Day: November 6, 2020

Yearn.finance (YFI) Rips $2,500 Higher After Brutal 80% Correction

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Yearn.finance (YFI) and other DeFi coins capitulated on Thursday after a 70% correction. Most coins pertaining to this space lost 10-20% in the span of a single day, plunging as Bitcoin sucked all the air out of the room. At the lows, YFI was down some 80% from its $44,000 all-time high, set just two months ago. It was one of the worst-performing DeFi large caps, presumably due to the amount of short selling that took place. YFI is bouncing back, though, at long last. The Yearn.finance coin has gained…

XRP Just Tapped a Pivotal Level; Could It Soon Reverse Its Underperformance?

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The altcoin market has seen such a strong rebound today that even XRP has posted some gains. Despite seeing a slight climb today, the cryptocurrency remains trapped within the range it has been caught within throughout the past few months and years, with buyers unable to surmount the lower-$0.30 region despite the strength across the aggregated market. There are a few reasons for this weakness, including the lack of utility garnered by the token, the relentless selloff from its 2017 highs, and the waning enthusiasm surrounding it. The previously robust…

Bull flag breakout will decide whether Bitcoin price goes to $16K or $14K

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Bitcoin price (BTC) appears to be taking a short breather after reaching a new 2020 high at $15,960 on Nov. 5. The 1-hour and 4-hour timeframe show the price compressing within a flag and throughout the majority of the trading day, the $15,500 level has held as support. $15,750 is the level Bitcoin needs to break in order to pursue another stab at $16,000.  BTC/USDT 4-hr chart. Source: TradingView Within the last hour, a dragonfly doji candle formed as the price swept low to test the lower support of the…

Netherlands registers first consumer-facing crypto platform since AMLD5

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Crypto exchange BLOX received the go-ahead to operate in the Netherlands, making it the first platform to do so since the country implemented the European Union’s 5th Anti-Money Laundering Directive, or AMLD5. “BLOX is the first consumer-focused cryptocurrency company that will be included in the registry of the Dutch Central Bank,” the company said in a blog announcement today. “This registration is mandatory in the Netherlands for every company that allows its users to buy, sell, trade and hold cryptocurrencies.” Netherlands-based crypto services provider AMDAX BV made headlines in October…

OKEx denies rumblings of founder’s criminal detainment, withdrawals still closed

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After closing digital asset withdrawals in mid-October, Malta-based crypto exchange OKEx still remains tight-lipped about an unspecified on-going investigation. OKEx claims detainment chatter as simply rumors, although customers are still left without withdrawal access on the exchange, even after three weeks, hearing no palatable details around the scene.  “Claims that a concerned party related to OKEx is under criminal detention have been refuted — we can confirm that these are rumors,” OKEx said in a public update today. Cointelegraph reached out to OKEx for additional details, but received no response…

Market Wrap: Bitcoin Loses Steam at $15.9K; Over 600K ETH Yanked From DeFi

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A bitcoin rally to new 2020 highs has been slowed by lower spot volume. Meanwhile, some ether investors are moving capital out of DeFi. Bitcoin (BTC) trading around $15,502 as of 21:00 UTC (4 p.m. ET). Gaining 2.6% over the previous 24 hours. Bitcoin’s 24-hour range: $15,190-$15,934 BTC near its 10-day moving average but above the 50-day, a sideways signal for market technicians. Bitcoin trading on Bitstamp since Nov. 4.Source: TradingView Bitcoin’s price rise stalled Friday after making gains over the past 24 hours, most notably going as high as…

Only 4% of Norway uses cash as country evaluates CBDC, Norges Bank exec says

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Speaking at an event on Thursday, Ida Wolden Bache, deputy governor at Norway’s central bank, described a decline in cash payments while elaborating on Central Bank Digital Currencies, or CBDCs.  “Only 4% of payments are now made using cash,” Bache said in her speech during Finance Norway’s Payments conference. “This share is approximately the same as in spring, and considerably lower than before the pandemic,” she added. “To our knowledge, the share of cash payments is lower in Norway than in any other country.” Norway uses the kroner, the currency issued…

California’s Prop. 24 Could Be a ‘Silver Lining’ for Crypto Exchanges Looking to Comply With GDPR

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On Election Day, Californians chose not only the direction of their government but also the direction of some of the laws that government will administer. With 56% of voters approving it thus far, Proposition 24, also known as the California Privacy Rights Act (CPRA), is on its way to replacing key components of the California Consumer Privacy Act (CCPA), one of the more robust data privacy laws in the country. While the CPRA is not without controversy, it raises the stakes for non-compliance and encourages businesses, including cryptocurrency exchanges, to…

It’s the “Moment of Truth” for Chainlink as Price Taps Key Parabolic Trendline

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Chainlink has flashed some immense signs of strength throughout the past few days, with the cryptocurrency rallying towards its $12.00 resistance as its price continues seeing immense upwards momentum. This strength also comes as the aggregated altcoin market begins showing signs of strength, with buyers sending Ethereum’s price flying higher today as the DeFi sector also rebounds. This strength might just be getting started, and if today’s rally marks the start of a trend reversal amongst altcoins, there’s a strong possibility that blue-chip altcoins like Chainlink will be the first…

New administration and the DoJ’s continued flex in crypto, Oct. 30–Nov. 6

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Every Friday, Law Decoded delivers analysis on the week’s critical stories in the realms of policy, regulation and law.  Editor’s note Are you over the election? I’m over the election. But you can bet that as soon as I finish writing this week’s Law Decoded, I will compulsively check up on what’s happening in Georgia and Pennsylvania. And it seems that I’m not alone. Despite the election highjacking the entire news cycle, crypto has not been completely left in the corner. Likely most notable, Bitcoin is hitting highs it hasn’t…