Day: November 9, 2020

Bitcoin Held a Pivotal Support During Its $1,500 Correction

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Bitcoin underwent a swift drop on Monday morning on news of a successful vaccine trial. The leading cryptocurrency was largely reacting to the U.S. dollar index, which moved higher seemingly because a vaccine would mean less stimulus would be necessary moving forward. The stock market also jumped higher because it meant that U.S. businesses may be able to return to normal sooner rather than later. Some think that this is the start of an extended move lower for Bitcoin, especially seeing that gold shed 5%. But key technical analysis shows…

Chainlink Could Soon Rocket Towards $16.50 as Bulls Stay in Control

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Chainlink’s price action as of late has been quite positive, with bulls shattering the resistance that previously sat around $12.00 and gaining momentum as the aggregated DeFi sector rebounds. The cryptocurrency has held up quite well today despite some turbulence seen by Bitcoin and Ethereum. The latest selloff seen by the benchmark cryptocurrency has come about due to positive news regarding the efficacy of a vaccine from Pfizer. This news struck a blow to safe-haven assets, as it suggests that the global economic turmoil could soon come to an end.…

Ripple’s Garlinghouse disses Bitcoin’s energy use in advance of Biden administration

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Ripple CEO Brad Garlinghouse thinks corporations converting cash to Bitcoin (BTC) could be making a costly mistake as a more environmentally-conscious Biden administration takes the White House in January. Garlinghouse tweeted Monday that the incoming president will be much tougher on climate change, requiring that all publicly-traded companies disclose their greenhouse-gas producing activities. He singled out Square as one company that “may want to pay attention” to new federal guidelines that could get rolled out as soon as Biden takes office.  Garlinghouse’s comments piggyback off an earlier tweet from NYT…

Investors are back into Bitcoin but DEXs are still the future of crypto

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Bitcoin’s long-waited bull run and the recent wave of corporate and institutional investors allocating significant portions of their reserves to Bitcoin (BTC) are all signs that the pace of crypto’s mainstreaming is rapidly accelerating: But has the path to mass adoption come at the cost of privacy and decentralization?  Know Your Customer and Anti-Money Laundering laws have forced the majority of cryptocurrency exchanges to become more transparent about who their users are, and those who refused have had to limit the jurisdictions in which they can offer services. In order…

Flaw in Bitcoin SV Multisig Wallet Puts Funds at Risk

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When Bitcoin SV (BSV) forked from Bitcoin Cash, its mandate to create a faster, payments-focused blockchain required gutting some of Bitcoin’s key technical features.  In doing so, it gutted some of Bitcoin’s key features; now, it’s worse off for it. One of these features, the so-called pay-to-script hash (P2SH) function, allows a user to send a transaction by signing it to a “script” rather than a public key address. These scripts create special conditions that must be met in order to access the bitcoins sent to them, and they are…

Bitcoin may pay out more than gold, says billionaire investor

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American billionaire Stanley Druckenmiller has changed course on Bitcoin, saying it has the potential to store value for future generations. Speaking on CNBC today, Druckenmiller said that, although he was still more heavily invested in gold than crypto, he had purchased at least some Bitcoin (BTC). He did not specify how much. “Bitcoin could be an asset class that has a lot of attraction as a store of value to both millennials and the new West Coast money — and, as you know, they got a lot of it,” said…

‘Dr Doom’ Nouriel Roubini Admits Bitcoin May Be a Store of Value, Sees Big Revolution in Central Bank Digital Currencies

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Economist Nouriel Roubini, also known as “Dr. Doom,” has admitted that bitcoin may be a store of value. Roubini sees a “big revolution” coming in the next three years due to central banks launching their own digital currencies. Nouriel Roubini Sees Store of Value in Bitcoin After years of publicly mocking and ridiculing bitcoin, Nouriel Roubini has admitted that bitcoin may be a partial store of value. Roubini teaches at New York University’s Stern School of Business and has his own economic consulting firm called Roubini Macro Associates. Famed for…

Market Wrap: Bitcoin Drops as Low as $14.8K; ETH Options Open Interest at Record High

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Bitcoin is gyrating amid rallying global stock markets while ether options traders ramp up open interest as the Ethereum network heads for an ambitious upgrade. Bitcoin (BTC) trading around $15,384 as of 21:00 UTC (4 p.m. ET). Gaining 0.05% over the previous 24 hours. Bitcoin’s 24-hour range: $14,845-$15,842 BTC above its 10-day and 50-day moving average, a bullish signal for market technicians. Bitcoin trading on Bitstamp since Nov. 7. Source: TradingView After bitcoin rallied over $200 on news that Pfizer’s vaccine trial showed it was 90% effective in preventing coronavirus…

Why Bitcoin Needs Philosophy – CoinDesk

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It’s unsurprising when computer scientists research Bitcoin. Bitcoin is software, after all. And because Bitcoin uses incentives to shape human behavior, it also makes sense that economists study it, too. As a novel and provably scarce asset that can be transmitted across the globe without intermediaries – and one that has exhibited explosive price behavior – academics are bound to be interested in Bitcoin. Yet, few philosophers have written anything about Bitcoin. One might wonder why they’d even try, or whether anyone would care if they did. But Bitcoiners should…

A Whale Just Moved $14m Worth of Yearn.finance (YFI) to an Exchange

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Yearn.finance’s YFI token is surprisingly resilient today despite the turbulence throughout the aggregated crypto market. While Bitcoin is plunging lower, most of the DeFi sector is actually up today. The break of this sector’s recent multi-month downtrend came about following a series of massive short squeezes seen by the blue-chip DeFi assets like YFI, SNX, and others. Just a few days ago, YFI rallied from lows of $7,500 to $18,000 in a mere matter of hours, marking one of the largest surges seen by an asset of its size over…