Bitcoin price rally at risk as gold and US dollar show signs of recovery

Dan Tapiero, the co-founder of 10T Holdings, said weak hands have been shaken out in the gold market. This raises the probability of a gold rally in the near term, especially as it comes off of an 80-day pullback period. A rally in gold and the dollar may dampen Bitcoin price Bitcoin has seen strong momentum in the past three months, as it achieved an all-time high on Coinbase and a number of other major exchanges. Despite this, the threat of a correction for Bitcoin is a real possibility if…

Upcoming Cardano hard fork to introduce ‘token locking’ ahead of Goguen

IOHK, the development arm behind Cardano, recently announced a new hard fork of the protocol scheduled for mid-December.  Kevin Hammond, a software engineer at IOHK, revealed this week that Cardano will undergo a hard fork later this month as part of its transition to the Goguen development era. Although most observers associate hard forks with trauma, Hammond said that these events are handled much differently on Cardano: “[…] Cardano handles hard forks automatically, without stopping block production. This gives a uniquely smooth upgrade process that allows new features to be…

Coinbase becomes a founding member of Square’s crypto patent group

The Cryptocurrency Open Patent Alliance, or COPA, headed up by finance company Square, recently picked up Coinbase as a cornerstone participant. Square unveiled the group in September as a method of warding off patent overreach — an issue that has been known to limit technological advancement. Coinbase senior counsel and COPA board member Brittany Cuthbert said in a public statement from the alliance on Friday: “As the crypto economy continues to grow, we believe it is important to help empower all projects building towards an open financial system. […] We…

Celsius’ CEO thinks Ethereum could lose its market dominance if this doesn’t happen

Ethereum 2.0 recently fired up its Beacon Chain, concluding Phase 0 of a scaling effort years in the making. Although he expressed faith in Eth2, Celsius CEO and founder Alex Mashinsky believes that the network could lose its spotlight if it doesn’t scale quickly and significantly. “Ethereum needs to prove it can scale its transactions 100x without compromising on security or decentralization,” Mashinsky told Cointelegraph when asked about Eth2’s next hurdle after its Beacon Chain launch. “If it fails to scale, Cardano and Polkadot will take over.” As of Thursday,…

Here’s why Bitcoin is like ‘Lebron James,’ according to MicroStrategy CEO

In an interview with economist Marc Friedrich, MicroStrategy CEO Michael Saylor said that Bitcoin is not the same as it was in 2015 or 2017. According to Saylor, the arguments against Bitcoin (BTC) that were relevant four years ago are no longer applicable. Bitcoin monthly chart (Coinbase). Source: TradingView.com How is Bitcoin like Lebron? Bitcoin has grown exponentially since the 2017 peak in terms of infrastructure, fundamentals and adoption. In the past year, institutions have started to increasingly see BTC as a store of value and an inflation hedge. In…

New threats to self-custody take shape in the US, Nov. 27-Dec. 4

Every Friday, Law Decoded delivers analysis on the week’s critical stories in the realms of policy, regulation and law.  Editor’s note For several weeks, rumors have circulated in the U.S. that the Treasury under Steven Mnuchin is planning some sort of rulemaking to ban or severely restrict self-hosted cryptocurrency wallets.  The Treasury hasn’t made any public statements to support these rumors, but they are persistent and pervasive enough to be worth paying attention to. In the broader cycle of financial news, Secretary Mnuchin is currently under a lot more scrutiny…

Bitcoin price correction begins — Here’s how low BTC can go

The price of Bitcoin (BTC) has been seeing a massive run in recent months as it surged by almost 100% from $10,000 to $19,800. However, the all-time high region at $20,000 has been showing significant resistance, causing the price to drop several times including today as BTC has now fall below $19,000 on Dec. 4. The chances of a correction have been slowly increasing amid diminishing volume in recent days. Multiple arguments can be made for a deeper correction, which wouldn’t necessarily be bad for the market in general.  All-time…

Bitcoin whales selling to institutions as Grayscale adds 7,188 BTC in 24 hours

Bitcoin (BTC) whales appear to be selling to institutions as the supply squeeze heightens below $20,000. Data from various sources shows that while more BTC returned to exchanges this week, largescale buyers are still creating more demand than supply can meet. Exchange inflows and Grayscale buy-ins Statistics from on-chain analytics service Coin98 confirmed that investment giant Grayscale bought twice as much Bitcoin as miners could create in November. Grayscale Bitcoin buys versus flow in November 2020. Source: Coin98/ Twitter Together with Square and PayPal, the other major corporate actors requiring…

Swiss National Bank and BIS complete digital currency proofs-of-concept

The Bank for International Settlements and the Swiss National Bank and are exploring the benefits of implementing a central bank digital currency, or CBDC, using blockchain technology. According to a Dec. 3 announcement, the BIS Innovation Hub Swiss Centre, or BISIH, has successfully completed two proofs-of-concept linking existing payment systems to a distributed ledger and settling tokenized assets with a wholesale CBDC. Known as “Project Helvetia,” the new initiative is a joint venture from the BISIH, the SNB and Switzerland’s top stock exchange, Six Group. The exchange stated that Project…

Hong Kong OTC trading firm acquires OMG Network

Ethereum-based scaling platform OMG Network has been acquired by the venture subsidiary of Hong Kong-headquartered OTC trading firm, Genesis Block. The acquisition was announced on Dec. 3, with Genesis Block Ventures revealing plans to work with OMG to build “lending and trading platforms” for the DeFi sector. The firm also intends to leverage its connections across Asia’s blockchain industry “to accelerate the development of OMG Network” and foster partnerships throughout the region. Genesis Block said it has engaged deeply with the DeFi sector this year, and has built relationships with…