Bitcoin Needs to Surpass $16,200 to Confirm the Case for a Further Rally

Bitcoin has begun to thrust higher once again after an extended bout of consolidation under $16,000. The leading cryptocurrency currently trades for $16,150, up 3% in the past 24 hours alone. BTC has begun to outpace altcoins once again, with most digital assets actually recording losses against the U.S. dollar today. At $16,150, Bitcoin is slightly below the local highs at $16,225, which the cryptocurrency has tapped twice over the past few hours. Analysts think that the cryptocurrency must clear that technical resistance if it is to confirm the case…

CBDCs Will Replace Private Stablecoin Tether, Central Bankers Say

Key Takeaways ECB President Christine Lagarde is positive on the launch of a central bank digital currency (CBDC), but in a few years.  The U.S. Fed chairman and the governor of the BoE said that they are also analyzing the cost and benefits of such a payment system.  Share this article Speaking at the annual ECB Forum on central banking, heads of the three central banks said that they are actively exploring the idea of a CBDC. Some predict it will end private stablecoins, like Tether’s USDT. All Central Bank…

Uniswap’s UNI Could Be Overextended as Analysts Eye a Sharp Retrace

Uniswap’s UNI governance token has been trading in close tandem with the rest of the blue-chip DeFi assets throughout the past few days. Although this has generally boded well for UNI, it has faced some pressure today due to a downturn across all DeFi assets. This decline has largely come about due to Bitcoin ripping higher, sucking the oxygen out of the room. Investors are now cycling their recent DeFi profits back into Bitcoin, and these smaller tokens may continue facing pressure on their price until BTC can stabilize. Analysts…

Before Congress, federal regulators dispute US pace on national digital currency

Amid a global race toward central bank digital currencies, or CBDCs, the United States needs to focus on the private sector, says Acting Comptroller of the Currency Brian Brooks.  “We have built private stablecoins in this country that already have a market cap in the tens of billions of dollars,” Brooks said in a U.S. House Committee on Financial Services hearing on Thursday. Formerly head of Coinbase’s legal department, Brooks currently leads the Office of the Comptroller of the Currency, or OCC, which is the Treasury office that regulates federal…

Bitcoin whale sell-off could capsize BTC’s voyage above $16,200

Bitcoin (BTC) price is proving to be relatively stable at around the $16,000 level, heavily outperforming both safe-haven and risk-on assets, including gold and stocks. But in the near term, the digital asset faces a major roadblock in the form of whales. On Nov. 12, the price of Bitcoin reached $16,199, a level not seen since the famed 2017 rally. Although BTC dropped to $15,600 within a few hours, it quickly recovered and at the time of writing it looks like the digital asset will attempt to overtake the intraday high.…

EU will decide on digital euro in January 2021: ECB president

The president of the European Central Bank, Christine Lagarde, has said that the bank should reach a decision on releasing a digital euro early next year. In an online policy panel held on Nov. 12, Lagarde stated that the European Central Bank, or ECB, was not “racing to be first” in its efforts to release a central bank digital currency, or CBDC. However, she said that the results of the consultation the central bank launched in October on a digital euro would be ready in January 2021. “At that point…

Yearn.finance (YFI) Tests Key Support as Funding Rates Flip Negative

Yearn.finance’s YFI token has been facing some intense selling pressure today as the focus shifts back to Bitcoin. YFI and other blue-chip DeFi tokens have posted some massive gains throughout the past few days, with the Yearn ecosystem’s token rallying from lows of $7,500 to highs of $18,000 over the course of an hour. Other tokens followed in its footsteps and saw similar gains, with this revitalizing the aggregated DeFi sector. Bitcoin’s sideways trading within the $15,000 region that took place concurrently with this upsurge was vital for these tokens…

Technical Expert Shows How Bitcoin Path Could Reach Gold’s $10 Trillion Cap

Bitcoin was designed to share several key similarities with gold, but the end result was an all-digital asset that does what the precious metal does best even better and then some. Eventually, the first-ever cryptocurrency could share a similar-sized market cap as the precious metal has currently, and one of the crypto community’s best chartists has outlined the path on how Bitcoin could get there and when. The Clear Path For Crypto To Match The Precious Metal King’s Market Cap Bitcoin is a difficult asset to assign a fair market…

Bitcoin price surge to $16.2K accompanied by record volume

Bitcoin (BTC) has had a great November so far, and many analysts believe the future remains bright for the top-ranked cryptocurrency. Currently sitting at $16,000, its price has surged by 23% since the start of the month, rallying mostly after the completion of the United States presidential election. Now, Bitcoin spot volume has passed all previous records in 2020, showcasing the growing demand for acquiring BTC. The strong rally to $16,200 led Bitcoin spot volumes to rise by more than 270% in the past month. According to a recent report…

Digital Currency Group IPO could easily fetch $4 billion, says Messari

What would an initial public offering for Digital Currency Group, or DCG, look like? Analysts at digital analytics firm Messari believe they have the answer.  In a newly published report, researcher Jack Purdy lays out a theoretical initial public offering for DCG. Using data from quarterly updates, along with other publicly available information and the average price-to-sales ratio for comparable fintech companies, Purdy concludes that DCG would be valued at more than $4 billion if it went public.  That lofty valuation is based on a careful examination of DCG’s underlying…