Day: September 28, 2020

Dow Soars as Trump’s Tax Returns Fail to Dent U.S. Stock Market

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The Dow Jones rallied 1.9% to start the week. If Wall Street was bothered by the release of Donald Trump’s tax returns, it didn’t show. Boeing stock led the Dow 30 with a monster 7% rally. The Dow Jones rallied over 500 points on Monday, powered by a massive surge in Boeing stock and a weakening U.S. dollar. Donald Trump’s leaked tax returns were no concern for the stock market, as there is little in them Wall Street doesn’t already know. Dow Jones Soars Despite Trump Tax Leak All three…

Price analysis 9/28: BTC, ETH, XRP, BCH, BNB, DOT, LINK, ADA, BSV, CRO

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Bitcoin and altcoins may hit a few roadblocks in the short-term as they near stiff overhead resistance levels, but the overall trajectory remains bullish. Bitcoin (BTC) soared above $10,000 on July 27 and has sustained above this level since then. Data shows that this streak of 63 consecutive days of closes above the $10,000 level is a new record. This also shows that  the level has now become a strong support after previously acting as a stiff resistance. Bulls have consistently purchased dips to and below $10K and this psychologically…

Ethereum cumulative fees in 2020 eclipsed Bitcoin’s for the first time

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Cumulative transaction fees paid to Ethereum (ETH) miners for 2020 are now close to double those of Bitcoin (BTC), clocking in at $276 million versus $146 million. A chart released by Coinmetrics highlights how Ethereum fees went on a steep ascent in the latter part of the year, coinciding quite closely with the release of Compound’s token incentive. Cumulative 2020 fees on Ethereum equalized with Bitcoin’s on Aug. 12, continuing a break-neck ascent since. Source: Coinmetrics This marks a distinct change from trends in transaction fees from past years, where…

The Ultimate Guide to Choosing a Crypto-Friendly Bank

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While cryptocurrencies have been with us for already some time, it’s still common to read unpleasant stories about banks rejecting crypto payments or freezing accounts for digital asset-related activity. In some cases, your transaction leaves the bank, but you are yet to receive it on your crypto exchange account after waiting several days. When this happens, people often blame the cryptocurrency exchange first and the bank second. However, instead of wasting time pointing fingers, it’s essential to understand how bank transfers work as banks often act as the bridge between…

Bitwise Bitcoin Fund Jumps to $9 Million as Investors Worry Over Inflation

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The Bitwise Bitcoin Fund grew from $4 million to nearly $9 million over the past year. The increase is boosted by the investors’ fear of inflation. Bitwise Bitcoin Fund has doubled to nearly $9 million as investors worry over unmanageable inflation. The investors pumped millions into the asset manager’s Bitcoin fund to preserve their assets’ value against inflation. In 2019, a filing with the U.S. Securities and Exchange Commission (SEC) revealed that the Bitwise Bitcoin Fund reached $4.1 million in investment. Now, the fund has jumped more than twice over…

Bitcoin Descending Triangle Hints At Third Downtrend Before Bear Market Finish

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Bitcoin price has now set a handful of lower highs on the daily timeframe but has yet to make a lower low, confirming a downtrend. However, each subsequent lower high has now resulted in what appears to be a descending triangle pattern – a traditionally bearish pattern for the cryptocurrency. Will this triangle eventually break down also, prompting the first lower low and confirming a third stretch of downtrend for Bitcoin before its bear market is officially finished? Lower Highs Form Descending Triangle, But Bears Have Yet To Break $10,000…

Bitcoin price may surge as fear and uncertainty strain global markets

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The global economy doesn’t seem to be in a good place right now, especially with countries such as the United Kingdom, France and Spain imposing fresh, new restrictions across their borders, thereby making the future financial prospects of many local business owners even bleaker. As far as the crypto economy goes, on Sept. 21, Bitcoin (BTC) dropped by nearly 6.5% to the $10,300 mark after having stayed put around $11,000 for a few weeks. However, what is interesting to note this time around is the fact that the flagship crypto…

SPCE Shares Up 19% Following Analysts Bullish Call on Virgin Galactic

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At the time of writing, as the market opened, Virgin Galactic (SPCE) shares are 19.26% up, trading at $19.60. The shares of Virgin Galactic Holdings Inc (NYSE: SPCE) has risen in the pre-market following a boosted share price call by the Bank of America Corp (NYSE: BAC). Per reports from CNBC, Virgin Galactic (SPCE) shares received a buy rating, not only from Bank of America analysts led by Ron Epstein but by the likes of Morgan Stanley (NYSE: MS), Vertical Research Partners, Cowen Inc (NASDAQ: COWN), UBS Group (NYSE: UBS),…

Tesla Will Produce 20M Electric Vehicles a Year Before 2030

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According to Elon Musk, within the next seven years, he expects Tesla to produce over 20 million new vehicles per year. As he said, five years would also be enough, but under the conditions given, reaching this figure is “possible, but unlikely.” Tesla Inc (NASDAQ: TSLA) CEO has highly ambitious plans for the leading electric vehicles maker. Today, early in the morning, Elon Musk wrote that Tesla would produce as many as 20 million cars a year before 2030. Notably, the figure is 50 times more than the 365,000 vehicles…

Bitcoin Reclaims Crucial Technical Level; Is a Parabolic Move Imminent?

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Bitcoin has seen a strong move higher throughout the past 12 hours, which has come about as a direct result of the cryptocurrency’s strong weekly candle close. Analysts are now noting that it may be positioned to see further near-term upside, as this latest bout of heightened buying activity led it above a crucial technical level that was previously lost as a result of the recent downtrend. One trader, however, is noting that it may see a short-term throwback that leads it into its key near-term support level. He contends…