‘Old hands selling out’ metric shows Bitcoin price at risk of HODLers dumping

Old hands are selling their Bitcoin (BTC) holdings, according to glassnode’s Coin Dormancy metric. As shown below, dormant addresses selling BTC marked previous tops in BTC.

Coin Dormancy of Bitcoin. Source: glassnode

On-chain analyst Willy Woo said old hands reliably sold the top until the most recent price cycle. He wrote:

“Dormancy is a . . . → Read More: ‘Old hands selling out’ metric shows Bitcoin price at risk of HODLers dumping

Ethereum can rise to $800 in 2020 if this bull ‘mini-cycle’ repeats

Markets tend to behave in massive cycles. One of those cycles is the previous Bitcoin (BTC) price cycle from 2014 to 2017. However, within those cycles, are multiple smaller cycles that could often repeat.

A similar approach and analysis can be made for Ethereum’s Ether (ETH), which is outperforming BTC year-to-date, as the . . . → Read More: Ethereum can rise to $800 in 2020 if this bull ‘mini-cycle’ repeats

‘Still so early’ — 7% of Americans have bought Bitcoin, study finds

According to new data from Statista, only 7% of Americans have previously used Bitcoin (BTC). This means current investors in BTC are still in an early stage of growth.

Dan Tapiero, the co-founder of 10T Holdings, said Bitcoin is still at the “birth” phase of a new asset class. He wrote:

“It’s still . . . → Read More: ‘Still so early’ — 7% of Americans have bought Bitcoin, study finds

Big Bitcoin prediction, OKEx spooks markets, Ripple exec’s crippling mistake: Hodler’s Digest, Oct. 12–18

Coming every Sunday, Hodler’s Digest tracks every important crypto news story from the previous week. Essential reading for all Hodlers!

Top Stories This Week Calm before the storm? Analyst says $20,000 Bitcoin is possible in three months

Bitcoin volatility has fallen to a 16-month low, indicating that a sharp move is on the horizon.

. . . → Read More: Big Bitcoin prediction, OKEx spooks markets, Ripple exec’s crippling mistake: Hodler’s Digest, Oct. 12–18

Top 5 cryptocurrencies to watch this week: BTC, XLM, CRO, BNB, LTC

Data from Skew shows Bitcoin’s (BTC) spot volume on LMAX Digital, an exchange that mainly caters to institutions, has overtaken retail-oriented exchanges. This signals that institutional investors could be building up positions as they expect the price to move higher in the future.

Along with spot purchases, institutional investors’ participation in the derivatives market . . . → Read More: Top 5 cryptocurrencies to watch this week: BTC, XLM, CRO, BNB, LTC

Fool’s gold? Peter Schiff’s bank under investigation in tax evasion probe

This morning, millionaire broker and noted Bitcoin skeptic Peter Schiff awoke to find his bank under renewed scrutiny due to an international criminal investigation. 

According to reporting from Australian newspaper The Age and The New York Times, the J5 — a joint task force of tax authorities from major Western governments convened in . . . → Read More: Fool’s gold? Peter Schiff’s bank under investigation in tax evasion probe

Getting the story straight: Blockchain to curb fake news

With the United States Presidential Election set for next month, the concern over fake news has once again dominated public discourse. Fake news — the deliberate spreading of verifiably false information under the disguise of being an authentic news story ­— not only undermines the public’s confidence in the free press, it inflames social . . . → Read More: Getting the story straight: Blockchain to curb fake news

Closing the gap: The effect of CME Bitcoin futures on Bitcoin price

The price of one actual Bitcoin on the open crypto market, known as spot BTC, fluctuates based on a countless number of factors, such as trading volume, usage and adoption. However, other catalysts affect the asset in a roundabout manner. Cash-settled Bitcoin futures trading products from the Chicago Mercantile Exchange stand as one . . . → Read More: Closing the gap: The effect of CME Bitcoin futures on Bitcoin price

Bitcoin mining’s future is green, and Russia has the best chance

Last month, Chinese President Xi Jinping, declared that China has plans to become carbon neutral by 2060, calling for a “green revolution.”

If the plan is properly implemented, it could help China to finally shed its biggest-polluter status and significantly improve the global ecosystem, which could also drastically shake up the country’s eminent . . . → Read More: Bitcoin mining’s future is green, and Russia has the best chance

Seller shortage? Bitcoin exchange reserves plunge as BitMEX bleeds BTC

Bitcoin (BTC) exchange reserves are continuously plummeting as analysts pinpoint the trend to a shortage of sellers. Since the March crash, the reserves on exchanges rapidly fell from 2,950,000 BTC to 2,700,000 BTC.

Within merely seven months, a 250,000 BTC fall in exchange reserves signifies a $2.85 billion decline. Behind the steep trend . . . → Read More: Seller shortage? Bitcoin exchange reserves plunge as BitMEX bleeds BTC

Amid IRS bounty and competitor progress, Monero developers ship a major update

First announced in September, Monero developers today went live with a network update featuring a new version of its node software, codenamed ‘Oxygen Orion.’ The product of 30 contributors, the update promises significant improvement across nearly all aspects of the privacy-focused cryptocurrency’s performance. 

The highlight of the new update is the compact linkable . . . → Read More: Amid IRS bounty and competitor progress, Monero developers ship a major update

Sharp Bitcoin price move brewing as BTC volatility falls to a 16-month low

Bitcoin (BTC) options aggregate open interest has increased to $2 billion, which is 13% below the all-time high. Although the open interest is still heavily concentrated on Deribit exchange, the Chicago Mercantile Exchange (CME) has also reached $300 million.

In simple terms, options derivatives contracts allow investors to buy protection, either from the upside . . . → Read More: Sharp Bitcoin price move brewing as BTC volatility falls to a 16-month low

Will the dollar’s weakness result in Bitcoin finally breaking $12,000?

Historically, a weaker United States Dollar leads to strength across other “safe haven” assets. By analyzing the correlation, such momentum and conclusion can also be drawn with Bitcoin (BTC) and the USD.

Bitcoin has gained in 2020 as the U.S. Dollar Currency Index (DXY) has been having a tough year. But will . . . → Read More: Will the dollar’s weakness result in Bitcoin finally breaking $12,000?

The next big treasure: Corporations buy up Bitcoin as a treasury reserve

October is a time for surprises. On Oct. 8, right on cue, mobile payments giant Square, which boasts a market cap of $86.6 billion, announced that it had invested $50 million in Bitcoin (BTC). Five days later, asset manager Stone Ridge Holdings, which manages over $10 billion in assets, disclosed that it had . . . → Read More: The next big treasure: Corporations buy up Bitcoin as a treasury reserve

Mission-driven cryptocurrency requires an active commitment to equity

On Sept. 27, Coinbase CEO Brian Armstrong sought to center his employees’ work around the company’s core mission: “to bring economic freedom to people all over the world.” Armstrong argues for a narrow interpretation of Coinbase’s mission to build the best possible product because it is “already hugely ambitious” and because companies generally . . . → Read More: Mission-driven cryptocurrency requires an active commitment to equity

Calm before the storm? Analyst says $20K Bitcoin possible in 3 months

The price of Bitcoin (BTC) has been consolidating within a tight range for several months. If the top cryptocurrency successfully breaks out, Bitazu Capital founding partner Mohit Sorout says a record-high would be imminent.

Since July 2020, Bitcoin has been ranging between $10,200 and $11,800, a 15% range. It has seen subdued volatility . . . → Read More: Calm before the storm? Analyst says $20K Bitcoin possible in 3 months

Bitcoin genesis block is the ‘New Testament’ of finance

Bitcoin genesis block is the ‘New Testament’ of finance

9 hours ago

No need to suffer from centralized systems since the world has been offered its greatest weapon against it: cryptocurrency.

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Opinion . . . → Read More: Bitcoin genesis block is the ‘New Testament’ of finance

Price analysis 10/16: BTC, ETH, XRP, BCH, BNB, LINK, DOT, ADA, LTC, BSV

Chicago Mercantile Exchange’s cash-settled Bitcoin (BTC) futures trading products “contribute more to price discovery than its related spot markets,” according to findings in a new report by investment firm Wilshire Phoenix.

The increasing volumes of crypto derivative products highlight greater participation from institutional investors and this will likely be positive for the entire crypto . . . → Read More: Price analysis 10/16: BTC, ETH, XRP, BCH, BNB, LINK, DOT, ADA, LTC, BSV

Bitcoin’s Taproot is ready to go, but it’s unlikely to be included in the next release

The Bitcoin Improvement Proposals 340 through 342 were merged into the Bitcoin codebase on Thursday, signaling that the anticipated Taproot upgrade is ready.

Taproot and the associated technology of Schnorr signatures are considered to be the most important upgrade for Bitcoin in the past year. It is primarily a privacy improvement for complex . . . → Read More: Bitcoin’s Taproot is ready to go, but it’s unlikely to be included in the next release

New York polls crypto firms on security measures after Twitter hack

The New York Department of Financial Services, or NYDFS, has released a lengthy report analyzing the impact of July’s high-profile Twitter hack, which resulted in the theft of over $118,000 worth of Bitcoin (BTC). 

Far beyond the immediate material impact, the NYDFS states that the incident exposed deep cybersecurity weaknesses of a publicly-traded social media . . . → Read More: New York polls crypto firms on security measures after Twitter hack

$22M in Bitcoin moves from Huobi to OKEx despite withdrawal freeze

Large Bitcoin (BTC) transactions from Huobi cryptocurrency exchange are moving to OKEx despite the latter having temporarily suspended crypto withdrawals.

According to data from crypto tracking service Whale Alert, a total of 1,995 BTC ($22.5 million) was sent from Huobi to OKEx shortly after OKEx officially announced it was suspending withdrawals on Oct. 16.

The . . . → Read More: $22M in Bitcoin moves from Huobi to OKEx despite withdrawal freeze

OKEx founder reportedly under investigation as exchange suspends withdrawals

The founder of major global cryptocurrency exchange OKEx has been reportedly questioned by authorities previous to OKEx suspending cryptocurrency withdrawals.

OKEx founder Mingxing Xu, also known as Star Xu, has reportedly been questioned by the police, Chinese news agency Caixin reported today. According to the report, the executive was investigated “at least a . . . → Read More: OKEx founder reportedly under investigation as exchange suspends withdrawals

‘Enormous wall of money’ will send Bitcoin to $1M in 2025 — Raoul Pal

Bitcoin (BTC) hitting $1 million by 2025 is “about right,” Real Vision founder and CEO Raoul Pal has confirmed.

In an interview with Stansberry Research last week, Pal, famous for his bullish stance on Bitcoin, said an “enormous wall of money” would flow into the cryptocurrency over the next few years.

Pal: Bitcoin . . . → Read More: ‘Enormous wall of money’ will send Bitcoin to $1M in 2025 — Raoul Pal

Almost 1M Ether would have been burnt in past year if fee proposal approved

The controversial Ethereum Improvement Proposal (EIP) 1559 would have burnt 970,000 Ether (ETH) — with a total value of $360 million — in the last year, if it had been implemented. EIP-1559 seeks to reduce transaction fees by introducing flat fees alongside a burn mechanism,

The findings, based on Dune Analytics data and published . . . → Read More: Almost 1M Ether would have been burnt in past year if fee proposal approved

Cointelegraph Consulting: Ethereum’s on-chain activity surges and bullish sentiment spikes

The latest findings by Santiment, published in Cointelegraph Consulting’s biweekly newsletter, indicates that discussions around Ethereum have switched from highly bearish to predominantly bullish. Historically, this hasn’t meant good news for the token’s price.

Ethereum’s on-chain activity, measured by unique daily addresses, has rebounded from its nose dive at the end of summer. . . . → Read More: Cointelegraph Consulting: Ethereum’s on-chain activity surges and bullish sentiment spikes

Game theory meets DeFi: Bouncing ideas around tokenomic design

Jack Lu, 23, was struck by the idea for his new DeFi platform Bounce while working on his thesis on game theory and cryptocurrency at Reed College in California.

“It took me quite a long time to think of it,” Lu explains about his game theory influenced auction platform. “Everyone was talking about . . . → Read More: Game theory meets DeFi: Bouncing ideas around tokenomic design

Foresight or folly? Data show 70% of exchanges are unmoved by DeFi volume

A recent survey by cryptocurrency data aggregator, CryptoCompare, shows that centralized exchange operators do not see the emergence of decentralized trading venues like Uniswap as a threat despite growing volume and activity in the DeFi space. 

In its September exchange review, CryptoCompare asked 26 of the leading venues in the space how likely . . . → Read More: Foresight or folly? Data show 70% of exchanges are unmoved by DeFi volume

Bitcoin price must hold $11,000 for October rally to continue

Bitcoin (BTC) price broke upward in the first half of October, resulting in a rally from $10,500 to $11,700. However, the momentum may be shifting once more as strength diminishes across the cryptocurrency market. 

A similar setup also happened prior to Bitcoin’s latest upward break with sideways consolidation in BTC causing altcoins to . . . → Read More: Bitcoin price must hold $11,000 for October rally to continue

Yearn Finance’s founder says he ‘doesn’t build for speculators’

The founder of Yearn Finance, Andre Cronje, has seen a fair share of criticism lately as he deployed some smart contracts that ended up losing users’ money. Cronje defended himself in a blog post and explained why he believes he shouldn’t be held responsible for those who “ape in” his testing contracts.

Cronje will . . . → Read More: Yearn Finance’s founder says he ‘doesn’t build for speculators’

Bitcoin price metric suggests $15K surge after US elections — report

Bitcoin (BTC) has support to climb all the way to $15,000 if historic trends repeat themselves this year, a new report says.

Compiled by crypto index fund provider Stack Funds on Oct. 15, the report highlights Bitcoin’s market cap vs. realized cap ratio (MVRV) fuelling gains, which could smash $12,000 resistance.

Report expects . . . → Read More: Bitcoin price metric suggests $15K surge after US elections — report

Bankless society ‘inevitable’ due to crypto, says Morgan Creek CEO

A bankless world is inevitable due to the “natural evolution of technology,” according to a top executive at multi-billion dollar investment manager, Morgan Creek Capital.

The firm’s CEO Mark Yusko believes that a “silent revolution” powered by cryptocurrencies like Bitcoin (BTC) will eventually lead the world to a bankless society.

In an Oct. . . . → Read More: Bankless society ‘inevitable’ due to crypto, says Morgan Creek CEO

Ebang aims to set up digital financial platform in New Zealand

Ebang, a major Chinese Bitcoin (BTC) mining equipment supplier, is planning to acquire a financial firm in New Zealand to set up a local digital asset financial service platform.

According to an official announcement on Oct. 14, Ebang International Holdings has entered an Expression of Interest tender letter to acquire a 100% share . . . → Read More: Ebang aims to set up digital financial platform in New Zealand

‘I would not short’ — Bitcoin buy the dip zone now $11K, says Tone Vays

Bitcoin (BTC) is bullish in three key areas and a “perfect” buy-in is now no lower than $11,000, popular trader Tone Vays says.

In the latest edition of his Trading Bitcoin YouTube series on Oct. 14, Vays presented an optimistic take on the Bitcoin price, which he argues has barely any bearish characteristics.

. . . → Read More: ‘I would not short’ — Bitcoin buy the dip zone now $11K, says Tone Vays

Finance Redefined: Can DeFi and on-chain governance change human nature? Oct. 7-14

This week, one bit of news really grabbed my attention: Dharma getting criticized for allegedly trying to capture Uniswap governance.

Dharma is the company behind a crypto payments and exchange app, a sort of Ethereum-based cousin of Square’s Cash App. Or at least that’s what I previously used to describe it — . . . → Read More: Finance Redefined: Can DeFi and on-chain governance change human nature? Oct. 7-14

Bitcoin and Ether now account for 44% of the value locked in DeFi

The recent explosive growth of decentralized finance has seen the sector lock nearly $4 billion worth of Bitcoin (BTC) and Ether (ETH) in less than five months.

According to DeFi Pulse, the number of Ether locked up in DeFi protocols increased 218.5% since June, growing from 2.7 million ETH to 8.6 million ETH. Locked . . . → Read More: Bitcoin and Ether now account for 44% of the value locked in DeFi

More than half of all Ethereum hasn’t moved in 12 months

More than half of Ethereum’s circulating supply has not moved in more than a year, with only 39.6% of Ether (ETH) changing hands over the past 12 months.

According to Glassnode’s “hodlwaves” chart, which offers a chronological breakdown of the velocity of on-chain transactions, roughly 28% of Ether last moved between the past 12 . . . → Read More: More than half of all Ethereum hasn’t moved in 12 months

Price analysis 10/14: BTC, ETH, XRP, BCH, BNB, LINK, DOT, ADA, LTC, BSV

The bond yields across most developed economies have dropped sharply since the central banks unleashed a slew of measures to counter the economic crisis caused by the COVID-19 pandemic.

This could pose a challenge to the institutional investors who rely on the traditional 60/40 portfolio allocation between equities and fixed income instruments. 

This . . . → Read More: Price analysis 10/14: BTC, ETH, XRP, BCH, BNB, LINK, DOT, ADA, LTC, BSV

Multiple data points suggest Bitcoin’s 2017-style bull run has begun

Last week, Bitcoin (BTC) saw its price rise 6.95%, rising from $10,804 on October 5 to $11,555 by October 12. The surge marked the best performing week for the price of Bitcoin since July and data show a noticeable shift in market sentiment around the digital asset.

According to data from TheTie, an . . . → Read More: Multiple data points suggest Bitcoin’s 2017-style bull run has begun

Crypto traders cautious on Bitcoin price as rally to $11.7K goes sour

After the price of Bitcoin (BTC) achieved $11,720 on Binance, traders began to turn slightly skeptical on the dominant cryptocurrency. Despite the initial breakout above two key resistance levels at $11,300 and $11,500, BTC recorded several rejections. While it might be premature to predict a marketwide correction, the level of uncertainty in the market . . . → Read More: Crypto traders cautious on Bitcoin price as rally to $11.7K goes sour

Cointelegraph Consulting: New stimulus checks may push Bitcoin price toward $12K

The latest research by Cointelegraph Consulting suggests that financial stimulus packages bolster the stock market and cryptocurrencies. The first round of checks worth $1,200 were deposited directly into bank accounts on April 11. A week later, the CEO of Coinbase, Brian Armstrong, pointed out that the deposits in the amount of $1,200 on . . . → Read More: Cointelegraph Consulting: New stimulus checks may push Bitcoin price toward $12K

New report finds 15 major factors that cause crypto prices to rally

EToro, the major multi-asset brokerage, released a crypto market quarterly report for Q3 2020. The report, titled “What Moves the Prices of Cryptoassets,” delves into the main factors that cause cryptocurrencies to rise in value.

The 15 “significant developments” that directly affect the value of a crypto asset include mergers, funding, halving, partnerships, . . . → Read More: New report finds 15 major factors that cause crypto prices to rally

Public companies hold almost $7B in Bitcoin in heads-up to Grayscale

Bitcoin (BTC) holdings at public companies topped $6.8 billion this year as newcomers catch up with industry heavyweight Grayscale.

According to monitoring resource Coin98 Analytics, a total of 13 public companies have now invested in Bitcoin.

Putting Grayscale’s “sun” in the shade

Asset management giant Grayscale remains the largest BTC player with 449,596 . . . → Read More: Public companies hold almost $7B in Bitcoin in heads-up to Grayscale

Ethereum price back on track to $500 once bulls flip $400 to support

On Oct. 12 the price of Ether (ETH) soared 8.15% to reach a new monthly high at $387.75 on Binance. The rally from $366 to as high as $387.50 occurred as Bitcoin (BTC) price surged to $11,600, leading traders to speculate that the crypto bull market has restarted.

Over the past few weeks Ether’s . . . → Read More: Ethereum price back on track to $500 once bulls flip $400 to support

Bitcoin price steady as $10B asset manager scoops up 10,000 BTC

Bitcoin (BTC) is winning the battle of the safe havens as another corporate buy-in sees $115 million enter its books.

Asset management giant Stone Ridge confirmed that it made the significant purchase via its spin-off New York Digital Investment Group or NYDIG, which now has over $1 billion in assets under . . . → Read More: Bitcoin price steady as $10B asset manager scoops up 10,000 BTC

Competition for global crypto derivatives market dominance heats up

At the start of October, the crypto market was faced with extremely tumultuous financial conditions, thanks in large part to the recent filings against BitMEX, which saw the company’s top brass being indicted by the United States Commodity Futures Trading Commission on several charges. Not only that, but just a few days before the . . . → Read More: Competition for global crypto derivatives market dominance heats up

Bitcoin has a ‘dark forest’ of its own, and it has to do with brainwallets

The concept of a blockchain “dark forest” has been popularized recently by Ethereum and the existence of front-running bots that will copy any profitable transaction pending for submission.

The bots are able to assess if any given transaction that just entered the mempool can be replicated, and they will immediately publish their own . . . → Read More: Bitcoin has a ‘dark forest’ of its own, and it has to do with brainwallets

Bitcoin price dump ‘not going to happen’ as whales stay off exchanges

A Bitcoin (BTC) sell-off and associated price fall are “not going to happen,” a well-known the CEO of a well-known analytics tool has said.

In a tweet on Oct. 12, Ki Young Ju, CEO of CryptoQuant, noted that average inflows to exchanges were staying low despite BTC price gains.

Ki: Exchange inflows “still . . . → Read More: Bitcoin price dump ‘not going to happen’ as whales stay off exchanges

Regrets — Ripple’s CTO sold 40,000 Ether for just $1 each

Ripple’s Chief Technology Officer, David Schwartz, has revealed that he and his wife decided to make a “derisking plan” for their crypto investments in 2012 — resulting in eight-figures worth of missed profit at current prices.

In a series of tweets published on October 11, Schwartz revealed that he sold 40,000 Ether (ETH) . . . → Read More: Regrets — Ripple’s CTO sold 40,000 Ether for just $1 each

Price analysis 10/12: BTC, ETH, XRP, BCH, BNB, LINK, DOT, ADA, LTC, CRO

U.S. equity markets are nearing all-time highs on the hopes that Democrats and Republican will break their current stalemate and strike a deal to release another round of stimulus for American citizens and the small businesses they operate.

While these monetary and fiscal stimulus measures have been proven to boost stock market . . . → Read More: Price analysis 10/12: BTC, ETH, XRP, BCH, BNB, LINK, DOT, ADA, LTC, CRO

Things just got MESSy for potential Ethereum Classic 51% attackers

Over the past weekend, on block 11380000, a solution for the prevention of 51% attacks was introduced to the Ethereum Classic (ETC) community. Several such attacks have recently placed ETC at a crossroads, leaving the very survival of the chain uncertain. In the weeks that followed these attacks, the community worked to evaluate numerous . . . → Read More: Things just got MESSy for potential Ethereum Classic 51% attackers

Short the Dollar: How Goldman’s Bearish Stance Uplifts Bitcoin Q4 Sentiment

Goldman Sachs, the $71.4 billion investment bank, is reportedly bearish on the U.S. dollar. For Bitcoin (BTC), which has recently rallied above the dreaded $11,100 level, this could serve as a potential catalyst.

Bitcoin is heading into the last two months of the year with significant uncertainty. But if the dollar continues to slump, . . . → Read More: Short the Dollar: How Goldman’s Bearish Stance Uplifts Bitcoin Q4 Sentiment

Second Ethereum 2.0 launch rehearsal puts it on track for 2020 release

Ethereum successfully launched yet another dress-rehearsal testnet for the upcoming Ethereum 2.0 Phase 0, dubbed Zinken.

The launch occurred on Monday at 12 P.M. UTC and unlike previous attempts, was a smooth launch with enough participation and no major bugs.

The testnet was organized following the bittersweet launch of Spadina, the first rehearsal . . . → Read More: Second Ethereum 2.0 launch rehearsal puts it on track for 2020 release

DeFi market fall showcases how rising TVL doesn’t tell the full story

The decentralized finance market seems to be deflating after the DeFi summer craze when tokenized versions of Bitcoin and protocols, such as Uniswap and SushiSwap, outperformed the rest of the market. Earlier in October, the two main DeFi indices, Binance’s DeFi Composite Index and TokenSet’s DeFi Pulse Index Set lost more than 60% . . . → Read More: DeFi market fall showcases how rising TVL doesn’t tell the full story

Aztec launches private smart contracts as Ethereum rollup

Aztec, a privacy protocol developing on Ethereum, announced on Monday the launch of its second iteration, promising private transactions and smart contracts while being cheaper than standard transfers.

The layer two solution adopted by Aztec relies on zkRollups, similar to Loopring or ZkSync. All these protocols rely on zero knowledge proofs to help . . . → Read More: Aztec launches private smart contracts as Ethereum rollup

Dollar dip meets hash rate boom: 5 things to watch in Bitcoin this week

Bitcoin (BTC) starts the week above $11,000 as fresh gains continue to hold — is $12,000 next or will bears gain control?

Cointelegraph takes five factors that could help decide whether this week is bullish or bearish for BTC price action. 

U.S. election could send dollar back to 2018

Bitcoin remains sensitive to macro . . . → Read More: Dollar dip meets hash rate boom: 5 things to watch in Bitcoin this week

Top traders go long after Bitcoin price rallies to key $11.5K resistance

On Oct. 7 Cointelegraph reported that top crypto traders had kept a bearish stance since mid-September and at the time the Bitcoin (BTC) long-to-short ratio had reached its lowest level in 10 weeks. All of this changed in a matter of hours as soon as BTC broke through the $11,000 resistance.

Whenever Bitcoin’s volatility . . . → Read More: Top traders go long after Bitcoin price rallies to key $11.5K resistance

Top 5 cryptocurrencies to watch this week: BTC, XRP, ADA, XMR, ATOM

In the past three years the U.S. Securities and Exchange Commission has shot down several applications for a Bitcoin (BTC) exchange-traded fund. This dashed hopes of many investors who believed Bitcoin price would rally higher if an EFT was approved. 

Although investors no longer pin BTC’s future on the existence of an ETF, . . . → Read More: Top 5 cryptocurrencies to watch this week: BTC, XRP, ADA, XMR, ATOM

Bitcoin rallies, McAfee compares prison to Hilton, digital yuan airdrop: Hodler’s Digest, Oct. 5–11

Coming every Sunday, Hodler’s Digest tracks every important crypto news story from the previous week. Essential reading for all Hodlers!

Top Stories This Week $12,000 Bitcoin price back on the table after BTC rallies above $11,400

At last. Bitcoin rallied to $11,448 on Friday, finally breaking above the symmetrical triangle where the price had . . . → Read More: Bitcoin rallies, McAfee compares prison to Hilton, digital yuan airdrop: Hodler’s Digest, Oct. 5–11

More investors HODL Bitcoin in anticipation of a 2021 BTC bull market

New data shows Bitcoin’s (BTC) current price action is showing higher levels of ‘HODLing’ activity than previous bull cycles.

According to on-chain analyst Willy Woo, an indicator called “reflexivity” has been increasing in recent months. Woo explained that the indicator measures Bitcoin investors’ tendency to hold onto their BTC as its price rises. It’s . . . → Read More: More investors HODL Bitcoin in anticipation of a 2021 BTC bull market

Spanish lawmakers get cryptocurrency in a bid to promote industry

Members of Spain’s lower house of Congress saw a surprise in their inboxes, the equivalent of 1 euro in crypto.

As reported by Spanish news outfit ABC, the plan is spearheaded by Tutellus, a decentralized platform looking to tokenize education technology, and the Blockchain Observatory. The project aims to promote the . . . → Read More: Spanish lawmakers get cryptocurrency in a bid to promote industry

Wolf of Wall Street on steroids: DeFi may be a bubble, but it’s making us stronger

Programmers have found a way to replace the core service offerings of Wall Street and an army of corporate lawyers with 800 lines of smart contract code.

The “De” in DeFi stands for “decentralized,” meaning there are no intermediaries in the process. Despite the raw and unpolished user interface, billions of dollars in . . . → Read More: Wolf of Wall Street on steroids: DeFi may be a bubble, but it’s making us stronger

Ethereum miners made 450K ETH from high network fees during DeFi peak

Ether (ETH) miner revenue skyrocketed during the month of September according to data from glassnode, an onchain analytics resource. While the price of Ether did not rise significantly during this time, miners on the Ethereum network saw their revenue increase due to high fees. 

Miners took home 450,089 ETH in fees ($168.7 million) and . . . → Read More: Ethereum miners made 450K ETH from high network fees during DeFi peak

Bitcoin runs crypto markets, but DeFi tokens don’t follow its lead

Decentralized exchanges have been around for a while now, but it’s only been since the grip of decentralized finance mania has taken hold that they’ve come into their own. The growth in DEX use has been nothing short of exponential, with volumes pretty much doubling in August and September compared with the preceding months.

. . . → Read More: Bitcoin runs crypto markets, but DeFi tokens don’t follow its lead

Crypto banks are going to swallow fiat banks in 3 years — or even less

Within a few years, a younger generation of financial services customers are going to be able to walk into a bank and gain access to credit products, savings accounts and investments that can host both crypto and fiat assets. In fact, the inroads that will allow for all of this to happen are . . . → Read More: Crypto banks are going to swallow fiat banks in 3 years — or even less

$12K Bitcoin price back on the table after BTC rallies above $11.4K

On Friday Bitcoin (BTC) price finally managed to break above the symmetrical triangle where the price had been compressing for the last 30 days. After holding the $11,000 level into the daily close, the price rallied to $11,448 on multiple high volume surges. 

Cryptocurrency daily market performance snapshot. Source: Coin360

On . . . → Read More: $12K Bitcoin price back on the table after BTC rallies above $11.4K

Price analysis 10/9: BTC, ETH, XRP, BCH, BNB, DOT, LINK, CRO, LTC, BSV

Payments giant, Square, has become the second listed company after MicroStrategy to buy Bitcoin (BTC). Although Square’s purchase of 4,709 Bitcoin is much smaller than MicroStrategy’s haul of 38,250 Bitcoin, many investors feel that this is a welcome step in the right direction.

The acquisition of cryptocurrency by large listed companies such . . . → Read More: Price analysis 10/9: BTC, ETH, XRP, BCH, BNB, DOT, LINK, CRO, LTC, BSV

Bloomberg: Biden election would be good for Bitcoin, bad for DeFi

The latest Bloomberg crypto newsletter contends that the election of Joe Biden as president of the United States would bring greater mainstream adoption of Bitcoin (BTC), including a potential exchange-traded fund approval. Further, it referred to the policies of President Donald Trump’s administration with regard to crypto as “hands-off”:

“A potential Joe Biden . . . → Read More: Bloomberg: Biden election would be good for Bitcoin, bad for DeFi

Bullish trend reversal underway as Bitcoin price holds above $11,000

Within the last few hours, Bitcoin (BTC) price surpassed $11,000 in a swift turnaround from its swing low at $10,500 in early October. Analysts have attributed three major factors to BTC’s abrupt trend reversal.

The potential catalysts are whale accumulation, a spike in institutional demand and the strength of the $10,500 support.

Whales are . . . → Read More: Bullish trend reversal underway as Bitcoin price holds above $11,000

How will the US presidential election affect the price of Bitcoin?

As the 2020 U.S. presidential election draws near, two crypto traders on Twitter shared their predictions for how Bitcoin’s price could react to the event. 

“If we have a clear winner and an easy transition of power, I do not see much of an impact on the price per coin,” trader BigCheds told . . . → Read More: How will the US presidential election affect the price of Bitcoin?

North Korean crypto hacking: Separating fact from fiction

The Democratic People’s Republic of Korea is widely considered to be a state sponsor of cryptocurrency hacking and theft. While multiple United States presidents have attempted to stifle the growth of North Korean nuclear energy development through a series of economic sanctions, cyber warfare is a new phenomenon that can’t be dealt with . . . → Read More: North Korean crypto hacking: Separating fact from fiction

These are the end days for crypto criminals, and good riddance

John McAfee’s recent detention in Spain caps off a few weeks where crypto news feeds have been dusted with reports of regulator enforcement actions and bans, arrests, and an exchange hack.

Crypto news hasn’t looked like this in a while. The terrain of the crypto sector may once have been blighted by exit . . . → Read More: These are the end days for crypto criminals, and good riddance

Bitcoin price breaks $11K, crypto traders optimistic about BTC’s action

The price of Bitcoin (BTC) has seen a recovery during the past week, surging by nearly 6.5% since Oct. 2. The resilience of the dominant cryptocurrency has traders pleasantly surprised, as many analysts anticipated a larger pullback. Following BTC’s rebound above the critical $10,500 support level to just over $11,000, the sentiment is turning . . . → Read More: Bitcoin price breaks $11K, crypto traders optimistic about BTC’s action

Trump vs. Biden: $4K gold target as Brandt eyes Bitcoin ‘big buy signal’

Gold will gain regardless of whether Donald Trump or Joe Biden wins the election, one analyst says as Bitcoin (BTC) targets $11,000.

In an interview with the media division of precious metals giant Kitco on Oct. 7, Frank Holmes, CEO of U.S. Global Investors, said that he was “betting on gold” for bullishness by . . . → Read More: Trump vs. Biden: $4K gold target as Brandt eyes Bitcoin ‘big buy signal’

3 key indicators suggest Bitcoin price is preparing to retest $11,000

The price of Bitcoin (BTC) is nearing $11,000 once again after a shaky start to October. Last week BTC fell below $10,500 but on Oct. 9 the price swifty recovered to $10,940.

In the short term, there are three factors that could enhance bullish sentiment and push the price above $11,000. The possible catalysts . . . → Read More: 3 key indicators suggest Bitcoin price is preparing to retest $11,000

Ethereum’s fees higher than Bitcoin’s for a record two straight months

Ethereum (ETH) transaction fees have exceeded those on the Bitcoin (BTC) network for two months straight.

Crypto market data aggregator Messari tweeted about the streak on October 8, noting it is the longest period that Ethereum’s transaction fee revenue has exceeded Bitcoin’s in the crypto asset’s history.

Ethereum fees have . . . → Read More: Ethereum’s fees higher than Bitcoin’s for a record two straight months

DOJ says use of privacy coins is ‘indicative of possible criminal conduct’

A new report from the U.S. Department of Justice alleges that crypto traders dealing with coins like Monero, Dash, and Zcash are inherently engaging in “high-risk activities.”

According to the “Report of the Attorney General’s Cyber Digital Task Force” released by the DOJ on Oct. 8, anonymity enhanced cryptocurrencies, or AECs, undermine and . . . → Read More: DOJ says use of privacy coins is ‘indicative of possible criminal conduct’

Bitcoin price turns bullish on Square’s $50M BTC purchase: Is $11K next?

The number of Institutional investors stepping in to Bitcoin continues to increase and this appears to be inspiring some newfound confidence in Bitcoin price. Just today Square announced that it had purchased 4,709 Bitcoin (BTC) for $50 million.

Square is not the only large company to take this action. Recently, MicroStrategy made . . . → Read More: Bitcoin price turns bullish on Square’s $50M BTC purchase: Is $11K next?

Jack Dorsey’s Square adds 4,709 Bitcoin to its balance sheet

In a surprise move, Square announced the acquisition of 4,709 Bitcoin (BTC) worth roughly $50 million at time of publication. The company’s co-founder Jack Dorsey has been a long-term proponent of Bitcoin and crypto, while the company’s CashApp allows its users to invest in Bitcoin.

This news comes months after another publicly traded . . . → Read More: Jack Dorsey’s Square adds 4,709 Bitcoin to its balance sheet

Bitfinex hackers move another $30M in stolen Bitcoin from 2016

Bitcoins (BTC) stolen from major cryptocurrency exchange Bitfinex back in 2016 are on the move again, as hackers shift another massive batch of funds to unknown wallets.

According to data from crypto transaction tracking service Whale Alert, Bitfinex hackers moved more than $4.6 million in stolen BTC on Oct. 8. These funds were . . . → Read More: Bitfinex hackers move another $30M in stolen Bitcoin from 2016

Former Morgan Stanley exec joins Gemini crypto exchange

Major American cryptocurrency exchange Gemini is expanding the company’s business in the Asia-Pacific region with a new high-profile hire.

Andy Meehan, a former executive at major American investment bank Morgan Stanley, has joined Gemini as chief compliance officer of the APAC region.

Announcing the news on Oct. 7, Gemini executives noted that Meehan . . . → Read More: Former Morgan Stanley exec joins Gemini crypto exchange

Wrapped Bitcoin tops $1B after 900% increase in two months

The recent DeFi bull-cycle has pushed the total value locked (TVL) of popular Bitcoin (BTC) tokenization protocol Wrapped BTC (WBTC) up by 900% to surpass $1 billion.

The milestone comes four weeks after the TVL of all Bitcoin tokenized on Ethereum (ETH) surpassed $1 billion for the first time . The current TVL of . . . → Read More: Wrapped Bitcoin tops $1B after 900% increase in two months

Finance Redefined: DeFi party’s over, back to building now, Sept. 30—Oct. 7

This week in DeFi was notable for its lack of notable events. Nobody set new records for the fastest hack of a new contract, nobody famous exit scammed or pulled a DeFi Jesus reincarnation act.

You can just feel that something is different now. It used to be that every weekend we’d discover . . . → Read More: Finance Redefined: DeFi party’s over, back to building now, Sept. 30—Oct. 7

Price analysis 10/7: BTC, ETH, XRP, BCH, BNB, DOT, LINK, LTC, CRO, BSV

Crypto prices may be in a rut but that doesn’t mean product development and acquisitions cease to occur. This week Japanese financial firm SBI Holdings acquired a 100% stake in TaoTao cryptocurrency exchange. 

With the latest acquisition, SBI now owns two cryptocurrency trading platforms. This suggests that the financial conglomerate is betting on . . . → Read More: Price analysis 10/7: BTC, ETH, XRP, BCH, BNB, DOT, LINK, LTC, CRO, BSV

Kyrgyzstan’s central bank suspends SWIFT to prevent capital outflow

The central bank of Kyrgyzstan has disabled cross-border transactions on the SWIFT financial network amid widespread unrest over the country’s disputed parliamentary elections.

Aida Karabaeva, an official representative of the National Bank of the Kyrgyz Republic, announced a temporary suspension of SWIFT in Kyrgyzstan in a statement on Oct. 7.

According to Karabaeva, . . . → Read More: Kyrgyzstan’s central bank suspends SWIFT to prevent capital outflow

Facing Down Big Tech: How Blockchain Social Media Will Topple Zuckerberg

Big tech isn’t just big anymore. It’s grown into a ravenous Cthulhu-esque beast with its tentacles wrapped around almost every data point in our lives.

But in the light of a House Judiciary report determining that “Facebook’s monopoly power is firmly entrenched and unlikely to be eroded by competitive pressure from new entrants . . . → Read More: Facing Down Big Tech: How Blockchain Social Media Will Topple Zuckerberg

A 2016-level massive Bitcoin price volatility spike might be near

For the first time since 2016, the Bollinger Band width of Bitcoin (BTC) dropped below 0.95. The Bollinger Band is a widely utilized technical indicator that evaluates the volatility trend of an asset. It might signify that a huge volatility spike is imminent.

The price of Bitcoin has been relatively stable from 2019 . . . → Read More: A 2016-level massive Bitcoin price volatility spike might be near

Hacked crypto exchange KuCoin resumes crypto deposits and withdrawals

The KuCoin cryptocurrency exchange is partly restoring deposits and withdrawals following a major hack.

As KuCoin officially announced on Oct. 7, the platform has completed the wallet security upgrade for major cryptos like Bitcoin (BTC), Ether (ETH), and Tether (USDT).

Following the upgrade, KuCoin has resumed the deposit and withdrawal service of BTC, . . . → Read More: Hacked crypto exchange KuCoin resumes crypto deposits and withdrawals

I’m most bullish on Bitcoin price since 2015, says Abra CEO

The co-founder and CEO of one of the best-known Bitcoin (BTC) companies has revealed he is at his most bullish on the largest cryptocurrency in five years.

In a series of tweets on Oct. 6, Bill Barhydt, the CEO of payments gateway Abra, highlighted a large number of indicators suggesting incoming BTC price gains.

. . . → Read More: I’m most bullish on Bitcoin price since 2015, says Abra CEO

3 key on-chain metrics point to a bullish reversal in Ethereum price

While Ether (ETH) price has been stuck between the $340-$350 range for the last month, multiple on-chain metrics suggest that a recovery may be building.

Santiment, a cryptocurrency data analytics firm, recently noted that the number of deposits to exchanges has been decreasing since the start of September. According to the firm, . . . → Read More: 3 key on-chain metrics point to a bullish reversal in Ethereum price

Bitcoin price holds $10.5K but a $30M sell wall looms overhead

According to Cole Garner, a well-respected on-chain analyst, there is a 2,800 BTC sell wall on Binance. With Bitcoin (BTC) price currently trading at $10,700, this is equivalent to a batch of sell orders worth $30 million on just one exchange.

While it does not necessarily indicate that a market-wide pullback is imminent, . . . → Read More: Bitcoin price holds $10.5K but a $30M sell wall looms overhead

$1 Bitcoin investment beats gold and stocks despite 2020 gains

Bitcoin still beats gold as an investment in 2020 despite the precious metal generating its biggest returns in a decade.

In a knock to gold bugs, data shows that despite gold’s run this year, Bitcoin (BTC) still trumps every macro asset when it comes to investment profits.

Bitcoin “quietly eating the financial world”

Fresh off its . . . → Read More: $1 Bitcoin investment beats gold and stocks despite 2020 gains

New Bitcoin addresses hit two-year high after China advertises crypto

China may be behind a large spike in new Bitcoin (BTC) addresses as authorities launch a “targeted marketing campaign” — in favor of crypto.

In a series of tweets on Oct. 5, analyst and market cyclist Cole Garner highlighted a two-year record increase in new BTC addresses last week.

Using data from on-chain monitoring . . . → Read More: New Bitcoin addresses hit two-year high after China advertises crypto

DeFi indexes crash despite strong fundamentals

On August 28, Binance Futures launched its DeFi Composite Index, a basket of DeFi tokens that initially comprised 27% Chainlink (LINK) and 11% Aave (LEND) alongside nine other prominent DeFi tokens that made up between 6% and 9.5% of the index each. Updated weekly, the index now tracks 19 different crypto assets.

However the . . . → Read More: DeFi indexes crash despite strong fundamentals

MetaMask hits 1M monthly users thanks to DeFi boom

MetaMask, the Ethereum (ETH) browser wallet developed by ConsenSys, has surpassed one million monthly active users for the first time.

The milestone comes roughly seven months after the wallet first surpassed one million users in total, suggesting the parabolic rise of decentralized finance (DeFi) in 2020 has driven the surge in MetaMask’s user base.

. . . → Read More: MetaMask hits 1M monthly users thanks to DeFi boom

Lagging Bitcoin futures premium shows BitMEX is losing investor trust

For BitMEX, 2020 has been quite a rough year and from the look of things it’s only set to get worse. 

The popular derivatives exchange is no longer as relevant and impactful on crypto market price action as it was 2 years ago, but a significant short-term price correlation among top exchanges . . . → Read More: Lagging Bitcoin futures premium shows BitMEX is losing investor trust

Fraudsters are switching from credit cards to Bitcoin, says consumer protection company

Fraudsters are taking advantage of the irreversible nature of crypto transactions, says MyChargeBack’s vice president of global operations, Michael Cohen. When Bitcoin (BTC) was first envisioned, one of its selling points was the fact that it was offering better protection to retailers than credit cards. In one of his earliest emails — from . . . → Read More: Fraudsters are switching from credit cards to Bitcoin, says consumer protection company

Price analysis 10/5: BTC, ETH, XRP, BNB, BCH, DOT, LINK, CRO, LTC, ADA

A recent report by ARK Investment Management LLC presents a strongly bullish case for Bitcoin’s (BTC) future value. The group projects that Bitcoin’s network capitalization will rise to $1-$5 trillion over the next five to ten years. The asset manager argues that Bitcoin offers one of the most attractive risk to reward ratios . . . → Read More: Price analysis 10/5: BTC, ETH, XRP, BNB, BCH, DOT, LINK, CRO, LTC, ADA

Many yield farmers lost more than they bargained for when they trusted this DeFi dev

Yield farmers looking for a quick profit were recently taken in by a dubious DeFi protocol called UniCats — a yield farming scheme reminiscent of other, more famous protocols like SushiSwap or Yam Finance.

According to ZenGo researcher Alex Manuskin, at least one of its users lost more than $140,000 worth of Uniswap’s . . . → Read More: Many yield farmers lost more than they bargained for when they trusted this DeFi dev

No single blockchain can carry all of DeFi right now, MyEtherWallet founder says

Most of decentralized finance’s potential scaling options come at the cost of decentralization, according to Kosala Hemachandra, founder and CEO of crypto wallet solution MyEtherWallet. 

“From a perspective of fully decentralized blockchains, there’s no blockchain that has a good enough scaling solution to support this many transactions,” Hemachandra told Cointelegraph in an interview. “When you . . . → Read More: No single blockchain can carry all of DeFi right now, MyEtherWallet founder says

Bitcoin whale clusters pinpoint critical levels BTC must hold to rally

Bitcoin (BTC) whale clusters point toward three critical price levels to maintain a bullish market structure in the near term.

Whale clusters form when large investors purchase Bitcoin and do not move it, making it an unspent transaction. These clusters typically indicate where crucial support levels exist and the logic is that . . . → Read More: Bitcoin whale clusters pinpoint critical levels BTC must hold to rally