Crypto Roundup: November 2nd, 2020

Crypto Roundup: November 2nd, 2020

While Bitcoin is making its way through the stratosphere, the stock market is still firmly earthbound. The leading cryptocurrency briefly eclipsed $14K this week, outperforming traditional asset classes as lockdowns return across Europe and political tensions ratchet higher in the run up to the US election day.

This week’s surge tops off a fantastic month for Bitcoin, which made 22% gains in October as gold traded sideways and the S&P 500 dropped 2%.

In the news, events continue to show the mainstreaming of Bitcoin by big financial institutions. Singapore’s largest commercial bank, DBS, has launched a digital asset exchange for Bitcoin and three other top cryptocurrencies, and fully-licensed Swiss financial institution Gazprombank has been approved to offer Bitcoin services.

This Week’s Highlights

  • Bitcoin Hits $14K on Twelfth Whitepaper Day
  • Altcoins Fade as Bitcoin Asserts Dominance
  • Spark Distribution Snapshot
  • 12 years after the Bitcoin whitepaper was released, prices hit $14K on some exchanges—pushing past the peak of 2019 to mark the highest prices seen since 2018.

    This momentous occasion was marked by other adoption milestones, with Iran introducing new regulations asking miners to sell their Bitcoin to the central bank, and Microstrategy CEO Michael Saylor revealing that he personally owns 17,732 BTC, in addition to the 38,250 BTC held by his company.

    Year-to-date, Bitcoin is now up almost 90%, with an increase of roughly 20% in the past two weeks.

    As Bitcoin has pushed higher over the last week, altcoins have been sinking. Stellar and Tezos are down 4%, while NEO and BNB have fallen further with 9% losses.

    This dynamic is reflected in Bitcoin dominance, which climbed in October as the leading cryptocurrency clawed back market share from the rise of altcoins during the summer.

    To support the evolution of the Ripple ecosystem, eToro is working with new blockchain network, Flare.

    On December 12th, a snapshot will be taken of eToro XRP wallets to determine the distribution of Flare’s Spark token.

    In a display of astonishing strength, Bitcoin finished October at the highest monthly close since January 2018—a level that also marked the top of the biggest rally of  2019.

    Now as Bitcoin consolidates below this key juncture at $14K, a key catalyst is approaching. Global markets are eagerly awaiting US election night on Tuesday, which promises to bring significant volatility—with the potential for turbulence heightened by the possibility of a contested outcome.

    If Bitcoin blows through $14K, the bull market is likely to enter full swing, and we could rapidly approach $20K. On the flipside, a strong rejection from this key resistance level is likely to significantly dent market sentiment.

    Source: icryptodesk.com

    Author: admin


    Bitcoin Far Outperforms Gold and S&P 500 As US Election Approaches – eToro Crypto Roundup

    Bitcoin Far Outperforms Gold and S&P 500 As US Election Approaches – eToro Crypto Roundup

    While Bitcoin is making its way through the stratosphere, the stock market is still firmly earthbound. The leading cryptocurrency briefly eclipsed $14k this week, outperforming traditional asset classes as lockdowns return across Europe and political tensions ratchet higher in the run-up to the US election day.

    This week’s surge tops off a fantastic month for Bitcoin, which made 22% gains in October as gold traded sideways and the S&P 500 dropped 2%.

    In the news, events continue to show the mainstreaming of Bitcoin by big financial institutions. Singapore’s largest commercial bank, DBS, is planning to launch a digital asset exchange for Bitcoin and three other top cryptocurrencies, and fully licensed Swiss financial institution Gazprombank has been approved to offer Bitcoin services.

  • Bitcoin hits $14k on twelfth whitepaper day
  • Altcoins fade as Bitcoin asserts dominance
  • Spark distribution snapshot
  • Twelve years after the Bitcoin whitepaper was released, prices hit $14k on some exchanges pushing past the peak of 2019 to mark the highest prices seen since 2018.

    This momentous occasion was marked by other adoption milestones, with Iran introducing new regulations asking miners to sell their Bitcoin to the central bank, and Microstrategy CEO Michael Saylor revealing that he personally owns 17,732 BTC, in addition to the 38,250 BTC held by his company.

    Year-to-date, Bitcoin is now up almost 90%, with an increase of roughly 20% in the past two weeks.

    As Bitcoin has pushed higher over the last week, altcoins have been sinking. Stellar and Tezos are down 4%, while NEO and BNB have fallen further with 9% losses.

    Sell-offs like this often happen after major altcoin rallies like “DeFi Summer,” as traders consolidate profits by switching back to Bitcoin before another altseason arrives and money flows back into smaller cryptocurrencies.

    This dynamic is reflected in Bitcoin dominance, which climbed in October as the leading cryptocurrency clawed back market share from the rise of altcoins during the summer.

    To support the evolution of the Ripple ecosystem, eToro is working with new blockchain network Flare.

    On December 12th, a snapshot will be taken of eToro XRP wallets to determine the distribution of Flare’s Spark token.

    In a display of astonishing strength, Bitcoin finished October at the highest monthly close since January 2018 – a level that also marked the top of the biggest rally of 2019.

    Now as Bitcoin consolidates below this key juncture at $14k, a key catalyst is approaching. Global markets are eagerly awaiting US election night on Tuesday, which promises to bring significant volatility – with the potential for turbulence heightened by the possibility of a contested outcome.

    If Bitcoin blows through $14k, the bull market is likely to enter full swing, and we could rapidly approach $20k. On the flipside, a strong rejection from this key resistance level is likely to significantly dent market sentiment.

    Source: dailyhodl.com

    Author: –


    Bitcoin and Altcoins Struggle To Hold Important Supports

    Bitcoin and Altcoins Struggle To Hold Important Supports

    Bitcoin price started a downside correction below the USD 13,500 support zone. BTC is down over USD 800 from the recent high and it is currently (13:00 UTC) struggling to stay above the USD 13,000 support. If there is a bearish close below USD 13,000, the price could extend its decline towards USD 12,500.

    Similarly, there were additional losses in most major altcoins, including ethereum, XRP, litecoin, EOS, XLM, LINK, BNB, TRX, bitcoin cash, and ADA. ETH/USD broke the USD 385 support and it could even decline below the USD 380 support. XRP/USD is now trading below the USD 0.245 support and there is a risk of a break below the USD 0.240 support.

    Total market capitalization

    In the past few hours, many altcoins declined over 5%, including COMP, AAVE, YFI, REN, EGLD, VET, DOT, BAND, LRC, ATOM, NEO, ONT, MANA, XMR, and CKB. Out of these, COMP is down over 15% and AAVE declined below the USD 30.00 support.

    Source: cryptrace.com

    Author: admin


    Ethereum price faces a potential 30% correction after failing to break $400

    Ethereum price faces a potential 30% correction after failing to break $400

    The cryptocurrency market momentum has swung back to Bitcoin (BTC) recently as BTC dominance and trading volumes have been climbing along with the price. In that regard, the primary altcoin indicator Ether (ETH) has not been doing well as ETH/BTC dropped 30% in the last two months. 

    Now many crypto traders are asking when the altcoins will bottom out and start to rally again. Let’s take a looks at what the charts are showing. 

    The weekly chart shows a precise range as Ether’s price couldn’t break through the resistance zone at $450. However, some bullish indicators are also seen on the charts.

    One of those bullish indicators is the breakthrough of the 100-week and 200-week moving averages (MAs). These MAs are often seen as a crucial indicator of bullish/bearish sentiment of the markets. As the price of Ether broke through the MAs in the previous months, it can be said with confidence that this cryptocurrency is in bullish territory.

    Source: crytonow.com


    Crypto Roundup: November 2nd, 2020


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