How Bitcoin’s 2020 High Compares To Past Bull Market “Tops”

Bitcoin price suffered a powerful correction from the 2020 high of $12,400, taking the crypto asset back below $10,000 briefly. After a short-lived dead-cat bounce to $11,200, Bitcoin price is back once again at $10,500 and trying to hold. Although the correction has been steep, the selloff closely resembles the last bull market’s most violent tops. And while sentiment has swiftly shifted bearish, if history repeats, buying even the scariest dips will be incredibly rewarding. Crypto Bull Market Tops Match Current Price Action Despite Bearish Sentiment Shift In a bull…

Major banks implicated in the FinCen leak take a beating in the stock market

The major banks who were mentioned in the recent FinCen leak were subsequently thrashed by the market today. According to the investigation conducted by the International Consortium of Investigative Journalists, over the 20-year period from 1997 to 2017, the listed financial institutions facilitated over $2 trillion worth of suspicious transactions. When this news broke out yesterday, it was a day of reckoning for many of these institutions. Stocks top-5 banks by the amount of suspicious activity. Deutsche Bank was allegedly singularly responsible for over $1.3T of such transactions. To put this…

Bitcoin Likely to Decouple from Stock Market in Coming Months

Bitcoin has been forming a strong correlation to the stock market once again, with this typically occurring during times of global uncertainty. At the moment, traditional investors are consumed with fears regarding the lack of a second domestic stimulus package within the U.S., as well as the lack of progress in reeling in the pandemic. The upcoming presidential elections are also creating some uncertainty. There’s a high likelihood that these fears will go unresolved in the near-term, and this could create further turbulence amongst equities. That being said, it is…

YFI Worst Hit by Ongoing Crypto Market Meltdown; Could It Recover?

YFI has been among the worst-hit tokens in an ongoing meltdown that has wiped $65 billion from the cryptocurrency market. As of 1223 GMT Tuesday, YFI/USD was trading about 47 percent lower from its all-time high at $44,003. The pair’s downside correction followed a major rally that brought it up by more than 2,500 percent until last week. So it appears, traders decided to lock their profits at local tops, causing the market to flip bearish later. YFI is eyeing a $20K-retest in the coming sessions. Source: TradingView.com YFI is…

Beware: Bitcoin Price Action Mimics Market Maker Model

Bitcoin price just plunged once again from over $11,000 and is currently holding around $10,500. The support level could just be a quick pitstop before the selloff continues, according to the recent price action resembling the “market maker profile sell model.” If the cryptocurrency continues to follow the projected path this particular model predicts, Bitcoin could fall to new local lows, or worse. Bitcoin Market Maker Sell Model: Wyckoff Distribution By Another Name When an asset falls to attractive prices, it is accumulated by smart money investors who take a…

Kava to release cross-chain money market on blockchain

Decentralized finance, or DeFi, platform Kava announced its intention to host a cross-chain money market on its Cosmos blockchain to capitalize on DeFi opportunities.  Kava said in a statement on its website that it wants to build an application called Harvest that will enable users to borrow or lend digital assets, including BTC, CRP, BNB, BUSD, KAVA, and USDX. Customers will be paid interest and in Harvest’s governance token HARD.  Harvest will integrate Kava price-reference data from Chainlink to facilitate cross-chain transfers. The firm said the platform could be accessed…

Bitcoin Bouncing From Bull Market Support Points To 2021 As The Year Of Crypto

Bitcoin price recently plunged from over $12,000 at the 2020 high to back under $10,000. But after seven straight days of retesting resistance turned support, the crypto asset is already back at $11,000 and climbing. The bounce on weekly timeframes, just so happened to take place at a specific reading on the Relative Strength Index that throughout Bitcoin’s history has acted as bull market support. If the key level continues to hold, 2021 will be the year of the return of crypto. Bitcoin Bear Market Could Be Over With This…

ERC-20 token’s market cap overtakes Ethereum’s

The latest findings by Santiment, published in Cointelegraph Consulting’s biweekly newsletter, suggest that Ethereum is temporarily being ‘professionalized’.  Since the September 2nd market crash, the combined market capitalization of all ERC-20 assets has overtaken Ethereum’s own market cap, with the differential between the two continuing to grow in favor of ERC-20 assets. This market cap ‘flippening’ points to the fact that the price of Ethereum has corrected more strongly than the ERC-20 ecosystem and has struggled to bounce back in the immediate aftermath.  Perhaps unsurprisingly, it was the DeFi-related coins in…

Tether market cap increases almost 4X in 2020 to $15 billion

The surging DeFi sector has resulted in a mass minting of Tether in 2020 — including $3B last month alone — which has pushed its market capitalization over $15 billion. At the beginning of the year there was just over $4 billion USDT in circulation, and today that figure is over $15 billion. DeFi has been the driving force behind the Tether mining machine as more and more liquidity pools are based on stablecoins. It was reported that Tether’s average daily transfer value had exceeded that of PayPal late last…

Eastern Europe’s sixth-largest crypto service is a darknet market

Blockchain forensics firm Chainalysis has found that darknet markets exert a disproportionate presence in Eastern Europe’s crypto sector. In an excerpt from Chainalysis’ 2020 Geography of Cryptocurrency Report, the firm asserts that Eastern Europe is responsible for “more global darknet market activity than any other region,” with the anonymous free market Hydra comprising the region’s sixth-largest crypto service. Regional shares of global darknet market transfer volume: Chainalysis The report estimates that Hydra generated more than $1.2 billion in crypto revenue between June 2019 and July 2020. The platform is among…