Day: November 9, 2020

How Staking Apathy Could Spell Doom For Ethereum 2.0

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Although Bitcoin has dominated the headlines of late, Ethereum has also rallied hard. Since the beginning of October, the second-biggest cryptocurrency by market cap is up 32% to $457 at the time of writing. What’s more, unlike Bitcoin, sustainable fundamental factors, i.e. improvements to the Ethereum blockchain, seem to be behind the buying spree. Alex Saunders of Nugget’s News noted that Ethereum’s weekly close yesterday was the highest since July 2018. He attributes this with progress on Ethereum 2.0, in particular with Ether staking coming on line. And with a…

Bitcoin, Ether, and XRP Weekly Market Update November 9, 2020

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The total crypto market cap added $40.2 billion to its value for the last seven days and now stands at $443.1 billion. The top 10 currencies were mostly in green for the same time period with ether (ETH)  and bitcoin (BTC) leading the pack with 14 and 12 percent increase respectively. By the time of writing bitcoin is trading at $15,490, ether climbed up to $453. Ripple (XRP) is hovering at around $0.252. BTC/USD Bitcoin closed the month of October with a 28 percent price increase and successfully broke into…

Why a 30% Bitcoin price crash should not catch you off-guard right now

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The Bitcoin (BTC) price rally halted the moment Joe Biden was announced as the projected winner of the 2020 presidential election during the weekend with price dropping from $15,500 to $14,400. However, Bitcoin is still continuously showing strength as it’s once again facing the final resistance zone at $16,000. This final resistance zone is the last major hurdle before a potential run at a new all-time high. However, a pullback is becoming increasingly likely with the Fear & Greed Index currently at the same levels similar to the peak high…

Bitcoin Falls on Positive Coronavirus Vaccine Results; Risks Ahead?

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Bitcoin’s second attempt to close above $16,000 hit a wall on Monday as traders assessed the latest progress on a coronavirus vaccine. The benchmark cryptocurrency fell 0.77 percent, suggesting that its last week’s advance, which took its price to a three-year high, would reverse in the daily sessions ahead. Bitcoin also plunged on technical merits – to neutralize it overbought status on medium- and long-term charts – as traders booked their profits at the recently-established year-to-date high of $15,977. Bitcoin sell-off accelerates on positive coronavirus vaccine news. Source: BTCUSD on…

First Mover: What’s Next for Bitcoin as Wall Street Gets Vaccine Booster

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Bitcoin was higher for a second day, staying in a range between roughly $15,200 and $15,600, as news of progress in developing a coronavirus vaccine appeared to touch off a rally in U.S. stocks.   With the outcome of last week’s U.S. presidential election now mostly settled, crypto analysts turned to other market factors, such as whether investors and bitcoin miners might take advantage of the recent price increase to pocket gains.  “The week ahead is not as easy to call,” Matt Blom, head of sales and trading at the cryptocurrency-focused financial firm…

Bitcoin Responds To Biden Victory With Rollercoaster Intraday Volatility

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Bitcoin and cryptocurrencies are known for their notorious volatility, rising by enormous figures only to retrace nearly 90% of the entire rise. Except that usually happens on a grander scale. Since Biden was proclaimed the winner of the US election, however, intraday volatility has skyrocketed. Here’s a look at just how violent things have gotten since a winner of the US presidential race was announced. Bitcoin Volatility Reaches Rollercoaster Like Levels Following Biden Blue Wave Win Although a “blue wave” win was expected to deal a devastating blow to the…

Debate Rages on Whether a Digital Dollar Will Unleash Inflation

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With record U.S. money printing failing to achieve much-needed economic stimulus, some observers now expect creation of a “digital dollar” central bank digital currency (CBDC) will not only speed payments to consumers but also spur inflation. The Federal Reserve has consistently undershot its 2% inflation target since the Great Recession of 2008, and the situation has only worsened this year due to the coronavirus pandemic. This is leading some to speculate that, should the central bank implement a digital dollar – which it’s not close to doing at present –…

DragonEx resumes withdrawals with a temporary internal token mechanism

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Cryptocurrency exchange DragonEx is introducing a stopgap measure to reintroduce withdrawals after some problems last month.  According to an official announcement on Nov. 8, DragonEx is introducing a temporary solution to allow crypto withdrawals. The exchange will require its users to acquire so-called “DragonEx Withdraw Quota” tokens. One DWQ will allow the withdrawal of assets worth 1 Tether (USDT).  DragonEx executives said that customers can acquire DWQ through trading, mortgage loan, or a deposit. “When users make a withdrawal, the same value of DWQ will be consumed,” the announcement reads.…

Ethereum vs EOS: Key Differences | Coinspeaker

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Due to the way its consensus protocol operates, EOS is considered far more centralized than Ethereum. On the surface, Ethereum and EOS.IO appear similar: they both serve the purpose of executing smart contracts, in the form of transaction protocols and dApps. However, this is where their similarities end, as the two platforms are vastly different in the way they function.  Accessibility The smart contracts on EOS are usually programmed in C++, though any other language that compiles into WebAssembly would work. Ethereum, meanwhile, depends solely on Solidity – its own purpose-designed language that…

AAVE Hits Three-Week High as Bitcoin Rally Pauses; What’s Next?

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A pause in the Bitcoin price rally has created room for other alternative cryptocurrencies to take over the bull trend. AAVE is leading the pack by logging maximum gains. The decentralized finance token surged by as much as 128 percent in five consecutive winning sessions, hitting $56.21, a level it last touched three weeks ago. The upside trend followed a 72 percent decline, leading many analysts to say that AAVA is effectively bottoming out. Good morning. Glad that we didn’t dump. Still holding $AAVE and expect it to go higher..…