Day: November 5, 2020

Why Analysts Think Bitcoin Corrects After Surge to $15,000

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Bitcoin has undergone a strong surge since the lows of the week around $13,200. As of this article’s writing, the leading cryptocurrency trades for $15,100, slightly below the $15,300 daily highs but far above the aforementioned weekly lows. The leading cryptocurrency is up around 6% in the past 24 hours as the U.S. dollar continues to tumble lower. The U.S. Dollar as the election has swung in Biden’s way, which many believe will lead to a further devaluation of the currency that if President Trump was re-elected. Despite this underlying…

Bitcoin’s Market Cap Is More Valuable Than the IMF’s Special Drawing Rights Reserves

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At its current price per unit, the decentralized cryptocurrency Bitcoin’s market valuation has surpassed the overall value of the International Monetary Fund’s (IMF) Special Drawing Rights market (SDR $281 billion). Since the massive global market rout on March 12, bitcoin has risen over 323% since the crypto asset’s $3,600 low in 2020. The price of bitcoin has increased a great deal in 2020. Especially after the global market crash that wiped out nearly every commodity and stock under the sun. Even then, the price of bitcoin (BTC) had a hard…

Ethereum Could Trigger a Massive “Altseason” Once It Taps This Key Level

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Ethereum’s price action has been rather lackluster as of late, which has been surprising considering the deployment of the ETH 2.0 deposit contract and Bitcoin’s immense strength. Many analysts pinpoint the weakness seen by Ethereum as the sole reason why altcoins have been bleeding out against both USD and BTC as of late. Until Ethereum can surmount its resistance at $420, there’s a strong possibility that it will continue seeing signs of weakness and struggling to gain ground against Bitcoin. One trader is now noting that ETH is approaching a…

Leading Brazilian soccer team to tokenize FIFA player transfer fees

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Vasco da Gama, one of the leading teams in Brazilian football, and Mercado Bitcoin, one of the largest cryptocurrency exchanges in Latin America, have announced plans to tokenize the rights of the solidarity mechanism of FIFA. The FIFA Solidarity Mechanism is a part of the FIFA Transfer Regulation, which acts as a selling right for a player and encourages clubs to develop young players. Through this mechanism, up to 5% of the total value of each international transfer of an athlete can be shared with all the clubs that an…

Brazilian gov’t gets help from US Justice Department to seize $24M in crypto

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According to a Wednesday filing, the U.S. Justice Department seized $24 million in virtual currency pursuant to an official request from the Brazilian government. The Department of Justice, or DoJ, said that the government of Brazil requested its assistance in connection to a crypto fraud scheme called “Operation Egypto.” Authorities in the South American nation reported that more than 10,000 Brazilians may have been defrauded from the scheme, in losses estimated at roughly $200 million. The department seized funds connected to Brazilian national Marcos Antonio Fagundes, one of the individuals…

Market Wrap: Bitcoin Surpasses $15.3K; Ether Up 210% in 2020

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Bitcoin is hitting fresh highs during a surge past $15,000 while investors may be overlooking the upside of ether in 2020. Bitcoin (BTC) trading around $15,087 as of 21:00 UTC (4 p.m. ET). Gaining 7.7% over the previous 24 hours. Bitcoin’s 24-hour range: $14,005-$15,306 BTC above its 10-day and 50-day moving averages, a bullish signal for market technicians. Bitcoin trading on Bitstamp since Nov. 2.Source: TradingView The price of bitcoin jumped Thursday, going up to $15,306 around 15:50 UTC (10:50 a.m. ET), according to CryptoX 20 data, taking it to…

Square Reports $1B in Quarterly Bitcoin Revenue for First Time: Q3 Earnings

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It was a monster quarter for Square’s bitcoin business. “Cash App generated $1.63 billion of bitcoin revenue and $32 million of bitcoin gross profit during the third quarter of 2020, up approximately 11x and 15x year over year, respectively,” the publicly traded payments firm wrote in its Q3 investor letter published Thursday at market close. For comparison, in the second quarter of 2020 the publicly traded payments company sold $875 million through its Cash App with $17 million in profit. Square sold $516 million in bitcoin over the entire year…

Yearn.finance (YFI) Sees Disastrous Performance; Here’s What’s to Blame

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Yearn.finance’s YFI governance token has seen its first relief rally in ages, with bulls moving to form a bottom following a multi-week period of seeing relentless losses. The cryptocurrency reeled as low as $7,500 earlier today, at which point bulls stepped up and sent it surging up to highs of $10,000. It did face an influx of selling pressure at this price, with buyers unable to flip this historically significant level. If broken above and confirmed as support, $10,000 could eventually act as a strong base for growth that could…

Up 42% in Q4, Bitcoin price outperforms top bank stocks

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Historically, traditional market analysts and old school investors tend to look at Bitcoin and other cryptocurrencies with a wary eye, and when crypto pundits attempt to make comparisons between the two these investors say it’s an apples to oranges argument. Take, for example, Warren Buffett, who many a time has said Bitcoin is nothing more than a Ponzi scheme as it does not produce anything and therefore has no value. According to these traditionalists, comparing Bitcoin to Apple, Tesla, or a bank stock like JPMorgan is irrational as the latter…

Bitcoin Hits $15,000: Here Comes the FOMO

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Bitcoin Twitter interprets today’s massive price action. As the U.S. election picture starts to become more clear, bitcoin has smashed through $15,000 – its highest price since 2017’s record-breaking run. Alongside the price action has come a wave of mainstream media coverage.  In this special he-was-supposed-to-be-on-vacation episode, NLW breaks down Twitter’s response and shares interpretations, including: Original