Day: July 31, 2020

Long-Term Bitcoin Investors Holding Strong Despite Latest Rally

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Bitcoin’s intense uptrend in recent weeks hasn’t phased its long-term investors, who appear to be holding out for higher prices before they offload their holdings. Data shows that these investors are not yet selling their crypto and are even adding to their long-term stashes as the crypto’s mid-term outlook brightens. Their long-term investment approach is highlighted by exchange inflows, which have remained incredibly low despite BTC currently sitting around the highest price level it has seen since the summer of 2019. Assuming that this trend persists, it could mean that BTC’s…

Joe Rogan Tells 200M Listeners to Buy Bitcoin

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Podcaster Joe Rogan used the first few minutes of a recent episode to read out an advertisement for his sponsor Cash App and to tell listeners to buy Bitcoin. On Episode 1515 of the Joe Rogan Experience released on July 28, Rogan adopted his customary tone used to plug advertising sponsors — including Cash App — before going on to state some serious technical points about Bitcoin (BTC), like stacking sats.  “Bitcoin is a transformational digital currency that acts as a decentralized peer-to-peer payment network powered by its users, with…

Russian Interest in Paxful’s P2P Platform Surges 350%

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Data from Bitcoin (BTC) marketplace Paxful shows a huge surge of interest in cryptocurrency peer-to-peer trading in Russia, with 350% growth on a year-over-year (YoY) basis. According to the study, from the period of May 2019 to May 2020, Paxful is now seeing an average monthly trading volume of $4M in Russia. The company says that this number “exceeds expectations,” together with the YoY usage increase figures. The last three-months saw a 42% increase, with May recording the best monthly performance amid the COVID-19 pandemic. The virus is one of…

As Crypto Rips Higher, the US SEC Is Warning of ICO Scams Yet Again

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It’s been an explosive past few weeks for the crypto market. While much focus has been put on Bitcoin and Ethereum, altcoins have also performed extremely well, with some rallying hundreds of percent or thousands of percent in literal days. Although much of this growth has been through legitimate projects, the U.S. Securities and Exchange Commission is once again warning of fraudulent ICOs. Related Reading: Crypto Tidbits: Ethereum Surges 20%, US Banks Can Hold Bitcoin, DeFi Still in Vogue SEC: Be Aware of “Potential Scams” Involving Crypto ICOs In a tweet…

William Shatner’s NFT Collectibles Sell Out at Warp Speed

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Digital collectibles featuring personal memorabilia from the actor best known as Captain Kirk of the USS Enterprise have sold out in just minutes. Non-fungible token (NFT) trading cards featuring images from William Shatner’s personal life and career, from the 1930s to today, sold out in nine minutes according to WAX. The online marketplace for virtual items offered 10,000 “packs” for sale, featuring roughly 125,000 digital collectibles in total. Collectors can now buy, sell, and trade the cards amongst themselves. Some of the scenes included Shatner’s headshots and characters from his…

Is the Growing Correlation Between Bitcoin and Gold a Bullish Sign?

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As Bitcoin (BTC) rallied to its 2020 high of $11,392 this week, its correlation with gold increased and at the moment, BTC’s monthly correlation with gold on daily returns sits at 0.66, according to data from CryptoCompare.  The correlation started to increase as gold broke through $1,900, nearing a new high before pulling back alongside Bitcoin.  The increase in correlation represents a trend shift as the relationship between the two had previously been falling according to data from Kraken exchange’s research team. BTC monthly correlation on daily returns. Source: CryptoCompare…

This Fractal Suggests XRP is on the Cusp of Seeing a Parabolic Rally

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XRP was able to incur some decent momentum earlier this week that sent it into the mid-$0.25 region. Despite climbing from its recent sub-$0.20 lows, the cryptocurrency’s uptrend is still underwhelming compared to those seen by Bitcoin, Ethereum, and many of its other peers. The lack of enthusiasm surrounding the embattled token is quite significant at the moment, and it is now struggling to surmount the heavy resistance it faces at $0.25. Bulls did try to shatter this level yesterday, but their attempt failed and resulted in a somewhat firm…