Here’s How Bitcoin Can Still Thrust to $17,000 In the Near Future

Bitcoin has undergone a strong drop since the weekly highs of $15,975. The price of the leading cryptocurrency is $14,800 as of this article’s writing, $1,200 shy of the highs but $500 above the daily lows. In the past 24 hours, Bitcoin is down 5%. Analysts have become fearful that this is the start of a deeper retracement after a 50% rally in 30 days. One trader went as far as to say that the cryptocurrency has reached a year-to-date high. A historically accurate analyst, though, says that $17,000 is…

Yearn.finance (YFI) Posts Massive Short Squeeze; Sparks DeFi Trend Reversal

The DeFi sector is rallying today, with Yearn.finance’s YFI governance token leading this move with a massive rally that first came about yesterday after the crypto nosedived to lows of $7,500. The support at this level was significant. After tapping this liquidity region, the rally seen catalyzed a cascade of liquidations of YFI short positions that helped push its price up well over 100% in a matter of hours. This move was more than a simple dead cat bounce of short squeeze, but rather allowed the cryptocurrency to form what…

3 ways Bitcoin price and stocks may react to a Biden presidency

On Nov. 7 several major media outlets announced that after 4 days of rigorous vote-counting in key battleground states Joe Biden had managed to secure enough electoral votes to become the 46th President of the United States. As the excitement over an incredibly close election starts to abate, analysts will take a closer look at how a Biden presidency may impact traditional markets and Bitcoin price. Three key factors to consider are the eventual passage of a new round of economic stimulus, a strengthening U.S. dollar, and the possibility of…

Ethereum is Defying a 3 Year Market Structure; Claims Early Investor

Ethereum is currently expressing some immense signs of strength as the cryptocurrency rallies higher while Bitcoin drifts lower. This is the first time in weeks that the cryptocurrency has risen while Bitcoin’s price drifts lower. DeFi blue chips have also been rallying higher. The DeFi sector has been one of the biggest beneficiaries of Ethereum’s immense strength throughout the past day, with many posting V-shaped recoveries that appear to mark their recent lows as a long-term bottom. If these tokens continue rallying higher and mark their recent lows as a…

Critics grumble as YieldWars uses AP election call as an oracle

Following the Associated Press’ call earlier today that President-elect Joe Biden had won victory over incumbent Donald Trump in the U.S. presidential race, the 174 year-old organization — which has been covering elections since 1848 — subsequently published their call on the Ethereum and EOS blockchains, triggering at least one prediction market outcome.  However, some have expressed skepticism about the validity of using such a call as an oracle, raising broader questions about certainty and determinism in smart contract-based prediction markets.  On Oct. 15, 2020 Everipedia — the for-profit encyclopedia…

Taking on Bitcoin and S&P 500 returns

Bitcoin has been one of the best-performing assets on the planet since its launch in 2009. The digital coin rose nearly 9 million percent in price between 2010 and 2019. Simply holding or averaging into Bitcoin (BTC) positions yields a certain profit benchmark. Finding an investment or trading strategy that outpaces Bitcoin’s performance can prove difficult, but a financial fund known as Off The Chain Capital has claimed to do just that. The fund has also outpaced the S&P 500, a popular mainstream financial market index, although the S&P stands as a…

Joe Biden Wins US Election According to Major Networks, Bitcoin Waivers

AP News today declared that Joe Biden has won the U.S. elections. Bitcoin dropped slightly shortly after the news, signaling the market’s initial concerns about the President-elect. Bitcoin Bearish on Biden President Trump has yet to concede the election, but news agencies around the world have declared Biden the victor of the Presidential election. Biden nabbed 284 electoral votes. Only 270 are needed to claim victory. America, I’m honored that you have chosen me to lead our great country. The work ahead of us will be hard, but I promise…

A minister’s look at what regulators expect from the industry

Regulation is sometimes positioned as the enemy of innovation, an antagonistic force that reduces progress in the name of bureaucracy. However, when implemented sensitively and proportionately, regulation can strengthen a private sector’s reputation by creating the conditions necessary for businesses to focus on and enhance innovation. Getting this right means working with entrepreneurs and providing them the opportunity to innovate and experiment while also enforcing standards that promote proper corporate governance and prevent illegal activity. Through ensuring robust controls, today’s evils such as money laundering and terrorist financing can be…

Circle’s high-yield USDC business accounts take aim at DeFi

Originally launched as an attractive alternative to traditional fiat business accounts for Internet-based ventures, the latest features for the Circle Business Account appear to take aim at a different kind of competitor: the decentralized finance (DeFi) ecosystem.  Circle, the Goldman Sachs-backed payments company and issuer of the USDC stablecoin, announced their Circle Business Account service on March 10, 2020. The accounts featured a suite of services designed to help businesses leverage USDC, including APIs that could connect to traditional payment rails, accept dollar-denominated payments as USDC, a USDC wallet service,…

4 on-chain metrics suggest Bitcoin price rally may not stop at $16,000

After rejecting at $15,960 on Nov.6 Bitcoin (BTC) price has been defending the $15,000 support level with strength. Based on four on-chain data points, analysts believe the rally might continue beyond $16,000. Analysts have pinpointed lower Bitcoin exchange reserves, unmoved supply, a rise in “stronger hands,” and unrealized profits as factors for the rally to continue. The number of BTC held on exchanges drops Recently, Delphi Digital, an independent cryptocurrency research and consulting firm, released a report on the outlook of the Bitcoin market. Paul Burlage, an analyst at Delphi,…