May 14, 2020

2 Key Metrics Suggest Bitcoin Price is Back on the Path to $10,000

May 14, 2020 boss

Bitcoin (BTC) price lit up today, rallying 5.78% to a daily high of $9,398 before pulling back to consolidate in the $9,300 range. The strong upside move pushed the top ranked digital asset on CoinMarketCap through the $8,800-$8,930 resistance zone. Since the halving day correction dropped the price to $8,122, Bitcoin price has recovered 14.48%, leading traders to now look for $9,200 to serve as support. Crypto market weekly price chart. Source: Coin360 As Bitcoin slowly works its way back toward $10,000, the $9,300 to $9,400 zone could be a…

German Neobank Offers Bitcoin Accounts With 4.3% Interest

May 14, 2020 boss

All 80,000 users of German neobank Bitwala can now purchase, hold and earn interest on Bitcoin (BTC) in their bank accounts thanks to a new partnership with cryptocurrency lending platform Celsius Network. According to defiprime.com, Bitwala is the first classic fiat bank to offer interest for holding Bitcoin in their account, with three other DeFi DApps offering similar products. While the DeFi products have higher rates, up to 8.6% per annum, Bitwala is more regulated and offers fiat and cryptocurrency services in 32 European countries under license from leading German…

Risk of Dramatic Ether Sell-Off Grows With Longs at Record Highs

May 14, 2020 boss

With anticipation growing for Ethereum’s long-awaited ETH 2.0 revamp, Ether long positions have gone parabolic on Bitfinex since February. But with short positions also growing, and co-founder Vitalik Buterin withdrawing last week’s confident prediction of a July launch, the bullishness has also increased the risk of a violent sell-off. Ether long positions go parabolic Long positions have been breaking new record highs ever since charting above 600,000 in February, rising by another 150% over the past two months despite the historic Bitcoin (BTC) sell-off in on March 12 – 13.…

Bitcoin Smashes Heavy Resistance: Here’s What Could Propel It To $10,000

May 14, 2020 boss

Bitcoin broke a major resistance zone near $9,000 and $9,100 against the US Dollar. BTC price is gaining momentum and it could soon climb above $9,500 and test $10,000. Bitcoin started a strong rise and broke the key $9,100 resistance zone. The price is now trading close to $9,400 and it might soon attempt to clear $9,500. There is a major bullish trend line forming with support near $9,120 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could accelerate its rise if there is…

Bitcoin Cash and BSV Hash Rates Surge Following BTC Halving

May 14, 2020 boss

The Bitcoin Cash and Bitcoin SV hash rates have recovered following a dramatic fall after their halvings in April, as the Bitcoin hash rate declined since the May 11 halving. According to bitinfocharts, Bitcoin Cash’s hash rate increased more than 90%, from 1.43 Exahashes/second (EH/s) on May 10 to 2.74 EH/s on May 13. The hash rate of BSV also grew from 1.1 EH/s to 1.78 EH/s. BCH and BSV pre-halving and post-BTC halving. Source: bitinfocharts.com Miners flee following halvings Both BCH and BSV experienced a steep drop in mining…

Reddit Rolls Out ‘Community Points’ on Ethereum to Incentivize Positive Behavior

May 14, 2020 boss

Reddit has expanded its “community points” trial, offering users a way to earn a “piece of their favorite communities,” built on top of the Ethereum blockchain. In a slide presentation, published Wednesday evening, Reddit revealed its plans to utilize the Ethereum network to incentivize the creation of “quality posts and comments.” The points can be spent on premium features and used as a measure of reputation in the community, the social media platform said. Users are rewarded based on their contribution to their favorite channels, with the community ultimately deciding…

Bitcoin May Get Massive Boost as Democrats Propose $3 Trillion in Extra Stimulus

May 14, 2020 boss

Both Bitcoin and the stock market have recovered strongly since the March lows, but the “real” economy is not in a good place. As Chamath Palihapitiya — one of the first Facebook executives and a prominent venture capitalist — said in a recent CNBC “Squawk Box” interview, the economy is now far removed from capital markets. With over 30 million Americans filing for unemployment over the past two months and with companies projecting a huge drop in earnings for the second quarter of 2020, politicians are working to support the economy…