Day: November 10, 2020

Bitcoin Consolidates Below $15.5K, How A Correction Could Form

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Bitcoin price is struggling to settle above $15,500 and $15,600 against the US Dollar. BTC is likely to start a sharp downside correction if it breaks the $15,000 support. Bitcoin is showing a few bearish signs below the $15,500 and $15,600 levels. The price is currently trading below $15,400 and the 100 hourly simple moving average. There is a key connecting bullish trend line forming with support near $15,050 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start a sharp downside correction if…

Bitcoin’s hash power increases 42% in two days

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The hash power of the Bitcoin (BTC) network has jumped by roughly 30% over the past 24 hours, which if sustained, suggestsg a major difficulty adjustment may soon be incoming. According to Coinwarz, Bitcoin’s hash rate currently sits at 157.5 exahashes per second (EX/s) after briefly pushing above 160 EH/s. As of this writing, BTC hash power has increased by 42% in two days. Bitcoin hash rate 1-month chart: Coinwarz The spike follows a sharp decline in hash power in late October, which many analysts attributed to the end of…

DeFi Coins AAVE, RUNE, SNX Hold Up Despite Bitcoin Correction

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Decentralized finance (DeFi) coins have undergone an extremely strong recovery from last week’s lows. As of last night, at the highs of the recovery rally, there were a large number of top coins in the space that was up 100% from their lows. While some of these gains have since been reverted, DeFi is holding up relatively well. Popular coins pertaining to this space including Aave (AAVE), Thorchain’s RUNE, and Synthetix’s Synthetix Network Token (SNX) are up 10% in the past 24 hours despite the drop in the price of…

Aave Nears Crucial Resistance as 100%+ Uptrend Shows Signs of Stalling

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Aave’s token has been caught within a slow and steady uptrend throughout the past few days and weeks. It has been one of the beneficiaries of the recent rebound in the DeFi market, as it was previously caught within a firm downtrend. This has since reversed, but the cryptocurrency is now struggling to maintain its momentum as it reaches a critical resistance level that has proven to be quite strong on multiple occasions. A further rejection at this level would be grave and cause it to see further downside, but…

How the Vaccine News Might Change Bitcoin’s Attractiveness to Institutions

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While the economy has been on thin ice, no asset has benefitted more from the post-pandemic “new normal” than Bitcoin. Fear of the uncertainty has caused demand to rise in the insurance policy against the unknown. But as news of a vaccine being 90% effective broke today, so potentially did Bitcoin’s uptrend. Here’s how the positive vaccine news from Pfizer might change the cryptocurrency’s attractiveness to the recent wave of institutions considering adding BTC to their portfolios. Economy Could Get Shot In The Arm With Widespread Vaccine Distribution 2020 kicked…

Microsoft employee sentenced to 9 years in first U.S. Bitcoin case involving tax fraud

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A former Microsoft engineer has been sentenced to nine years for stealing more than $10 million in digital value from his past employer in the form of “currency stored value” (CSV) including gift cards. Volodymyr Kvashuk, a 26-year-old Ukrainian citizen residing in Washington, used the accounts and identities of his fellow employees to steal and then sell the CSV — making it appear as though his co-workers were responsible for the fraud.  Kvashuk also used a Bitcoin (BTC) mixing service to further obfuscate the paper trail, telling the Internal Revenue…

$18K Bitcoin price, eh? BTC market cap may pass Canada’s monetary base

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As Bitcoin (BTC) blasted through the $14,000 level its market capitalization surpassed the monetary base of the Russian ruble. This measure includes both physical currency and bank reserves, both of which are usually held by a country’s central banks. Bitcoin market price inferred to match top global monetary bases. Source: Crypto Voices The above chart may seem complicated at first glance, but it simply compares gold, silver, Bitcoin, and the remaining global monetary bases. We can see that the U.S. has $4.9 trillion physical notes, coins, and bank deposits parked…