Day: October 11, 2020

Analysts Aren’t Convinced of Yearn.finance’s (YFI) Ongoing Bounce

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Yearn.finance’s YFI has been one of the most volatile crypto assets of recent days. According to data from TradingView, the coin has traded in an $8,000 range over the past four days. After declining from the $19,000 local highs, the cryptocurrency recently underwent a 15% bounce at $15,000 that brought it just shy of $18,000. While $15,000 is a pivotal level for YFI on a macro scale, not everyone is certain that this ongoing relief rally will persist. Related Reading: Ethereum Transaction Fees Surge to All-Time Highs After Uniswap Launch…

Yearn.finance (YFI) Price Faces Grim Rejection at $20,000; What Analysts are Saying

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Yearn.finance’s YFI governance token was previously the darling of DeFi, providing investors with massive returns while also becoming a benchmark of the entire sector. Recent turbulence within the community, coupled with the downturn seen across the aggregated DeFi space, has caused YFI’s price to collapse from its recent highs, with bulls ardently attempting to stop it from seeing further downside. Just a week ago, the cryptocurrency saw a capitulatory decline that sent it down to lows of $12,000, with this decline marking a full erasure of the bulk of the…

BTC, XRP, ADA, XMR, ATOM

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In the past three years the U.S. Securities and Exchange Commission has shot down several applications for a Bitcoin (BTC) exchange-traded fund. This dashed hopes of many investors who believed Bitcoin price would rally higher if an EFT was approved.  Although investors no longer pin BTC’s future on the existence of an ETF, regulators could eventually adjust their anti-crypto stance in the future. In an interview with Cointelegraph, SEC Commissioner Hester Peirce said that the regulator will have to become accommodative to innovation as several people from both the crypto…

Bitcoin rallies, McAfee compares prison to Hilton, digital yuan airdrop

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Coming every Sunday, Hodler’s Digest tracks every important crypto news story from the previous week. Essential reading for all Hodlers!   Top Stories This Week   $12,000 Bitcoin price back on the table after BTC rallies above $11,400 At last. Bitcoin rallied to $11,448 on Friday, finally breaking above the symmetrical triangle where the price had been compressing for the past 30 days. Earlier in the week, BTC had dropped to $10,528 when Donald Trump suggested negotiations on a second stimulus package wouldn’t happen until after the election. But there…

Here’s the Newly Formed CME Gap Bitcoin May Soon Move to Fill

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Bitcoin’s technical outlook has greatly improved throughout the past few days, with bulls’ ability to push the cryptocurrency off of its $10,600 lows and past its $11,200 resistance providing its market structure with a serious boost. Where it trends next will likely depend on its reaction to its next key resistance level at $11,600. The resistance here is quite significant and could cause it to see notable losses if bulls cannot surmount it. It is important to keep in mind that the cryptocurrency’s current momentum is rooted in bullish news…

Ripple’s Larsen Says US Risks Losing Stewardship of Global Financial System to China, Disses SEC

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Chris Larsen, Ripple co-founder and chairman of the payments technology company’s board of directors, said China’s “itching” to be the one that designs the next financial system and that the U.S. is “woefully behind.” See also: SEC Will Be Forced to Give Crypto Guidance Despite Bureaucracy, Risk-Avoidance: Peirce Source ChinaDissesFinancialGlobalLarsenLosingRipplesRisksSECStewardshipSystem CryptoX Portal

More investors HODL Bitcoin in anticipation of a 2021 BTC bull market

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New data shows Bitcoin’s (BTC) current price action is showing higher levels of ‘HODLing’ activity than previous bull cycles. According to on-chain analyst Willy Woo, an indicator called “reflexivity” has been increasing in recent months. Woo explained that the indicator measures Bitcoin investors’ tendency to hold onto their BTC as its price rises. It’s essentially an alternative way to gauge the HODLing activity of retail investors. Bitcoin market cap gain per dollar invested or reflexivity. Source: Willy Woo This next bull run may eclipse the previous cycle There are several…

NFT and crypto art can magnify the truth of our reality without censorship

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Earlier this month, Christie’s auction house announced the sale of a digital portrait of the Bitcoin code for more than $130,000 when the first estimated price was $12,000–$18,000. It was the first time a nonfungible token was auctioned at one of the major auction houses for traditional art. One of the last events, Bridge to Metaverse, presented by Snark.art, showed tokenized artworks by both established and emerging contemporary artists. A group exhibition brought leading artists of our time — the Kabakovs, Kendell Geers, AES+F, Recycle Group and others — to…

Is Bitcoin More Correlated to Stocks or Gold?

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According to analyst Lyn Alden, the answer depends on bitcoin’s own cycle. For more episodes and free early access before our regular 3 p.m. Eastern time releases, subscribe with Apple Podcasts, Spotify, Pocketcasts, Google Podcasts, Castbox, Stitcher, RadioPublica, iHeartRadio or RSS. Subscribe to Blockchain Bites, our daily update with the latest stories. Subscribe By signing up, you will receive emails about CoinDesk products and you agree to our terms & conditions and privacy policy. This episode is sponsored by Crypto.com, Nexo.io and Elliptic. Today on Long Reads Sunday, a reading of Lyn Alden’s piece for CoinDesk: “Bitcoin Correlations Depend on What Phase It Is In” In…

Ethereum Indicators Suggest ETH Could See “Liftoff” To $400 Above $380

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Ethereum started a steady increase above the $355 resistance against the US Dollar. ETH price tested the $380 resistance and it is currently correcting gains. ETH price started a strong upward move after it clears the $355 resistance against the US Dollar. The price ran into the $380 resistance, but it settled nicely above the 100 simple moving average (4-hours). There was a break above a major bearish trend line with resistance near $354 on the 4-hours chart of ETH/USD (data feed via Kraken). The pair could correct higher, but…