Day: November 11, 2020

Bitcoin Adoption in Venezuela Makes It Unique Among Crisis Nations

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Venezuela is an example of cryptocurrency adoption during an economic crisis. No other economy facing hyperinflation has come near the South American nation in terms of GDP-adjusted activity on peer-to-peer crypto exchanges, according to a new CoinDesk Research analysis of data from LocalBitcoins and Paxful, the two largest such exchanges. Previous reporting from CoinDesk has shown that amid platform bans by the government and Venezuelans’ unease toward foreign crypto coverage, peer-to-peer (P2P) transactions remain at the center of the country’s thriving crypto scene. In general, Venezuelans cite a combination of…

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

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Bitcoin and several altcoins are showing signs of breaking above their overhead resistance levels, which suggests bulls remain in control. Billionaire investor Stanley Druckenmiller became the latest famous name to disclose a Bitcoin position. Although Druckenmiller did not specify the quantity he had purchased, he did say that Bitcoin will outperform gold a lot more “because it’s thinner, more illiquid, and has a lot more beta to it.” Paul Tudor Jones, Stanley Druckenmiller, and Bill Miller are some of the most successful traders and investors on Wall Street. A stamp…

Discovering Bitcoin Through the #EndSARS Movement

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When the Nigerian government shut down EndSARS protestors’ bank accounts, bitcoin and crypto became a way around. Yele Bademosi is CEO at Bundle social payments app and the founder of investment firm Microtraction. Akin Sawyerr is involved across the industry and leads operations at BarnBridge.  Over the course of October 2020, the world’s attention became firmly fixed on a growing movement in Nigeria. With the hashtag #EndSARS, the movement was, on the one hand, about addressing police brutality. On the other hand, as our guests discuss, it was a broader…

Is Ripple’s Buyback A Sign Of XRP Struggles?

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XRP continues to be one of the most disappointing and dormant altcoins in the cryptocurrency market, three years running. The recent Bitcoin rally has caused the altcoin to fall to new lows on the XRPBTC pair, which analysts claimed could cause its army of supporters to “admit defeat.” Instead, Ripple themselves have decided to buy back XRP at a critical support level against Bitcoin. Is this a sign of the parent corporation essentially capitulating itself, injecting capital so that crypto investors themselves don’t finally wave the white flag? Ripple Introduces…

World Economic Forum calls blockchain key to sustainable digital finance

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The World Economic Forum (WEF) believes blockchain represents a core element of sustainable digital finance — a new paradigm that combines emerging technology with environmentally-conscious business models. In a new report published Wednesday, UBS executive Karin Oertli lists blockchain technology along with artificial intelligence, mobile platforms and the Internet of Things as being the cornerstones of digital finance. These technologies, when combined with environmental, social and governance (ESG) frameworks, could help governments and corporations reach their lofty sustainable development goals. Oertli says: “We believe that sustainable digital finance will play…

Bitcoin monthly candle close signals possible megarally in December

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Historically, when a Bitcoin (BTC) monthly candle closes above previous candles, the digital asset has seen a prolonged rally. Atop this high time frame pattern, Bitcoin’s monthly candle in September closed above $13,000 for the first time since 2017. Furthermore, the dominant cryptocurrency has shown signs of a clear breakout throughout the past two months. BTC/USD monthly chart. Source: TradingView.com Why Bitcoin may be at the cusp of a new rally In terms of the “BTC rally” narrative, the timing for a new Bitcoin rally makes sense. First, and perhaps…

Bitcoin Looks to Break $16,000 For First Time Since Early 2018

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After a strong drop earlier this week as the U.S. Dollar bounced, Bitcoin has returned to an uptrend. The leading cryptocurrency currently trades for $15,930, $40 below the year-to-date highs, and $70 below the critical $16,000 resistance level. Altcoins are rallying too. Ethereum has gained 5% in the past 24 hours as it has reached its highest price since the summer rally. Analysts are hopeful that Bitcoin will continue its ascent as the fundamentals and the technicals of this space suggest further growth is ahead. Related Reading: Here’s Why Ethereum’s…

Bitcoin Rally Seemingly Unstoppable, Revisits Recent High Around $16K

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Bitcoin price continues to be propelled higher from aggressive dip buyers looking to ride the new bull market beyond $20K. But first, the cryptocurrency has to get through just under $16K where it was stopped in its tracks just days ago. Today, the cryptocurrency is back at the key level and making its third attempt at breaking upward out of what appears to be a bullish ascending triangle pattern. Will the cryptocurrency make it beyond $16K and revisit its previous all-time high? Bitcoin Retakes $15,900, Less Than $100 Away From…

Blockchain Bites: Bitcoin’s Path to $20K, Ethereum’s ‘Unannounced’ Fork and Biden’s Crypto-Friendly Picks

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Ethereum’s Infura went down, causing a chain split. The world’s second-largest bank will issue $3 billion in blockchain bonds. President-elect Joe Biden’s transition team features some noted crypto commenters.  Top shelf Chain splitWednesday morning, around 08:00 UTC, Ethereum infrastructure provider Infura disclosed a service outage for its Ethereum mainnet API, related to one of the blockchain’s major clients, Geth. Industry participants began speculating over a possible “chain split,” or a type of unplanned and unannounced hard fork. The issue likely stems from the split between node operators who have and…

This is how many Big Macs you can buy with 1 BTC

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Measured in Big Macs, Bitcoin’s (BTC) purchasing power is approaching its highest level since the 2017 bull market, offering yet another indicator of the digital currency’s rapid appreciation. The global Bitcoin purchasing power index, or PPI, which measures how many McDonald’s Big Mac hamburgers you can buy with 1 BTC, rose 0.2% to 6,341.26 on Wednesday. Put differently, on average globally, a whole Bitcoin can buy you 6,341.26 Big Macs. In the United States, based on current prices for both, you can get 3,274.91 Big Macs for 1 Bitcoin. Data…