Day: November 6, 2020

Bitcoin Bull Run Could “Force XRP Army To Surrender,” Admit Defeat

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This week, Bitcoin shocked the world with a push beyond $15,000 and nearly hitting $16,000. At the time, altcoins bled out, but few more so than XRP. One crypto trader has shared a nasty looking long-term chart for Ripple, and believes that Bitcoin’s rally could finally force the “XRP army” to surrender and “admit defeat.” Here’s how such a scenario plays out and how a reversal in Ripple may unfold. Bitcoin’s Rally Ripple-Effect Crushes Top Altcoins The leading cryptocurrency by market cap this week after taking out last year’s high…

Price analysis 11/6: BTC, ETH, XRP, BCH, LINK, BNB, LTC, DOT, ADA, BSV

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Bitcoin price looks slightly overextended in the short-term and may take a break while altcoins play catch-up. The United States Federal Reserve Chair Jerome Powell recently said that additional fiscal stimulus could result in a stronger recovery. He also emphasized that the Fed had enough tools to support the economy. After the winner of the U.S. election is announced, the focus of lawmakers could shift to the next stimulus package. However, additional money printing will only worsen the existing national debt which is currently at $27.2 trillion. Even though a…

This Crypto Exchange CEO Is One of Joe Biden’s Largest Donors

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A notable cryptocurrency exchange is among the top twenty Biden 2020 presidential campaign donors. According to the non-profit campaign donor tracker OpenSecrets.org, FTX founder Sam Bankman-Fried has donated $5.2 million to Joe Biden’s 2020 presidential campaign. FTX sits at number seventeen among the top twenty donors, not trailing far behind Google, which took the twelfth spot donating roughly $6.4 million to Biden’s campaign. In total Biden’s campaign raised $1.3 billion compared to Trump’s $863.5 million. Together the candidates have inspired what will be the highest voter turnout since 1900. FTX…

Is the stock-to-flow model flawed?

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The stock-to-flow model is flawed, says Charlie Morris, co-founder and CIO of crypto data firm ByteTree.  According to the popular theory developed by quantitative analyst Plan B, Bitcoin’s capped supply is the key feature that will bring its price over $100K in 2021, and beyond. However, as explained by Morris in a recent report, a progressive squeeze of new supply won’t be enough to cause Bitcoin’s appreciation. According to Morris, the stock-to-flow theory doesn’t take into account the decreasing significance that the flow (additional supply) will have compared to the…

Spot Markets, Not Leverage, Fuel Bitcoin’s Price Rally Amid Mild Derivative Liquidations

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Red-hot spot markets are primarily fueling bitcoin’s recent rally as the leading cryptocurrency trades at three-year highs around $15,500, suggesting the bull market may have room to continue. Unlike previously rallies, derivatives markets are playing a markedly less prominent role, demonstrated by mild liquidation volumes.  The presence of derivatives in bitcoin’s ongoing rally is “muted in comparison to previous run-ups,” said Matt Kaye, managing partner at Santa Monica-based Blockhead Capital. Talking to CoinDesk, Kaye said, “The market is clearly spot-dominated, and it appears that most of the bidding is coming…

3 reasons why traders expect Ether price to rally above $500 in 2020

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On Nov. 6, Ether (ETH) price rose to $447 on Binance as Bitcoin (BTC) price pulled back to the $15,500 level after losing steam around $15,900. Based on Ether’s strong momentum, traders anticipate a broader rally to emerge in the near term. There are three potential reasons why Ether could see a large uptrend in the upcoming weeks. The catalysts are: an optimistic high time frame technical structure, favorable on-chain metrics and the launch of Ethereum 2.0. ETH is bullish on the higher time frames In September, a pseudonymous trader…

Money Reimagined: Crypto-Informed Ideas for the Future of Government

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The good news is America is not in the midst of a full-blown civil war – not yet, at least.  But, however you feel about Joe Biden’s apparent victory in the most difficult presidential election in living memory, you’d be foolish to believe all is well in this country. Four years after Donald Trump rode a wave of white suburban discontent to a shock victory, and with the echoes of this year’s Black Lives Matter protests still resonating, the vitriol and conspiracy theories generated by a starkly divided vote suggest…

Blockchain Bites: Buterin’s Stake, Google’s Bitcoin Searches, Square’s Bustling BTC Business

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Cash App generated over $1 billion in bitcoin revenues in Q3. Vitalik Buterin sent 3,200 ETH to Ethereum 2.0’s deposit contract. Google search data shows little “FOMO” amid the current market bull run. Top shelf Monster quarterCash App, the mobile payment service of Square (helmed by Twitter CEO Jack Dorsey), generated $1.63 billion in bitcoin revenue and $32 million in bitcoin gross profit for Square during the third quarter of 2020, according to the company’s Q3 investor letter. This is 11 times more in bitcoin revenue than Q2’s $875 million,…

Here are the Factors Placing Ethereum in a “Questionable” Buying Zone

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Ethereum’s price action has been incredibly strong throughout the past day, with bulls posting a sharp overnight upswing that helped end its severe underperformance of BTC seen throughout the past few weeks. ETH’s upswing today also rekindled life into many altcoins that had previously been bleeding out, with the DeFi sector, in particular, seeing immense strength as a result of today’s ETH rally. That being said, the cryptocurrency still is trading below a key resistance level that bulls have been struggling to surmount. If this level continues holding strong, it…