Day: September 15, 2020

Bitcoin Jumps 5%, But $11,000 Is Still A Crucial Breakout Resistance

boss

Bitcoin price is slowly gaining momentum and it broke the $10,700 resistance against the US Dollar. BTC is up 5%, but it is still facing a major resistance near $10,800 and $11,000. Bitcoin is rising and it broke the $10,500 and $10,700 resistance levels. It is now trading well above the $10,580 pivot level and the 100 hourly simple moving average. There was a break above a key contracting triangle with resistance near $10,440 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair is still…

Nasdaq-Listed MicroStrategy May Soon Buy More Bitcoin After Forking Out $250m

boss

Earlier this year, MicroStrategy made the news across the world when it became the first major, U.S. stock exchange-listed company to invest in Bitcoin. The Nasdaq-listed firm, whose shares trade under MSTR, purchased $250 million worth of the leading crypto from its cash reserves. Company chief executive Michael J. Saylor, who was once a very assertive skeptic of the leading cryptocurrency, said at the time: “This investment reflects our belief that Bitcoin, as the world’s most widely-adopted cryptocurrency, is a dependable store of value and an attractive investment asset with…

Macroeconomic Trends Boost Bitcoin and Gold, US Dollar Index Shows Bearish Double-Top

boss

According to a number of reports and commentary from financial analysts, the world is “drowning in U.S. dollars” after the Federal Reserve decided to pump billions of dollars into the hands of 14 central banks via liquidity swaps. Moreover, recent technical analysis shows the dollar’s trade-weighted index chart indicates the USD might be in for a gigantic slide in value in the near future. As members of the U.S. Federal Reserve plan to convene this week, both gold and bitcoin (BTC) markets have started to climb in value ahead of…

More than $1B in Bitcoin has been tokenized for DeFi

boss

More than $1 billion worth of Bitcoin (BTC) has now been tokenized to access decentralized finance (DeFi) protocols on the Ethereum (ETH) network. That’s equivalent to the entire total value locked (TVL) in DeFi less than four months ago. According to DeFi Pulse, roughly 98,300 BTC, worth $1.05 billion, has been tokenized using protocols other than Blockstream’s Lightning Network — equating to more than 12% of the DeFi’s sector’s $8.57 billion combined capitalization. Number of Bitcoins locked in DeFi protocols: Defi Pulse The milestone illustrates the increasing popularity of ETH-based…

Bitcoin Address Activity Points to Ongoing Trend Reversal

boss

Bitcoin’s fundamental strength has been growing in recent weeks, which is starting to be reflected in its price action. After an extended bout of technical weakness as BTC traded within the lower-$10,000 region, the digital asset’s buyers finally stepped up. They catalyzed a sharp upwards move, which subsequently allowed its price to climb up towards $11,000. Today’s strong upswing bolstered its technical outlook and has led analysts to set their sights on a movement towards $11,000 in the near-term. It also appears that this technical strength is being perpetuated by…

Here’s Why Ethereum Could Return to Last Week’s Lows at $315

boss

Ethereum has surged over the past few days after bottoming at $310-315 early last week. The leading cryptocurrency has been benefiting from a recovery in both legacy markets and Bitcoin, which both have pushed higher since the lows they established last week. As of the time of this article’s writing, ETH trades for $380 — which is a price over 20% higher than the aforementioned lows. The cryptocurrency is up 5% in the past 24 hours, having pushed higher from a strong drop on Sunday morning. The coin remains in…

How One Line In Bitcoin Dominance Is Standing In The Way Of Alt Season

boss

Bitcoin price may have just held and confirmed a critical bullish retest of $10,000 and “meme” downtrend resistance from all-time high. After such a bullish confirmation the leading cryptocurrency by market cap could soon soar. And if it does, BTC dominance could be signaling that altcoins are going to bleed out and into Bitcoin in the months ahead. But it all hinges on one line holding, which if lost, could send the crypto market into a full-blown alt season instead. BTCUSD Monthly Bullish Retest Holding Strong | Source: TradingView Bitcoin…

This Factor Helped to Push Ethereum’s Nexus Mutual (NXM) Up 40% Today

boss

It appears that crypto bulls are back in full force: Ethereum and Bitcoin have pressed 4-5% over the past hour and altcoins have done even better, bouncing swiftly from the weekend lows. One coin, in particular, has stood out: Wrapped NXM (WNXM) or NXM, an Ethereum-based coin for the Nexus Mutual protocol that has gained over 40% in the past 24 hours. According to CoinGecko, the coin has gained 44.6% in the past 24 hours, reaching its highest price in many days at $70. Related Reading: Here’s Why This Crypto CEO…

Coinbase Censored By Apple | Blockchain News

boss

Some features within the Coinbase app have been restricted for IOS users, sparking further discontent about the ‘pay-to-play’ model adopted by Apple. Apple Inc. has received criticism over restrictions on the Coinbase “Earn” feature that allows users to earn free cryptocurrency by watching educational videos and answering questions correctly in a quiz. Coinbase CEO Brian Armstrong published a string of tweets last week, giving insight into some of the struggles with Apple’s App Store and in-app purchases as the discussion around Apple’s restrictions on app functionalities evolves. Apple has prevented…

Top crypto traders explain why Yearn.finance (YFI) may top $50K soon

boss

Over the weekend YFI, the native token of Yearn.finance, reached a new all-time high at $43,966 on Binance exchange. This occurred as the crypto market was still reeling from Bitcoin’s (BTC) sharp 17.5% correction which saw its price drop as low as $9,800 on some exchanges.  As Bitcoin price slowly recovered, YFI price increased by over 100% since Sept. 9 and many analysts now believe the token will make a run at the $50K mark soon.  The daily chart of Yearn.finance (YFI). Source: TradingView.com What’s behind YFI’s surge?  The confluence…