Many Investors Expect Bitcoin to Be Seriously Higher in One Month

Bitcoin has undergone a strong rally since the lows seen just two weeks ago. The leading cryptocurrency currently trades for $13,050, far above the aforementioned lows and above the medium-term lows set during the September correction at $9,800. Some have argued that the cryptocurrency is severely overbought. As reported by NewsBTC previously, one trader recently noted that the cryptocurrency’s one-day Fisher Transform indicator is currently at highs not seen since August, May, and February of this past year. As can be seen in the chart, each of the named periods…

Tether’s general counsel doubles down on support for Peter McCormack

Stuart Hoegner, general counsel for Tether and cryptocurrency exchange Bitfinex, is pushing back against claims the stablecoin operator has abandoned podcaster Peter McCormack in his lawsuit against Craig Wright, the Australian national claiming to be Satoshi Nakamoto. In an Oct. 24 tweet from Hoegner, the general counsel called a recent article from crypto media platform Coingeek which stated Tether had pulled funding from McCormack in his legal battle against Wright “a lie.” Coingeek is owned by Calvin Ayre, a high-profile supporter of Wright who backs his claims that Wright is the creator…

Yearn.finance (YFI) Could Surge 20%+ as Technical Outlook Strengthens

Yearn.finance’s YFI governance token has found itself caught within a consolidation phase alongside Bitcoin and the rest of the crypto market. It has been able to push significantly higher from where it was trading just a couple of weeks ago, with buyers attempting to form a price floor within the lower-$13,000 region. Despite the immense bullishness seen by both Bitcoin and Ethereum over the past week, it is important to note that capital has yet to rotate into higher-risk assets residing within the DeFi sector. Until BTC proves to investors…

Filecoin (FIL) Surges 30% Amid Massive Short Squeeze

Filecoin has surged seriously higher over the past few days even while Bitcoin has stalled in the $13,000 range. The price of the leading altcoin recently passed above $35, the highs of the past five days. In the past 24 hours alone, FIL has gained 32.2% against the U.S. dollar per data from CoinGecko. Analysts attribute this rapid Filecoin price action to a “short squeeze,” whereas short positions holders were forced to close their positions in tandem, resulting in a spike in buying volume. Short squeezes often take place when…

This Metric Shows Bitcoin is Ultra-Bullish Despite Waning Momentum

Bitcoin’s price has seen waning momentum over the past couple of days, with the selling pressure in the mid-$13,000 region slowing its ascent as bulls struggle to maintain their recent strength. Yesterday, the benchmark cryptocurrency surged to its yearly highs at over $13,300, but the selling pressure here was quite significant and stopped it from seeing any tremendous momentum. It is now consolidating around $13,000, with bulls and bears both being unable to spark any short-term trend. It is important to keep in mind that each rejection within the mid-$13,000…

Coinbase CEO prompts furious accusations of hypocrisy as he pushes political misinformation

Less than a month after Brian Armstrong declared Coinbase should “be laser focused on achieving its mission,” he seemingly violated his own policy by tweeting a political post riddled with falsehoods… during business hours.  In an Oct. 23 tweet from Armstrong’s personal account, the Coinbase CEO posted a link to a blog written by Rob Rhinehart on Kanye West’s presidential run with the tagline “epic post.”  Epic post from @robrhinehart 🙂 https://t.co/lyUIIgQUbw — Brian Armstrong (@brian_armstrong) October 23, 2020 Rhinehart’s Twitter account is no longer available for unknown reasons, although…

US Regulators May Soon Collect Data on All Crypto Transactions Above $250

Key Takeaways A proposed amendment in the Bank Secrecy Act will give US authorities information on cryptocurrency transactions above $250. The current threshold for financial businesses to collect and share data with US regulators is $3,000. This may be reduced soon. Share this article American regulators are hoping to make it mandatory for financial institutions to record and share data with authorities on all transactions above $250, including cryptocurrencies. American Regulators Clamp Down on Money Laundering Since 1995, American businesses have been mandated to collect, retain, and share information on…

Commodity trading gets sweeter with blockchain-based sugar exchange

The world’s largest sugar refinery, Al Khaleej Sugar, officially announced the application of blockchain technology in its recently launched sugar trading platform, DigitalSugar.io. Users of the UAE-based platform will trade the spot price of sugar via tokens tied to “up to 100,000 tonnes of raw sugar,” with its peg assured by the Universa blockchain who will be issuing electronic warrants of ownership with the tokens. Traders will be able to hold tokens representing between 1 kg to 1M tonnes, and will pay .4% in exchange fees as well as a 2.5%…

How to build a crypto mining rig in 2020 to earn Bitcoin and Ether

In a time of global crisis, a pandemic, and a generally unstable political and social environment, cryptocurrencies have shown remarkable stability. Moreover, the pandemic-induced economic downturn played into the hands of the industry by not only attracting professional cryptocurrency traders but also reviving mining as a way of generating passive income.  It is not surprising that countries experiencing difficult political and economic situations have witnessed a boom in the purchase of GPU cards in recent months. In the region of Abkhazia, where all crypto activities have been illegal since 2018,…