Bitcoin Held a Pivotal Support During Its $1,500 Correction

Bitcoin underwent a swift drop on Monday morning on news of a successful vaccine trial. The leading cryptocurrency was largely reacting to the U.S. dollar index, which moved higher seemingly because a vaccine would mean less stimulus would be necessary moving forward. The stock market also jumped higher because it meant that U.S. businesses may be able to return to normal sooner rather than later. Some think that this is the start of an extended move lower for Bitcoin, especially seeing that gold shed 5%. But key technical analysis shows…

Billionaire Hedge Fund Manager Stan Druckenmiller Buys Bitcoin

Stan Druckenmiller, a billionaire hedge fund investor, has invested in Bitcoin, according to a recent CNBC interview. Druckenmiller endorsed Bitcoin by stating that the cryptocurrency “has a lot of attraction as a store of value to both millennials and the new West Coast line.” He added that Bitcoin has existed for 13 years and that it builds on its brand every day. Though his investment in gold remains several times larger than his BTC holdings, his Bitcoin investment may perform better, said Druckenmiller. “It is thinner, more illiquid, and has…

Chainlink Could Soon Rocket Towards $16.50 as Bulls Stay in Control

Chainlink’s price action as of late has been quite positive, with bulls shattering the resistance that previously sat around $12.00 and gaining momentum as the aggregated DeFi sector rebounds. The cryptocurrency has held up quite well today despite some turbulence seen by Bitcoin and Ethereum. The latest selloff seen by the benchmark cryptocurrency has come about due to positive news regarding the efficacy of a vaccine from Pfizer. This news struck a blow to safe-haven assets, as it suggests that the global economic turmoil could soon come to an end.…

Addresses Holding 32 ETH Hits All-Time High Ahead of Ethereum 2.0 Launch

Key Takeaways Ethereum 2.0’s beacon chain is scheduled to ship on Dec. 1, pending 16,384 32-ETH validators. So far the deposit contract has accrued 49,000 ETH, roughly 9% of its target. High barriers to entry and an abundance of lucrative yield farming options are likely factors preventing many users from staking early on. Share this article The deposit contract for Ethereum’s 2.0 upgrade went live on Nov. 4, prompting devoted members of the community to send roughly 49,000 ETH in anticipation of staking. To meet the genesis threshold, the contract…

Ripple’s Garlinghouse disses Bitcoin’s energy use in advance of Biden administration

Ripple CEO Brad Garlinghouse thinks corporations converting cash to Bitcoin (BTC) could be making a costly mistake as a more environmentally-conscious Biden administration takes the White House in January. Garlinghouse tweeted Monday that the incoming president will be much tougher on climate change, requiring that all publicly-traded companies disclose their greenhouse-gas producing activities. He singled out Square as one company that “may want to pay attention” to new federal guidelines that could get rolled out as soon as Biden takes office.  Garlinghouse’s comments piggyback off an earlier tweet from NYT…

Investors are back into Bitcoin but DEXs are still the future of crypto

Bitcoin’s long-waited bull run and the recent wave of corporate and institutional investors allocating significant portions of their reserves to Bitcoin (BTC) are all signs that the pace of crypto’s mainstreaming is rapidly accelerating: But has the path to mass adoption come at the cost of privacy and decentralization?  Know Your Customer and Anti-Money Laundering laws have forced the majority of cryptocurrency exchanges to become more transparent about who their users are, and those who refused have had to limit the jurisdictions in which they can offer services. In order…

Bitcoin may pay out more than gold, says billionaire investor

American billionaire Stanley Druckenmiller has changed course on Bitcoin, saying it has the potential to store value for future generations. Speaking on CNBC today, Druckenmiller said that, although he was still more heavily invested in gold than crypto, he had purchased at least some Bitcoin (BTC). He did not specify how much. “Bitcoin could be an asset class that has a lot of attraction as a store of value to both millennials and the new West Coast money — and, as you know, they got a lot of it,” said…

A Whale Just Moved $14m Worth of Yearn.finance (YFI) to an Exchange

Yearn.finance’s YFI token is surprisingly resilient today despite the turbulence throughout the aggregated crypto market. While Bitcoin is plunging lower, most of the DeFi sector is actually up today. The break of this sector’s recent multi-month downtrend came about following a series of massive short squeezes seen by the blue-chip DeFi assets like YFI, SNX, and others. Just a few days ago, YFI rallied from lows of $7,500 to $18,000 in a mere matter of hours, marking one of the largest surges seen by an asset of its size over…

Monero podcaster loses NY congressional race

Douglas Tuman, a crypto enthusiast and host of the Monero Talk podcast, has lost in his bid to represent New York’s 4th District in the U.S. Congress. According to election results from The Associated Press, Tuman, a Republican, received 134,243 votes to incumbent Democrat Kathleen Rice’s 147,580 in New York’s 4th District, which includes parts of central and southern Nassau County. Rice has served as a member of the U.S. House of Representatives since 2015. The Monero (XMR) podcaster first announced his intentions to run for Congress in March, stating…

Five Reasons Why Bitcoin Price Dropped And Could Correct Further

Bitcoin price has been rallying for most of 2020, but over the last two months, the cryptocurrency’s momentum kicked into overdrive. Anything that goes up, must at some point come back down to cool off and recharge before it can do it all again. After such a memorable push by bulls over recent weeks, the tides could soon be turning. Here are the five key factors that could cause a deeper correction, beyond the conclusion of politics or news that a vaccine is near. The Five Reasons Why Bitcoin And…