Day: October 18, 2020

Bitcoin Adoption Soars in Turkey Amid High Inflation, Lira Hitting Record Low

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People in Turkey are increasingly turning to bitcoin as the local currency, the Turkish lira, recently hit another record low against the dollar. Bitcoin adoption in Turkey outshines other countries in the region. Turkey Is Regional Leader in Bitcoin Adoption Bitcoin adoption has been increasing in Turkey as the local currency, the Turkish lira, hit another record low Thursday, reportedly touching 7.95 to the dollar. The dollar has gained about 33% against the lira so far this year and some analysts are predicting that it will soon hit 8.5. “The…

Yearn.finance Rockets Higher Following Reports of Polychain Taking a $5m Position

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Yearn.finance’s YFI governance token has seen a strong rebound over the past 24 hours. Its price had previously been facing an unrelenting selloff that drove it down towards $13,000, but it has since formed a “v-shaped” recovery. The intensity of the rally seen over the past day has come about due to news of a major crypto fund reportedly investing $5 million into YFI, acquiring this position over the past few days. That being said, one investor is noting that this position on its own doesn’t provide much insight into…

Former patrons can’t drown sorrows as first-ever bar to accept Bitcoin closes

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A legendary bar and restaurant in Germany that was reportedly the first to ever accept cryptocurrency as a form of payment has permanently closed. According to an Oct. 18 Reddit post from Joerg Platzer, founder of Room 77, the first brick-and-mortar business to accept Bitcoin (BTC) is no longer accepting customers and has shuttered its doors. In a goodbye message riddled with references to Douglas Adams’ The Hitchhiker’s Guide to the Galaxy, Platzer said “thanks again for all the fish and the generous tips” after more than 15 years in…

Top 5 cryptocurrencies to watch this week: BTC, XLM, CRO, BNB, LTC

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Traders are accumulating Bitcoin on dips and a break above $11,600 could resume the uptrend to $12,000. Data from Skew shows Bitcoin’s (BTC) spot volume on LMAX Digital, an exchange that mainly caters to institutions, has overtaken retail-oriented exchanges. This signals that institutional investors could be building up positions as they expect the price to move higher in the future. Along with spot purchases, institutional investors’ participation in the derivatives market has also increased. Data from Arcane Research shows that a record number of investors are taking delivery of Bitcoin…

These Factors Suggest Ethereum is About to Post a Massive Push Higher

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Ethereum has been stuck below $380 for the past few days, which is a critical level that has long held serious influence over the entire crypto market. If it remains stuck below this level, it could be a sign that bulls are losing their edge over the asset and that further downside is imminent. ETH’s near-term outlook appears to remain largely correlated to Bitcoin, as the benchmark cryptocurrency has been providing firm guidance to the altcoin market as of late. This isn’t a bad thing, as BTC is stable at…

Blockchain to curb fake news

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With the United States Presidential Election set for next month, the concern over fake news has once again dominated public discourse. Fake news — the deliberate spreading of verifiably false information under the disguise of being an authentic news story ­— not only undermines the public’s confidence in the free press, it inflames social conflict, can result in health hazards (like swallowing bleach in an attempt to avoid COVID-19), gives rise to radicalism, undermines the integrity of elections, and manipulates markets. In short, fake news threatens the social trust we…

Bitcoin (BTC) Could Be Pulled Down By Weakening Stocks and Gold

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In summary: Bitcoin is exhibiting a good level of bullishness above $11k However, Bitcoin’s correlation to stocks and gold could be a bad thing with the US elections two weeks away A drop in the stock market and/or gold could mean a similar fate for Bitcoin in the short term The end of the weekend is once again upon us and so is Bitcoin’s weekly close. The King of Crypto has once again held its own in the markets and a close above $11,200 would be a good sign that…

Here’s Why Bitcoin Breaking Higher Now Would Trigger a Massive Move

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While Bitcoin has seen strong volatility on a day-to-day and week-to-week basis, it is flat on a macro scale. The crypto-asset has basically traded in the same $3,000 range for five months now. This has allowed macro volatility indicators to subside to critical historical points. Volatility analysis by one fund manager in the space suggests that when a breakout happens, it will be explosive. He thinks it will be so explosive, in fact, that Bitcoin could hit $20,000 in three months if it attempted to break higher now. Related Reading:…

ETH and BTC Locked in DeFi has Increased by 194% and 10,000% in 2020

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Quick take: The amount of ETH and BTC locked in DeFi currently stands at $4.78 Billion This amount represents 43% of the total value locked in DeFi The number of ETH locked in DeFi has increased by 194% in 2020 The number of BTC locked in DeFi has increased by 10,000% The hype surrounding DeFi might have cooled off in the fourth quarter of 2020 but the amount of Ethereum and Bitcoin locked in several DeFi protocols seems to suggest otherwise. According to data from CyrptoRank Platform, the value of…