Day: December 18, 2020

US Senator-elect rails against potential crypto wallet ruling

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As per recent rumors, United States Secretary of the Treasury, Steven Mnuchin, could drop a stringent piece of crypto-related legislation before his expected exit at 2020’s end. The ruling could potentially severely limit or ban self-custodied digital asset wallets — a key component of the entire industry. Cynthia Lummis, a U.S. Senator-elect hailing from the crypto-friendly state of Wyoming, finds the ruling harmful.  “I spoke with Secretary Mnuchin last week and strongly pressed him for a better path forward,” Lummis said as part of a tweet thread on Friday, adding:…

BE PREPARED For This! Bitcoin, Chainlink, Ethereum Price Prediction, News Analysis, Targets Today

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Bitcoin Addresses Holding $1 Million Goes ‘Parabolic,’ 10% of BTC Supply Sits Idle for 10 Years

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While bitcoin trades above the $20k handle, onchain data shows that the number of bitcoin addresses holding at least $1 million has climbed substantially increasing by more than 150%. Moreover, Glassnode’s statistics indicate that roughly 1.85 million bitcoin hasn’t moved in over a decade. At the time of publication, bitcoin (BTC) is hovering just below the $23k handle as the price touched an all-time high at $23,777 the other day. Onchain data shows that the infamous bitcoin rich list has grown a great deal this week. On December 17, 2020,…

Why Bitcoin Bull Market Shakeouts Are Healthy For Holders

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At this point, no one can deny that Bitcoin has begun a new bull market. The 500% rally and new all-time high in 2020 is all the evidence that is needed. But that doesn’t mean that corrections won’t soon come, and according to VanEck’s digital asset director, Gabor Gurbacs even a +50% price drop will ultimately be extremely healthy for the first-ever cryptocurrency. Here’s why. Bitcoin Bull Market Gains Momentum As Capital Pours In From Institutions Bitcoin is more bullish now than it has been in past cycles, and while…

Think Bitcoin will hit $100K? These traders will take that bet

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As of Thursday, Deribit users can bet on the flagship cryptocurrency reaching $100,000 via options contracts that expire on Sept. 24, 2021. The lofty strike price was established following a surge in daily trade volumes.  In options trading, a strike price is the value that a derivative contract can be bought or sold when it’s exercised.  Deribit processed 754,123 BTC options contracts in November, according to marketing material that appeared on Twitter Thursday. The exchange is currently listed as the tenth-largest crypto derivatives exchange on CoinMarketCap, or CMC. Volumes reported…

Record $6.5B Bitcoin options open interest follows BTC all-time high

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The open interest on Bitcoin (BTC) options contracts has reached a new all-time high at $6.5 billion on Dec. 17. That figure represents a three-fold increase from 90 days ago and is proof that the market has grown significantly in the past 6-months.  Bitcoin options total open interest. Source: cryptorank.io Investors must keep in mind that even though a $6.5 billion open interest is an impressive number, it doesn’t necessarily mean that professional investors are bullish or bearish. Call options provide buyers with an opportunity to leverage without running the…

5. Bitcoin Investment Strategy – HODL

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▶ Coinbase Website: Coinbase.com ▶ CEX Website: cex.io Where HODL came from: Bitcoin & Cryptocurrencies are extremely volatile. You can try to time the market, but it can be very difficult to do and may result in you losing your money more times often than not. You can definitely do it, but it will take some practice and some effort on your end. The first simple strategy is to simply hodl your Bitcoin and not to try and actively trade it. Instead, accumulate it and hodl for the next couple…

Crypto on the rise, Big Tech on notice, Dec. 11–18

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Every Friday, Law Decoded delivers analysis on the week’s critical stories in the realms of policy, regulation and law. Law Decoded will be going on a break next week for the holidays but will return in the new year.  Editor’s note As the holidays loom, Bitcoin has been shattering all-time highs. For reasons why, consult Cointelegraph’s markets coverage. I honestly never know. Maybe with the act of Christmas shopping taking place behind the computer, people have turned to Coinbase instead of Amazon. Or maybe the threat of the Treasury demanding…

Crypto is at ‘a fork in the road,’ OCC leader Brooks says

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The latter half of 2020 has seen record Bitcoin (BTC) prices and a number of key regulatory developments, such as the Office of the Comptroller of the Currency’s, or OCC’s, approval of crypto custody at national banks. Legal policy for the digital asset industry currently faces an uncertain future, however, as a number of government roles are set to change heading into 2020, according to former Coinbase exec and current acting leader of the OCC, Brain Brooks.  “I can’t speak to the specific price movement, but I’ll tell you what I’m…