Day: November 19, 2020

Who watches the watchmen? Crypto may not be as trustless as it seems

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Blockchain technology is great because it cuts out the middleman, removes the need to trust third parties, and gives users full agency over their finances, or true ownership of their wealth. From Bitcoin (BTC) to decentralized finance, blockchain technology has been delivering on this promise for quite some time now — but just how trustless is crypto really? Cryptocurrencies were created as a result of a lack of trust in the legacy financial system, but as crypto continues to evolve and change, more trust is required: in the developers, miners,…

Bloomberg’s McGlone thinks Bitcoin could hit $170K over the next two years

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Bitcoin (BTC) has risen to rarely seen price highs, currently stalling between $17,000 and $18,500 before deciding on its next move. Gold recently broke all-time U.S. dollar price highs, surpassing $2,000 per ounce before pulling back and consolidating in price. Bloomberg Intelligence strategist Mike McGlone thinks the same could happen with BTC. “Short-term, $20,000 is pretty good resistance,” he said in a Bloomberg interview on Wednesday. “I’m afraid it’s probably going to do what gold did. It got to $2,000, and then that’s been consolidating in a bull market since.”…

Millionaires FOMO: 73% Will Own Bitcoin by 2022, Survey

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Hundreds of millionaires have revealed in a new survey that they have either already invested in bitcoin or are planning to invest in the cryptocurrency in the next couple of years. Millionaires Don’t Want to Miss Out on Bitcoin A new global poll by Devere Group shows that 73% of millionaires will invest in cryptocurrencies, such as bitcoin, ethereum and XRP, before the end of 2022 or are already investing in them. The findings came as the price of bitcoin rallied past $18,000. Devere Group is a large independent financial…

Bitcoin Options Investors Are Starting to Hedge Against Potential Price Pullback

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Bitcoin’s options market data shows investors are beginning to position for a temporary retreat from the cryptocurrency’s steep bull run. The one-month implied volatility, which is influenced by the demand for call and put options, jumped from roughly 55% to a four-month high of 70.5% in the past two days, suggesting increased expectations for price turbulence over the next four weeks. The one-month gauge is currently seen at 65%. Implied volatility metrics for longer durations have also recovered from recent lows. Alongside that, the negative spread between the cost of…

Next Move of Gold Live Market Analysis 10th NOV 2020

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Macy’s Stock Shrinks as Firm Reports 20% Drop in Same-Store Sales

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At the time of writing, Macy’s (M) stock is trading at $8.90 which means that it is 1.06% down. The stock of popular American Department store Macy’s Inc (NYSE: M) plummeted in the pre-market following the release of the company’s third-quarter 2020 results which shows a 20% decline in same-store sales. Macy’s which has been in existence since 1929 had a slightly rough Q2 thanks to the coronavirus pandemic that shifted consumer’s focus away from clothing and accessories amid the lockdowns. Despite the decline in same-store sales in the Q3…

Majority of Bitcoin Hashrate Signals Support for Taproot Scaling, Privacy Upgrade

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Bitcoin mining pools representing over 54% of the network’s current hashrate have signaled support for the scaling and privacy protocol upgrade Taproot, merged into Bitcoin Core last month. Bitmain’s Antpool backed the protocol upgrade Thursday morning in a message sent to Poolin, the pool told CoinDesk, joining five other pools in Poolin’s Taproot Activation initiative and pushing the percentage of hashrate in support of the upgrade over 50%. Antpool plans to publicly express its support in a forthcoming block’s coinbase. Poolin’s vice president, Alejandro De La Torre, told CoinDesk he…

First Mover: What China Crackdown Means for $18K Bitcoin as Dimon Passes on Tea

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Bitcoin was flat to slightly lower after briefly climbing Wednesday above $18,000 for the first time since December 2017.  “There is a tsunami of buying power up against reluctant sellers,” Charlie Morris, CEO of the cryptocurrency fund manager ByteTree, wrote in a note to clients. “These buyers are putting real money behind Bitcoin, not the old dribs and drabs normally seen from retail investors.” In traditional markets, European shares fell and U.S. stock futures pointed to a lower open amid concerns over new coronavirus-related restrictions and lockdowns. Gold weakened 0.5%…

BoE policymaker says digital currencies could be part of ‘new monetary order’

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The Bank of England, or BoE, is broadening its assessment of digital currencies, including evaluating how these assets could form the basis of a “new monetary order.” Andy Haldane, the Bank’s chief economist and sitting member of the Monetary Policy Committee, gave a speech on Wednesday at the TheCityUK 10th Anniversary Conference. The 19-page transcript, titled “Seizing the Opportunities from Digital Finance,” delves into various topics related to digital currencies and their impact on financial stability and monetary policy. The “traditional model of banking would be disrupted” by a widely-used digital…