Day: October 6, 2020

S&P 500 Hit New Highs After Record Volatility

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The S&P 500 benefited from significant global liquidity in the second and third quarter of 2020. Global liquidity is now at risk of subsiding as COVID-19 cases surge, but strategists ring the alarm on lackluster stimulus. Major European nations are restoring new restrictions, causing more havoc on the economy. Throughout the past six months, surging global liquidity caused the S&P 500 to rally to new highs. But liquidity is at risk of sliding off after strategists warn the effect of subpar stimulus packages. The U.S. remains in a stimulus stalemate…

French municipality accepting blockchain voting for road project

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The French commune of Verneuil-sur-Seine is using blockchain technology to vote in a consultation over a 50-year-old road project between three towns. According to Verneuil-sur-Seine’s official website, the commune as well as nearby towns Vernouillet and Chapet are allowing blockchain-based votes through the Yvelinoise-based startup Avosvotes from Oct. 1–8. Residents can voice their opinions on a road bypass between the towns of Orgeval to Les Mureaux near the Seine River by voting for or against the project.  The blockchain voting app reportedly verifies residents’ identities, provides certificates stored on the…

Bitcoin Forms Pivotal Long-Term Uptrend Signal Last Seen in 2014

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Bitcoin has traded in a relatively tight $2,000 range over the past two months after a rejection in the $12,000 region. The slow price action in the leading cryptocurrency also comes as legacy markets, such as the S&P 500 and precious metals, have undergone some stagnation. Bitcoin’s inability to break higher after retaking crucial long-term supports has led some investors to fear that the cryptocurrency market is primed to see a strong reversal lower. Fortunately for bulls, it was just confirmed that a long-term uptrend signal just recently confirmed that…

New Bitcoin addresses hit two-year high after China advertises crypto

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China may be behind a large spike in new Bitcoin (BTC) addresses as authorities launch a “targeted marketing campaign” — in favor of crypto. In a series of tweets on Oct. 5, analyst and market cyclist Cole Garner highlighted a two-year record increase in new BTC addresses last week. Using data from on-chain monitoring resource Glassnode, Garner noted that around 22,000 new Bitcoin “entities” appeared on one day alone. The normal level is between 5,000 and 10,000 per day. “New #bitcoin addresses were absolutely off the charts last week,” he…

Bitcoin Unlikely to Replace US Dollar as Global Reserve: Marc Chandler

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Bitcoin is unlikely to replace the greenback as a global reserve currency any time soon, according to one of the most highly regarded analysts in foreign exchange. “Backing the dollar is the world’s biggest, deepest and the most transparent government bond market,” Marc Chandler, chief market strategist at Bannockburn Global Forex and author of the book “Making Sense of the Dollar,” told CoinDesk in a video chat on Wednesday. “I just don’t know how bitcoin can replace the greenback from that viewpoint.” A global reserve currency is the one that…

Stock Market Rallies on News of President Trump’s Discharge

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The markets reacted positively to the news of Trump’s discharge and on the hopes that the stimulus deal is likely to be approved faster. All major indices on Wall Street gained 1.5-2.5% on Monday. On Monday, October 5, the U.S. stock market rallied as President Donald Trump announced his discharge from the Walter Reed Medical Center. In a strong message, President Trump asked people to remain positive and not let the fears on COVID-19 take a tall. I will be leaving the great Walter Reed Medical Center today at 6:30…

Ripple (XRP) Smashes Key Resistance: Dips Could Be Attractive To The Bulls

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Ripple rallied further 4% and it cleared the main $0.2550 resistance against the US Dollar. XRP price is now showing bullish signs, and dips could find strong bids near $0.2500 or $0.2450. Ripple extended its rally above the $0.2520 and $0.2550 resistance levels against the US dollar. The price traded to a new weekly high at $0.2589 and settled above the 100 simple moving average (4-hours). There was a break above a significant bearish trend line with resistance near $0.2425 on the 4-hours chart of the XRP/USD pair (data source…

Ethereum Key Indicators Suggest A Strong Rally if it Clears $355

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Ethereum is trading near a major resistance zone at $355 against the US Dollar. ETH price is likely to accelerate higher once there is a proper close above $355. Ethereum is attempting a major upside break above the key $355 resistance zone. The price must stay above the 100 hourly simple moving average and $350 for a possible bullish break. There is a key contracting triangle forming with resistance near $355 on the hourly chart of ETH/USD (data feed via Kraken). The pair could also decline heavily below $350 if…

DeFi indexes crash despite strong fundamentals

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On August 28, Binance Futures launched its DeFi Composite Index, a basket of DeFi tokens that initially comprised 27% Chainlink (LINK) and 11% Aave (LEND) alongside nine other prominent DeFi tokens that made up between 6% and 9.5% of the index each. Updated weekly, the index now tracks 19 different crypto assets. However the Binance Futures’ DeFi index has dropped more than 50% from an all-time high of $1,189 on its first day of trading, with the basket now changing hands for just $507. Indexes tracking decentralized finance (DeFi) tokens…