Day: October 20, 2020

Bitcoin Proponents Bemoan Joe Biden’s Proposed Capital Gains Hike

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The U.S. presidential election is only 14 days away, and a number of bitcoin proponents have been discussing the capital gains tax implications Joe Biden plans to invoke if he wins the American presidency. According to Biden’s plan, capital gains will be raised from 21% to 39.6% for certain income brackets. Two weeks ago, the current U.S. president, Donald Trump, floated the idea of cutting long-term capital gains cut down to 15%. In just two weeks, the U.S. may see a new president or it may get another four years…

Chainlink is Positioned to See a Major Push Higher Despite Today’s Selloff

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Chainlink’s price action as of late has been rather lackluster, primarily consisting of accumulation and consolidation as it trades between $10.00 and $11.00. This sideways trading has done little to offer investors any serious insights into its near-term outlook, but it is important to note that it is now moving in close tandem with the aggregated altcoins market. This hasn’t boded too well for it today, as altcoins are currently selling off as Bitcoin rallies towards its $12,000 resistance. It remains unclear why Bitcoin is suddenly breaking its correlation to…

Market Wrap: Bitcoin Tests $12K; Ethereum Fees Fall to 3-Month Low

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Bitcoin’s price passed $12,000 for the first time since September as Ethereum fees dipped. Bitcoin (BTC) trading around $11,910 as of 20:00 UTC (4 p.m. ET). Gaining 1.8% over the previous 24 hours. Bitcoin’s 24-hour range: $11,673-$12,058 BTC above its 10-day and 50-day moving averages, a bullish signal for market technicians. Bitcoin trading on Bitstamp since October 18. Source: TradingView Bitcoin’s price continued to make gains Tuesday following Monday’s steady price appreciation. The world’s oldest cryptocurrency breached $12,000 around 17:00 UTC (1 p.m. ET), going as high as $12,058 before…

Much Ow! Dogecoin Sets New All-Time Low Against Bitcoin On Binance

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Dogecoin, a cryptocurrency based on the Shibu Inu meme and often an important health indicator of the altcoin market, has just set a new all-time low against Bitcoin on Binance. What does this potentially say about altcoins in general, and will Dogecoin investors experience much “ow” instead of “wow” when Dogecoin tanks further against BTC? Failed Dogecoin TikTok Trend Sends Meme Coin Tumbling To New Lows Against BTC Dogecoin is a very unique cryptocurrency asset, created as a joke based on a meme. The altcoin is named after the meme…

In China, most blockchain R&D funds are going toward this segment

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A report published by Securities Daily explained how China’s publicly-listed companies spend the millions they have allocated toward blockchain R&D. The study surveyed 23 companies in China who began working with blockchain back in 2016. Figures suggest that companies allocate an average 20% of their annual revenues toward such purposes. The majority of these funds are spent to further government-related solutions. The report highlighted that Yuanguang Software, an enterprise software provider, have increased their related research spending by around $24.3 million since 2016. Other companies, such as Xinchen Technology, have actively spent funds…

Study finds CME drives Bitcoin price, but it excludes stablecoin volumes

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On Oct. 14, Wilshire Phoenix investment firm released its Efficient Price Discovery report, which detailed how CME Bitcoin (BTC) futures impact Bitcoin price discovery. The firm concluded that “CME Bitcoin futures contribute more to price discovery than its related spot markets.” And the researchers also suggested that: “CME Bitcoin futures have grown to become significant, this is not only demonstrated through trading volume and open interest, but also by influence on spot price formation.” Wilshire’s analysis correctly states that price discovery in traditional markets is a contested topic. The report…

How Strong Is Bitcoin’s Push Above $12,000?

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Who has the most recent bitcoin move right, the bulls or the bears?  Our main discussion: bulls vs. bears as bitcoin passes $12K Someone recently tweeted, “Bitcoin price has never been this high with such bearish sentiment.”  On this episode, NLW looks at the bullish case (growth in open interest on CME backed by strong macro narrative around stimulus) and bearish case ($12K BTC sell wall and bleeding from alts and DeFi). Original

NSX of Australia to Launch Automated Trading Blockchain Platform

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A blockchain-based trading system is almost ready for the connection to the Australian Securities Exchange (ASX). During a Tuesday announcement, the National Stock Exchange of Australia (NSX) revealed that the Australian Council of Financial Regulators approved at its October meeting access of its blockchain Digital Exchange Sub register System (DESS). Now, the Australian Securities and Investments Commission is making final steps before it goes live. The firm assured stakeholders that “DESS is already technically and operationally ready for service to commence data accumulation and writing to the blockchain.” Uncomfortable Delays…

Breakout or fakeout? Top traders react to Bitcoin price rally to $12K

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Within the past few hours, Bitcoin (BTC) price rose to $11,988 before pulling back to hover around the $11,900 level. The price is on the cusp of breaking above $12,000, and some analysts have suggested that the dominant cryptocurrency is in the process of decoupling from the rest of the market, including U.S. equities. The general sentiment around Bitcoin among analysts and traders remains positive and multiple on-chain analysts say that Bitcoin has been behaving like a safe-haven asset. Technical analysis suggests that first the $12,000 resistance level needs to…