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DeFi Tokens Soar As Bitcoin Price Stops At $ 16,000
Leading DeFi tokens have seen notable double-digit price increases in recent days.

Although BTC has recovered from two falls below $ 16,000, so far over the weekend, the asset is struggling with a decisive recovery in the desired price level and the area between $ 16,000 – $ 16,250. Altcoins with higher capitalization also lost some momentum, but DeFi tokens rose in value.
Most alternative coins have a slight drawback. Ethereum has lost about 2% on a 24-hour scale and is trading below $ 460 after getting close to $ 480 a few days ago.
Chainlink, Bitcoin Cash, Litecoin, Polkadot, and Cardano also declined slightly.
Cryptocurrency market overview

XRP bulls finally wake up and break above $ 0.27
XRP is up 6.8% over the past three days, causing the coin’s resistance to break at $ 0.261.

XRP is up 6.8% over the past three days, pushing the coin to break the high of the 2-month range at $ 0.261. This resistance was provided by a bearish Fibonacci retracement of 0.5 and prevented XRP from climbing higher in both September and October.

Grayscale’s Trust in BCH Loses $ 1.6 Million After Hard Fork
Since November 1, the assets managed by the Bitcoin Cash Trust, which manages the crypto fund, have decreased.

According to Coin Dance data, the Bitcoin Cash network is now split into two blockchains. Currently, miners’ actions seem to be favoring the community-driven Bitcoin Cash Node or BCHN.

Capital is flowing into Bitcoin at almost a record rate
Bitcoin has risen sharply in the past few weeks.

Bitcoin has risen sharply in the past few weeks. In the past five weeks alone, the leading cryptocurrency has gained 50% against the US dollar, largely surpassing all other assets.

$ 1200 US incentive check now costs nearly $ 3000 when invested in bitcoin
A $ 1,200 incentive check issued to US citizens as a relief against the COVID-19 pandemic will now cost nearly $ 3,000 when invested in BTC.

It has been approximately seven months since the US government sent its first checks for $ 1,200 to many citizens. Interestingly, this amount will now be worth almost $ 3,000 if invested in bitcoin, since the price of the asset has risen significantly since then, unlike the dollar.

Grayscale Approaches $ 10 Billion, Institutional Demand for Bitcoin Rises
Just two weeks after breaking all bitcoin inflow records, Grayscale is once again making new all-time highs.

Grayscale, a New York-based investment firm, is rapidly approaching the $ 10 billion mark in asset management.
The firm offers accredited investors the opportunity to invest in stock indices that are backed by crypto assets. Their most popular product is the Grayscale Bitcoin Trust, which accounts for over 80% of AUM.

Isn’t it time for DeFi to go beyond ETH?
DeFi’s total market capitalization was $ 15.8 billion

DeFi’s total market cap was $ 15.8 billion, compared to Ethereum’s $ 51.8 billion market cap. This means that as of mid-November 2020, DeFi’s market cap already exceeds 30% of Ethereum’s market cap and will soon grow to ETH’s own market cap.

Cryptocurrency Crimes Down 60 Percent In 2020, But DeFi Hacks Exploded
According to a report by crypto-intelligence company CipherTrace, Defi’s crime rate has skyrocketed.

Common cryptocurrency thefts, hacks, and fraud have declined 60% in the first 10 months of 2020 compared to 2019. But, according to a report by crypto intelligence company CipherTrace, Defi’s crime rate has skyrocketed.

Research: Real Bitcoin Volume Soars To 2020 High, But Greed Is Taking Over
According to Arcane Research, “7-day average daily real volume of bitcoins” has reached an annual high.

Bitcoin shows some resilience above $ 16,000. While resistance above $ 16k is low, analysts say a pullback is possible if BTC’s growth slows.
According to Arcane, a slowdown in growth is likely given that real bitcoin volume has risen 270% over the past month. After such a strong month in terms of trading activity, there may be a slowdown in growth.

The largest bank in Belarus launched a cryptocurrency exchange service
JSB Belarusbank has launched a legal service that allows clients from the country and Russia to purchase cryptocurrency.

The largest bank in Belarus, JSSB Belarusbank, reportedly launched a legal service that allows clients from the country and Russia to purchase cryptocurrency.
Users will be able to exchange digital assets for Belarusian and Russian rubles, US dollars and euros directly from their Visa payment cards.
The largest bank in Belarus in terms of capital, assets, loans and deposits has partnered with White Bird cryptocurrency exchange to launch the new service, starting November 13, according to a Prime Press report.


Author: by admin

Custodian Anchorage Seeks Charter From Crypto-Friendly US Bank Regulator OCC

Custodian Anchorage Seeks Charter From Crypto-Friendly US Bank Regulator OCC

The cryptocurrency and banking worlds continue to draw closer together with digital asset custodian Anchorage seeking a national charter from the U.S. Office of the Comptroller of the Currency.

The startup’s trust company unit, based in South Dakota, has applied to the OCC to convert to a national bank, according to a notice dated Nov. 9 and posted to the federal regulator’s website.

The notice contains little else in the way of detail, except that Anchorage is represented by Dana Syracuse of the law firm Perkins Coie. Syracuse is a former general counsel of the New York Department of Financial Services and helped that agency draft its landmark BitLicense regulation.

Related: China’s Crypto Miners Struggle to Pay Power Bills as Regulators Clamp Down on OTC Desks

This year Kraken, a crypto exchange, became the first such business to obtain a U.S. banking license, albeit a special-purpose one from Wyoming (the same kind obtained by digital asset startup Avanti). If its application is approved, Anchorage would be the first crypto company to get a national bank charter, explicitly allowing it to do business in all 50 states.

A banking charter would give Anchorage the clear authority to act as a “qualified custodian” for institutional investors under Securities and Exchange Commission (SEC) rules. Most crypto custody firms in the U.S. have trust company licenses, but the SEC signaled last week that it is unsure whether such entities, regulated at the state level and less stringently than banks, make the cut as qualified custodians.

Anchorage’s application also comes at a time when the OCC, an agency that has existed since the Civil War, may be unusually receptive to such requests. Brian Brooks, the acting comptroller since May, is a former chief legal officer for the Coinbase exchange and has been notably focused on clearing the way for banks to participate in the crypto market – so much so that he was recently criticized by lawmakers for spending so much time on this niche during a pandemic.

In July, for example, Brooks’ agency issued a letter clearing the way for national banks to safeguard private cryptographic keys for digital currency wallets, a business that until now has been the province of specialist firms like Anchorage.

Related: SEC Chairman Jay Clayton Stepping Down at End of Year

“Anchorage is encouraged by the recent positive progress out of the OCC with respect to regulatory clarity around custody of digital assets,” Nathan McCauley, Anchorage’s co-founder and CEO, said in a Telegram message. “We are interested in obtaining an OCC charter as a way to better serve the emerging needs of large banks looking to integrate crypto to bring the benefits of Bitcoin and other digital assets to their client base.”

  • Custodian Anchorage Seeks Charter From Crypto-Friendly US Bank Regulator OCC

  • Custodian Anchorage Seeks Charter From Crypto-Friendly US Bank Regulator OCC


Author: Marc Hochstein

Bitcoin, Ether, and XRP Weekly Market Update November 16, 2020

Bitcoin, Ether, and XRP Weekly Market Update November 16, 2020

The total crypto market cap added $19.4 billion to its value for the last seven days and now stands at $463.3 billion. The top 10 currencies showed mixed results for the same time period with Litecoin (LTC) adding 10.4 percent to its value while Bitcoin Cash (BCH) lost 8.8 percent. By the time of writing bitcoin (BTC) is trading at $16,257, ether (ETH) stabilized around $454 Ripple (XRP) skyrocketed to $0.271.

Bitcoin moved up to $15,507 on Sunday, November 8 after correcting its price down to $14,832 the day before. The leading cryptocurrency added 12.7 percent to its value and successfully resumed the uptrend.

On Monday, we saw the BTC/USD pair moving in the $15,840 -$14,830 range before closing with a short red candle to $15,330. The zone around $15,850 was hit for the second time in the last few days and bulls seem to struggle surpassing it.

The trading day on Tuesday, November 10 was a relatively calm one. BTC continued to hover around the above-mentioned zone and closed flat at the end of the session.

The mid-week session on Wednesday, however, was marked by a new wave of buy orders hitting the market. Bitcoin extended its gains and climbed further to $15,720 and gaining yet another 2.7 percent.

On Thursday, November 12, the BTC/USD pair surpassed the next resistance level on the weekly chart closing at $16,307. Another 3.8 percent were added to the coin’s value.

The Friday session was a relatively calm one as BTC stabilized above the important horizontal line. It formed a short green candle to $16,345.

The uptrend started showing signs of exhaustion on the first day of the weekend. On Saturday, November 14, the leading cryptocurrency corrected its price down to $16,100 and even hit the local support at $15,700 during intraday.

On Sunday, it extended the losses and fell to $15,977.

What cryptocurrency will become the main one in a year?

The 24-hour trading volumes moved up to $29 billion on Tuesday then fell to $21 billion on the next day just to recover back to $29 billion on Friday. They started falling during the weekend and reached a weekly low of $18 billion on Sunday.

The Ethereum project token ETH moved above the next weekly resistance zone on November 7 and hit $470, but was not able to keep up with the momentum. Still, it closed the week at $454 on Sunday and added 15 percent to its value for the period.

On Monday, the ETH/USD pair made a short pullback to $443 and fell as low as $434 during intraday trading. The coin found support at the weekly/monthly horizontal line.

The ether followed the example of BTC and revived the uptrend on Tuesday, November 10 climbing to $450.

The third day of the workweek came with a continuation of the trend and a sudden jump to $477 in the early hours of trading Buyers, however, only managed to ensure a presence in the next weekly resistance zone around $460 (closing at $463).

On Thursday, November 12, the ETH/USD pair was trading in the $450-$470 zone but remained flat at the end of the session thus proving how solid the resistance level is as neither bulls nor bears were able to take over control.

Nevertheless, buyers formed a solid green candle to $477 on Friday and breached the $470 line, adding 3 percent to ETH’s value on the way up.

The weekend of November 14-15 started with an expected pullback down to $461 on Saturday as the uptrend started losing its momentum. The drop resulted in erasing all gains from the previous session.

Then on Sunday, the ether fell further to $447 forming its second consecutive red candle on the daily chart.

The 24-hour trading volumes were hovering around $11 billion during the workweek then decreased to sub-$7 billion levels on Sunday.

The Ripple company token XRP closed the trading day on Sunday, November 8 at $0.253 confirming its presence above the $0.25 horizontal support. Bulls could not surpass the monthly resistance zone situated near $0.259 during the previous session but managed to close the week with a 5.4 percent price increase.

On Monday, the XRP/USD pair was trading as low as $0.245 in the morning, but found stability at the 50-day EMA and recovered later, in the evening part of the session. Nevertheless, it closed with a loss to $0.25.

The “ripple” was quite volatile on Tuesday, November 10, moving up and down in the wide range between $0.248-$0.264 before forming a green candle to $0.254.

It continued to rise on Wednesday and reached $0.256. Buyers were even able to push the price up to the already-mentioned resistance level, which was now in synch with the 100-day EMA creating a resistance cluster zone.

We saw a short pullback to $0.255 on Thursday, November 12, but the general uptrend was not impacted. The confirmation for that came on the last day of the workweek when the XRP token skyrocketed to $0.266. The move resulted in a 4.3 percent jump and the coin closed above the $0.259 line for the first time since September 3.

The “ripple” continued to surge on the first day of the weekend and reached $0.268. On Sunday, November 15, it made one more step up and ended the seven-day period at $0.269.

Our Altcoin of the week is AAVE (AAVE). One of the leading DeFi projects out there, AAVE was previously known as ETHLend, bur rebranded itself in late 2019 and early 2020. The idea of the company founders is to create a decentralized money market that enables users to lend and borrow crypto funds utilizing the benefits of blockchain technology.

AAVE grew by 42 percent for the last seven days and it’s also 114 up on a biweekly basis. The coin reached an all-time high on Sunday, November 15, and hit $71.5 climbing up to #30 on CoinGecko’s Top 100 list with a total market capitalization of approximately $750 million.

By the time of writing, AAVE is trading at $68.5 against USDT on Binance. Below is the 4-h chart:

16/11/2020 Crypto



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