
Posted: Nov 27, 2020
Huobi Launches Crypto Exchange In Malaysia
  • In what has been a rocky 2020, Huobi Global announced it will launch another independent platform licensed to use the Huobi name.
  • Targeted at the Malaysian market, the new Huobi Labuan is launching trading services shortly after having secured a digital asset trading brokerage service license from Malaysian authorities in Sept. 2020.
  • For an initial nine-month trial period, the new platform will be able to offer crypto spot and derivatives trading for over a dozen cryptocurrencies including Bitcoin, Ether, EOS and Huobi’s native token.
  • Huobi Labuan will act as a local operating partner of Huobi Cloud, and therefore use Huobi’s established trading technology for its local digital transaction brokerage services.
  • Labuan is just the latest in a string of licensed Huobi platforms or subsidiaries: the seven-year-old brand has a foothold in Thailand, the United States via strategic partner HBUS, Argentina and Turkey.
  • By daily traded volume and derivatives exchange charts, Huobi Global is the second-ranked crypto spot exchange.
  • Read the full story here.
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Posted on Nov 27, 2020
Posted: Nov 27, 2020
Bitcoin Price Dips Below $16,900 As Whale Deposits Spike
  • The price of Bitcoin fell below $16,900 again as whale exchange deposits started to increase.
  • According to Ki Young Ju, the CEO of CryptoQuant, the All Exchange Inflows Mean indicator reached the “danger zone.” Historically, this causes the leading cryptocurrency to suffer short-term corrections.
  • After the price of Bitcoin briefly dropped to $16,200 on Nov. 26, it started to show some signs of recovery. BTC remained above the $17,000 level for over 11 hours before another leg down.
  • However, the drop decimated exchange order books, particularly in the futures market. Hundreds of millions of dollars worth of futures contracts were liquidated within several hours.
  • As soon as whales began to deposit Bitcoin to exchanges, the price started to fall. This suggests that there likely have been many traders buying the dip in the derivatives market.
  • Some traders expect the price of BTC to continue dropping, including  Tone Vays, who believes it will fall further to the $14,000 support level. 
  • Read the full story here.
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Posted on Nov 27, 2020
Posted: Nov 27, 2020
Bitcoin Price Rises Ahead Of The Release Of The FOMC Minutes
  • Bitcoin continued its climb on Wednesday, right ahead of the release of the Federal Open Market Committee’s (FOMC) minutes from their November meeting.
  • The leading cryptocurrency surged 0.13 percent to $19,198, with its rally slowing down as traders weighed vaccine progress against a persistent rise in coronavirus infections in the U.S.
  • Much of Bitcoin’s short-and medium-term market bias expects to come from the Federal Reserve’s forward guidance.
  • The central bank may want to keep its existing monetary policy settings steady, considering an increase in the number of unemployment claims over the past two weeks.
  • The Fed Chairman Jerome Powell and his colleagues discussed the prospects of purchasing government and corporate debts indefinitely to keep the U.S. economy afloat through the pandemic.
  • Current U.S. Treasury Secretary Steven Mnuchin last week decided to cease some of the Fed’s emergency lending facilities after December 31.
  • Bitcoin does not react directly to the Fed’s decisions. Instead, it correlates with the U.S. dollar, and recent Fed policies have done nothing but hurt the greenback.
  • A depreciating dollar allows investors to rotate their capital into higher beta currencies and growth-sensitive assets. Bitcoin, with its anti-inflation narrative, therefore rises to the occasion.
  • Read the full story here.
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Posted on Nov 25, 2020
Posted: Nov 25, 2020
U.S. Treasury Secretary-Elect Janet Yellen Is Bullish For Bitcoin
  • Bitcoin rallied to over $19,000 in the same week that saw President-elect Joe Biden appoint Keynesian economist Janet Yellen as the next U.S. Treasury Secretary.
  • Ms. Yellen’s economic management style complements Bitcoin’s bullish case, given her tolerance for bubbles and inflation.
  • Yellen argued against deflating the bubble in 2008, believing the U.S. economy was ready to absorb the shock of the housing market collapse.
  • Yellen also favored using the Federal Reserve’s power to reduce unemployment, iterating her strong appetite for inflation.
  • She additionally defended a $3 trillion stimulus package to cushion the aftermath of the 2008 economic crisis.
  • With Ms. Yellen on the Treasury chair, she would ensure that her regime pulls out every monetary stimulus to push unemployment lower.
  • Read the full story here.
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Posted on Nov 25, 2020
Posted: Nov 25, 2020
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