Analyst Who Predicted September Bitcoin Crash Predicts Rally to $14k

Bitcoin has undergone a strong correction from the highs of $13,850 set earlier this week. At yesterday’s lows, the cryptocurrency traded for $12,900. Analysts think that Bitcoin remains embroiled in an uptrend despite the correction in this market. One historically accurate analyst shared an analysis indicating that the cryptocurrency has a high likelihood of consolidating from here in the weeks ahead. This consolidation should be followed with a breakout toward $14,000, then potentially further gains as we near the end of November. Related Reading: Here’s Why Ethereum’s DeFi Market May…

Chainlink Could “Dumpster Dive” if Bitcoin Sees Continued Weakness

Chainlink has recovered from its recent lows and is in the process of pushing higher despite seeing a strong selloff earlier today. The cryptocurrency’s current strength is coming about due to that seen by Bitcoin, with the benchmark cryptocurrency also pushing higher as bulls try to reverse the recent weakness it has seen as a result of yesterday’s $13,800 rejection. If Bitcoin continues pushing higher, it could create tailwinds for altcoins that also helps lead Chainlink higher in the days and weeks ahead. The next key price level that it…

Chinese city seeks to power urban governance and more using blockchain tech

Authorities in Chengdu, China plan to adopt blockchain for several use cases throughout the city, including urban governance, cross-border trade, smart manufacturing, and agriculture. During the 2020 Chengdu Global Innovation and Entrepreneurship Fair, the city’s first International Blockchain Industry Expo, Lu Tiecheng, secretary of the Party Group of the Chengdu New Economy Committee, released the “Chengdu Blockchain Application Scenario Supply Action Plan.” According to a local media outlet, Red Star News, this plan will allow blockchain adoption applications to be submitted by contributors in a variety of fields such as…

Binance CEO denies allegations that the exchange’s US arm is a regulatory decoy

Changpeng Zhao, CEO of Binance, is pushing back hard against allegations that the crypto exchange set up its U.S. arm to circumvent regulations and surreptitiously profit from investors. According to an Oct. 29 article from Forbes writer Michael Del Castillo, the news outlet claims to have obtained a leaked presentation outlining Binance’s plans for operating in the United States. The document states that in 2018 — prior to the launch of Binance.US — the crypto exchange intended to set up a “Tai Chi entity” in the U.S. to act as…

Tax professional explains the most important thing for US crypto holders

Wendy Walker, solution principal at the tax compliance company Sovos, described reporting as the most important aspect of tax filing that people in the blockchain industry should know about.  “Even if you don’t owe income taxes, you still have to report details of the transactions,” Walker told Cointelegraph in an interview. “I think that’s probably one of the key things about this moving of the question to the front of the 1040” she said, referencing the IRS’ recent updates to the 1040 income tax form. This update requires citizens to…

Yearn.finance’s YFI Continues Crashing, But This New Proposal Could Save It

Yearn.finance’s YFI governance token has been caught within a brutal downtrend ever since its price peaked at $45,000, with bears now vying to push it below $10,000 as they continue gaining control over its macro outlook. The descent seen as of late has struck a serious blow to its long-term trend, as it has severely damaged community sentiment and has opened the gates for further downside. Analysts are now noting that a dip below $10,000 is in the cards and could come about quite soon if bulls cannot take control…

Three Reasons Why Chainlink’s Downtrend Against Bitcoin Just Started

Chainlink is easily the best performing cryptocurrency for the last three years, and this year managed to outperform Bitcoin by over 500%. But the tides have finally turned on the two opposing crypto coins, and it could signal an extended downtrend against the first-ever cryptocurrency for the foreseeable future. Here are three compelling reasons and charts supporting this theory that investors in the decentralized oracle technology don’t want to hear. Weekly Momentum Shift Made Clear In Chainlink By Two Reliable Technical Indicators Chainlink potentially topped out for the time being…

Declining DEX volumes reflect DeFi investors shift to Bitcoin — Data shows

All eyes are set on Bitcoin (BTC) as the digital asset continues to trek to a new 2020 high. Meanwhile, the hype around decentralized finance projects continues to die down, especially as token prices plummet. Data shows that trading volume for decentralized exchanges (DEXs) is dropping rapidly, further signaling the decline of the DeFi sector. The recent hack of Harvest Finance saw volumes across DEXs boom for one day, especially Uniswap and Curve. According to media reporting and Harvest investors, the hacker executed a flash loan exploit that used millions…

Maker community scrambles to fix long-standing vulnerability to flash loans

The MakerDAO (MKR) community is urgently implementing measures to prevent voting manipulation through flash loans. This was precipitated by what is likely the first instance of the feature being used to influence a DeFi governance vote on Oct. 26. According to a post published by community member LongForWisdom, someone used a flash loan to force a governance proposal through. BProtocol, a service that lets users pool liquidity to join in Maker debt auctions, came forward as the culprit. The proposal would have whitelisted the project to access Maker’s price oracle,…

Bitcoin price spikes 5% to $13.5K shortly after ECB stimulus announcement

The price of Bitcoin (BTC) increased from $12,920 to $13,600 in four hours, recording a 5% rally. The uptrend coincides with positive developments from the European Central Bank, or ECB, and optimistic job data from the United States. BTC/USD 1-hour chart. Source: TradingView.com Macro factors favor Bitcoin rally Throughout the past week, BTC has continuously rallied despite negative macro factors. The U.S. stock market was in a steep decline, and the number of COVID-19 cases across the U.S. and Europe rose sharply. The perception of Bitcoin as a safe-haven asset…