Analysts Flip Bullish as Binance’s Bitcoin Funding Rate Turns Negative

Bitcoin has undergone a strong drop since the highs seen yesterday. The price of the leading cryptocurrency fell from its highs of $13,850 to lows around $12,900. This drop was seemingly a result of the drop in the U.S. stock market. The Dow Jones and the S&P 500 have dropped the largest they have in months, plunging 3% lower amid some uncertainty about fiscal stimulus and the upcoming election. Bitcoin’s price action has scared some investors, so much so that futures markets have begun to show short positioning. This may…

Paxful launches crypto debit card in Mexico

Bitcoin (BTC) P2P marketplace Paxful has partnered with Spanish neobank Bnext to launch its first crypto debit card in Mexico. The partnership will allow Paxful’s Mexican customers to use their crypto funds to pay with a debit card in any national and foreign point-of-sale, or PoS, and even withdraw cash from ATMs without fees. Bnext customers will also have direct access to the P2P marketplace to buy and sell crypto. Paxful explained in the announcement that “strict banking regulations” in Mexico are encouraging people to focus on cryptocurrencies, and quoted…

COVID-19 forces Aussie stock exchange to delay DLT overhaul to 2023

The Australian Securities Exchange, or ASX, has delayed its switch to blockchain for the third time, citing complications due to COVID-19 and additional feedback from stakeholders.  According to an Oct. 28 update from the ASX, the exchange has officially delayed the rollout of distributed ledger technology (DLT) infrastructure to replace its current system for processing equity transactions. ASX will now release the project — the replacement for the Clearing House Electronic Subregister System (CHESS) — in April 2023, a one-year push from its most recent timetable. The exchange cited a…

Bitcoin bulls set to defend $13K as $450M in BTC futures expire Friday

A total of 62K Bitcoin (BTC) options are set to expire this Friday, and this is equivalent to $830 million in open interest. These massive numbers fail to reflect the fact that 58% of these options are now deemed worthless. As we approach the expiry date, call (buy) options above the current level begin to depreciate very fast. It is not worth paying $20 for the opportunity to buy BTC at $14.5K on Friday morning. Therefore, rolling options to the next month is not that helpful. October BTC options pricing.…

Pattern Shows Ethereum Could Be Ready to Surge Despite Pullback

Ethereum could be on the cusp of seeing a strong push higher in the near-term despite its recent weakness. Over the past 24-hours, the cryptocurrency has seen some intense weakness, with the lack of intense buying pressure at $400 opening the gates for intense downside after Bitcoin saw a sharp selloff. ETH is now showing signs of forming a bottom in the lower-$380 region. This level has held strong on multiple occasions throughout the past few days and weeks, with $380 long being a pivotal level for the cryptocurrency. So…

Coinbase Launches Debit Card in US, Users to Earn Bitcoin Rewards

Crypto payments are gaining momentum, as giants like PayPal and JP Morgan show more interest in the sector. Coinbase, being an established player, is now officially joining the race.  Coinbase Debit Cards Come to America As the company recently announced, it plans to launch its Visa-powered debit card, which will feature crypto payments, ATM cash withdrawals, and up to 4% rewards on certain tokens. The card is already available in almost 30 countries, including the UK. The card will be available for all US residents, excluding Hawaii, with verified accounts.…

Avanti launches crypto-friendly bank in Wyoming

According to an Oct. 28 announcement from Avanti, The Wyoming State Banking Board voted 8-0 to grant the financial institution a bank charter. The approval will allow Avanti to operate the new crypto-friendly bank under the name Avanti Bank & Trust as well as its “tokenized U.S. dollar” Avit, designed to modernize USD payments. Avanti said it planned to open for customers in early 2021, but will be limited to high minimum balance accounts. Retail clients will have to wait.  “Avanti’s mission is to provide a compliant bridge between the…

Yearn.finance Nears Sub-$12,000 “Death Zone” as Analysts Eye Downside

Yearn.finance’s YFI governance token has been facing a relentless selloff throughout the past few days and weeks, with its bulls unable to garner any momentum. There are many reasons why it has been struck so hard despite bullishness seen by Bitcoin and the rest of the crypto market, but this latest selloff has come about simply due to weakness seen by the entire market. One analyst is now noting that the cryptocurrency is rapidly approaching a dangerous price region, with support seen throughout the lower-$12,000 region being vital. If it…

Loan refinancer and BitLicensee SoFi is clear to launch a national bank in the US

In an announcement on Wednesday, the Office of the Comptroller of the Currency (OCC) granted SoFi a conditional license to operate as a national bank in the United States. The OCC is the office of the U.S. Treasury that regulates federal banks throughout the country. SoFi, which stands for Social Finance, is a fintech startup that has historically provided loans and refinancing services. In 2019, the firm launched crypto trading, and last December, the New York Department of Financial Services granted SoFi a coveted BitLicense.  This new license will enable the firm to offer…