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Day: November 26, 2020
Russian prime minister proposes legal steps to bring order to crypto market
Russian prime minister Mikhail Mishustin has appeared to express support for the further development of the local cryptocurrency market. At a recent governmental meeting held on Nov. 26, Mishustin proposed the introduction of legal protections for crypto holders in the country in order to contribute to the growth of the new industry. According to Mishustin, such a framework would develop the industry in a “civilized way so that the owners of such assets can protect their rights and interests,” while at the same time preventing “shadow schemes.” As part of…
Bitcoin Parabola Fractal Shows Its Potential to Retest $20K; Here’s Why
Bitcoin plunged on Thursday, stalling a price rally driven by fears of the US dollar debasement and higher inflation. The benchmark cryptocurrency fell to $16,200 a token, a multi-week low, ahead of the New York trading session. By doing so, Bitcoin also broke below a crucial parabolic support that had offered it a concrete price floor during its relentless bull run in the previous seven weeks. Looking closer, the bubble appeared reminiscent of a structure that the BTC/USD chart formed between March and May earlier this year. The pair similarly…
BTC Will Not Correct Forever
On Thursday, November 26th, the BTC is correcting after its rally reached a peak this week. It is generally trading at 16,733 USD with a high of 19,490 USD. By Dmitriy Gurkovskiy, Chief Analyst at RoboForex. Tech analysis of BTC/USD. MicroStrategy earned 350 million USD on the BTC. WSJ made a publication with the BTC on the front page. On W1, the BTC is correcting from 100.0% Fibo. The aim of the pullback is currently 13,207 USD. The MACD histogram remains positive, providing another signal for the price growth. The signal…
Bitcoin must now reclaim these price levels to resume its rally to $20K
Bitcoin (BTC) has been seeing significant momentum in previous weeks as its price was approaching the precious $20,000 all-time high. However, an abrupt end came to this glorious rally, with Bitcoin price crashing severely over the past 24 hours. Cryptocurrency market, 1-day performance. Source: Coin360 While most investors were celebrating a potential new all-time high, the price of Bitcoin dropped from $19,500 to $16,300, a drop of 15% in less than 24 hours. The majority of the crypto markets also followed suit with alts in the deep red across the…
Coinbase CEO Brian Armstrong Shares Concerns on Rumoured New US Crypto Regulation
Coinbase CEO Brian Armstrong also explained the reverse effects of the rumored regulation. The CEO of digital currency exchange platform Coinbase Brian Armstrong expressed his opinion on the rumors that the US Treasury may implement unfavorable regulation on the crypto industry. Armstrong highlighted the details of the rumored regulation in a Twitter thread. Already, the CEO said Coinbase, along with other crypto companies and investors, have contacted the US Treasury regarding the matter. On the 25th of November, Armstrong shared his concerns on the proposed regulation. Self-hosted crypto wallets are…
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DeFi gets its first merger after a devastating hack, Nov. 18-25
Finance Redefined is Cointelegraph’s weekly DeFi-centric newsletter, delivered to subscribers every Wednesday. On Saturday, we saw one of the most complex smart contract hacks so far affecting Pickle Finance, a yield optimization protocol very similar to Yearn — an important point for later. PeckShield provided a technical explanation for it, but I think only Solidity developers can really understand it. The high-level take is that the hacker found two textbook examples of code vulnerabilities in the Pickle jars, the protocol’s term for yield strategy contracts. One was failure to check…
Former Microsoft Engineer Says Nigerian Expatriates Are Using Bitcoin to Circumvent Country’s Overvalued Exchange Rate
A former Microsoft software engineer and co-founder of Buycoins Africa Tomiwa Lasebikan says some Nigerians expatriates are now using bitcoin to circumvent the country’s overvalued exchange rate when sending remittances. According to Lasebikan, the Central Bank of Nigeria (CBN)’s fixed exchange rate of $1:380 is robbing recipients 20-30% of their remittance value each time they retrieve funds. At the time of writing, the parallel exchange rate of one dollar to the Naira is 1:480, according to Abokifx. Similarly, importers that are hamstrung by the country’s rigid foreign exchange regulations, are…
Whales Movement of BTC to Exchanges May Be Reason for It
Bitcoin was nearly hitting a new all-time high earlier this week after it rose $19,469 for the first time since December 2017. However, today, it lost around 11% of its value. Analysts’ expectations come true as BTC fails to overcome the $20,000 all-time highs. After Bitcoin price rose to a high of $19,580, it experienced a sudden drop to $17,250. According to Cointelegraph Markets and TradingView data on Wednesday, BTC/USD experienced major volatility overnight, causing it to lose nearly $2,000 in just a matter of few hours. During the day’s…