Day: October 27, 2020

Bitcoin Rally Vulnerable If It Continues To Struggle Below $13.2K

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Bitcoin price made another attempt to gain momentum above $13,200 against the US Dollar, but failed. BTC is likely to react to the downside if it continues to struggle near $13,200 and $13,300. Bitcoin corrected lower below $13,000, but it found support near $12,800. The price is back above the $13,000 zone and the 100 hourly simple moving average. There is a key bullish trend line forming with support near $12,880 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair must gain strength above $13,200…

The Big Choices When Designing Central Bank Digital Currencies

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The increased interest in central bank digital currency (CBDC) has led to a surge in ideas and research about the topic, so much so that it’s all but impossible to keep up with everything that’s been published lately. All this information brings a welcome diversity of perspectives to the debate, but it also makes it more difficult to focus on the most important aspects of CBDC. When it comes to designing a CBDC, we need to draw a crucial distinction between direct and indirect CBDCs.  Marcelo M. Prates is a…

BTC hash rate slumps amid seasonal miner migration in China

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Mining data aggregators attribute a slump in Bitcoin’s hash rate to the end of the wet season in Sichuan, resulting in many miners migrating to other jurisdictions. On Oct. 26, Thomas Heller of Bitcoin (BTC) mining blog Hashr8 reported that roughly 22 exahashes per second (EH/s) of mining power had left the Bitcoin network, coinciding with the end of the season the previous day (based on weather forecasts). Kevin Zhang of mining-focused Digital Currency Group subsidiary Foundry also estimated a 20 EH/s drop, noting the seven-day average for Bitcoin’s hashrate…

Ethereum Lagging Behind Bitcoin Could Demonstrate Altcoin Weakness

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Ethereum spent the summer months easily dominating Bitcoin on the back of the DeFi bandwagon. Only recently when Bitcoin broke back above $12,000 with a more than $1,000 intraday candle to $13,000, has the trend changed. Crypto traders waiting for Ethereum to catch up like the last time around, could be left with heavy bags, according to one crypto trader who says that the altcoin is simply exhibiting “weakness” relative to BTC. DeFi Summer Of Love Ends In Bad Breakup With Crypto Dominance 2020 has been primarily about Ethereum and…

Top Yearn.finance Farmer Sends $1.4m Worth of YFI to Binance

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Yearn.finance (YFI) has been one of the hardest-hit crypto-assets over the past few weeks and months. From its all-time high of $44,000, the coin has declined to $14,000 as of this article’s writing. The coin remains one of the leading DeFi assets, touting a market capitalization of just under $500 million. Some fear the asset could decline even further after an early adopter of the protocol sent a large sum of YFI to exchanges. It is unclear what this individual will do with these funds, though some assume they will…