Bitcoin rallied to over $19,000 in the same week that saw President-elect Joe Biden’s decision to appoint Keynesian economist Jenet Yellen as the next US Treasury Secretary. Anthony Pompliano, the co-founder/partner at New York-based Morgan Creek Digital Assets, noted that Ms. Yellen’s economic management style complements Bitcoin’s bullish case. In his note to investors published Tuesday, the macro analyst said the former Federal Reserve Chairman has a tolerance for bubbles and inflation. “Janet Yellen is likely to be Bitcoin’s greatest ally over the coming 4-8 years,” explained Mr. Pompliano. “She…
Day: November 25, 2020
2 counterarguments for CNBC’s Brian Kelly who sees a $19K Bitcoin top
CNBC Fast Money trader Brian Kelly sees three potential signs of a price top as Bitcoin (BTC) hits $19,000. Both fundamental and technical factors suggest a pullback could be imminent as the rally becomes overextended. BTC/USDT 1-hour chart (Binance). Source: TradingView.com Kelly named three reasons why a short-term Bitcoin pullback might occur. The reasons were the pump of altcoins, overpriced address growth and high funding rates. On Nov. 25, he said on CNBC: “I’m still a Bitcoin bull. In the long run, I’m going to be a bull for the next…
Economic justice doesn’t need the blockchain, say advisors to ‘The Squad’
American progressives, particularly the high-profile group of Congresswomen known as “the Squad,” have been highly vocal on questions of economic equity, the corrosive social impact of Big Tech and the need to reimagine fiscal and monetary policy in the post-2008 and post-COVID-19 political moment. How do they view blockchain technologies and the subsequent debates that have surrounded the digital dollar, given the potential for some overlap when it comes to certain concerns like financial inclusion, efficient distribution and citizens’ privacy? In a recent interview for Forbes, the economic policy advisors…
Australia and Singapore to Trial ‘Paperless’ Trade Using Blockchain Technology
The Australian Border Force (ABF), the country’s customs and border protection agency, wants to simplify cross-border trade with Singapore using blockchain technology. In collaboration with Singapore Customs and the Singapore Infocomm Media Development Authority (IMDA), the blockchain trial aims to reduce administration costs and increase trade efficiency. Specifically, it will test digital verification platforms across both the ABF’s intergovernmental ledger and IMDA’s TradeTrust platform for sharing electronic documents, primarily certificates of origin. “This initiative will incorporate paperless trading and secure digital exchange of trade information as part of the future…
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South Korean government to delay crypto tax rules by three months
The South Korean National Assembly is planning to delay the implementation of new income tax laws on cryptocurrency gains following appeals from industry bodies. According to a Nov. 25 report on Korean-language news site DongA, the 20% tax, originally due to be imposed from October 2021, will now not come into force until Jan. 1, 2022. The delay is intended to give digital currency exchanges time to implement the changes required to incorporate the new tax infrastructure. As Cointelegraph reported, the new tax structure for cryptocurrencies was announced in July…
The Altcoin Squeeze Might Be Over, Eyes on Bitcoin
Altcoins have strongly outpaced Bitcoin over the past few days. This is a large shift compared to what took place just weeks ago where it was BTC that was leading the market and altcoins that were down in the dumps. But here we are, with altcoins up dozens of percent today as Bitcoin only posts a slight profit of 5%. Mike Novogratz, a Wall Street investor and the chief executive of Galaxy Digital, recently commented on the rally. Related Reading: Here’s Why Ethereum’s DeFi Market May Be Near A Bottom…
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Bitcoin Price Set New Multi-Year High in Past 24 Hours
Bitcoin rallied to the price level of $19,348.27. It was the second time when it was trading above $19k since its inception. Bitcoin, the mother of over 7000 crypto projects, has set a new multi-year record in the past 24-hours since the last major bull rally in 2017. According to the metrics provided by Coinmarketcap, Bitcoin rallied to trade at $19,348.27, the second time to trade above $19k since its inception. Although below the all-time high, the new Bitcoin multi-year price record has been welcomed warmly in the crypto industry.…
Algorithmic Bitcoin and Ethereum Social Attention List Ranks Influencers With Math
On November 19, Hive.one, a project that maps the community clusters of Bitcoin and Ethereum social status using mathematics, announced the launch of a new algorithm version. Since the last time Hive.one published a list, social influencer scores and ranks changed and the creators believe the new scores “better reflect reality.” Just recently Hive.one announced the launch of the project’s new algorithm (v 2.0) and said it was the “biggest change to the algorithm yet.” Hive.one characterizes itself as a platform that describes groups of people mathematically and the web…