Day: October 19, 2020

Yearn.finance Could Confirm a Mid-Term Bottom if It Does These 2 Things

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Yearn.finance’s governance token – YFI – has erased a significant portion of its recent gains throughout the past few weeks, with relentless selling pressure coming about due to various factors. Heightened “founder’s risk,” a fragmented community, and low yields for the ecosystem’s yVaults have been degrading the value of the YFI token. News of a major crypto fund investing $5 million into the YFI token did provide its price with a serious boost yesterday. However, it is important to note that this is only a small percentage of the fund’s…

Market Wrap: Bitcoin Bounces to $11.8K; Over 10K BTC Locked in Harvest Finance

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Bitcoin traders hit the buy button Monday while a DeFi project gains $135 million in BTC locked since the start of September. Bitcoin (BTC) trading around $11,689 as of 20:00 UTC (4 p.m. ET). Gaining 2.2% over the previous 24 hours. Bitcoin’s 24-hour range: $11,409-$11,839 BTC above its 10-day and 50-day moving averages, a bullish signal for market technicians. Bitcoin trading on Bitstamp since Oct. 17. Source: TradingView Bitcoin’s price is making major gains Monday, with a rally starting around 12:00 UTC (8 a.m. ET) and the price jumping from…

Closing Time for Bitcoin’s Iconic Room 77 – ‘And That’s OK,’ Says Owner

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Tucked away on a quiet street in Berlin’s Kreuzberg district, Room 77 had the look of your typical dive bar – until you paid attention to the details. If you did, you’d notice the grungy scene was punctuated with cypherpunk paraphernalia. One brick wall overlooking a row of booths was populated by the portraits of Ross Ulrbicht, Edward Snowden and Julian Assange. Adjacent to these crypto-anarchy icons, a currency burner (which does exactly what you think it does) sat where an arcade game might have in any other bar.  Above…

Is The Correlation Decoupling Finally Here?

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Bitcoin price has rallied more than $300 intraday, meanwhile, the S&P 500 has fallen almost ten basis points in the same time period. Is this the fabled stock market crypto “decoupling” that analysts claimed was coming, or is this just an anomaly before a return to the ongoing correlation between the vastly two different markets this year? Bitcoin Blasts Higher While The S&P 500 Stumbles Lower, What Gives? The leading cryptocurrency by market cap has had an explosive day. The cryptocurrency began the day bullish late last night after Sunday…

Price analysis 10/19: BTC, ETH, XRP, BCH, BNB, LINK, DOT, ADA, LTC, BSV

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Bitcoin price may rise to a new 52-week high if it can break above the ascending channel and this move could ignite the altcoins. Crypto market sentiment appears to be improving across the board and the global push to mainstream central bank digital currencies is also making headway.  In China’s Shenzhen province about 2 million people had applied for the digital yuan giveaway and the lucky 50,000 among them received “red envelopes” of digital yuan totalling $1.5 million. By the end of Oct. 18 about 47,573 of the recipients had…

An encryption study revealed a surprising fact about blockchain adoption in Mexico

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A report called “Encryption Trends in Mexico 2020/2021” surveyed a total of 353 representatives from companies throughout Mexico. The study, published by privacy research center the Ponemon Institute, indicated that 40% of the Mexican companies surveyed were looking to adopt blockchain and cryptocurrencies in some form. Out of this segment, 71% were focused specifically on crypto usage. The figures also showed that 51% of these companies were intent on implementing blockchain for asset management and transaction handling purposes, while 37% expressed an interest in the implementation of smart contracts. Many…

French Finance Minister throws shade at crypto, praises blockchain

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French Finance Minister Bruno Le Maire, who once said Facebook’s Libra token would risk the “monetary sovereignty of states,” is continuing his criticism of cryptocurrencies. In an Oct. 19 tweet, Le Maire claimed some cryptocurrencies are associated with purchasing drugs and weapons in addition to being used for money laundering. However, he also wrote that he does not “question the reliability and traceability of all blockchain technology.”  Cher @cyrilpaglino, nous ne remettons pas en cause la fiabilité et la traçabilité de toutes les technologies de la blockchain. Mais certaines cryptomonnaies…

Institutional Bitcoin longs at record-high, hedge funds short — CME data

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According to CME, the amount of Bitcoin (BTC) long contracts held by institutions are at an all-time high. Yet, CME’s most recent Commitment of Trader report shows hedge funds are at a record-high for BTC shorts. There seemingly is a major difference in the perception of Bitcoin’s short to medium-term trend between hedge funds and institutions. CME Bitcoin futures net open interest. Source: Skew Why are hedge funds aggressively shorting Bitcoin but not institutions? Hedge funds typically implement varying strategies to generate returns for investors. Oftentimes, hedge funds will utilize…