Bitcoin Plunges $600 in 6 Minutes, Then Bounces Amid Price Surge

Bitcoin has seen an absurd amount of intraday volatility over the past day amid the best price action in many months. The coin currently trades for $12,900, a few hundred dollars shy of the daily and year-to-date high set just minutes ago at $13,250. Bitcoin plunged as low as $12,600 on futures platforms during that move lower. That meant from the daily highs, the cryptocurrency retraced $600. This volatility is expected as the cryptocurrency remains up around 9% in the past 24 hours, or over $1,000. Analysts are taking note…

Bitcoin blasts through $13K following PayPal’s entrance into crypto

Bitcoin (BTC) has rallied above $13,000 for the first time since July, and only the third time since the all-time high bull run of late-2017. The move follows the long sustained period of five-figure price action, with BTC having spent nearly the entirety of the past 12 weeks trading above $10,000. Weekly BTC/USD chart: BitcoinWisdom The spike was triggered by news that the global payments giant PayPal is launching support for Bitcoin, in addition to Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH). BTC, ETH, and BCH have all gained…

Wrapped Zcash Now Available on Ethereum

Key Takeaways Wrapped Zcash (WZEC) allows Zcash holders to use their funds in the Ethereum ecosystem. The token was developed by Anchorage and Tokensoft, which plan to issue more wrapped tokens in the future. Other notable wrapped tokens include Wrapped BTC and tBTC. Share this article Zcash can now be transferred on the Ethereum blockchain thanks to a new token called “Wrapped Zcash” or WZEC. How Wrapped Zcash Works Wrapped tokens are pegged to the price of another cryptocurrency at a 1:1 ratio. In this case, Zcash (ZEC) is staked…

Bitcoin Just Tapped $13,000 as Buyers Continue to Rush In

It’s been quite the past few days for the Bitcoin price. After trading as low as $11,200 last week, the cryptocurrency has rocketed higher. BTC now trades for $12,940 as of this article’s writing, just shy of the $13,000 daily highs it reached just hours ago. Source of BTC’s price action over the past few days. Chart from TradingView.com Related Reading: Here’s Why Ethereum’s DeFi Market May Be Near A Bottom Bitcoin Taps $13,000 Bitcoin just tapped $13,000 as buying pressure continues to erupt across the industry. Analysts think that…

US crypto derivatives merchants need to leave customer funds alone, says CFTC

Per guidance released Wednesday evening, the Commodity Futures Trading Commission (CFTC) is advising businesses trading in crypto derivatives to hold customer funds very carefully. The new guidance continues the CFTC’s interest in carving out rules for custodianship of virtual currencies — an area obviously distinct from any other asset class. Per the commission:  “Custodians of virtual currencies are typically not subject to a system of comprehensive federal or state regulation and oversight, which includes safeguarding of these novel assets, and this raises potential risks to the protection of customer funds held at such…

Pro traders added to shorts as Bitcoin price broke $12K — Data shows

As Bitcoin (BTC) breaks the $12,000 resistance, derivatives markets are flirting with overly excessive bullish sentiment. The futures basis and the options 25% delta skew both reached the same levels seen now on October 12 when BTC briefly tested $11,700 but failed to maintain momentum. What differentiates the current situation from nine days ago is the positions of top crypto traders. On Oct. 12, these traders increased their longs, but during the recent move to $12,000 these professional traders are opening up short positions. Despite this flip in sentiment, traders…

Wall St drives PayPal to all time high on Bitcoin news

PayPal (PYPL) reached $215.87 on Oct. 21, a few dollars past its previous all-time high of $212.38, set on Sept. 2, 2020, according to data from TradingView. This price action came shortly after the payments company announced that it would soon be including crypto assets on its platform. PayPal plans to integrate Bitcoin (BTC), Etheruem (ETH), Litecoin (LTC), and Bitcoin Cash (BCH) offerings into their network in 2021. Opening the trading day at $206.20, PayPal quickly rose past its all-time high, but just barely — breaching the level by about $0.14. The asset subsequently fell…

CasperLabs readies blockchain platform for 2021 mainnet launch with $14M private sale

CasperLabs has raised $14 million in a private validator token sale, with over a dozen investors participating in a round led by Digital Strategies. The company expects to launch its public mainnet in the first quarter of 2021, followed by a public token offering which will exclude U.S. investors.  In 2018, CasperLabs raised $14.5 million in an equity Series A round led by Terren Piezer. The original plan provisioned for an Exchange Validator Offering on the BitMax exchange, but the recent announcement makes no mention of the exchange. Casper started out…

SEC sees $5M victory in case against Kik

On Wednesday, the U.S. Securities and Exchange Commission announced the end of its lawsuit against Kik Interactive. The Canadian messenger app fell afoul of the U.S. regulator for failing to treat its sale of KIN tokens as a securities offering. A district judge confirmed the SEC’s view at the end of September, but only today did the court see the final judgment.  As a result of today’s judgment, Kik will need to pay the SEC $5 million in penalties and keep the commission posted as to any capital raises for the next…

Sellers Step In As Bitcoin Soars, But Could Lead To Short Squeeze Higher

Bitcoin price nearly hit $13,000 today after an almost $1,000 intraday candle tapped the remaining bear market resistance keeping new all-time highs at bay a little while longer. With so many traders in profit, short-sellers have stepped up in a major way, opening millions in positions betting big that the recent uptrend will soon reverse. However, with so much money on the line, a potential setup for an epic short squeeze could keep the cryptocurrency trucking right along – which these short sellers might actually be perfectly fine with. Here’s…