Yearn.finance (YFI) Rips $2,500 Higher After Brutal 80% Correction

Yearn.finance (YFI) and other DeFi coins capitulated on Thursday after a 70% correction. Most coins pertaining to this space lost 10-20% in the span of a single day, plunging as Bitcoin sucked all the air out of the room. At the lows, YFI was down some 80% from its $44,000 all-time high, set just two months ago. It was one of the worst-performing DeFi large caps, presumably due to the amount of short selling that took place. YFI is bouncing back, though, at long last. The Yearn.finance coin has gained…

XRP Just Tapped a Pivotal Level; Could It Soon Reverse Its Underperformance?

The altcoin market has seen such a strong rebound today that even XRP has posted some gains. Despite seeing a slight climb today, the cryptocurrency remains trapped within the range it has been caught within throughout the past few months and years, with buyers unable to surmount the lower-$0.30 region despite the strength across the aggregated market. There are a few reasons for this weakness, including the lack of utility garnered by the token, the relentless selloff from its 2017 highs, and the waning enthusiasm surrounding it. The previously robust…

Bull flag breakout will decide whether Bitcoin price goes to $16K or $14K

Bitcoin price (BTC) appears to be taking a short breather after reaching a new 2020 high at $15,960 on Nov. 5. The 1-hour and 4-hour timeframe show the price compressing within a flag and throughout the majority of the trading day, the $15,500 level has held as support. $15,750 is the level Bitcoin needs to break in order to pursue another stab at $16,000.  BTC/USDT 4-hr chart. Source: TradingView Within the last hour, a dragonfly doji candle formed as the price swept low to test the lower support of the…

Netherlands registers first consumer-facing crypto platform since AMLD5

Crypto exchange BLOX received the go-ahead to operate in the Netherlands, making it the first platform to do so since the country implemented the European Union’s 5th Anti-Money Laundering Directive, or AMLD5. “BLOX is the first consumer-focused cryptocurrency company that will be included in the registry of the Dutch Central Bank,” the company said in a blog announcement today. “This registration is mandatory in the Netherlands for every company that allows its users to buy, sell, trade and hold cryptocurrencies.” Netherlands-based crypto services provider AMDAX BV made headlines in October…

OKEx denies rumblings of founder’s criminal detainment, withdrawals still closed

After closing digital asset withdrawals in mid-October, Malta-based crypto exchange OKEx still remains tight-lipped about an unspecified on-going investigation. OKEx claims detainment chatter as simply rumors, although customers are still left without withdrawal access on the exchange, even after three weeks, hearing no palatable details around the scene.  “Claims that a concerned party related to OKEx is under criminal detention have been refuted — we can confirm that these are rumors,” OKEx said in a public update today. Cointelegraph reached out to OKEx for additional details, but received no response…

Only 4% of Norway uses cash as country evaluates CBDC, Norges Bank exec says

Speaking at an event on Thursday, Ida Wolden Bache, deputy governor at Norway’s central bank, described a decline in cash payments while elaborating on Central Bank Digital Currencies, or CBDCs.  “Only 4% of payments are now made using cash,” Bache said in her speech during Finance Norway’s Payments conference. “This share is approximately the same as in spring, and considerably lower than before the pandemic,” she added. “To our knowledge, the share of cash payments is lower in Norway than in any other country.” Norway uses the kroner, the currency issued…

Synthetix Liquidates SNX Holders Suggesting DeFi Has Hit Bottom

Key Takeaways This is the first time that the SNX stakers have been liquidated. SCCP-25 reduced the liquidation delay from two weeks to three days. Share this article The recent crash in the DeFi space has liquidated several SNX stakers. Since then, however, the sector has rebounded, suggesting the bottom is in. Synthetix Liquidates Holders for First Time The recent downturn in the DeFi space has caused the price of many DeFi tokens to fall sharply, including Synthetix Network Token (SNX). The token was trading at roughly $7.5 at the…

New administration and the DoJ’s continued flex in crypto

Are you over hearing about the election? I’m over hearing about the election. But you can bet that as soon as I finish writing this week’s Law Decoded, I will compulsively check up on what’s happening in Georgia and Pennsylvania. And it seems that I’m not alone. Despite the election highjacking the entire news cycle, crypto has not been completely left in the corner. Likely most notable, Bitcoin is hitting highs it hasn’t seen since January 2018. Given that BTC price typically reacts positively to fears of political instability, that’s…

Is the stock-to-flow model flawed?

The stock-to-flow model is flawed, says Charlie Morris, co-founder and CIO of crypto data firm ByteTree.  According to the popular theory developed by quantitative analyst Plan B, Bitcoin’s capped supply is the key feature that will bring its price over $100K in 2021, and beyond. However, as explained by Morris in a recent report, a progressive squeeze of new supply won’t be enough to cause Bitcoin’s appreciation. According to Morris, the stock-to-flow theory doesn’t take into account the decreasing significance that the flow (additional supply) will have compared to the…