Day: October 26, 2020

Researcher Hints ETH is Undervalued

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The sentiment around Ethereum has not been as strong as Bitcoin in the past two weeks. But over the longer term, researchers expect ETH to perform particularly well in the next bull cycle. The optimism around Ethereum in the medium to long term comes from the potential fundamental catalysts that await in 2021. Anthony Sassano, who leads marketing at Set Protocol, Ethereum has three “accrual pillars.” However, Ethereum currently only has one of the three in trustless store of value (SoV). When fee burning and staking are introduced, mostly through…

The “Sky is the Limit” for Bitcoin as Weekly Close Shatters the Bear Case

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Bitcoin has seen some incredible strength throughout the past couple of weeks, with the confluence of a strong market structure and an undercurrent of positive developments both helping to drive it higher. This strength has led it to $13,200 – which is proving to be a crucial resistance level for the cryptocurrency. Bulls have been attempting to surmount this level for weeks now, but each break above this level has been met with significant selling pressure that slows its ascent. If bulls continue struggling to surmount this level, bears could…

Why Traders Are Not Convinced $13k is the “Top” For Bitcoin

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The $13,000 level is considered the most important resistance area for Bitcoin in the short to medium term. Yet, many technical analysts and traders are not convinced it is the peak for the dominant cryptocurrency. The performance of Bitcoin over the next week could heavily affect how it performs until the year’s end. For now, traders anticipate the upside momentum of BTC to continue for several key reasons. The monthly price chart of Bitcoin. Source: BTCUSD on TradingView.com Consolidation Under a Major Resistance Area is Not a Bearish Pattern In…

PayPal Cuts Ties With Domain Registrar Epik for Its Digital Coin Services

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Reportedly, Epik’s support of far-right leaning groups and matters related to controversial financial transactions with Epik’s Masterbucks cryptocurrency has led to PayPal terminate their partnership with the hosting service provider. Within a week after PayPal Holdings Inc (NASDAQ: PYPL) announced its entry into the crypto market, it has now cut ties with the domain registrar and hosting service provider Epik. The American payments multinational provider arrived at this decision following some financial risk issues and other problems related to Epik’s digital coin services. It means that PayPal won’t be supporting any…

Market is proving Bitcoin is ‘ultimate safe haven’ — Anthony Pompliano

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Bitcoin (BTC) “could not be more uncorrelated” with the stock market, Anthony Pompliano says as data shows that BTC is leaving macro assets behind. In a series of tweets on Oct. 26, the Morgan Creek Digital co-founder, also known as “Pomp,” took critics to task over their accusations that Bitcoin was a poor store of value. Pomp on safe haven Bitcoin: “The market is proving it” Pompliano uploaded a chart from behavior analysis platform Santiment, which showed Bitcoin hitting 0 for 30-day correlation with the S&P 500. “It could not…

Ethereum On Pace to Settle Over $1 Trillion in Transactions in 2020—Analyst

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The Ethereum blockchain network is on track to settle over $1 trillion worth of transactions in 2020. According to the data from Messari and CoinMetrics, the network settled $989 billion in value year-to-date. Julien Bouteloup, a decentralized finance (DeFi) security auditor and developer, said: “Ethereum is now the dominant settlement layer in crypto and is on pace to settle over $1 trillion in 2020. ETH took over BTC in no time.” Comparing Ethereum to Bitcoin is difficult because the latter is a store of value and a currency. In contrast,…

A $13,500 Bitcoin Looks Inevitable as Price Fixes “Overbought” Worries

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A combination of supportive fundamental and technical catalysts are pointing towards an extended Bitcoin bull run. The BTC/USD exchange rate kicked off the new week in positive territory on signs of institutional adoption, lower sell-off sentiment, and the global market uncertainty over the second coronavirus fiscal aid and the November 3 presidential election. The pair was up 0.87 percent ahead of the New York opening bell Monday, trading at $13,158. It persistently held onto the gains it made last week on the news of PayPal foraying into cryptocurrency space. The…

First Mover: Bitcoin Steady Over $13K as JPMorgan Has Eureka! Moment

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Bitcoin was higher, appearing to hold above $13,000 for the first time since January 2018.  But the most drama in crypto markets came after an exploit of the decentralized finance protocol Harvest Finance sent the platform’s native FARM token tumbling by 65% in less than an hour. In traditional markets, European stocks slid as Spain declared a COVID-19 state of emergency and Italians were urged to stay home. U.S. equity futures pointed to a lower open on signs of a resurgence in the coronavirus and dimming hopes for a big stimulus package prior to the…

Toyota’s IT arm works on digital token pilot with crypto exchange

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Toyota Systems, the IT arm of Toyota Motor Corporation, is collaborating with Japanese cryptocurrency exchange DeCurret to develop a branded Toyota digital currency, according to an official announcement on Oct. 26. The large-scale pilot will involve 2,500 employees at Toyota Systems. The platform will feature digital currency payments for benefits. According to the announcement, participating employees will be able to exchange the digital currency for benefits points or gifts from a catalog. Toyota Systems noted that the digital currency cannot be exchanged for Japanese yen. The new pilot uses DeCurret’s…

Monday Morning Bitcoin Bull Pennant Breakout Could Target $15K

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Bitcoin price this morning is back well above $13,100 after an overnight plunge pierced below resistance turned support at $13,000. The rebound from support could be enough momentum to push the cryptocurrency higher toward $15,000. Here’s the current price action as it is developing, and what could result. Bitcoin Forms Bullish Pennant, Target $15K, But Retest Must Hold Bitcoin price just surged to retest highs around $13,200 after bulls held an important retest of support at $13,000 overnight. The leading cryptocurrency by market cap closed its highest weekly candle since…