Day: November 2, 2020

Bitcoin’s Retrace Could Inject Fuel into the Altcoin Market, Igniting a Rally

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Bitcoin is currently in the process of retracing following a rejection at highs of $14,100 that were set this past week. Although bulls had found stability around $13,800 following the rally to these highs, they have not been able to guard against massive inflows of selling pressure that has come about throughout the past few hours. This selling pressure has been quite significant and may continue mounting if the crypto cannot post a strong defense of the lower-$13,000 region. One analyst is now noting that November could be the month…

Ether price faces a potential 30% correction after failing to break $400

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The cryptocurrency market momentum has swung back to Bitcoin (BTC) recently as BTC dominance and trading volumes have been climbing along with its price. In that regard, the primary altcoin indicator, Ether (ETH), has not been doing well as ETH/BTC has dropped 30% in the last two months.  Now, many crypto traders are asking when the altcoins will bottom out and start to rally again. Let’s take a look at what the charts are showing.  Ether staying above 100-week and 200-week MAs ETH/USD 1-week chart. Source: TradingView The weekly chart…

Bitcoin, Ether, and XRP Weekly Market Update November 2, 2020

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The total crypto market cap added $5.6 billion to its value for the last seven days and now stands at $402.4 billion. The top 10 currencies were all in red for the same time period with the only exception being bitcoin (BTC) which increased by 5.4 percent. By the time of writing bitcoin is trading at $13,751, ether (ETH) climbed up to $398. Ripple (XRP) is at $0.241. BTC/USD Bitcoin was trading as high as $13,370 on Sunday, October 25, but bulls were not able to keep up with the…

Bitcoin Miners Saw 8% Revenue Increase in October

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Bitcoin miners generated an estimated $353 million in revenue in October, up 8% from September, according to on-chain data from Coin Metrics analyzed by CoinDesk. The revenue increase came as bitcoin soared through October, closing the month up nearly 30% at $13,800 on Coinbase. Seasonal shifts in mining hardware in late October also caused an increase in miner revenue as the network’s hash rate dropped, causing transaction processing to slow and fees to climb through late October.  Revenue estimates assume miners sell their BTC immediately. Network fees brought in $42.9…

What’s at Stake for Wall Street and Global Markets?

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Markets remain on the edge a day before the U.S. Presidential elections. Volatility is growing as this week has some big announcements from the Federal Reserve and policymakers. The surge in COVID-19 in the U.S. and Europe puts major pressure on the markets. It’s just a matter of a day when 260 million registered voters in the United States will elect their 46th President. This U.S. elections include a tough battle between the current Republican President Donald J. Trump and his Democratic Party opponent Joe Biden. The stakes are also…

First Mover: Bitcoin Retreats Before US Election After Dominating Crypto in October

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Bitcoin was lower around $13,200, retreating after reaching a fresh 2020 high near $14,100 on Oct. 31.  Tuesday’s presidential election in the U.S. “is going to be the driving force for global markets,” Matt Blom, head of sales and trading for the cryptocurrency-exchange owner Diginex, told clients in a note.  Analysts have warned that markets could see extreme volatility if the election results are murky, and the Federal Reserve has a regularly scheduled meeting just days afterward.  “It seems we will have to wait until after tomorrow when the U.S.…

Bitcoin and Ethereum Rising and Falling as U.S. Voters Head to Polls

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As the U.S. election remains a hot topic for the world, Bitcoin price seems to be on a significant rise and fall trajectory. A price drop even came at a time when BTC blew out its 12th birthday candles. Over the past couple of days, while the election in the U.S. was coming closer, Bitcoin continued to register an impressive run hitting even several new yearly highs. Bitcoin was heading towards $14,000, and other projects followed suit. Crypto markets on Friday, just before Bitcoin White Paper Day, were mostly all up.…

Marshmallow Gets $30M in Funding Raising Its Valuation to $310M

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Marshmallow now offers car insurance to expatriates aged between 21 and 50. The company has pledged to focus on less affluent customers especially those with lower credit scores. UK-based insurance startup, Marshmallow that was founded by identical brothers has announced a $30 million funding in its latest round. This funding jas brought its total valuation to around $310 million. The insurance company is intending on venturing away from traditional insurance services to have a better competitive edge in the market. Marshmallow Performance before Its Funding Round According to news outlet…

Venezuela to Incorporate Bitcoin and Litecoin Wallets into National Remittances Platform

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Venezuela says it will incorporate bitcoin and litecoin wallets to its Patria’s Cryptocurrency Remittance Platform. In an update, authorities in the country say this move will enable Venezuelan citizens to formally receive remittances in cryptocurrency form. Many citizens of hyperinflation hit Venezuela already use bitcoin as a store of value as well as for cross border payments. Plans of Adding Bitcoin-Petro Trading Pairs The formal incorporation of bitcoin into the national remittances system will likely boost the use of cryptos by Venezuelans. The country already ranks third on the list…

RYAAY Stock Up 5.5%, Ryanair Reports €226M Net Loss in Its Q2 2020

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Over the past six months, Ryanair experienced an 80% decline in the number of customers. Transportation and logistics company Ryanair Holdings Plc (NASDAQ: RYAAY) continues to feel the coronavirus market pressure as it indicated in its recent quarterly report. Notably, for its Q2 that ended on September 30, Ryanair reported a net loss of €225.5 million, compared with a profit of €910.2 million reported last year during the same period. Ryanair (RYAAY) Stock after Q2 Report However, Ryanair shares were up approximately 5.5% to trade around $85.05 during Monday’s pre-market.…