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It’s almost as though Bitcoin traders have been thinking about Gorden Gecko’s famous “Greed Is Good” speech in the 1987 movie “Wall Street” (starring Michael Douglas and Charlie Sheen): The point is, ladies and gentleman, that greed, for lack of a better word, is good. Greed is right, greed works. Greed clarifies, cuts through, and captures the essence of the evolutionary spirit. Greed, in all of its forms; greed for life, for money, for love, knowledge has marked the upward surge of mankind.
Bitcoin futures market Bakkt just logged the largest single-day volumes for its physically-settled monthly bitcoin future contract. Volumes hit ~$37.45 million on Wednesday, passing its previous high of ~$19.96 million on November 22. The total volume of Bakkt’s monthly bitcoin futures now stands at $269.64 million (33,036BTC) since the market launched on Sept. 23. The average volume has been ~$5.62 million (688.25 BTC) a day over the last 48 trading days.
Early bitcoin investor and Bitcoin Cash (BCH) evangelist Roger Ver appeared in an interview with CNBC’s Power Lunch to share his views about the recent market downturn and where he perceives Bitcoin Cash heading next. He used the platform to promote Bitcoin Cash (BCH) as the superior solution and also make an insanely bold prediction about the coin’s potential.
- BTC/USD tech analysis
- Bitstop is propelling the Bitcoin terminals
- The BTC will become successful only if it is used in real life — Bakkt
On W1, the Bitcoin keeps developing an impulse of decline inside the renewed channel. It seems that the market participants are playing the last quick growth balancing the price. Perhaps the new ascending impulse coming soon will not be as large, however, before that we will see the renewal of the minimum.
Another month is nearly over and that means another Friday for the CME bitcoin futures to expire at 4PM London time tomorrow. Their potential effect on bitcoin’s price has been noted for long because the futures expiry tends to be preceded by a $1,000 drop in bitcoin’s spot price. This time arguably it hasn’t been much different, except that the drop occurred unusually early:
Well, bitcoin is struggling heavily as of late. The currency has dropped by more than $2,500 in the past couple of weeks, and it’s now trapped in the $7,000 range. And yet, many analysts say that investors are not likely to give up the currency altogether and will still flock to bitcoin and other forms of crypto in droves. Mike McGlone, a senior commodity strategist at Bloomberg, even goes so far as to say that bitcoin is no longer an object for pure speculation, and instead insists that the currency is now a more “stable asset.”
Today is Thanksgiving in the United States, and that means it’s a time to celebrate the country’s early roots and be thankful for our families, health, and wealth. It’s also a time to stuff yourself senseless with turkey and pie, then wait in line overnight just to bust through the doors of a local retailer – willing to be trampled if necessary – in order to score the best deal possible.
South Korea’s largest cryptocurrency exchange by volume has lost nearly $50 million worth of Ethereum (ETH) in a hacking incident. Upbit CEO Lee Seok-woo said that the exchange had an unauthorized transfer of 342,000 ETH from its hot wallet when he informed investors of the reason for Upbit’s unscheduled suspension of crypto-asset deposits and withdrawals.
- Investors put a significant amount of capital on the line expecting gold to reach higher highs.
- Multiple analysts believe that the current market conditions are preparing the precious metal for its next bull run.
- The recent drop to $1,450 increases the odds for gold to surge in December.
Gold has had a fantastic year so far with a year-to-date (YTD) return of 20%. The move above the $1,370 resistance level in June was “almost perfect confirmation” that gold could climb to $1,800 or even $2,000 per ounce, according to the Brien Lundin, editor of Gold Newsletter.
The premise that decentralization is impossible hinges on the fact that decentralization “experiments”, such as Bitcoin, have approached degrees of centralization. For example, Bitcoin’s proof-of-work (PoW) mechanism relies on many different nodes to “mine,” or verify and facilitate transactions. These miners are rewarded a portion of transaction fees and a shot at winning the Bitcoin block reward, which is currently 12.5 bitcoins or about $115,000 – a not insignificant prize dished out about 144 times per day.
Where just a handful of years ago, the idea would have been immediately dismissed or even met with ridicule, the United States Federal Reserve is now taking the concept of an official dollar stablecoin seriously. Markets have heard more frequent guidance from the Fed on cryptocurrencies in recent years, and thanks to two curious U.S. representatives — French Hill and Bill Foster — this guidance now includes an enlightening response from Fed Chairman Jay Powell to their letter on a central bank digital currency, or CBDC.
Since peaking above $3,900 in 2017, BCH has been struggling to keep its head above water. In fact, Tether (USDT) displaced it from the fourth position late-September and up until now, BCH has been unable to reclaim its position. Nevertheless, Ver thinks it can surge “a thousand times” because it’s set to become a “peer to peer electronic cash for the entire world”. This is pretty bold considering BCH is currently valued at $222.25 with a $4.03 billion market cap. Going up a thousand times would mean that BCH would have a market capitalization of 4 trillion dollars. At the risk of sounding like a naysayer, this is quite impossible.
Klaytn (KLAY), the blockchain project from the stables of South Korea’s messaging giant, Kakao, has selected 27 highly reputed firms that will make up its governing council and the consortium has successfully held its inaugural meeting. Consortium members will function as Klaytn node operators, while also partaking in the governance of the klaytn ecosystem, according to a press release on November 28, 2019.
Libra has come under fire from politicians and regulators in the US, UK and Europe, who are worried by parent company Facebook’s scale and power, as well as its previous track record with customer data. However, eToroX Labs, the blockchain research arm of eToro, says that Libra’s aim of creating a peer-to-peer payment network that could be used by millions of unbanked consumers around the world is too great to ignore. Rather than create its own digital currency, dubbed ‘ZuckBucks’ by US politicians, eToro believes the issuance of stablecoins backed by fiat currencies should be delegated to regulated third party partners. This would remove Facebook from the responsibility of controlling a currency, so it could focus on Calibra becoming the first wallet to provide infrastructure for a payment system that could be accessed by over 2.7 billion users globally via WhatsApp and other Facebook platforms and benefit a huge unbanked population.