Top DeFi Coins Crater 5-10% Despite $400 Bitcoin Price Jump

Bitcoin has soared higher over the past few days. After bottoming at $11,200 late last week after the OKEx news, the cryptocurrency has mounted a comeback. As of this article’s writing, the coin trades for $11,750, around $400 higher than it was trading just 36 hours ago. The coin briefly surpassed $11,800 earlier today but was rejected as the U.S. dollar underwent a slight bounce amid stimulus uncertainty. Bitcoin has begun to decouple from traditional markets to some extent, with BTC actually rallying while most other risk-on assets like the…

Bitcoin Sees Significant Breakout as Analysts Claim “$13,000 is on the Table”

After an extended period of consolidation that provided little insight into Bitcoin’s near-term outlook, the cryptocurrency was able to post a breakout rally that has since sent its price surge towards $11,700. This move carried significant weight, as it took place in the absence of an uptrend seen by the traditional market. Analysts are now widely noting that further upside could be imminent in the near-term, as BTC is now stable above its key resistance that previously sat around $11,600. So long as this level is flipped into support and…

Whales Loading Up on XRP, Aiming for $0.30

Key Takeaways XRP is up nearly 2% in the past 24 hours as whales go into a buying spree. The recent upswing took XRP to retest a critical hurdle that has been rejecting upward price action over the last two months. Busting through this barrier will signal a move towards $0.30 while failing to do so could trigger a correction to $0.20. Share this article XRP kicked off the week with a bang, with prices rising over 2% in the past day. Further buying pressure could push Ripple’s cryptocurrency out…

Filecoin creator denies strike allegations

Juan Benet, the creator of Blockchain-based data storage platform Filecoin, has called allegations that miners of its token have been on strike since Saturday “nonsense.” According to a report by 8btc.com, five of the largest Filecoin miners turned off their machines to protest the project’s “unfair” economic model, which currently requires a significant amount of FIL tokens to begin mining. Crypto Twitter user Nico Deva was one of the first to claim that “a majority of miners” were on strike following allegations that they needed to buy Filecoin tokens (FIL) to take…

Yearn.finance Could Confirm a Mid-Term Bottom if It Does These 2 Things

Yearn.finance’s governance token – YFI – has erased a significant portion of its recent gains throughout the past few weeks, with relentless selling pressure coming about due to various factors. Heightened “founder’s risk,” a fragmented community, and low yields for the ecosystem’s yVaults have been degrading the value of the YFI token. News of a major crypto fund investing $5 million into the YFI token did provide its price with a serious boost yesterday. However, it is important to note that this is only a small percentage of the fund’s…

Is The Correlation Decoupling Finally Here?

Bitcoin price has rallied more than $300 intraday, meanwhile, the S&P 500 has fallen almost ten basis points in the same time period. Is this the fabled stock market crypto “decoupling” that analysts claimed was coming, or is this just an anomaly before a return to the ongoing correlation between the vastly two different markets this year? Bitcoin Blasts Higher While The S&P 500 Stumbles Lower, What Gives? The leading cryptocurrency by market cap has had an explosive day. The cryptocurrency began the day bullish late last night after Sunday…

An encryption study revealed a surprising fact about blockchain adoption in Mexico

A report called “Encryption Trends in Mexico 2020/2021” surveyed a total of 353 representatives from companies throughout Mexico. The study, published by privacy research center the Ponemon Institute, indicated that 40% of the Mexican companies surveyed were looking to adopt blockchain and cryptocurrencies in some form. Out of this segment, 71% were focused specifically on crypto usage. The figures also showed that 51% of these companies were intent on implementing blockchain for asset management and transaction handling purposes, while 37% expressed an interest in the implementation of smart contracts. Many…

French Finance Minister throws shade at crypto, praises blockchain

French Finance Minister Bruno Le Maire, who once said Facebook’s Libra token would risk the “monetary sovereignty of states,” is continuing his criticism of cryptocurrencies. In an Oct. 19 tweet, Le Maire claimed some cryptocurrencies are associated with purchasing drugs and weapons in addition to being used for money laundering. However, he also wrote that he does not “question the reliability and traceability of all blockchain technology.”  Cher @cyrilpaglino, nous ne remettons pas en cause la fiabilité et la traçabilité de toutes les technologies de la blockchain. Mais certaines cryptomonnaies…

Institutional Bitcoin longs at record-high, hedge funds short — CME data

According to CME, the amount of Bitcoin (BTC) long contracts held by institutions are at an all-time high. Yet, CME’s most recent Commitment of Trader report shows hedge funds are at a record-high for BTC shorts. There seemingly is a major difference in the perception of Bitcoin’s short to medium-term trend between hedge funds and institutions. CME Bitcoin futures net open interest. Source: Skew Why are hedge funds aggressively shorting Bitcoin but not institutions? Hedge funds typically implement varying strategies to generate returns for investors. Oftentimes, hedge funds will utilize…