Day: October 22, 2020

PayPal’s crypto integration means Bitcoin could triple its user base

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Bitcoin (BTC) price has again punched through the $13,000 mark after yesterday’s PayPal’s announcement sparked a powerful rally which drove the price to a new 2020 high.  Currently sitting near $13,100, Bitcoin price has rallied nearly 10% since the announcement and BTC is now close to overtaking PayPal as the 21st biggest asset by market capitalization. PayPal’s crypto announcement comes two weeks after Square, another payments giant, announced its own foray into Bitcoin by investing roughly 1% of its assets into Bitcoin. According to Lanre Jonathan Ige, a researcher at…

Chainlink is “On the Edge of Glory” as Indicators Begin Flipping Bullish

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Chainlink has been one of the best performing major altcoins throughout the past 24-hours, with its slight underperformance of BTC throughout the past few days being erased by an intense overnight upswing. This has allowed it to gain a strong foothold within the $11.00 region, and it is now targeting a move past $12.00 as bulls begin rotating their profits away from Bitcoin and into altcoins. LINK’s upswing could also be emblematic of a renewed sense of bullishness within the entire DeFi space, as many of the tokens residing within…

Market Wrap: Bitcoin Sticks Around $13K While Ether Locked in DeFi Dips

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Bitcoin stays in bull mode but on lower volume while the amount of ether locked in DeFi falls. Bitcoin (BTC) trading around $13,103 as of 20:00 UTC (4 p.m. ET). Gaining 3% over the previous 24 hours. Bitcoin’s 24-hour range: $12,685-$13,232 BTC above its 10-day and 50-day moving averages, a bullish signal for market technicians. Bitcoin trading on Bitstamp since Oct. 20.Source: TradingView Bitcoin’s price is still trending upward, hitting as high as $13,232 on spot exchanges the past 24 hours. It was at $13,103 as of press time, leveling…

Bitcoin Is In First Inning, Like Investing In Apple Or Google Early

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Earlier this year, billionaire hedge fund manager and philanthropist Paul Tudor Jones set off the institutional buying trend after he claimed Bitcoin would be the “fastest horse in the race against inflation.” After the crypto asset’s recent rally, Jones was invited to comment on the price action on CNBC. There, he says he likes Bitcoin even better now than he did then, and claims it is still the “first inning,” comparing it to investing in Apple or Google “early.” Paul Tudor Jones: “It Is Like Investing With Steve Jobs In…

Top traders say Bitcoin log chart points to a 2017-style BTC bull run

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Peter Brandt, a well-regarded veteran trader, recently emphasized the high demand from institutions as a key catalyst for Bitcoin’s strong performance. BTC/USD 1-month chart. Source: TradingView The strong high time frame technical structure of BTC, especially the weekly chart, and the strengthening fundamentals are buoying the market sentiment. In a tweet, Brandt posted the above chart and said: “Bitcoin—IF the current gains hold through end of Oct—is poised for the second-highest monthly close ever. $BTC Institutions are increasingly involved in Bitcoin ownership. Institutions mark the value of their assets monthly.” In…

Bitcoin Price Surged to 16-Month High, Call for Increased Adoption?

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Usually, when Bitcoin is making impressive moves, many who has FOMO may take a dive into storing up on the coin, while this may complement the recent moves, its impacts may not be long-lasting. Bitcoin (BTC) price has a surge that raises its price to a 16-month high following the announcement that PayPal Holdings Inc (NASDAQ: PYPL) has launched its long-anticipated crypto payment service that will aid merchants to receive payments for goods and services in Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH) and Litecoin (LTC). Bitcoin price has seen…

For the first time since 2018 Bitcoin balances on exchanges fell below 2.5M

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On October 20, 2020, the amount of Bitcoin (BTC) held at major exchanges fell below 2.5 million BTC for the first time in two years.  Source: Glassnode. Nexo co-founder Antoni Trenchev opined to Cointelegraph that this trend is driven by the world finally realizing that only Bitcoin offers sound monetary policy: “[People are] slowly are realizing what some of us have known for a while — BTC is the only sound monetary policy right now and you cannot afford to depart from the best performing asset of the decade.” He…

Bitcoin Rally Only in ‘First Inning’, Says Tudor Jones

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BTC is an asset that appears to be attracting a lot of attention to a specific class of investors. The millennials, mostly, are recognizing the pioneer cryptocurrency as an alternative safe-haven asset. Billionaire hedge fund manager Paul Tudor Jones II has become more bullish on Bitcoin, lauding it as the best inflation hedge since sliced bread. During Thursday CNBC “Squawk Box” interview Jones said: “I like bitcoin even more now than I did then. I think we are in the first inning of bitcoin, and it’s got a long way…

Price Increase Drives 98% of Bitcoin Holders Into a State of Profit

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The price of bitcoin jumped significantly on Wednesday after the payment processor Paypal announced cryptocurrency support. The jump in value has pushed a large number of bitcoin holders into a state of profit, according to Glassnode “percent of UTXOs in profit” statistics. Based on the current data, 98% of all bitcoin UTXOs are in a state of profit touching levels previously recorded three years ago in December 2017. The price of bitcoin (BTC) closed at a high at $13,184 per coin on Wednesday, October 21 following the announcement from Paypal.…