Traders flock into altcoins as Bitcoin price trades sideways

The bullish momentum seen throughout the week has spilled over into the weekend as the majority of the top-100 tokens listed on CoinMarketCap are posting double-digit gains.  Bitcoin (BTC) entering a brief consolidation period and the possibility of a third round of stimulus checks for American citizens are two possible reasons for today’s bullish price action. Daily cryptocurrency market performance. Source: Coin360 While there are concerns about the recent large Bitcoin inflows into South Korean exchanges by BTC whales, fundamentals factors like miner sentiment and decreasing supply are keeping investors…

Bitcoin’s rollercoaster ride, Ether shines, XRP mystery: Hodler’s Digest, Jan. 3–9

Coming every Saturday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link. Top Stories This Week Brace for impact? After hitting $42,000, Bitcoin price volatility may rise Another week, another spate of all-time highs. Bitcoin managed to crack $42,000 on Friday, surging by 9% in just three hours.  A sharp correction soon followed, with prices tumbling by 7% in the following…

Gold outflows are pushing Bitcoin higher

According to multiple experts, one possible reason for Bitcoin’s remarkable recent price rise are massive investor outflows from another popular inflation hedge: gold.  Spot gold swooned over the past week, falling 4.62% to $1,857. The asset previously had been surging in unison with Bitcoin, which is up over 40% from $28,000 lows last week. In a Tweet on Friday, Charlie Morris, founder and CIO at ByteTree Asset Management, said that the pullback in gold might be attributable to investors moving to Bitcoin: With bond yields up and inflation expectations down…

Sushiswap reveals ambitious 2021 roadmap

After a wild, up-and-down 2020 that saw Sushiswap become the largest decentralized exchange (DEX) by liquidity at two different points, the decentralized finance (DeFi) platform has released a wildly ambitious project roadmap for 2021. Key forthcoming developments include multiple examples of some of the most complex and advanced functionalities in the DeFi space, including a cross-chain DEX that will be enabled by Rune and Moonbeam, an implementation on the Polkadot chain, and a fully decentralized governance structure by the end of 2021. The post also provided updates on previously-announced projects,…

Morgan Stanley’s $500 Million Microstrategy Bet a “No-Brainer,” According to Expert

Key Takeaways Morgan Stanley has reportedly invested $500 million in Microstrategy, which converted its entire cash balance to Bitcoin in 2020. Ben Miller of Miller Value Partners explains why putting cash balances in Bitcoin is a no-brainer. Share this article Morgan Stanley’s approximately $500 million investment in Microstrategy Inc. may come as a surprise to many. Not veteran investor Ben Miller, however. That’s because betting on the firm in its current form is also a bet on Bitcoin. Buy MSTR, Buy Bitcoin Microstrategy Inc. was one of the first companies…

Why are Bitcoin whales in Korea selling?

Bitcoin (BTC) whales in South Korea have been selling heavily across major exchanges throughout the past week. Data shows that multiple $100 million deposits to Bithumb have been spotted in the last three days alone. By volume, South Korea has a much smaller cryptocurrency exchange market compared to the United States. Yet, South Korea’s cryptocurrency exchanges have seen massive inflows that are comparable with other major markets. Large inflows into exchanges typically indicate selling pressure from whales because high-net-worth investors do not keep their holdings on exchanges. Hence, when capital…

As Biden preps $3T stimulus, Bitcoin could be set to erupt

The incoming Biden administration’s plan to flood the U.S. economy with trillions of dollars could ignite the next leg of the Bitcoin (BTC) bull market, as more investors seek refuge from a crumbling United States dollar.  Axios, an Arlington-based news outlet, reported Thursday that Joe Biden has asked Congress to provide Americans with $2,000 in stimulus payments to help offset the economic devastation of Covid-19. The incoming president has also proposed a $3 trillion tax and infrastructure package as part of his “Build Back Better” program. Biden doubled down on…

From the Genesis block to Wall Street adoption

Satoshi Nakamoto, the unknown Bitcoin creator, released the first client network on this day 12 years ago, officially kickstarting what is perhaps the greatest monetary revolution of the 21st century.  Six days prior, on Jan. 3, 2009, Satoshi mined the Genesis block, known as #0, coding it into the software. Unlike the subsequent blocks in the chain, the coin base reward from the Genesis block cannot be spent, as only publicly mined “coins” can be transferred. So, the first block, or #1, was mined on Jan. 9, putting a true…

8 Ways to Reduce Your 2020 Crypto Tax Bill

Key Takeaways As tax season approaches, crypto holders should consider their liabilities for the year. Several strategies can be employed to limit or defer capital gains and losses. Staying organized and using services such as TaxBit is a recommended first step towards effectively reducing your crypto tax bill. Share this article A new year means preparing to pay taxes, which affects every single crypto enthusiast. But getting it right and keeping the IRS off your back is no easy task. Crypto taxes can encompass capital gains tax and income tax.…

XRP price must break this key resistance to regain bullish momentum

XRP (XRP) holders are still struggling around the $0.30 area while the majority of the cryptocurrency markets are euphoric with Bitcoin (BTC) price surpassing $40,000. BTC price is currently over 100% higher than the previous all-time high in 2017, while XRP’s price is still down more than 90% from the all-time high in 2017. A lawsuit from the SEC against Ripple is certainly not bullish and is the primary reason for this overall weakness as this is prompting some exchanges to delist. However, the chart might give some potential bullish…