Day: November 3, 2020

Election Day pump? 4 reasons Bitcoin spiked 2% in 30 minutes

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The price of Bitcoin (BTC) rose by 2% in just 30 minutes right as the United States’ stock market rang its opening bell on Nov. 3. During pre-market, the Dow Jones surged by over 350 points as the U.S. election day triggered massive volatility. The four reasons that likely led to a Bitcoin uptrend in such a short period are the election, a stocks upsurge, negative funding and rising exchange outflows. Hourly chart of Bitcoin. Source: TradingView.com Election triggers volatility The U.S. election is today, but the result is not…

US Bitcoin Mining Firm Layer1 in Legal Tussle Over Power Plant Ownership

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Bitcoin miner Layer1 Technologies has been dragged into a lawsuit from a co-founder who claims he invested millions of dollars and was then forced out of the firm. In a complaint filed in the District Court in the Western District of Texas Pecos Division, the plaintiff, Jakov Dolic, sets out that he co-founded Layer1 with its CEO Alexander Liegl, having developed a liquid cooling system that would allow the company to make use of Texas’ cheap wind power, despite the high summer temperatures in the state. Dolic, a German citizen…

Bitcoin Price Spikes Higher On Election Day Uncertainty, Aims For $14K

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Bitcoin price has remained resilient in the face of plenty of negative news, and not even the uncertainty and anxiety surrounding the pivotal US election can dent the cryptocurrency’s ongoing bullish momentum. Even with investor emotions running higher than ever today, the leading cryptocurrency by market cap won’t stop climbing and is once again heading toward $14,000 in a fury. Will this time Bitcoin hold above the resistance level? Election Day 2020: Bitcoin Aims For Yet Another New Yearly High Bitcoin price just blasted above $13,500 and is now well…

SEC Raises Crowdfunding Limit for Crypto Startups from $1.07M to $5M

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Crowdfunding has been the way through which crypto startups get smaller investments from non-accredited investors as they obtain security offerings without having to register with the SEC. The U.S. Security and Exchange Commission (SEC) has made conscious efforts to help crypto startups raise funds and rely less on venture capitals through its latest decision to raise the crowdfunding limit. According to the latest release, crypto startups can now raise a crowdfund as high as $5 million from its previous limit of $1.07 million. Based on the voted amendment, non-accredited investors…

China’s digital yuan is ‘a long way’ from beating USD says financial firm exec

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David Roche, president and global strategist at Independent Strategy, believes that China’s digital yuan has “a long way” before it will become able to challenge the U.S. dollar as a reserve currency, CNDC reports Nov. 2. According to Roche, China’s central bank digital currency, or CBDC, could hypothetically beat the U.S. dollar as a reserve currency, but it would take a “very, very long time.” The strategist reportedly emphasized that the euro accounts for a “miserable” 18%–20% of all global trade, while the Chinese yuan composes 2% of international trade…

Bitcoin Sees Major Mining Difficulty Drop, Price Remains Stable

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The difficulty adjustment has stirred up reactions on Twitter, with Twitter users praising Bitcoin Founder Satoshi Nakamoto. Since 2011, Bitcoin recently had its biggest difficulty drop, after which the network adjusted itself automatically by 16%. Despite the significant drop, the price of the giant token remains stable.  Bitcoin Mining Difficulty On the 3rd of November, the Bitcoin network automatically adjusted after its biggest mining difficulty drop in years. According to data from BTC.com, Bitcoin difficulty automatically adjusted by 16%. Before now, there were estimates that the adjustments would be around 13%.  The…

Binance Launches Yield Aggregator Dubbed BNB Vault

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The income from the BNB Vault is calculated on a daily basis and earnings are deposited in the investor’s spot wallet. Major cryptocurrency exchange Binance has launched a yield aggregator dubbed ‘BNB Vault’ aimed at helping existing and prospective investors maximize their earning potentials. According to the BNB Vault page on Binance, the new offering will combine Flexible Savings, BNB Decentralized Finance (DeFi) Staking, as well as Launchpool to give investors the best APY returns. As Binance stated, the APY is currently pegged at 5% to 8%, and the interest…

Coinbase, Gemini and others join forces to combat human trafficking

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Cryptocurrency exchanges Coinbase, Paxful, Gemini and BitFinex have all joined the Anti-Human Trafficking Cryptocurrency Consortium, or ATCC. Launched in April 2020 by the Anti-Human Trafficking Intelligence Initiative, the consortium is a nonprofit focused on intelligence sharing, best practices and the development of tools to fight trafficking. The ATCC brings together crypto exchanges, blockchain intelligence firms and law enforcement to combat human trafficking and child sexual abuse material, also known as CSAM. Aaron Kahler, chair and founder of the Anti-Human Trafficking Intelligence Initiative, told Cointelegraph that thought leadership and information-sharing within…

BNP Stock Up 6%, BNP Paribas Report Mixed Results for Q3 2020

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If BNP stock can strongly rebound from the current support level, it will be a new bull run capable of ATH breakout. French international banking group BNP Paribas SA (EPA: BNP) stock has jumped over 6% on Tuesday after the company reported mixed results for the third quarter. At the time of writing, BNP stock was trading at around €33.06. Being the largest bank in France, BNP Paribas earnings report shows a lot of things about coronavirus and the market in general. At the height of the coronavirus pandemic, BNP…

Recipe For Bitcoin “Monster Rally:” FUD Overruns Markets Again

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Traders believe Bitcoin (BTC) is gearing for a “monster rally,” as the market sees heightened levels of FUD. The term FUD is an abbreviation for fear, uncertainty, and doubt. Traders often use this term when the market sentiment suddenly turns negative after a series of pessimistic events. But, Bitcoin tends to recover when FUD in the market intensifies, as it shakes out weak hands. In the medium term, analysts anticipate this to lead to a broader BTC rally. The 1-hour price chart of Bitcoin. Source: BTCUSD on TradingView.com Uncertainty spikes…