Day: October 20, 2020

Bitcoin to Soon Form Signal Last Seen Prior to 2,000% Rally in 2017

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Bitcoin has undergone a strong rally over the past few months. From the March lows, the cryptocurrency has gained over 200%, rallying from $3,500 to $11,700 now. While already impressive, the coin is about to form a pivotal buying signal that may suggest more upside is likely. The signal in question last formed when the cryptocurrency was trading under $1,000 at the end of 2016, prior to the 2017 exponential rally. Related Reading: Here’s Why Ethereum’s DeFi Market May Be Near A Bottom Bitcoin Forms Pivotal Buying Signal According to…

Blockchain-Based Trading System Steps Closer to ASX Access

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National Stock Exchange of Australia (NSX), a stock exchange company that has built a distributed ledger technology-based trading system, says it has cleared initial hurdles and is just a step away from being permitted to connect to the Australian Securities Exchange (ASX). NSX announced Tuesday that its DLT-based Digital Exchange Subregister System (DESS), part of the ClearPay platform, was approved by the Australian Council of Financial Regulators at its October meeting. It is now working with the Australian Securities and Investments Commission on finalizing the application process and date it…

Bitcoin trading dominance hits 2017-levels not seen since $20,000 BTC

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The cryptocurrency market has suddenly shifted back to Bitcoin (BTC) after several months of a decentralized finance (DeFi) frenzy. While market cap dominance remains below 60%, earlier this month, the trading dominance of BTC has spiked to levels not seen since 2017 when the price hit an all-time high at $20,000. The trading dominance of Bitcoin against other major cryptocurrencies. Source: TheTie Due to the growing dominance of Bitcoin in terms of market volume, the alternative cryptocurrency (altcoin) market is stagnating. The trading dominance of the bellwether for altcoins, Ether…

First Mover: ‘Blue Wave’ in US Senate Could Mean Flood of Stimulus for Bitcoin

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Bitcoin was lower, tracking what appears to be a new range between roughly $11,200 and $11,700. It’s a step up from levels that prevailed over most of September, between $10,100 and $11,000. “As the bulls push for a return to a $12,000 handle, resistance will be found just below, at $11,900,” Matt Blom, head of sales and trading for the cryptocurrency exchange owner Diginex, wrote in a daily newsletter.  In traditional markets, U.S. stock futures rose on fresh optimism that lawmakers might reach agreement on a new federal stimulus package. Gold…

No Immediate Plans to Launch CBDC

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The Assitant Governor of New Zealand’s central bank said that they will continue researching their CBDC in tune with global developments but haven’t been much keen on introducing it now in the country’s monetary system. The CBDC mania is catching up with governments and central banks across the globe. On Monday, October 19, the Reserve Bank of New Zealand released a report clarifying its stand on a national CBDC. Christian Hawkesby, the Assistant Governor of New Zeland’s central bank said that they are currently researching CBDC. He also adds that…

Chainlink (LINK) Rejected $11, And It’s Vulnerable to a Drop Below $10.5

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Chainlink (LINK) started a fresh increase, but it struggled to clear the $11.00 resistance. There is now a risk of a sharp decline below $10.50 if there is no break above $11.00. Chainlink token price is struggling to gain momentum above $11.00 and $11.10 against the US dollar. The price is still trading well above $10.50 and the 100 simple moving average (4-hours). There was a break above a major contracting triangle with resistance near $10.65 on the 4-hours chart of the LINK/USD pair (data source from Kraken). The pair…

4% Annual Interest Returns When You Deposit BTC in UK Exchange Luno

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As countries such as the UK and US consider a negative interest rate approach in response to the worsening economic crisis, bank customers are now caught in a dilemma: Depositing their funds with the bank is a necessity, but why should they pay the bank to hold their money? Luno, a UK-based digital wallet service provider and crypto trading platform, and its newest product, the Luno BTC Savings Wallet, might just be the solution to that, especially for aspiring crypto traders who have just entered the market. Instead of saving…

Ethereum Recovery Could Soon Fade If ETH Fails To Clear $385

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Ethereum is slowly rising and trading well above $375 against the US Dollar. ETH price must clear the $385 resistance to continue higher in the near term. Ethereum gained pace after it broke the $375 resistance level. The price tested the $385 resistance and it is now trading the 100 hourly simple moving average. There is a key bullish trend line forming with support near $375 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start a fresh decline below $375 if it fails to clear…

Uniswap’s first governance vote fails … despite 98% support

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The first governance vote for decentralized exchange (DEX) Uniswap has ended in failure, despite the proposal attracting overwhelming support of 98% of votes cast. Despite this, it fell roughly 1% short of the 40 million votes threshold needed for approval by the close of voting. The poll ended earlier today with almost 39.6 million UNI staked in favor, compared to roughly 700,000 opposed. DeFi blogger Danger Zhang (‘@safetythird’) described the vote as “the DeFi equivalent of winning the popular vote but losing the electoral college.” Uniswap governance vote results: Uniswap…

Bitcoin Bulls Back In Driver’s Seat, More Upsides Above $12K Likely

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Bitcoin price is up over 2% and it broke the main $11,560 resistance against the US Dollar. BTC is now struggling near $11,800, but it is likely to continue higher. Bitcoin is gaining momentum, and it broke the $11,500 and $11,560 resistance levels. The price is currently testing the $11,800 resistance and it is well above the 100 hourly simple moving average. There is a key contracting triangle forming with resistance near $11,750 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair is likely to…