Day: October 25, 2020

Hash Watch: 73% of Bitcoin Cash Blocks Mined With BCHN, Poloniex Launches Fork Futures

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The Bitcoin Cash (BCH) upgrade is 21 days away and there’s a possibility the blockchain may bifurcate on November 15. On Sunday, October 25, statistics show that 731 out of the last 1,000 blocks have been mined using the BCHN full node software. Bitcoin Cash proponents are patiently waiting for the next BCH upgrade that’s roughly three weeks away. News.Bitcoin.com reported on September 1, that due to the contentious Infrastructure Funding Proposal added to Bitcoin ABC’s codebase, the network may split. 23 days later our newsdesk explained around 61% of…

Many Investors Expect Bitcoin to Be Seriously Higher in One Month

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Bitcoin has undergone a strong rally since the lows seen just two weeks ago. The leading cryptocurrency currently trades for $13,050, far above the aforementioned lows and above the medium-term lows set during the September correction at $9,800. Some have argued that the cryptocurrency is severely overbought. As reported by NewsBTC previously, one trader recently noted that the cryptocurrency’s one-day Fisher Transform indicator is currently at highs not seen since August, May, and February of this past year. As can be seen in the chart, each of the named periods…

Yearn.finance (YFI) Could Surge 20%+ as Technical Outlook Strengthens

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Yearn.finance’s YFI governance token has found itself caught within a consolidation phase alongside Bitcoin and the rest of the crypto market. It has been able to push significantly higher from where it was trading just a couple of weeks ago, with buyers attempting to form a price floor within the lower-$13,000 region. Despite the immense bullishness seen by both Bitcoin and Ethereum over the past week, it is important to note that capital has yet to rotate into higher-risk assets residing within the DeFi sector. Until BTC proves to investors…

Why the PayPal Rally Isn’t What It Seems, and Why That’s OK

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The bigger you are, the bigger the splash when you jump in the water. And when it comes to mainstream payments companies, there are few bigger than PayPal. In case you’ve been totally avoiding the headlines over the past few days (and who could blame you), PayPal (NASDAQ: PYPL) this week confirmed its entry into the crypto asset industry with the announcement that it was enabling the buying, selling and holding of cryptocurrencies on its platform. Within the next few weeks, users in the U.S. will be able to trade…

Filecoin (FIL) Surges 30% Amid Massive Short Squeeze

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Filecoin has surged seriously higher over the past few days even while Bitcoin has stalled in the $13,000 range. The price of the leading altcoin recently passed above $35, the highs of the past five days. In the past 24 hours alone, FIL has gained 32.2% against the U.S. dollar per data from CoinGecko. Analysts attribute this rapid Filecoin price action to a “short squeeze,” whereas short positions holders were forced to close their positions in tandem, resulting in a spike in buying volume. Short squeezes often take place when…

US Department of Homeland Security to Host Blockchain-Based Digital Wallet Event with $25K Reward

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According to an announcement by the US Department of Homeland Security (DHS) shared with Blockchain.News, DHS Science and Technology Directorate (S&T) and Silicon Valley Innovation Program (SVIP) will be hosting a virtual event for a Digital Wallets Challenge on Oct 27. The Digital Wallets Challenge has a total prize of $25,000 that will be awarded in two stages. There will be 3 finalists at the end of Stage 1 who will be awarded $5,000 each. One top winner of the three Stage 1 finalists will be rewarded an additional $10,000.…

Top 5 cryptocurrencies to watch this week: BTC, ETH, XRP, LTC, XLM

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Bitcoin remains in an uptrend but is facing signs of exhaustion above $13,200, suggesting that a minor correction could drag altcoins lower. Hot on the heels of Paypal’s crypto adoption, JPMorgan’s Global Markets Strategy division released a report detailing how Bitcoin (BTC) could offer “considerable” upside “if it competes more intensely with gold as an ‘alternative’ currency.” According to the analysts, the three reasons for their long-term bullish view on Bitcoin are the large valuation gap between Bitcoin and gold, the growing utility of cryptocurrencies, and millennials preferring Bitcoin over…

This Metric Shows Bitcoin is Ultra-Bullish Despite Waning Momentum

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Bitcoin’s price has seen waning momentum over the past couple of days, with the selling pressure in the mid-$13,000 region slowing its ascent as bulls struggle to maintain their recent strength. Yesterday, the benchmark cryptocurrency surged to its yearly highs at over $13,300, but the selling pressure here was quite significant and stopped it from seeing any tremendous momentum. It is now consolidating around $13,000, with bulls and bears both being unable to spark any short-term trend. It is important to keep in mind that each rejection within the mid-$13,000…

Critical Technical Signal Suggests Bitcoin Price Will Likely Reverse

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Bitcoin has undergone an extreme rally over the past two weeks. The coin has surged from $11,200 to $13,000 as of this article’s writing, with the rally topping on Saturday evening at $13,350. While BTC is heading into the weekly close around $13,000, which is a pivotal win for bulls, analysts are wary of a drop from here. There are some signs indicating that the cryptocurrency may be overbought in the near term, having rallied over $1,500 in around a week’s time. Related Reading: Here’s Why Ethereum’s DeFi Market May…

Commodity trading gets sweeter with blockchain-based sugar exchange

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The world’s largest sugar refinery, Al Khaleej Sugar, officially announced the application of blockchain technology in its recently launched sugar trading platform, DigitalSugar.io. Users of the UAE-based platform will trade the spot price of sugar via tokens tied to “up to 100,000 tonnes of raw sugar,” with its peg assured by the Universa blockchain who will be issuing electronic warrants of ownership with the tokens. Traders will be able to hold tokens representing between 1 kg to 1M tonnes, and will pay .4% in exchange fees as well as a 2.5%…