Day: November 7, 2020

Here’s How Bitcoin Can Still Thrust to $17,000 In the Near Future

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Bitcoin has undergone a strong drop since the weekly highs of $15,975. The price of the leading cryptocurrency is $14,800 as of this article’s writing, $1,200 shy of the highs but $500 above the daily lows. In the past 24 hours, Bitcoin is down 5%. Analysts have become fearful that this is the start of a deeper retracement after a 50% rally in 30 days. One trader went as far as to say that the cryptocurrency has reached a year-to-date high. A historically accurate analyst, though, says that $17,000 is…

8,000 Bitcoin Scam Victims Get Refunds From US Regulator

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The U.S. Federal Trade Commission is refunding about 8,000 victims who lost money from investing in two bitcoin scams. The fraudulent schemes promised that investors could turn their cryptocurrency payments of about $100 into $80,000 in monthly income. Bitcoin Pyramid Schemes’ Victims Get Refunds The Federal Trade Commission (FTC) has started sending refunds to victims of two cryptocurrency investment scams: Bitcoin Funding Team and My7network. According to an announcement by the FTC on Wednesday, the two schemes “falsely promised that participants could earn large amounts of money by paying cryptocurrency…

Yearn.finance (YFI) Posts Massive Short Squeeze; Sparks DeFi Trend Reversal

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The DeFi sector is rallying today, with Yearn.finance’s YFI governance token leading this move with a massive rally that first came about yesterday after the crypto nosedived to lows of $7,500. The support at this level was significant. After tapping this liquidity region, the rally seen catalyzed a cascade of liquidations of YFI short positions that helped push its price up well over 100% in a matter of hours. This move was more than a simple dead cat bounce of short squeeze, but rather allowed the cryptocurrency to form what…

3 ways Bitcoin price and stocks may react to a Biden presidency

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On Nov. 7 several major media outlets announced that after 4 days of rigorous vote-counting in key battleground states Joe Biden had managed to secure enough electoral votes to become the 46th President of the United States. As the excitement over an incredibly close election starts to abate, analysts will take a closer look at how a Biden presidency may impact traditional markets and Bitcoin price. Three key factors to consider are the eventual passage of a new round of economic stimulus, a strengthening U.S. dollar, and the possibility of…

Ethereum is Defying a 3 Year Market Structure; Claims Early Investor

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Ethereum is currently expressing some immense signs of strength as the cryptocurrency rallies higher while Bitcoin drifts lower. This is the first time in weeks that the cryptocurrency has risen while Bitcoin’s price drifts lower. DeFi blue chips have also been rallying higher. The DeFi sector has been one of the biggest beneficiaries of Ethereum’s immense strength throughout the past day, with many posting V-shaped recoveries that appear to mark their recent lows as a long-term bottom. If these tokens continue rallying higher and mark their recent lows as a…

Critics grumble as YieldWars uses AP election call as an oracle

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Following the Associated Press’ call earlier today that President-elect Joe Biden had won victory over incumbent Donald Trump in the U.S. presidential race, the 174 year-old organization — which has been covering elections since 1848 — subsequently published their call on the Ethereum and EOS blockchains, triggering at least one prediction market outcome.  However, some have expressed skepticism about the validity of using such a call as an oracle, raising broader questions about certainty and determinism in smart contract-based prediction markets.  On Oct. 15, 2020 Everipedia — the for-profit encyclopedia…

Cash App’s Bitcoin Revenue Soars 1,000% to $1.63 Billion in Q3, Square Announces

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Cash App, a mobile payment service of Square Inc., generated more than $1.63 billion in bitcoin revenue in Q3 2020, which is an increase of more than 1,000% over the same period last year. The company recently invested 1% of its total assets, or $50 million, into bitcoin. Cash App’s Bitcoin Revenue Soars Square Inc. released its Q3 2020 earnings report on Thursday. The NYSE-listed (NYSE: SQ) company with a market capitalization of $86 billion provides software and hardware payments products and small business services. Its CEO Jack Dorsey also…

Taking on Bitcoin and S&P 500 returns

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Bitcoin has been one of the best-performing assets on the planet since its launch in 2009. The digital coin rose nearly 9 million percent in price between 2010 and 2019. Simply holding or averaging into Bitcoin (BTC) positions yields a certain profit benchmark. Finding an investment or trading strategy that outpaces Bitcoin’s performance can prove difficult, but a financial fund known as Off The Chain Capital has claimed to do just that. The fund has also outpaced the S&P 500, a popular mainstream financial market index, although the S&P stands as a…

A minister’s look at what regulators expect from the industry

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Regulation is sometimes positioned as the enemy of innovation, an antagonistic force that reduces progress in the name of bureaucracy. However, when implemented sensitively and proportionately, regulation can strengthen a private sector’s reputation by creating the conditions necessary for businesses to focus on and enhance innovation. Getting this right means working with entrepreneurs and providing them the opportunity to innovate and experiment while also enforcing standards that promote proper corporate governance and prevent illegal activity. Through ensuring robust controls, today’s evils such as money laundering and terrorist financing can be…

Veteran Investor Bill Miller Says Every Major Investment Bank Will Own Bitcoin or Something Like It

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Mutual fund legend Bill Miller told CNBC Friday that the risks of bitcoin going to zero are “lower than they’ve ever been before” and predicted more institutional investment in the cryptocurrency. “The bitcoin story is very easy, it’s supply and demand,” Miller said. “Bitcoin’s supply is growing around 2.5% a year and the demand is growing faster than that.” On Friday, Miller warned of inflation “coming back” with the Federal Reserve “gunning the money supply” and future fiscal relief coming from Congress.  Miller, who serves on the investment committee for…