Earnfinance Is a Powerful DeFi Platform for Staking, Farming and Borrowing – YFE Presale Is Live

Earnfinance Is a Powerful DeFi Platform for Staking, Farming and Borrowing - YFE Presale Is Live

PRESS RELEASE. What is yield farming? Yield farming, also referred to as liquidity mining, is a way to generate rewards with cryptocurrency holdings. In simple terms, it means locking up cryptocurrencies and getting rewards.

In some sense, yield farming can be paralleled with staking. However, there’s a lot of complexity going on in the background. In many cases, it works with users called liquidity providers (LP) that add funds to liquidity pools.

What is Earn finance ?

Earn Finance : is a blockchain agnostic decentralized finance (DeFi) aggregator platform that supports DeFi projects deployed on Ethereum blockchain, Binance smart chain etc., focusing on simplicity, user experience, privacy and global adoption powered by rewardiqa foundation , we are developing a powerful community-centered DeFi Platform focusing on staking, farming, borrowing and mortgage. The platform is powerful enough from a scalability, interoperability, developability and governance perspective to help make the vision of Web3 a reality that aims to get more value for an investment.

How to buy YFE Tokens :
For the purpose of developing a robust YFE platform, and most importantly to encourage early investors and supporters, earn finance team has decided to organize a presale of Earn finance (YFE) token.
(There will be 4 ROUNDS for the presale )
Direct link to join presale:
https://earnfinance.net/index.php/presale/

Presale steps :
Go to the YFE presale link, then connect Your Metamask, Get your ETH ready, add amount you want to buy and press buy YFE Token , if you do not have metamask, simply follow instructions here https://telegra.ph/Earn-finance-presale-11-28 Tokens unsold would be burned, Uniswap liquidity will be locked 100% for 1 year).

Earn finance presale distribution process :
60% of raised funds after the presale would go to Uniswap pool.
40% of raised funds after the presale would be used for listing on more exchanges, marketing & promotion, and development.
Earnfinance (YFE) Token will be listed on Uniswap after presale.
Earnfinance (YFE ) Token will be listed on Coinmarketcap (CMC), and other exchanges such as Balancer, Binance, Kucoin, FTX and more after some days on Uniswap.

If you need any further assistance, telegram admins are there to help.

YFE Finance Products :
We’re building a transparent, secured, user-friendly, and simple yield farming platform, that would provide opportunity for the YFE holders to get benefits from several platforms provided by earn Finance.

YFE Finance : staking platform enables investors to earn a yield on YFE token, depositing, and selecting the amount you want to stake, you will get an APR of 32%, and it can be unlocked anytime and you will get FYFE Token reward also.

Governance : The earnfinance ecosystem is controlled by YFE token holders who submit and vote on proposals that govern the ecosystem. Proposals that meet quorum requirements (>20% of the tokens staked in the governance contract) and generate a majority support (>50% of the vote) are implemented by a 9 member multi-signature wallet. Changes must be signed by 6 out of the 9 wallet signers in order to be implemented. The members of the multi-signature wallet were voted in by YFE holders and are subject to change from future governance votes.

Lending – YFE will provide you with the highest yield in the market today, Upto 32% APR for supported coins (DAI, USDC, USDT, TUSD, BUSD, PAX) STAKING – Stake YFE and Earn 32% APR, YFE can be unlocked anytime without any lock period or other obstacles on your way.

Yield Farming – It is simply based on a farmer who plants and harvests all his crops. The more you farm, the more the harvest, the more the invest the more the profit. With YFE you will be able to enjoy Yield Farming to its fullest.

Earn swap – Exchange between your assets without sending anything to anyone or without any fear of loss.

Dapps – Earn finance is also developing their own Dapp running on the Ethereum Network, allowing users to use it from any of their favorite wallet (Trust wallet, MEW, Metamask etc.) to search and use their Decentralized Ecosystem.

Earn Finance Tokenomics:
Token Type : ERC-20
Token symbol : YFE
Token Name : Earn Finance
Contract : 0x8c1Ca31E0992421f26A74Df65b303C0Af2A48b51
Total Supply : 500,000 YFE
Circulating Supply : 100,000 YFE
Initial Uniswap Liquidity : 100,000 YFE
YFE for Pre-sale : 200,000 YFE
Team Tokens : 10,000 YFE
Marketing & Development : 80,000 YFE
Airdrops : 110,000 YFE

Conclusion :
Earn finance offers an innovative platform and promotes Defi to an advanced level. It aims to work efficiently with the other existing protocols of Defi to build the new world ecosystem.
Earn Finance Community:
Website : https://earnfinance.net
Telegram channel – https://t.me/earnfinanceglobal
Twitter : https://twitter.com/earnfinance1
Email : support@earnfinance.net

 


This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

The post Earnfinance Is a Powerful DeFi Platform for Staking, Farming and Borrowing – YFE Presale Is Live appeared first on Bitcoin News.

Earnfinance Is a Powerful DeFi Platform for Staking, Farming and Borrowing – YFE Presale Is Live

Earnfinance Is a Powerful DeFi Platform for Staking, Farming and Borrowing - YFE Presale Is Live

PRESS RELEASE. What is yield farming? Yield farming, also referred to as liquidity mining, is a way to generate rewards with cryptocurrency holdings. In simple terms, it means locking up cryptocurrencies and getting rewards.

In some sense, yield farming can be paralleled with staking. However, there’s a lot of complexity going on in the background. In many cases, it works with users called liquidity providers (LP) that add funds to liquidity pools.

What is Earn finance ?

Earn Finance : is a blockchain agnostic decentralized finance (DeFi) aggregator platform that supports DeFi projects deployed on Ethereum blockchain, Binance smart chain etc., focusing on simplicity, user experience, privacy and global adoption powered by rewardiqa foundation , we are developing a powerful community-centered DeFi Platform focusing on staking, farming, borrowing and mortgage. The platform is powerful enough from a scalability, interoperability, developability and governance perspective to help make the vision of Web3 a reality that aims to get more value for an investment.

How to buy YFE Tokens :
For the purpose of developing a robust YFE platform, and most importantly to encourage early investors and supporters, earn finance team has decided to organize a presale of Earn finance (YFE) token.
(There will be 4 ROUNDS for the presale )
Direct link to join presale:
https://earnfinance.net/index.php/presale/

Presale steps :
Go to the YFE presale link, then connect Your Metamask, Get your ETH ready, add amount you want to buy and press buy YFE Token , if you do not have metamask, simply follow instructions here https://telegra.ph/Earn-finance-presale-11-28 Tokens unsold would be burned, Uniswap liquidity will be locked 100% for 1 year).

Earn finance presale distribution process :
60% of raised funds after the presale would go to Uniswap pool.
40% of raised funds after the presale would be used for listing on more exchanges, marketing & promotion, and development.
Earnfinance (YFE) Token will be listed on Uniswap after presale.
Earnfinance (YFE ) Token will be listed on Coinmarketcap (CMC), and other exchanges such as Balancer, Binance, Kucoin, FTX and more after some days on Uniswap.

If you need any further assistance, telegram admins are there to help.

YFE Finance Products :
We’re building a transparent, secured, user-friendly, and simple yield farming platform, that would provide opportunity for the YFE holders to get benefits from several platforms provided by earn Finance.

YFE Finance : staking platform enables investors to earn a yield on YFE token, depositing, and selecting the amount you want to stake, you will get an APR of 32%, and it can be unlocked anytime and you will get FYFE Token reward also.

Governance : The earnfinance ecosystem is controlled by YFE token holders who submit and vote on proposals that govern the ecosystem. Proposals that meet quorum requirements (>20% of the tokens staked in the governance contract) and generate a majority support (>50% of the vote) are implemented by a 9 member multi-signature wallet. Changes must be signed by 6 out of the 9 wallet signers in order to be implemented. The members of the multi-signature wallet were voted in by YFE holders and are subject to change from future governance votes.

Lending – YFE will provide you with the highest yield in the market today, Upto 32% APR for supported coins (DAI, USDC, USDT, TUSD, BUSD, PAX) STAKING – Stake YFE and Earn 32% APR, YFE can be unlocked anytime without any lock period or other obstacles on your way.

Yield Farming – It is simply based on a farmer who plants and harvests all his crops. The more you farm, the more the harvest, the more the invest the more the profit. With YFE you will be able to enjoy Yield Farming to its fullest.

Earn swap – Exchange between your assets without sending anything to anyone or without any fear of loss.

Dapps – Earn finance is also developing their own Dapp running on the Ethereum Network, allowing users to use it from any of their favorite wallet (Trust wallet, MEW, Metamask etc.) to search and use their Decentralized Ecosystem.

Earn Finance Tokenomics:
Token Type : ERC-20
Token symbol : YFE
Token Name : Earn Finance
Contract : 0x8c1Ca31E0992421f26A74Df65b303C0Af2A48b51
Total Supply : 500,000 YFE
Circulating Supply : 100,000 YFE
Initial Uniswap Liquidity : 100,000 YFE
YFE for Pre-sale : 200,000 YFE
Team Tokens : 10,000 YFE
Marketing & Development : 80,000 YFE
Airdrops : 110,000 YFE

Conclusion :
Earn finance offers an innovative platform and promotes Defi to an advanced level. It aims to work efficiently with the other existing protocols of Defi to build the new world ecosystem.
Earn Finance Community:
Website : https://earnfinance.net
Telegram channel – https://t.me/earnfinanceglobal
Twitter : https://twitter.com/earnfinance1
Email : support@earnfinance.net

 


This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

The post Earnfinance Is a Powerful DeFi Platform for Staking, Farming and Borrowing – YFE Presale Is Live appeared first on Bitcoin News.

Price analysis 11/30: BTC, ETH, XRP, BCH, LINK, LTC, ADA, DOT, BNB, XLM

Bitcoin broke out to secure a new 2020 high at $19,863 and altcoins look ready to follow BTC higher.

Bitcoin (BTC) price came within striking distance of hitting a new all-time high today. This shows that institutional and retail investors continue to buy on every dip and BTC is in a strong uptrend. Hence, traders should not urgently looking to call a top.

While Bitcoin has been creating new records, gold has corrected about 15% from its all-time high. This shows that traders are dumping their positions and this led to the largest weekly outflow in gold.

Daily cryptocurrency market performance. Source: Coin360

Analysts believe that some of the money flowing out of gold could enter Bitcoin as institutional interest continues to soar. A new high could also attract momentum traders who like to piggyback on a strong trend.

Traders are now wondering if Bitcoin's momentum will pull the whole crypto sector higher or if it will continue to hog the limelight at the expense of the altcoins?

Let’s analyze the top-10 cryptocurrencies to find out.

BTC/USD

Corrections in a strong uptrend usually last for one to three days and that is what happened with Bitcoin price. The pullback from the intraday high of $19,459.22 on Nov. 25 bottomed out at $16,191.02 on Nov. 26.

BTC/USDT daily chart. Source: TradingView

A shallow correction is generally a sign of strength. It shows that existing owners of the BTC/USD pair are in no hurry to book profits while traders who want to buy are not waiting for lower levels to enter.

The upsloping moving averages and the relative strength index near the overbought zone suggest that bulls are in command. The momentum picked up today and the bulls pushed the price above $19,459.22.

But the bears have not yet given up. They are trying to mount a stiff resistance in the $19,500 to $20,000 zone. If the price turns down sharply from this resistance, a drop to $17,200 is possible.

On the other hand, if the bulls can push the price above $20,000, the momentum could pick up further and a rally to $22,727 and then to $25,000 will be on the cards.

ETH/USD

Ether’s (ETH) strong rebound off the $488.134 support shows that the bulls are buying aggressively as they expect the next leg of the uptrend to resume.

ETH/USDT daily chart. Source: TradingView

If the bulls can push the price above $625, the ETH/USD pair could start its journey towards the next major resistance at $800. The upsloping moving averages and the RSI near the overbought territory suggest that bulls are in command.

Contrary to this assumption, if the price again turns down from $625, the pair may consolidate for a few days before resuming its up-move. A break below the 20-day exponential moving average ($523) will be the first sign of weakness.

XRP/USD

The pullback in XRP had been facing resistance at the 61.8% Fibonacci retracement level of $0.649138 for the past two days. Today, the bulls pushed the price above the resistance but failed to sustain the higher levels.

XRP/USDT daily chart. Source: TradingView

However, the upsloping moving averages and the RSI in the overbought territory suggest that bulls have the upper hand. If they can push the price above $0.649138, the XRP/USD pair could rally to $0.706942 and then to $0.780574.

This bullish view will be invalidated if the price turns down from either overhead resistance and plummets below the 20-day EMA ($0.47).

BCH/USD

Bitcoin Cash (BCH) rose above $280 on Nov. 29 and has picked up momentum today. However, the relief rally could face resistance at the 61.8% Fibonacci retracement level at $324.01.

BCH/USD daily chart. Source: TradingView

If the price turns down from the overhead resistance, it will suggest that the bulls who are stuck at higher levels are bailing out of their positions. The bears will then try to sink the price to $280.

Contrary to this negative assumption, if the bulls can push the price above $324.01, the BCH/USD pair could move up to $344.98 and then to $371.70. The gradually rising moving averages and the RSI above 58 suggest that bulls have a minor advantage.

LINK/USD

Chainlink (LINK) bounced off the 50-day simple moving average ($12.25) on Nov. 26 and 27 and the bulls have pushed the price back above the overhead resistance at $13.28. The recovery is currently facing resistance at the 61.8% Fibonacci retracement level at $14.4433.

LINK/USDT daily chart. Source: TradingView

The flattish 20-day EMA ($13.40) and the RSI just above the midpoint does not give a clear advantage either to the bulls or the bears.

If the bears sink the price back below $13.28, it will suggest that sentiment has turned bearish and the traders are selling on rallies. A break and close below the 50-day SMA could start a deeper correction.

On the contrary, if the bulls push the price above $14.4433, the LINK/USD pair could rally to $15.2994 and then to $16.39. A break above this resistance could resume the uptrend.

LTC/USD

Litecoin (LTC) found support near the 61.8% Fibonacci retracement level of $64.8317 on Nov. 26 and 27. The rebound since then has been sharp but the bulls are currently facing resistance at $88.

LTC/USDT daily chart. Source: TradingView

However, the upsloping moving averages and the RSI in the positive territory suggest that bulls have the upper hand. If they can push the price above $88, a retest of $93.9282 will be on the cards. Above this level, the rally could extend to $100.

On the other hand, if the price turns down from the overhead resistance, the LTC/USD pair could remain range-bound for a few days. The pair will turn negative if the bears sink the price below $64.

ADA/USD

Cardano (ADA) surged back above the overhead resistance at $0.155 on Nov. 28, which shows aggressive buying at lower levels. However, the bulls are struggling to sustain the price above $0.17 for the past two days.

ADA/USDT daily chart. Source: TradingView

This shows that the bears are defending the zone between $0.17 and $0.1826315. If the bears can sink the price below $0.155, a drop to the 20-day EMA ($0.137) is possible.

However, if the bulls buy the dips to $0.155, it will suggest accumulation at this level. A consolidation near the overhead resistance is a positive sign as it shows that traders are not closing their positions in a hurry and are not waiting for deep corrections to buy.

If the bulls can propel the price above $0.1826315, the ADA/USD pair may start its journey to $0.2129 and then to $0.235.

DOT/USD

Polkadot (DOT) bounced off the 50-day SMA ($4.52), which shows that the bulls are defending this support. They will now try to push the price above the $5.5899 to $6.0857 resistance zone.

DOT/USDT daily chart. Source: TradingView

If they succeed, the DOT/USD pair could rally to $6.8619 and then to $7.64. The gradually upsloping moving averages and the RSI above 57 suggest that bulls are at a minor advantage.

However, if the price again turns down from the overhead resistance zone, the pair could remain stuck in the range for a few more days.

BNB/USD

Binance Coin (BNB) remains range-bound between $25.6652 and $32. The bounce off the Nov. 26 low suggests that bulls continue to buy near the support of the range. The price has now reached close to the resistance of the range at $32.

BNB/USDT daily chart. Source: TradingView

If the price turns down from $32, the BNB/USD pair may extend its stay inside the range. The moving averages are flat but the RSI has jumped into the positive territory, which suggests that the momentum favors the bulls.

If the buyers can push the price above $32, the BNB/USD pair could move up to $35.4338. A breakout of this resistance may result in a retest of the all-time high at $39.5941.

XLM/USD

Stellar Lumens (XLM) is facing resistance at the downtrend line but the positive thing is that the bulls have not given up much ground. This shows that the buyers are accumulating on every minor dip.

XLM/USDT daily chart. Source: TradingView

If the bulls can push the price above the downtrend line, the XLM/USD pair could rally to $0.231655. The bears may again mount a stiff resistance at this level and if the price turns down from the overhead resistance, a few days of range-bound action is possible.

If the bulls can drive the price above $0.231655, the next leg of the uptrend could begin. The next target to watch on the upside is $0.2933. Conversely, if the bears sink the price below $0.188, the pair may drop to $0.16.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.

Gold Sees Largest Weekly Outflow Ever, Metal Prices Spiral Lower, Analysts Expect Flows Into Bitcoin

Gold Sees Largest Weekly Outflow Ever, Metal Prices Spiral Lower, Analysts Expect Flows Into Bitcoin

Gold investors are getting anxious, as the precious metal’s prices have slid a great deal since a number of vaccine companies have revealed medicines to combat the coronavirus. The price of one ounce of fine gold is valued at $1,770 per unit after the precious metal registered the third straight weekly loss in a row. Moreover, last week gold saw the largest weekly outflow ever, as investors seem to be selling the safe-haven asset in great numbers.

Gold (Au) prices per ounce continue to spiral lower in value, as the price of the precious metal is down more than 14.5% since the all-time high this past August. The reason for the low value during the last few weeks may be due to the progress stemming from vaccine manufacturers who claim to have produced medicines that will help battle Covid-19. Craig Erlam, an analyst from the forex exchange OANDA believes the most recent vaccine news is probably the driver.

“The news of vaccines has led to a lot of optimism in the market and we are seeing some outflows in safe-haven assets like the dollar, Treasuries and the same is being reflected in gold prices,” Erlam said in an interview on Monday.

Gold Sees Largest Weekly Outflow Ever, Metal Prices Spiral Lower, Analysts Expect Flows Into Bitcoin
The precious metals markets for gold (Au) and silver (Ag) on Monday, November 30, 2020.

Meanwhile, gold has also seen the largest weekly outflow ever, as analysts suspect that gold investors are cashing out. For instance, the independent financial researcher at The Gold Observer, Jan Nieuwenhuijs, shared a chart last week showing the massively sized gold outflows.

Alongside this, in an investor’s note on Monday, the chief analyst at Activtrades Carlo Alberto De Casa said “the short-term trend for bullion has been compromised by the price falling through the support level at $1,850.” The Activtrades chief analyst further added:

Investors have moved to other assets, seeking faster gains, although they haven’t forgotten that central banks will be forced to print money for many years to help the economy to recover from the Covid-19 crisis.

Gold Sees Largest Weekly Outflow Ever, Metal Prices Spiral Lower, Analysts Expect Flows Into Bitcoin

Of course, many investors and analysts see the precious metal’s money flow going into the cryptocurrency economy. Moreover, traditional market sentiment has improved a great deal and this has put a lot of eyes on bitcoin and digital asset investments. Simon Peters, an analyst at Etoro says that “sentiment is improving in traditional markets and the world.”

“All eyes have been on bitcoin in the past week with debates raging as to whether we reached a new all-time high or not,” Peters added. The Etoro analyst continued:

After the blistering run in the past eight weeks, a price correction was bound to occur and the fall this week is more than coincidence. With bitcoin having finally hit a three-year high on Tuesday – just days before Thanksgiving and the blockbuster sales of Black Friday it seems that many investors that have held since December 2017 have chosen to take their profits.

Furthermore, macro strategist Raoul Pal told his 282,000 Twitter followers that he planned to sell all of his gold reserves for cryptocurrencies. “I have a sell order tomorrow to sell all my gold and to scale it to buy BTC and ETH (80/20),” the macro strategist tweeted. I don’t own anything else (except some bond calls and some $’s). 98% of my liquid net worth,” Pal added.

The co-founder at Three Arrows Capital, Kyle Davies, also discussed money from gold flowing into the crypto economy this week.

“No one goes gold -> $BTC -> alts This year has seen big high net worth inflows from USD or gold to BTC. This is not retail. These guys aren’t going into ripples,” Davies tweeted on Sunday.

Gold Sees Largest Weekly Outflow Ever, Metal Prices Spiral Lower, Analysts Expect Flows Into Bitcoin
On the exchange Bitstamp, bitcoin (BTC) touched an all-time high of $19,864 on Monday, November 30, 2020.

While crypto-assets like bitcoin are on a tear and gold prices are seeing weekly lows week after week, per usual, gold bug Peter Schiff has felt the need to attack bitcoin on Twitter. Schiff is not too pleased with the fact that a number of CNBC news anchors like Brian Kelly are bullish about bitcoin’s future value.

“The reason it’s so easy for bitcoin pumpers to fool CNBC anchors into buying into the bitcoin mania is that their understanding of investments, fiat money, gold, and economics is so limited,” Schiff tweeted on Monday. “CNBC anchors are entertainers. At least sports anchors know something about sports,” he added. Meanwhile, on the exchange Bitstamp, bitcoin (BTC) touched an all-time high of $19,864 on Monday, November 30, 2020.

What do you think about the massively large gold outflows last week and the price spiraling lower? Do you think gold investors are joining the crypto economy? Let us know what you think about this subject in the comments section below.

The post Gold Sees Largest Weekly Outflow Ever, Metal Prices Spiral Lower, Analysts Expect Flows Into Bitcoin appeared first on Bitcoin News.

Gold Sees Largest Weekly Outflow Ever, Metal Prices Spiral Lower, Analysts Expect Flows Into Bitcoin

Gold Sees Largest Weekly Outflow Ever, Metal Prices Spiral Lower, Analysts Expect Flows Into Bitcoin

Gold investors are getting anxious, as the precious metal’s prices have slid a great deal since a number of vaccine companies have revealed medicines to combat the coronavirus. The price of one ounce of fine gold is valued at $1,770 per unit after the precious metal registered the third straight weekly loss in a row. Moreover, last week gold saw the largest weekly outflow ever, as investors seem to be selling the safe-haven asset in great numbers.

Gold (Au) prices per ounce continue to spiral lower in value, as the price of the precious metal is down more than 14.5% since the all-time high this past August. The reason for the low value during the last few weeks may be due to the progress stemming from vaccine manufacturers who claim to have produced medicines that will help battle Covid-19. Craig Erlam, an analyst from the forex exchange OANDA believes the most recent vaccine news is probably the driver.

“The news of vaccines has led to a lot of optimism in the market and we are seeing some outflows in safe-haven assets like the dollar, Treasuries and the same is being reflected in gold prices,” Erlam said in an interview on Monday.

Gold Sees Largest Weekly Outflow Ever, Metal Prices Spiral Lower, Analysts Expect Flows Into Bitcoin
The precious metals markets for gold (Au) and silver (Ag) on Monday, November 30, 2020.

Meanwhile, gold has also seen the largest weekly outflow ever, as analysts suspect that gold investors are cashing out. For instance, the independent financial researcher at The Gold Observer, Jan Nieuwenhuijs, shared a chart last week showing the massively sized gold outflows.

Alongside this, in an investor’s note on Monday, the chief analyst at Activtrades Carlo Alberto De Casa said “the short-term trend for bullion has been compromised by the price falling through the support level at $1,850.” The Activtrades chief analyst further added:

Investors have moved to other assets, seeking faster gains, although they haven’t forgotten that central banks will be forced to print money for many years to help the economy to recover from the Covid-19 crisis.

Gold Sees Largest Weekly Outflow Ever, Metal Prices Spiral Lower, Analysts Expect Flows Into Bitcoin

Of course, many investors and analysts see the precious metal’s money flow going into the cryptocurrency economy. Moreover, traditional market sentiment has improved a great deal and this has put a lot of eyes on bitcoin and digital asset investments. Simon Peters, an analyst at Etoro says that “sentiment is improving in traditional markets and the world.”

“All eyes have been on bitcoin in the past week with debates raging as to whether we reached a new all-time high or not,” Peters added. The Etoro analyst continued:

After the blistering run in the past eight weeks, a price correction was bound to occur and the fall this week is more than coincidence. With bitcoin having finally hit a three-year high on Tuesday – just days before Thanksgiving and the blockbuster sales of Black Friday it seems that many investors that have held since December 2017 have chosen to take their profits.

Furthermore, macro strategist Raoul Pal told his 282,000 Twitter followers that he planned to sell all of his gold reserves for cryptocurrencies. “I have a sell order tomorrow to sell all my gold and to scale it to buy BTC and ETH (80/20),” the macro strategist tweeted. I don’t own anything else (except some bond calls and some $’s). 98% of my liquid net worth,” Pal added.

The co-founder at Three Arrows Capital, Kyle Davies, also discussed money from gold flowing into the crypto economy this week.

“No one goes gold -> $BTC -> alts This year has seen big high net worth inflows from USD or gold to BTC. This is not retail. These guys aren’t going into ripples,” Davies tweeted on Sunday.

Gold Sees Largest Weekly Outflow Ever, Metal Prices Spiral Lower, Analysts Expect Flows Into Bitcoin
On the exchange Bitstamp, bitcoin (BTC) touched an all-time high of $19,864 on Monday, November 30, 2020.

While crypto-assets like bitcoin are on a tear and gold prices are seeing weekly lows week after week, per usual, gold bug Peter Schiff has felt the need to attack bitcoin on Twitter. Schiff is not too pleased with the fact that a number of CNBC news anchors like Brian Kelly are bullish about bitcoin’s future value.

“The reason it’s so easy for bitcoin pumpers to fool CNBC anchors into buying into the bitcoin mania is that their understanding of investments, fiat money, gold, and economics is so limited,” Schiff tweeted on Monday. “CNBC anchors are entertainers. At least sports anchors know something about sports,” he added. Meanwhile, on the exchange Bitstamp, bitcoin (BTC) touched an all-time high of $19,864 on Monday, November 30, 2020.

What do you think about the massively large gold outflows last week and the price spiraling lower? Do you think gold investors are joining the crypto economy? Let us know what you think about this subject in the comments section below.

The post Gold Sees Largest Weekly Outflow Ever, Metal Prices Spiral Lower, Analysts Expect Flows Into Bitcoin appeared first on Bitcoin News.

XRP Could See a Strong Push Higher as Bulls Degrade Key Resistance

Ever since XRP broke out of the tight multi-year trading range that it was previously stuck in, the cryptocurrency has been caught within a strong uptrend that has shown no signs of slowing down.

Bulls have been in full control of the previously embattled cryptocurrency, and the recent rebound seen across the entire market appears to be boosting XRP’s technical outlook as well.

The crypto is now in the process of moving up towards a key resistance level that has long been hampering its price action.

The visit to this level comes in the midst of Bitcoin and Ethereum both entering full-fledged bull trends, with BTC setting fresh all-time highs earlier today before facing a rejection at $19,800 that appears to have sparked another consolidation phase.

It remains unclear whether this consolidation phase will be short-lived or persist in the days to come, but the resistance between $19,500 and $20,000 does appear to be degrading.

One analyst is now noting that XRP is poised to rally higher against this backdrop of bullishness seen by BTC and other digital assets.

He believes that a break above $0.65 is all that is needed for it to gain some immense momentum and begin rallying higher.

XRP Reaches Crucial Resistance as Bull Market Ignites

At the time of writing, XRP is trading up just over 7% at its current price of $0.65. This is where it has been trading throughout the past few days, with the selling pressure here being significant.

Bulls were able to defend its recent back-test of its $0.45 support, a positive technical sign. Couple this with the market-wide bullishness seen as of late, and it does seem as though XRP may soon explode higher.

Analyst Claims XRP is Poised to Explode Higher

While sharing his thoughts on XRP’s current technical outlook, one trader explained that he expects it to see some serious near-term upside.

He notes that the recent test of the $0.45 level confirmed it as support and could boost it higher in the days to come.

“XRP: Higher timeframe support around $0.45 massively held for support. Therefore, strong bounce and looking at clear resistance at $0.65. If that breaks, likely continuation towards new highs.”

XRP

Image Courtesy of Michaël van de Poppe. Source: XRPUSD on TradingView.

So long as Bitcoin remains stable and pushes higher in the days and weeks ahead, there’s a strong possibility that XRP will aim for $1.00 next – assuming it can break above $0.65.

Featured image from Unsplash.
Charts from TradingView.

Crypto Listing and Delisting Announcements: Week 48

Here is our weekly collection of digital asset listing and delisting, trading pair-related announcements by crypto exchanges that we found last week and today. Have we missed something? Do you have information about new listings and/or delistings? Let us know here. _________________________________________ Atomars Listings: Kusama (KSM) BigONE Listings: IOST BiKi

Someone just moved $5M in BTC from the 2016 Bitfinex hack

The exchange's pilfered funds are on the move once again.

Back in 2016, 119,756 Bitcoin were stolen from the Bitfinex crypto exchange. Some of these coins have continued to move between wallets over the years, including as recently as Monday.

Blockchain data shows that an unknown crypto user has moved 270.97974 Bitcoin (BTC) from a wallet associated with the hack. The sum is worth roughly $5.2 million at time of publication.

The address 1GytseWXyzGpmHkcv9uDzkU9D8pLaGyR5x, which is believed to be associated with the hack, shows less than 0.001 BTC remaining. The BTC were sent to a previously unknown bitcoin address — 3MyXrfSg7JFXLa7bD6YF1GnomEr8EXYRnx, which holds only the transacted amount.

The hackers responsible for the breach have moved only 1-2% of the stolen funds during the four-year interim since the theft took place. Their HODLing strategy appears to be paying off — the haul was worth a mere $72 million at the time, but is now valued at around $2.3 billion.

In June, the thieves transferred 736 BTC from the hack to the Russian darknet marketplace Hydra, with some coins actually ending up back at Bitfinex. Likewise, someone transferred 3,503 BTC from addresses associated with the 2016 Bitfinex hack back in July as well. Coins also moved in October, with 2,900 BTC changing wallets. Various amounts of Bitcoin from the hack have also moved on multiple other occasions.

98% of the stolen funds have remained untouched for four years, however. This may suggest that the hackers have faced difficulties laundering the digital assets as authorities enforce stricter regulations. 

Turner Wright contributed to this article.

Someone just moved $5M in BTC from the 2016 Bitfinex hack

The exchange's pilfered funds are on the move once again.

Back in 2016, 119,756 Bitcoin were stolen from the Bitfinex crypto exchange. Some of these coins have continued to move between wallets over the years, including as recently as Monday.

Blockchain data shows that an unknown crypto user has moved 270.97974 Bitcoin (BTC) from a wallet associated with the hack. The sum is worth roughly $5.2 million at time of publication.

The address 1GytseWXyzGpmHkcv9uDzkU9D8pLaGyR5x, which is believed to be associated with the hack, shows less than 0.001 BTC remaining. The BTC were sent to a previously unknown bitcoin address — 3MyXrfSg7JFXLa7bD6YF1GnomEr8EXYRnx, which holds only the transacted amount.

The hackers responsible for the breach have moved only 1-2% of the stolen funds during the four-year interim since the theft took place. Their HODLing strategy appears to be paying off — the haul was worth a mere $72 million at the time, but is now valued at around $2.3 billion.

In June, the thieves transferred 736 BTC from the hack to the Russian darknet marketplace Hydra, with some coins actually ending up back at Bitfinex. Likewise, someone transferred 3,503 BTC from addresses associated with the 2016 Bitfinex hack back in July as well. Coins also moved in October, with 2,900 BTC changing wallets. Various amounts of Bitcoin from the hack have also moved on multiple other occasions.

98% of the stolen funds have remained untouched for four years, however. This may suggest that the hackers have faced difficulties laundering the digital assets as authorities enforce stricter regulations. 

Turner Wright contributed to this article.

Why Bitcoin price has not hit a new all-time high — Just yet

Bitcoin price has rallied to new highs on multiple exchanges but it’s yet to break its December 2017 all-time high at Coinbase.

The price of Bitcoin (BTC) reached $19,873 on Coinbase on Nov. 30, breaking above $19,000 in a surprising recovery rally. Although many in the cryptocurrency sector a celebrating BTC achieving an all-time high, it has not just yet.

On Coinbase, the price of Bitcoin hit its peak at $19,891 in December 2017. The all-time high price on Coinbase is particularly important because it has consistently remained as the top U.S. exchange for the past several years.

BTC/USD monthly chart at Coinbase. Source: TradingView

Also, some top global exchanges like Binance launched in mid-2017. An argument could be made that an exchange that has been around since 2012 carries more significance in terms of historical price data and to date, Coinbase remains one of the primary exchanges used by retail investors.

Bitcoin's all-time highs vary across exchanges

2017 was a tumultuous period for cryptocurrencies. By the time Bitcoin achieved a new all-time high, it saw 30% to 50% price swings in a week as the cryptocurrency exchange market showed a lack of liquidity.

Currently, the record highs differ by nearly $300 between exchanges. For instance, on Kraken and Bitstamp, BTC peaked at $19,660 and $19,666, respectively. Today, BTC price hit a new all-time high at both exchanges.

On Binance and Huobi, BTC reached a top at $19,799 and $19,867, both of which were also achieved on Nov. 30.

At the time of writing, Bitcoin is yet to see a new record high on Bitfinex, Coinbase, and Gemini, which are also coincidentally known as the exchange for whales due to their high liquidity.

In 2017 Coinbase was a leading exchange in terms of trading volume, and in the minds of many traders, seeing the price surpass its previous all-time high would provide further confirmation that a bull market has officially started. 

For many traders, $20,000 is the barrier that needs to be broken as it will officially concretize a new all-time high for the top-ranked digital asset.

A pseudonymous trader known as “Bitcoin Jack” pinpointed Bitfinex as the most liquid exchange during this ongoing rally. Hence, considering that Gemini and Coinbase’s record highs are near Bitfinex, the $19,873 level makes an accurate all-time high. He said:

“Careful out there as liquidity to open interest ratios took a hit across most exchanges. It means that, until liquidity gets replenished, the amount of liquidity vs OI is relatively low allowing for less contained cascades to both sides As always, Finex is the liquidity king.”

What’s next for Bitcoin price?

On-chain analysts, including CryptoQuant CEO Ki Young Ju, predicted that whales would try front-run the all-time high and apply significant selling pressure.

As Bitcoin neared its record high on Coinbase, a sudden sell-off occurred, taking BTC to as low as $18,998 within two hours.

Following the heightened level of volatility and a whale-induced sell-off, the futures market’s open interest took a hit, and exchange order books have been hindered.

There are two scenarios in the near term that Bitcoin could see after its first attempt to break out of its all-time high.

First, the momentum may continue in the Asian markets during their morning session and this could catalyze buyer demand to increase again.

Second, Bitcoin could consolidate under the all-time high at $19,873, possibly ranging between $19,000 and $19,873. This scenario is the most ideal for BTC to see a sustainable rally, as it would prevent the derivatives market from getting overheated.

Why Bitcoin price has not hit a new all-time high — Just yet

Bitcoin price has rallied to new highs on multiple exchanges but it’s yet to break its December 2017 all-time high at Coinbase.

The price of Bitcoin (BTC) reached $19,873 on Coinbase on Nov. 30, breaking above $19,000 in a surprising recovery rally. Although many in the cryptocurrency sector a celebrating BTC achieving an all-time high, it has not just yet.

On Coinbase, the price of Bitcoin hit its peak at $19,891 in December 2017. The all-time high price on Coinbase is particularly important because it has consistently remained as the top U.S. exchange for the past several years.

BTC/USD monthly chart at Coinbase. Source: TradingView

Also, some top global exchanges like Binance launched in mid-2017. An argument could be made that an exchange that has been around since 2012 carries more significance in terms of historical price data and to date, Coinbase remains one of the primary exchanges used by retail investors.

Bitcoin's all-time highs vary across exchanges

2017 was a tumultuous period for cryptocurrencies. By the time Bitcoin achieved a new all-time high, it saw 30% to 50% price swings in a week as the cryptocurrency exchange market showed a lack of liquidity.

Currently, the record highs differ by nearly $300 between exchanges. For instance, on Kraken and Bitstamp, BTC peaked at $19,660 and $19,666, respectively. Today, BTC price hit a new all-time high at both exchanges.

On Binance and Huobi, BTC reached a top at $19,799 and $19,867, both of which were also achieved on Nov. 30.

At the time of writing, Bitcoin is yet to see a new record high on Bitfinex, Coinbase, and Gemini, which are also coincidentally known as the exchange for whales due to their high liquidity.

In 2017 Coinbase was a leading exchange in terms of trading volume, and in the minds of many traders, seeing the price surpass its previous all-time high would provide further confirmation that a bull market has officially started. 

For many traders, $20,000 is the barrier that needs to be broken as it will officially concretize a new all-time high for the top-ranked digital asset.

A pseudonymous trader known as “Bitcoin Jack” pinpointed Bitfinex as the most liquid exchange during this ongoing rally. Hence, considering that Gemini and Coinbase’s record highs are near Bitfinex, the $19,873 level makes an accurate all-time high. He said:

“Careful out there as liquidity to open interest ratios took a hit across most exchanges. It means that, until liquidity gets replenished, the amount of liquidity vs OI is relatively low allowing for less contained cascades to both sides As always, Finex is the liquidity king.”

What’s next for Bitcoin price?

On-chain analysts, including CryptoQuant CEO Ki Young Ju, predicted that whales would try front-run the all-time high and apply significant selling pressure.

As Bitcoin neared its record high on Coinbase, a sudden sell-off occurred, taking BTC to as low as $18,998 within two hours.

Following the heightened level of volatility and a whale-induced sell-off, the futures market’s open interest took a hit, and exchange order books have been hindered.

There are two scenarios in the near term that Bitcoin could see after its first attempt to break out of its all-time high.

First, the momentum may continue in the Asian markets during their morning session and this could catalyze buyer demand to increase again.

Second, Bitcoin could consolidate under the all-time high at $19,873, possibly ranging between $19,000 and $19,873. This scenario is the most ideal for BTC to see a sustainable rally, as it would prevent the derivatives market from getting overheated.

Gemini Exchange CEO: ‘Cash Is Trash’, Bitcoin Will Be at Least $500,000 by 2030

During an interview on Monday (November 30), Tyler Winklevoss, Co-Founder and CEO of crypto exchange Gemini, and his twin brother Cameron Winklevoss explained why they expect the price of Bitcoin to reach $500,000 or more within the next decade. Their comments about Bitcoin came during an interview earlier today with Seema Mody and Andrew Ross Sorkin on […]

Eth2 dev talks about challenges and lessons learned ahead of mainnet launch

Despite some “unanticipated consequences,” the testnets were instrumental in stress-testing Eth2.

After years of delays and changes in plans, Ethereum 2.0 is finally approaching release on Dec. 1.

Ethereum 2.0 Phase 0 is introducing the long-awaited mechanism of staking to the smart contract platform, in addition to launching the skeleton of a future Eth2 blockchain, the Beacon Chain.

Progress in 2020 steadily picked up pace as more and more testnets were introduced and iterated on. While they were successful in aggregate, they were not exempt from problems related to synchronization and block production.

Part of those issues came from the challenge of keeping the same pace between seven different clients, or Ethereum 2.0 node software, working with different programming languages and technology stacks.

Cointelegraph spoke with Zahary Karadjov, research developer at Nimbus — one of those clients — to learn more about both the road Ethereum 2.0 has traveled so far and the next legs of the journey.

The interview has been lightly edited for length and context.

Cointelegraph: Nimbus seems to have had a few more issues catching up to the shared Ethereum 2.0 specifications. Why do you think that is?

Zahary Karadjov: We were very busy preparing Nimbus for mainnet. It’s fair to say that it has been a little bit more challenging for us because it took us a while to develop some of the components that the other teams already had available — more specifically, the Libp2p networking layer.

This is something that we had to build from scratch, and it took us quite a lot of time to stabilize it. There were a few months where we were struggling with performance. It was only recently that we published our initial stable release. But right now, we feel confident for mainnet: We are working on the last of the small issues, and our audit has also been completed.

CT: Prysm and Lighthouse — which similar to existing Ethereum 1.0 clients were built in Go and Rust, respectively — seem to have been ahead of the others so far. Is that because they were able to build on the work done for Ethereum 1.0?

ZK: My explanation will be a simplification, as there are many factors involved. But I would say that developing Libp2p has been the most significant source of delays for us. And the logic is easy to see here: Teku, which is developed in Java, also didn’t have a Libp2p implementation, and it also became ready at a slightly later stage.

The Prysm team had the luxury of having Libp2p developed a very long time ago, as it was originally developed in Go, while Lighthouse was able to take advantage of the implementation created, again, quite some time ago by the Parity team for its work on Polkadot.

Libp2p is the networking layer of Ethereum 2.0 — you can say it’s a completely different technology from the one that’s used in Ethereum 1.0. In very practical terms, it’s a publish-subscribe technology called Gossipsub, which is an optimized way to broadcast information in the network.

CT: Let’s talk about the Medalla testnet. What lessons did Nimbus and the Eth2 community learn, especially considering the periods where the blockchain wasn’t providing block finality guarantees?

ZK: Well, the struggles with finality started with a technical issue. There’s the famous Cloudflare Roughtime incident, which demonstrated exactly what we were discussing in our previous conversation. If everybody on the network is using the same client, a technical issue in this particular client could put a lot of validators offline, which may immediately render the network into a non-finalizing state.

We had this issue with the Prysm client, and it also taught an important lesson in the importance of communication. The Prysm team was able to provide a fix for this issue in a very short amount of time — just a couple of hours. But it took quite a while for the community to realize there was a problem and to deploy the fix.

This was the initial incident that created a long period of non-finalization for Medalla. But this was actually very helpful for the clients because when the network is not finalizing, the clients have to consider many different possible forks and alternative histories, and this puts a lot of stress on the clients. So, these long periods of non-finalization allowed us to see and to optimize the clients for these stressful moments in the network where everything is not running as expected.

CT: During the testnet and the non-finality period, some users complained that their stake was reduced even if they were online. Is that a bug or a feature of the system?

ZK: You could describe it as an unanticipated consequence. Basically, the problem is that the client gets rewarded for the attestations broadcast on the network. But these attestations are supposed to be included in blocks. If there is nobody to produce blocks, your attestations don’t end up on the chain. So, it looks like you’re not active.

I think this issue is well recognized and acknowledged by the implementation team and the research team. It should be addressed in the future of Ethereum — in Phase 1, or even Phase 0.5, one of the very first upgrades of the network. But we should not forget that it would be quite unexpected if we see low participation rates on the mainnet, as when there’s real stake involved, the incentives for validators to be online are much stronger.

CT: Do you think these complexities and the requirement of being constantly online could turn people away from staking with their own devices?

ZK: Well, this is a very common misconception that I think we should do a much better job at communicating. Actually, the risks of not being online all the time are not that great. You will make a profit if you are online more than 50% of the time. Think about it: You can be offline for half of the year, and you’ll still be at zero. You won’t be making any money, but you also won’t be losing any money. The protocol is quite forgiving in this regard.

CT: What comes after the mainnet launch of Phase 0? Is sharding the next upgrade on the list or do you expect more work required for this initial Beacon Chain?

ZK: There will certainly be upgrades coming with the integration of Phase 1, and it would require breaking changes — or let’s just call it a hard fork — where the client teams will release new software as more functionality is brought online. We expect the rollout of the finality gadget at some point, which will finalize the Ethereum 1.0 chain through the consensus mechanism of Ethereum 2.0. All of these ongoing releases are going to happen in parallel. They’re a little bit independent from each other and are part of the Ethereum roadmap for the next few years.

Eth2 dev talks about challenges and lessons learned ahead of mainnet launch

Despite some “unanticipated consequences,” the testnets were instrumental in stress-testing Eth2.

After years of delays and changes in plans, Ethereum 2.0 is finally approaching release on Dec. 1.

Ethereum 2.0 Phase 0 is introducing the long-awaited mechanism of staking to the smart contract platform, in addition to launching the skeleton of a future Eth2 blockchain, the Beacon Chain.

Progress in 2020 steadily picked up pace as more and more testnets were introduced and iterated on. While they were successful in aggregate, they were not exempt from problems related to synchronization and block production.

Part of those issues came from the challenge of keeping the same pace between seven different clients, or Ethereum 2.0 node software, working with different programming languages and technology stacks.

Cointelegraph spoke with Zahary Karadjov, research developer at Nimbus — one of those clients — to learn more about both the road Ethereum 2.0 has traveled so far and the next legs of the journey.

The interview has been lightly edited for length and context.

Cointelegraph: Nimbus seems to have had a few more issues catching up to the shared Ethereum 2.0 specifications. Why do you think that is?

Zahary Karadjov: We were very busy preparing Nimbus for mainnet. It’s fair to say that it has been a little bit more challenging for us because it took us a while to develop some of the components that the other teams already had available — more specifically, the Libp2p networking layer.

This is something that we had to build from scratch, and it took us quite a lot of time to stabilize it. There were a few months where we were struggling with performance. It was only recently that we published our initial stable release. But right now, we feel confident for mainnet: We are working on the last of the small issues, and our audit has also been completed.

CT: Prysm and Lighthouse — which similar to existing Ethereum 1.0 clients were built in Go and Rust, respectively — seem to have been ahead of the others so far. Is that because they were able to build on the work done for Ethereum 1.0?

ZK: My explanation will be a simplification, as there are many factors involved. But I would say that developing Libp2p has been the most significant source of delays for us. And the logic is easy to see here: Teku, which is developed in Java, also didn’t have a Libp2p implementation, and it also became ready at a slightly later stage.

The Prysm team had the luxury of having Libp2p developed a very long time ago, as it was originally developed in Go, while Lighthouse was able to take advantage of the implementation created, again, quite some time ago by the Parity team for its work on Polkadot.

Libp2p is the networking layer of Ethereum 2.0 — you can say it’s a completely different technology from the one that’s used in Ethereum 1.0. In very practical terms, it’s a publish-subscribe technology called Gossipsub, which is an optimized way to broadcast information in the network.

CT: Let’s talk about the Medalla testnet. What lessons did Nimbus and the Eth2 community learn, especially considering the periods where the blockchain wasn’t providing block finality guarantees?

ZK: Well, the struggles with finality started with a technical issue. There’s the famous Cloudflare Roughtime incident, which demonstrated exactly what we were discussing in our previous conversation. If everybody on the network is using the same client, a technical issue in this particular client could put a lot of validators offline, which may immediately render the network into a non-finalizing state.

We had this issue with the Prysm client, and it also taught an important lesson in the importance of communication. The Prysm team was able to provide a fix for this issue in a very short amount of time — just a couple of hours. But it took quite a while for the community to realize there was a problem and to deploy the fix.

This was the initial incident that created a long period of non-finalization for Medalla. But this was actually very helpful for the clients because when the network is not finalizing, the clients have to consider many different possible forks and alternative histories, and this puts a lot of stress on the clients. So, these long periods of non-finalization allowed us to see and to optimize the clients for these stressful moments in the network where everything is not running as expected.

CT: During the testnet and the non-finality period, some users complained that their stake was reduced even if they were online. Is that a bug or a feature of the system?

ZK: You could describe it as an unanticipated consequence. Basically, the problem is that the client gets rewarded for the attestations broadcast on the network. But these attestations are supposed to be included in blocks. If there is nobody to produce blocks, your attestations don’t end up on the chain. So, it looks like you’re not active.

I think this issue is well recognized and acknowledged by the implementation team and the research team. It should be addressed in the future of Ethereum — in Phase 1, or even Phase 0.5, one of the very first upgrades of the network. But we should not forget that it would be quite unexpected if we see low participation rates on the mainnet, as when there’s real stake involved, the incentives for validators to be online are much stronger.

CT: Do you think these complexities and the requirement of being constantly online could turn people away from staking with their own devices?

ZK: Well, this is a very common misconception that I think we should do a much better job at communicating. Actually, the risks of not being online all the time are not that great. You will make a profit if you are online more than 50% of the time. Think about it: You can be offline for half of the year, and you’ll still be at zero. You won’t be making any money, but you also won’t be losing any money. The protocol is quite forgiving in this regard.

CT: What comes after the mainnet launch of Phase 0? Is sharding the next upgrade on the list or do you expect more work required for this initial Beacon Chain?

ZK: There will certainly be upgrades coming with the integration of Phase 1, and it would require breaking changes — or let’s just call it a hard fork — where the client teams will release new software as more functionality is brought online. We expect the rollout of the finality gadget at some point, which will finalize the Ethereum 1.0 chain through the consensus mechanism of Ethereum 2.0. All of these ongoing releases are going to happen in parallel. They’re a little bit independent from each other and are part of the Ethereum roadmap for the next few years.

Bitcoin Targets $25,000 Fib Level With New All-Time High Set

Today, Bitcoin price set a new all-time high record. While that statement certainly speaks for itself, it does beg the question: what comes next?

Given the fact that this hurdle was the one the entire investor class was watching, and it is now out of the way, the most logical next target could be $25,000. Here’s why this number is significant and why there’s a strong probability that price heads there next.

All-Time High Broken, Bitcoin Price To Return To Price Discovery Mode

For nearly three full years, crypto investors have been waiting for this day and wondering if it would even happen. Holding Bitcoin has been a rocky ride for those that got in at the peak of the last bubble.

After the cryptocurrency tapped the current level, it fell to $3,000 a year later. A revisit back to that key level earlier in the year sealed the deal on a new uptrend and canned any chances of the cryptocurrency dropping lower.

Related Reading | Here’s What Will Happen To Altcoins Once Bitcoin Breaks $20,000

From that bounce caused a sharp uptrend and now – as of today – Bitcoin price has set a new record.

The leading cryptocurrency by market cap is now below the previous high, but a spike higher today set a new all-time high record. The feat is likely to make waves across the finance space, and lure in another wave of investors, until the asset peaks and does it all again.

But before the bull market truly takes off, the next logical level, according to one crypto analyst, is right below $25,000 at $24,800.

bitcoin btcusd btc

The 1.272 Fibonacci extension is the next logical target for Bitcoin price | Source: BTCUSD on TradingView.com

Why Cryptocurrencies And Other Assets Respond To Fibonacci Levels

According to crypto analyst Jamie Holmes, the next target resides at the 1.272 Fibonacci extension level. Beyond there, 1.618, 2.618, and 3.618 sit at $30,000, $50,000, and roughly $75,000 respectively, and could be next after the first extension is taken out.

Holmes accurately called for the retest of ATH after a “bullish saucer” formed on monthly timeframes. Now he’s pointing to $25,000 next.

During the last bull market, Bitcoin rose as high as the 19.618 Fibonacci level, which could suggest that these early extensions will be barely a blink for the now unstoppable cryptocurrency.

Related Reading | Fibonacci Day: How To Use Math To Trade Bitcoin And Altcoins

It isn’t exactly clear why Fibonacci ratios and their retracement levels and extensions act as support and resistance, but they do for all asset types.

Breaking through the 0.618 Fib retracement level at $13,800 is what set off the recent bullish impulse and send the cryptocurrency to a new all-time as of today.

The 0.618 level could once again become a target to watch, and this time act as support for any major corrections that follow from here.

Featured image from Deposit Photos, Charts from TradingView.com

Venezuelan army starts mining Bitcoin to make ends meet

The Venezuelan army turns to crypto mining as the country's economy collapses.

The Maduro regime continues to lean on crypto to keep economically solvent.

Via Instagram, an engineering brigade of the Venezuelan army inaugurated a new "Digital Assets Production Center of the Bolivarian Army of Venezuela." As the video shows, the center houses various ASIC mining equipment used to crack proof-of-work algorithms.

General Lenin Herrera presented the new mining operation. The stated goal of the mining operation is "strengthening and self-sustainability of our units of the Bolivarian Army," adding later that these mining centers would be generating "unblockable sources of income" and an alternative to the "trust system blocked and controlled by colonialist interests," referring to the United States, a country that has leveled sanctions against many associates of the Maduro regime.

With oil prices crashing and political turmoil taking its toll even before COVID-19, Venezuela has seen historic inflation in recent months. 

As Cointelegraph reported in September, Nicolas Maduro proposed an "Anti-Blocks Law," a legal body that proposes using cryptocurrencies to evade sanctions and access financing from international allies.

These intentions are not new. The Maduro administration has gone so far as to launch and promote its own cryptocurrency, the Petro, which has seen limited success.

On the flip side, the U.S. military is also closely observing Venezuela's crypto activities. Recently Admiral Craig Stephen Faller referred to Maduro’s use of crypto and went so far as to link its use to drug trafficking and terrorism, adding that the armed forces were keeping an eye on all such operations.

Influential Historian Urges Joe Biden to Bring Bitcoin Into Financial System

Joe Biden. Source: A screenshot, Instagram/joebiden As China is leading the central bank digital currency (CBDC) race and the United States has taken a back seat, Niall Ferguson, an influential economic historian, suggested President-elect Joe Biden consider leapfrogging the crowd and going straight for the score by integrating BTC into the US financial system. “Rather than seeking to create a

Ethereum 2.0 staking is coming to Coinbase

The U.S. exchange plans to roll out support in early 2021.

U.S. digital currency exchange Coinbase has outlined plans for supporting Ethereum 2.0 staking rewards — possibly setting the stage for even wider adoption of the smart contract platform. 

In an official blog post, Coinbase says it plans to roll out Eth2 staking, trading and conversion services starting in early 2021. Once Eth2 is supported, existing Coinbase customers will be able to convert their Ether (ETH) tokens to ETH2 and earn staking rewards.

The company said:

"While staked ETH2 tokens remain locked on the beacon chain, Coinbase will also enable trading between ETH2, ETH, and all other supported currencies providing liquidity for our customers."

Coinbase said it will “communicate more details closer to the launch of each feature.”

The news comes on the eve of the highly anticipated Ethereum Beacon Chain launch, which kicks off a multiyear upgrade of the blockchain network. The upgrade will transition Ethereum away from its existing proof-of-work consensus to a proof-of-stake network. Ethereum’s development team claims that proof-of-stake reduces centralization risks and allows for a stronger defense against 51% attacks.

This story is still in development. 

Biden should integrate Bitcoin into US financial system, says Niall Ferguson

The economic historian said that President-elect Biden’s administration should consider Bitcoin as an alternative to a “Chinese-style digital dollar.”

British economic and financial historian Niall Ferguson said the United States needs to find its own path in adopting cryptocurrencies, rather than “building [its] own versions of China’s electronic payments systems.”

In a Bloomberg opinion piece, Ferguson said Sunday that the current pandemic has generally been good for cryptocurrency adoption, accelerating a “monetary revolution” around the world. However, the historian noted that China has been “advancing rapidly” in the rollout of its digital yuan and increasing use of mobile payments. Apps like Alipay and WeChat Pay reportedly handle roughly $40 trillion in transactions annually.

The historian believes that these measures by China are serving as a template for other countries developing cross-border payment systems and remittance payments. However, he advised against the U.S. doing so:

“Even governments that are resisting Chinese financial penetration, such as India, are essentially building their own versions of China’s electronic payments systems,” said Ferguson. “Rather than seeking to create a Chinese-style digital dollar, Joe Biden’s nascent administration should recognize the benefits of integrating Bitcoin into the U.S. financial system.”

Ferguson added that authorities in the U.S. already have methods in place to deal with enforcement surrounding Bitcoin (BTC). The Internal Revenue Service now requires individuals to make a declaration related to their crypto holdings on their returns and may be going after Coinbase users who do not comply with tax and reporting requirements. In addition, the Federal Bureau of Investigation has had its eyes on cases of money laundering using crypto.

“The point is simply that the financial data of law-abiding individuals is better protected by Bitcoin than by Alipay,” said the historian.

The president-elect’s personal views on crypto, central bank digital currencies and Bitcoin are not well known, but there are indications that people in his administration could potentially help guide crypto into a friendlier regulatory framework in the United States. For instance, Biden may be tapping former chairman of the Commodity Futures Trading Commission Gary Gensler to be his deputy treasury secretary.

Venezuelan Army Starts Mining Bitcoin for ‘Unblockable Income’

Venezuelan Army Starts Mining Bitcoin for 'Unblockable Income'

The Venezuelan Army has inaugurated a cryptocurrency mining center with bitcoin mining equipment aimed at generating “unblockable income,” as the country attempts to bypass U.S. sanctions. The crypto mining center has the support of the country’s crypto regulator, Sunacrip.

Venezuela’s Army Starts Cryptocurrency Mining

The Venezuelan Army’s cryptocurrency mining center was inaugurated on Nov. 19 by the 61st Agustín Codazzi Engineer Conditioning Brigade, according to local media.

The inauguration was led by the General of the Bolivarian Army Lenin Herrera, Commander of the Brigade. He was accompanied by Major General Domingo Hernández Lárez, Commander of the Bolivarian Army and one of the highest-ranking military personnel in Venezuela. Also present at the event were representatives of the Superintendencia Nacional de Criptoactivos y Actividades (Sunacrip), the regulator of the crypto sector in Venezuela, and the private company Crypto & Trading.

The Brigade posted a video on Instagram explaining its mining operations. “For the sake of strengthening and self-sustainability of our Bolivarian army, the harvesters of the 61st Agustín Codazzi Engineer Conditioning Brigade, proudly present the technological [blockchain] project of the Army’s digital asset production center,” it details, as translated by Bitcoin.com. The mining center has the support of more than 26 national legal norms, the country’s new anti-blockade law, Sunacrip, and the civic-military alliance.

The video continues:

The era of cryptocurrency production begins in all units of the military component, which will be unblockable income.

“These local mining farms and the miners’ refurbishment line allow production in real-time, defeating the fiat system, blocked and managed by colonialist interests that have affected the Venezuelan people,” the video concludes.

 

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A post shared by 61 Brigada Codazzi (@ejb_61brig)

The Venezuelan National Constituent Assembly (ANC) approved the anti-blockade bill in October. The legislation was announced by Nicolas Maduro as a legal tool to combat U.S. sanctions against the Venezuelan economy.

The bill allows the Venezuelan government to “implement programs to ensure the investment from technicians, academics, businesses, workers’ councils and popular organizations in projects or alliances in strategic sectors,” local media described. It also allows the government to “suspend, in specific cases, legal norms that are inapplicable or counterproductive” due to sanctions.

What do you think about the Venezuelan Army mining bitcoin? Let us know in the comments section below.

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Russia’s Sberbank plans release of its own crypto token, the ‘Sbercoin’

With new legislation on digital assets coming into effect in a month, Russian financial institutions are looking to act.

With a new law coming into effect in Russian, the country's largest bank is planning a new blockchain platform for trading, as well as a native token.

According to a Monday report from Russian business news outlet RBC, Sberbank is planning to jump into crypto come 2021 when a new law "On Digital Financial Assets," or DFA, is set to come into effect. 

The news came from Herman Gref, the CEO and chairman of Sberbank. With over 96 million clients, the state-owned bank is the largest bank in Russia.

There was speculation several months ago that Sberbank was looking into issuing its own stablecoin. The DFA law bans a number of crypto activities, but notably, it does not seem to take issue with stablecoins backed by the ruble — which may have something to do with the nation's central bank looking to digitize its currency as well. 

This Bitcoin mining company’s stock is in free fall following Q3 loss

The third quarter was tough for mining rig manufacturers as the impact of COVID-19 continued to weigh heavily on the space.

The stock of one of China’s "Big Three" mining firms is in free fall Monday after reporting another quarterly loss, underscoring the operating challenges imposed by COVID-19.

Canaan Creative, which manufactures mining rigs, released its third-quarter financial results Monday. The company posted a net loss of $12.7 million, or 54 cents per share, on revenues of $24 million. Although quarterly revenues grew 5%, the company’s net losses more than quadrupled.

Quanfu Hong, Canaan’s chief financial officer, poured cold water on the negative earnings release by claiming that demand for mining equipment rebounded during the quarter — a trend expected to continue in the final stretch of 2020. He said:

“We have received a large number of pre-sale orders which are scheduled for delivery starting in the fourth quarter of 2020.”

Canaan’s share price, a consistent underperformer since debuting on Nov. 19, plunged more than 10% Monday. The stock was last seen nursing losses of around 9.5%.

Canaan stock by Yahoo Finance

Canaan crashed in lockstep with the broader financial markets in February. After a brief recovery, the stock resumed its plunge through the spring. It would eventually stabilize below $3.00 before catching a strong bid in early November, possibly due to a correlation with Bitcoin (BTC).

Along with Bitmain, Ebang and Microbt, Canaan dominates the global market for SHA-256 miners. Due to broad industry consolidation, it’s possible that only “2 or 3 players will survive into the longer term,” according to research from crypto derivatives exchange Bitmex.

The Chinese mining industry may have suffered the most due to COVID-19-related supply challenges, according to crypto analytics company Tokeninsight. Beyond the immediate impact of the pandemic, the segment appears to be in growth mode, especially in the manufacturing sector, where “New players are eager to enter the field.”