Polkadot (DOT) Could Incur Strong Correction as Macro Support Nears

It’s been a tough past few days for all altcoins. Polkadot (DOT), especially, has suffered. The native digital asset of the Polkadot ecosystem has shed a few percent in the past 24 hours but is down 10% from its weekly highs. The cryptocurrency’s correction comes as Bitcoin, Ethereum, and especially altcoins have inched lower. While BTC remains in no man’s land from a technical perspective, DOT is reaching a point where it could face a severe correction if it drops under a crucial support level. The support level has held…

Yearn.finance (YFI) Incurs Massive Selloff as Analyst Targets Crash to $6,000

Yearn.finance’s price has been caught within the throes of an intense downtrend throughout the past week, which came about due to various factors. The weakness seen throughout the aggregated DeFi sector certainly contributed to the decline Yearn.finance’s governance token – called YFI – has seen as of late, but it appears to have been sparked by the controversy surrounding a project that the YFI founder is creating called Eminence. Following multiple teasers Yearn.finance’s creator – Andre Cronje – shared on Twitter regarding the project, savvy users found the token contract…

Yearn.finance (YFI) Nosedives 17% as DeFi Yields Dry Up

Yearn.finance (YFI) has faced a strong rejection in the past 24 hours. The leading cryptocurrency, based on Ethereum, has shed 17% in the past 24 hours. This makes it the worst performer in the top 100 cryptocurrencies, strongly underperforming Bitcoin’s 0.5% gain in the past 24 hours. The strong drop in the decentralized finance-focused coin comes amid a strong drop in the yields that users of Yearn.finance’s Vault products can make. The yields are partially responsible for the drop as high yields allow holders of YFI to obtain more fees…

ECB to consider further digital euro study in 2021

The European Central Bank (ECB) could begin seriously considering and studying the digital euro by mid-2021, the bank said in a report released Oct. 2.  The report examined how a digital euro may impact retail payments and how it can protect payments in the future. It also looks at how virtual currencies could fit within the landscape of the entire Eurosystem. However, it does not specify what model the ECB should take when and if it designs its digital currency.  Based on the report, the ECB may start a virtual…

Bitcoin Pushes $10,700 as Market Shakes Off BitMEX, President Trump News

The Bitcoin market is shaking off the strong correction to $10,400 last week. The leading cryptocurrency currently trades for $10,700, a few percent above those lows as buyers come in ahead of the legacy market open on Sunday. In the past 24 hours, Bitcoin is up a healthy 1%, allowing it to actually outperform a swath of altcoins like Ethereum, XRP, and Litecoin. BTC’s move higher comes in the face of a series of bearish news events that include but are not limited to the $280 million hack of KuCoin,…

BitMEX charges, Bitcoin stays calm, KuCoin ‘identifies’ hack suspects

Coming every Sunday, Hodler’s Digest tracks every important crypto news story from the previous week. Essential reading for all Hodlers!   Top Stories This Week   CFTC charges BitMEX with illegally operating derivatives exchange The U.S. Commodity Futures Trading Commission has charged the derivatives exchange BitMEX with operating an unregistered trading platform and violating Anti-Money Laundering regulations. A civil enforcement action has been filed against five entities and three individuals who allegedly own and operate the exchange — including BitMEX CEO Arthur Hayes. The CFTC is accusing the exchange of…

Bitcoin use rise in Egypt amid economic recession

As the COVID-19 pandemic pushed the Egyptian economy into recession and deepening unemployment, more and more Egyptians see the benefits of trading and mining Bitcoin as an alternative source of income. According to Al-Monitor, many Egyptians, particularly young people, are interested in cryptocurrencies. Wael al-Nahhas, an economist and financial advisor to several investment institutions in Egypt, said: “Many young Egyptians started investing in small amounts despite the increase in the value of the bitcoin. They started mining Satoshi, which is 100 millionth of a bitcoin, and on a daily basis…

Why traders expect ‘boring’ Bitcoin and altcoin price action until 2021

Bitcoin (BTC) price has been stuck in a range for weeks now but traders generally expect a slow fourth quarter for the top-ranked digital asset. Bitcoin quarterly returns (%). Source: Skew.com In 2018 and 2019 Q4 closed net negative, injecting a bit of bearish sentiment into the market. In the near term, a boring Q4 of further downside from Bitcoin price could cause altcoin prices to dump further. At the moment, multiple technical analysts are closely watching the bounce in the Bitcoin dominance index to warn against an altcoin market…

Officials voiced privacy concerns over China’s blockchain-powered hospital

China’s first blockchain-powered hospital is set to launch sometime in 2021, but some government officials voiced concerns over data security.  According to Cn-Healthcare, the First Affiliated Hospital of Dalian Medical University will launch a pilot program by January 2021 as blockchain integration is still incomplete. The hospital will use the blockchain to store patient and treatment information. The operators also said that such a blockchain-powered platform will allow patients to access the so-called “internet hospital” services via a WeChat applet, whose blockchain network stores consultation and treatment data by aiming…