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  1. Yesterday
  2. Согласно судебным документам, полиция Китая конфисковала у организаторов криптовалютной пирамиды PlusToken криптоактивы стоимостью $4.2 млрд. Общий ущерб от схемы оценивается в $7.6 млрд. Криптоактивы, эквивалентные $4.2 млрд, были конфискованы китайской полицией во время массовых арестов организаторов PlusToken. Напомним, что в июле полиция Китая задержала 27 главных подозреваемых в создании криптовалютной пирамиды, а также 82 ключевых участника схемы. В решении от 19 ноября Народный суд промежуточной инстанции Яньчэн раскрыл подробную информацию о конфискованных криптоактивах в связи с делом PlusToken. Китайские правоохранительные органы изъяли 194 775 BTC, 833 083 ETH, 1.4 млн LTC, 27.6 млн EOS, 74 167 DASH, 487 млн XRP, 6 млрд DOGE, 79 581 BCH и 213 724 USDT. Общая стоимость этих активов по текущим курсам превышает $4.2 млрд. В рамках постановления суд заявил, что «изъятые цифровые валюты будут обрабатываться в соответствии с законодательством, а доходы и прибыль будут переданы в государственную казну». Суд не уточняет, какая часть арестованных криптоактивов была или будет «обработана» и каким именно методом. Схема PlusToken была запущена в мае 2018 года. В июле 2019 года появилась информация, что PlusToken может быть финансовой пирамидой. Суд заявил, что в период с 6 апреля 2018 года по 27 июня 2019 года пирамида привлекла более 2.6 млн участников на 3 293 уровнях. По делу PlusToken осуждено 15 человек, приговоренных к тюремному заключению на срок от двух до одиннадцати лет со штрафом от $100 000 до $1 млн. Полиция отследила примерно $19 млн отмытых денег, которые были потрачены осужденными или их семьями на покупку роскошных автомобилей, объектов недвижимости в Китае, а также страховых полисов.
  3. Bitcoin has undergone a strong drop since peaking at $19,500 just days ago The coin currently trades at $17,000 as of this article’s writing Analysis compiled by Coinalyze found that over the course of the past few days, $1 billion worth of open interest has been wiped from leading Bitcoin futures exchanges This was accompanied How the Strong Bitcoin Drop Affected the Futures Market For BTC Bitcoin has undergone a strong drop since peaking at $19,500 just days ago. The leading cryptocurrency currently trades for $17,000, far below the highs. The drop came in a short period of time, with liquidations pushing Bitcoin dramatically lower in a wave. The issue was that many market participants were overleveraged, meaning that a small correction triggered liquidations and stop losses, resulting in a rapid cascade lower. Analysis compiled by Coinalyze found that over the course of the past few days, $1 billion worth of open interest has been wiped from leading Bitcoin futures exchanges. This was also marked by a spike in trading volume, of $66 billion on futures exchanges and $7 billion on spot exchanges. These two data points in tandem suggest that the recent correction marked a needed correction in the Bitcoin market to ensure that derivatives players were not getting too far overleveraged. After the strong correction, the funding rates of top Bitcoin futures markets have reset. The funding rate is the rate that long positions pay short positions on a recurring basis to make sure the price of the future stays in line with the spot market. According to ByBt, a crypto derivatives tracker, the funding rates of most leading exchanges have reset to the baseline of 0.01% per eight hours. Further, on OKEx in particular, the funding rates of many pairs have actually trended into a negative region, suggesting an increasing number of short takers. Bitcoin may revert higher if there continues to be low and even negative interest rates and if consolidation takes place. Par for the Course Many say that this correction is par for the course in that it should be expected. Bob Loukas, a long-time Bitcoin investor and macro analyst, recently pointed out that the previous bull run was punctuated with drawdowns similar to the one taking place now: Countless others in the space have corroborated this, arguing that it is actually healthy for bullish markets to pull back. Featured Image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com Macro Analysis Predicts Bitcoin Has Begun Rally Toward $100k
  4. Last week
  5. Bitcoin has been spiraling lower ever since it tapped its all-time highs within the mid-$19,000 region There are a few factors driving this move lower, including selling pressure stemming from the rejection, fear regarding a regulatory crackdown in the U.S., and withdraws on OKEx resuming The confluence of these factors has created a perfect storm for bears, and they appear to be taking full advantage of it One trader believes that Bitcoin has quite a way to fall before it finds any significant support and begins pushing higher He is specifically watching for a move down towards $13,000, noting that it still appears to be “way overextended” Bitcoin has done a full 180-degree turn, with the cryptocurrency’s previous upwards momentum now degrading as bears aim at sending it significantly lower. The selling pressure seen as a result of the rejection at $19,500 is undoubtedly what sparked this movement, but a couple of other factors have perpetuated it. Recent comments from the U.S. Treasury Secretary regarding a crackdown on private crypto wallets spooked investors and caused the crypto to see a sudden inflow of sell-side pressure. Furthermore, OKEx reopening withdraws has also coincided with this dip, signaling that their users are possibly taking profits off the table. Bitcoin Shows Signs of Weakness as It Breaks $17,000 At the time of writing, Bitcoin is trading down just over 1% at its current price of $16,900. This is around the price at which it has been trading throughout the past day. The support previously holding BTC above $17,000 appears to be evaporating, which could be a sign that downside is imminent in the near-term. If this level flips into resistance, it may put Bitcoin’s price action firmly in bulls’ control. Analyst Claims Move to $13,000 Could Be Imminent While sharing his thoughts on Bitcoin’s price action, one trader explained that a move towards $13,000 could be imminent in the near-term. He notes that it may first consolidate above its weekly support around $16,200, with this level eventually breaking and opening the gates for an even larger move lower. Image Courtesy of Wolf. Source: BTCUSD on TradingView. Over the coming few days, Bitcoin’s price action should provide serious insights into the aggregated market’s outlook in the days and weeks ahead. Featured image from Unsplash. Charts from TradingView.
  6. Bitcoin may hit $150,000 by November 2021, according to Raoul Pal, founder and CEO of Global Macro Investor and Real Vision — and that would be the most conservative scenario. Pal believes that Bitcoin could even reach $250,000 due to the large amount of institutional money currently flowing into the Bitcoin market. That is what, according to Pal, makes the latest Bitcoin rally fundamentally different from 2017’s crypto bubble, which is believed to have been driven mainly by retail investors. According to Pal, most of Bitcoin's additional supply is currently being absorbed by PayPal, Square — which recently adopted crypto services — and Grayscale. He believes that the resulting supply squeeze is the catalyst for Bitcoin’s latest surge. “I've never seen a market with this supply and demand imbalance before”, Pal said, pointing out the macroeconomic factors that are playing in Bitcoin’s favor. Despite news on the coronavirus vaccine sparking hopes of a quick economic recovery, governments will likely need to release additional monetary stimulus to sustain their economies. That, according to Pal, will lead to a devaluation of fiat. He believes that this together with low interest rates will propel Bitcoin's price to new highs. "It's life-changing. No other asset has an upside of 5x, 10x, 20x in a short space of time," he stated. Check out the full interview on our YouTube channel, and don’t forget to subscribe!
  7. Bitcoin may hit $150,000 by November 2021, according to Raoul Pal, founder and CEO of Global Macro Investor and Real Vision — and that would be the most conservative scenario. Pal believes that Bitcoin could even reach $250,000 due to the large amount of institutional money currently flowing into the Bitcoin market. That is what, according to Pal, makes the latest Bitcoin rally fundamentally different from 2017’s crypto bubble, which is believed to have been driven mainly by retail investors. According to Pal, most of Bitcoin's additional supply is currently being absorbed by PayPal, Square — which recently adopted crypto services — and Grayscale. He believes that the resulting supply squeeze is the catalyst for Bitcoin’s latest surge. “I've never seen a market with this supply and demand imbalance before”, Pal said, pointing out the macroeconomic factors that are playing in Bitcoin’s favor. Despite news on the coronavirus vaccine sparking hopes of a quick economic recovery, governments will likely need to release additional monetary stimulus to sustain their economies. That, according to Pal, will lead to a devaluation of fiat. He believes that this together with low interest rates will propel Bitcoin's price to new highs. "It's life-changing. No other asset has an upside of 5x, 10x, 20x in a short space of time," he stated. Check out the full interview on our YouTube channel, and don’t forget to subscribe!
  8. Since topping out at $19,484, Bitcoin price has struggled to reclaim the $17,000–$18,000 level. As the price continues to decline, traders are targeting key underlying support levels to determine where traders will buy if Bitcoin (BTC) price continues to fall. The immediate support levels based on whale clusters are $16,694, $16,411 and $16,064. Below the $16,000 support, $15,355, $14,914 and $13,740 could serve as macro support areas. Whale clusters form when whales accumulate BTC and do not move their recently acquired funds. The clusters also indicate where whales last bought, signifying potential support areas. Bitcoin whale clusters. Source: Whalemap$16,411 is the short-term level to watch for Bitcoin The price of Bitcoin has been showing weakening momentum in the past 24 hours. Following such a major correction, some consolidation is to be expected as the price searches for stability. One positive trend is that buyers have been aggressively defending the $16,411 support area, which is marked by whale clusters. This shows that there is sufficient buyer demand in the market to prevent a broader pullback, at least in the short term. On Nov. 27, Bitcoin tested the $16,200 to $16,400 support range twice in a span of 22 hours. Both retests were met with a decent response from buyers, as BTC surged above $16,800 in both cases. For most of the day, Bitcoin remained above $17,000 and peaked at $17,400, showing signs that BTC is regaining its momentum. Still, some traders are not ruling out the possibility of BTC dropping to the lower macro support areas. A pseudonymous trader known as “Wolf” said the weekly chart is showing signs of overextension. As such, he said that the $13,000 region could get tested. The trader explained: Another pseudonymous trader known as “Crypto Capo” suggested a similar trend. He said that he sees a scenario playing out where BTC rises to $18,000 then falls to the $13,000 region. Traders expect Bitcoin's consolidation to last for weeks Although there are bearish short-term predictions from long-time Bitcoin investors, some technical analysts say that consolidation could last a while. Michael van de Poppe, a full-time trader at the Amsterdam Stock Exchange, said the market faced a healthy pullback. Following the correction, Poppe said that consolidation could last for several weeks. He said: In the short term, the immediate area of interest for buyers remains the three whale cluster levels at $16,694, $16,411 and $16,064. If BTC falls below these levels convincingly, the probability of a deeper correction could significantly spike. Following the sharp drop in the price of Bitcoin, whale clusters show several areas as key support levels. These levels could allow BTC to stabilize and regain its momentum in the short term.
  9. The Ukrainian Ministry of Digital Transformation released a web series to educate citizens about cryptocurrencies, blockchain and Bitcoin (BTC). The show premiered on Wednesday and was developed in collaboration with Binance, Hacken and Crystal Blockchain as part of the Ukrainian government’s “Diia.Digital Education” program. The show consists of eight episodes of six to 12 minutes each that explain the basic concepts of cryptocurrency and blockchain. The show is hosted by Andriy Onistrat, an entrepreneur and former banker, who interviews guests working in the blockchain industry. The first episode, available on YouTube, introduces the concept of cryptocurrencies as a permissionless, unstoppable transaction ledger. Special consideration is given to the concept of supply auditability, with Onistrat noting that the National Bank of Ukraine could always decide to vastly increase the supply of the hryvnia, Ukraine’s national currency. Ivan Paskar, Binance marketing manager in Ukraine, explains how Bitcoin maintains an immutable, auditable supply. The duo talked about more complex ideas as well, mentioning Ethereum, smart contracts and decentralized exchanges. Despite the newbie-friendly format of the show, Onistrat still asked Paskar some tougher questions — for example, how the ideals of decentralization and freedom can be reconciled with the identification requirements seen in many centralized exchanges. Viewers receive a certificate of completion upon going through all the episodes. The initiative is part of the Ukrainian government’s push to achieve digital literacy in the country. Other shows offered by the ministry include “digital lessons for teachers” and “how to become a YouTube blogger.” The Ministry of Digital Transformation of Ukraine previously pushed for clearer regulations for cryptocurrency businesses in the country, which led some to conclude that the country is well-positioned to attract a thriving crypto ecosystem. Binance has been collaborating with the ministry since last year when it signed a memorandum of understanding to help design the country’s cryptocurrency regulation.
  10. Ethereum’s price has been closely tracking that of Bitcoin as of late, which has caused the cryptocurrency to see some notable losses It has been defending $500 throughout the course of its recent push lower. This comes as Bitcoin breaks below $17,000 and begins seeing accelerating downwards momentum If $500 becomes a strong base of support for ETH, it could help propel the cryptocurrency significantly higher in the days and weeks ahead A sustained decline beneath this level, however, could open the gates for it to see significantly further losses in the days and weeks ahead One trader is still expecting a move up towards $800, noting that it first needs to break above $570 Bitcoin has been leading the market lower over the past couple of days, with Ethereum erasing the bulk of its recent gains as it slides towards $500, while BTC shows intense signs of weakness as bulls fail to defend $17,000. This decline marks the first sustained pullback seen throughout the course of the recent multi-week uptrend. Both BTC and ETH are still up significantly from their multi-month lows, but there now seems to be a greater risk of seeing even further downside. One trader is noting that Ethereum needs to begin rallying higher and break above $570 to see further upside. He notes a break above this level could lead it to $800. Ethereum Defends $500 as Selling Pressure Mounts At the time of writing, Ethereum is trading down just over 2% at its current price of $510. This is around where it has been trading throughout the past few days. The selling pressure seen over the past few days isn’t letting up, and Bitcoin’s break below $17,000 could create headwinds that force ETH lower in the near-term. Analyst: ETH Could Rocket Towards $800 if One Key Level is Reclaimed One trader explained in a recent tweet that a reclaim of $570 could open the gates for Ethereum to see a sustained move up towards $800. Image Courtesy of Mayne. Source: ETHUSD on TradingView. Although Ethereum could slide lower in the near-term – as mused by the analyst – the next strong upswing seen by the crypto could mark the start of a move towards $800. This would allow the crypto to erase its trend of underperforming Bitcoin and potentially see significantly higher highs in the months ahead. Featured image from Unsplash. Charts from TradingView.
  11. Curve Finance, a decentralized exchange, will distribute nearly $3 million in accrued fees to the platform’s governance token holders, following a community vote. On Friday, a week-long voting period seeking to determine how “admin fees” were to be allocated closed in favor of token holders. Now, in three days, some $2,631,601.92 worth of fees – accrued before the vote opened – will head to community member coffers. The protocol will continue to disburse fees on a weekly basis following this initial payout, Curve CEO Michael Egorov told CoinDesk. Curve’s recent vote could be seen as a successful exercise in distributed governance, where platform users are encouraged to participate by having skin in the game. The vote passed unanimously with 95 votes cast in favor, representing 49.75% of the entire eligible voting pool. This point is all the more emphatic considering the confounding origins of Curve’s governance token. In August, an anonymous DeFi user preemptively deployed smart contracts for the decentralized autonomous corporation and token the team were building, without their knowledge or consent. The Curve team adopted the front-run code due to intense community interest during the heyday of governance and liquidity token yield farming. In order to vote, users must stake CRV tokens to the protocol’s voting contract which then supplies users with veCRV, creating a kind of voting escrow. Since September, veCRV holders have earned half of the 0.04% trading fee the protocol levies, with the other half going to liquidity providers. “The vote for this splitting already took place in the past, and the current vote activates the code to trustlessly distribute the fees now and in the future to veCRV token holders,” Egorov said. “While we’ve been writing and testing the code, the amount of fees accrued over 69 days, waiting for distribution, appeared to be $3 million.” Curve is the sixth-largest DeFi protocol with approximately $882 million worth of cryptocurrencies locked in its various smart contracts. Token trading has been flat since the governance vote passed, according to DeFi Pulse.
  12. CME Group has become the world’s largest Bitcoin (BTC) futures market following a surge in open interest over the past month, industry data shows. In a Friday tweet, Arcane Research announced that CME had overtaken OKEx as the world’s largest Bitcoin futures market. Citing data from Skew, a market intelligence firm, Arcane said open interest in CME’s Bitcoin futures contract has reached $1.16 billion. OKEx, meanwhile, registered $1.07 billion. “Institutional investors are here,” Arcane said. CME’s Bitcoin futures market has more than doubled over the past month, with more traders seeking exposure to the flagship cryptocurrency as it surged to near all-time highs. Futures trading can sometimes invoke heavy volatility, especially as expiry nears, as contract holders adjust their positions before that date. Its November futures contract, BTCX20, expires on Friday. Cryptocurrency exchanges Binance and Huobi have also emerged as major futures players. Based on open interest, they are the third- and fourth-largest BTC futures platforms, respectively. Bybit, which also appeared on Arcane’s list, announced earlier this week that it will soon launch a quarterly Bitcoin futures contract. The futures market is an important bellwether for Bitcoin adoption because it means traditional investors are getting into the mix. While the 2017 bull market was driven largely by retail traders, the current uptrend has been fueled by deeper institutional pockets. CME, in particular, is becoming vital to Bitcoin price discovery, according to investment manager Wilshire Phoenix. CME’s significance is “not only demonstrated through trading volume and open interest,” Wilshire said, “but also by influence on spot price formation. Bitcoin price is currently consolidating in the $16,500 range following a heavy Thanksgiving day sell-off.
  13. Bitcoin’s (BTC) rise above $20,000 will have to wait, as the price saw a strong correction and turned away from reaching a new all-time high. Data suggests that whales decided to book profits when Bitcoin was close to $19,000, and this pulled the price lower. This fall could have resulted in the liquidation of overleveraged positions in the futures market and further aggravated the decline. The current correction is a healthy sign, as the crypto market was becoming overheated as several altcoins rallied vertically in the past week. While some altcoins have given back a large portion of their recent up-move, Bitcoin remains strong, suggesting that investors are buying into support at lower levels. Daily cryptocurrency market performance. Source: Coin360Galaxy Digital founder and CEO Mike Novogratz recently said that Bitcoin is attracting institutional investors because it is viewed as a hedge against the debasement of fiat currency. Novogratz suggested investors keep about 2% to 3% of their net worth in Bitcoin with a long-term objective, as he believes BTC will be worth a lot more in five years. However, traders should wait for the price to stabilize and form a base before buying because trying to catch a falling knife could be dangerous. Traders can watch the price action near the critical support levels, then consider buying if they hold steady. Let’s analyze the top 10 cryptocurrencies to spot the important support levels that may attract buyers. BTC/USD Bitcoin (BTC) turned down from $19,458.56 on Nov. 25, and the selling intensified on Nov. 26, which pulled the price below the 20-day exponential moving average ($17,048) for the first time since Oct. 8. BTC/USDT daily chart. Source: TradingViewThe bulls defended the 38.2% Fibonacci retracement level of $16,049.61 on Nov. 26, but they are struggling to sustain the price above the 20-day EMA. This suggests that traders are selling on rallies. If the bears sink the price below $16,049.61, the next support is likely to be the 50% retracement level of $14,996.59, which is placed just above the 50-day simple moving average at $14,535. The bulls are likely to defend this level aggressively. The 20-day EMA has flattened out, and the relative strength index (RSI) near the midpoint suggests a range formation in the short term. ETH/USD Ether (ETH) turned down from the stiff overhead resistance at $625 on Nov. 24 as traders booked profits. The selling intensified on Nov. 26, and the biggest altcoin broke below the 38.2% Fibonacci retracement level of $526.348, the 20-day EMA at $504. ETH/USDT daily chart. Source: TradingViewThe bulls purchased the dip to the breakout level of $488.134, as seen from the long tail on the Nov. 26 candlestick. However, the bulls are struggling to sustain the rebound as traders are selling on minor rallies. If the bears sink the price below $488.134, a drop to the 61.8% Fibonacci retracement level of $466.755 is possible. A break below this support will shift the advantage in favor of the bears. On the other hand, a strong rebound off the current level or the support at $466.755 will suggest demand at lower levels, and that could keep the ETH/USD pair range-bound for a few days. XRP/USD After the long wick on the Nov. 24 candlestick, XRP formed an inside day candlestick pattern on Nov. 25 that closed in the red. This showed that the bulls were booking profits after the sharp rally of the past few days. XRP/USDT daily chart. Source: TradingViewThe XRP/USD pair plunged to the 61.8% Fibonacci retracement level of $0.438968 on Nov. 26, but the long tail on the candlestick shows buying at lower levels. However, the bears are unlikely to give up their advantage. They are selling on rallies and the pair has formed a Doji candlestick pattern today. This suggests that the pair could consolidate in a range for a few days before the next trending move. BCH/USD Bitcoin Cash (BCH) nosedived on Nov. 25 and 26 and completed a 100% retracement of the latest leg of the uptrend that had started on Nov. 20. BCH/USD daily chart. Source: TradingViewAlthough the bulls purchased the dip on Nov. 26, the price turned down from the 20-day EMA ($277) today. This suggests that the sentiment has changed from buy on dips to sell on rallies. The bears will now try to sink the price below the $231 support. If that happens, the BCH/USD pair could drop to $200. Conversely, if the bulls push the price above $280, the pair may rise to $300. LINK/USD The bulls could not flip $13.28, the neckline of the inverse head-and-shoulders pattern, into support on Nov. 26. This attracted further selling, and Chainlink's LINK plummeted below the moving averages. LINK/USDT daily chart. Source: TradingViewThe bulls are currently attempting to defend the 50-day SMA, but the weak rebound off it suggests a lack of urgency to buy, even at these levels. If the bulls fail to push the price back above $13.28 within the next few days, the bears will try to drag the price down to $10. A break below this support could shift the advantage in favor of the bears. Contrary to this assumption, if the bulls push and sustain the price above $13.28, it will suggest that the sentiment remains bullish. LTC/USD Litecoin (LTC) formed a Doji candlestick pattern on Nov. 24, and that was followed by a sharp drop on Nov. 25. This suggested aggressive profit-booking by the bulls and selling by the bears. LTC/USDT daily chart. Source: TradingViewThe failure of the LTC/USD pair to rebound off the 38.2% Fibonacci retracement level of $75.943, or the 20-day EMA ($73), shows that the bulls are not buying on dips. Although the pair rebounded off the 61.8% Fibonacci retracement level of $64.8317 on Nov. 26, the bulls could not push the price above the 20-day EMA. If the price breaks below $64, a drop to the 50-day SMA ($60) is possible. Conversely, if the bulls can push the price above the 20-day EMA, it will point to a possible range-bound action for a few days. ADA/USD Cardano's ADA formed a dark cloud cover candlestick pattern on Nov. 25, which indicates a bearish reversal. This was followed by further selling from the aggressive bears and covering of long positions by the trapped bulls. ADA/USDT daily chart. Source: TradingViewThe ADA/USD pair plunged on Nov. 26 and dipped below the 20-day EMA ($0.126), but the long tail on the candlestick shows buying at lower levels. However, the buyers have not been able to sustain the bullish momentum, as the bears are selling even on minor rallies. If the bears can sink the price below the 20-day EMA, the pair could drop to $0.1142241. On the contrary, if the pair again rebounds off the 20-day EMA, it could rise to $0.155, then consolidate in a range for a few days before starting the next trending move. DOT/USD The bulls could not sustain the breakout above $5.5899, and Polkadot's DOT plunged back below this level on Nov. 25. This trapped the aggressive bulls who may have been forced to cover their positions in a hurry. DOT/USDT daily chart. Source: TradingViewDue to this, and the aggressive selling by the bears, the DOT/USD pair plummeted below the 20-day EMA ($4.91) on Nov. 26. The failure to defend this support is a negative sign and suggests that the bulls are not buying the dips anymore. There was a bounce off the 50-day SMA ($4.46), but the bulls are finding it difficult to sustain the price above the 20-day EMA. If the bears sink the price below the 50-day SMA, the pair could drop to $3.80, then to the critical support at $3.5321. The flattish moving averages and the RSI just below the midpoint suggest that the pair could remain range-bound for a few more days. XLM/USD Stellar Lumens (XLM) formed a Doji candlestick pattern on Nov. 25 that had a long wick. This suggests aggressive selling by the bears at higher levels. The bears continued their selling on the next day, and the altcoin plunged to $0.145377, just above the 61.8% Fibonacci retracement level of $0.140209. XLM/USDT daily chart. Source: TradingViewThe bulls purchased the dip on Nov. 26 and are currently attempting to resume the uptrend. However, the higher levels are again likely to attract selling. After the large trending moves of the past few days, the volatility is likely to reduce, and the XLM/USD pair could consolidate in a range for a few days. This view will be invalidated if the bears sink the price below the 20-day EMA ($0.122) or the bulls propel the price above $0.231655. BNB/USD The bulls could not sustain Binance Coin (BNB) above $33.3888 on Nov. 25, and the price dipped back below the $32 support. This could have trapped several bulls who had purchased on the breakout above the $32–to–$33.3888 zone. BNB/USDT daily chart. Source: TradingViewAggressive selling by the bears and liquidation by the bulls on Nov. 26 pulled the price down to $26.35, just above the critical support at $25.6652. If the bears sink the price below this support, the BNB/USD pair could plummet to $19. However, the crisscrossing moving averages and the RSI in the negative territory do not suggest a clear advantage either to the bulls or the bears. Therefore, if the price rebounds off $25.6652, the pair may remain range-bound for a few more days. 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.
  14. Bitcoin’s (BTC) rise above $20,000 will have to wait, as the price saw a strong correction and turned away from reaching a new all-time high. Data suggests that whales decided to book profits when Bitcoin was close to $19,000, and this pulled the price lower. This fall could have resulted in the liquidation of overleveraged positions in the futures market and further aggravated the decline. The current correction is a healthy sign, as the crypto market was becoming overheated as several altcoins rallied vertically in the past week. While some altcoins have given back a large portion of their recent up-move, Bitcoin remains strong, suggesting that investors are buying into support at lower levels. Daily cryptocurrency market performance. Source: Coin360Galaxy Digital founder and CEO Mike Novogratz recently said that Bitcoin is attracting institutional investors because it is viewed as a hedge against the debasement of fiat currency. Novogratz suggested investors keep about 2% to 3% of their net worth in Bitcoin with a long-term objective, as he believes BTC will be worth a lot more in five years. However, traders should wait for the price to stabilize and form a base before buying because trying to catch a falling knife could be dangerous. Traders can watch the price action near the critical support levels, then consider buying if they hold steady. Let’s analyze the top 10 cryptocurrencies to spot the important support levels that may attract buyers. BTC/USD Bitcoin (BTC) turned down from $19,458.56 on Nov. 25, and the selling intensified on Nov. 26, which pulled the price below the 20-day exponential moving average ($17,048) for the first time since Oct. 8. BTC/USDT daily chart. Source: TradingViewThe bulls defended the 38.2% Fibonacci retracement level of $16,049.61 on Nov. 26, but they are struggling to sustain the price above the 20-day EMA. This suggests that traders are selling on rallies. If the bears sink the price below $16,049.61, the next support is likely to be the 50% retracement level of $14,996.59, which is placed just above the 50-day simple moving average at $14,535. The bulls are likely to defend this level aggressively. The 20-day EMA has flattened out, and the relative strength index (RSI) near the midpoint suggests a range formation in the short term. ETH/USD Ether (ETH) turned down from the stiff overhead resistance at $625 on Nov. 24 as traders booked profits. The selling intensified on Nov. 26, and the biggest altcoin broke below the 38.2% Fibonacci retracement level of $526.348, the 20-day EMA at $504. ETH/USDT daily chart. Source: TradingViewThe bulls purchased the dip to the breakout level of $488.134, as seen from the long tail on the Nov. 26 candlestick. However, the bulls are struggling to sustain the rebound as traders are selling on minor rallies. If the bears sink the price below $488.134, a drop to the 61.8% Fibonacci retracement level of $466.755 is possible. A break below this support will shift the advantage in favor of the bears. On the other hand, a strong rebound off the current level or the support at $466.755 will suggest demand at lower levels, and that could keep the ETH/USD pair range-bound for a few days. XRP/USD After the long wick on the Nov. 24 candlestick, XRP formed an inside day candlestick pattern on Nov. 25 that closed in the red. This showed that the bulls were booking profits after the sharp rally of the past few days. XRP/USDT daily chart. Source: TradingViewThe XRP/USD pair plunged to the 61.8% Fibonacci retracement level of $0.438968 on Nov. 26, but the long tail on the candlestick shows buying at lower levels. However, the bears are unlikely to give up their advantage. They are selling on rallies and the pair has formed a Doji candlestick pattern today. This suggests that the pair could consolidate in a range for a few days before the next trending move. BCH/USD Bitcoin Cash (BCH) nosedived on Nov. 25 and 26 and completed a 100% retracement of the latest leg of the uptrend that had started on Nov. 20. BCH/USD daily chart. Source: TradingViewAlthough the bulls purchased the dip on Nov. 26, the price turned down from the 20-day EMA ($277) today. This suggests that the sentiment has changed from buy on dips to sell on rallies. The bears will now try to sink the price below the $231 support. If that happens, the BCH/USD pair could drop to $200. Conversely, if the bulls push the price above $280, the pair may rise to $300. LINK/USD The bulls could not flip $13.28, the neckline of the inverse head-and-shoulders pattern, into support on Nov. 26. This attracted further selling, and Chainlink's LINK plummeted below the moving averages. LINK/USDT daily chart. Source: TradingViewThe bulls are currently attempting to defend the 50-day SMA, but the weak rebound off it suggests a lack of urgency to buy, even at these levels. If the bulls fail to push the price back above $13.28 within the next few days, the bears will try to drag the price down to $10. A break below this support could shift the advantage in favor of the bears. Contrary to this assumption, if the bulls push and sustain the price above $13.28, it will suggest that the sentiment remains bullish. LTC/USD Litecoin (LTC) formed a Doji candlestick pattern on Nov. 24, and that was followed by a sharp drop on Nov. 25. This suggested aggressive profit-booking by the bulls and selling by the bears. LTC/USDT daily chart. Source: TradingViewThe failure of the LTC/USD pair to rebound off the 38.2% Fibonacci retracement level of $75.943, or the 20-day EMA ($73), shows that the bulls are not buying on dips. Although the pair rebounded off the 61.8% Fibonacci retracement level of $64.8317 on Nov. 26, the bulls could not push the price above the 20-day EMA. If the price breaks below $64, a drop to the 50-day SMA ($60) is possible. Conversely, if the bulls can push the price above the 20-day EMA, it will point to a possible range-bound action for a few days. ADA/USD Cardano's ADA formed a dark cloud cover candlestick pattern on Nov. 25, which indicates a bearish reversal. This was followed by further selling from the aggressive bears and covering of long positions by the trapped bulls. ADA/USDT daily chart. Source: TradingViewThe ADA/USD pair plunged on Nov. 26 and dipped below the 20-day EMA ($0.126), but the long tail on the candlestick shows buying at lower levels. However, the buyers have not been able to sustain the bullish momentum, as the bears are selling even on minor rallies. If the bears can sink the price below the 20-day EMA, the pair could drop to $0.1142241. On the contrary, if the pair again rebounds off the 20-day EMA, it could rise to $0.155, then consolidate in a range for a few days before starting the next trending move. DOT/USD The bulls could not sustain the breakout above $5.5899, and Polkadot's DOT plunged back below this level on Nov. 25. This trapped the aggressive bulls who may have been forced to cover their positions in a hurry. DOT/USDT daily chart. Source: TradingViewDue to this, and the aggressive selling by the bears, the DOT/USD pair plummeted below the 20-day EMA ($4.91) on Nov. 26. The failure to defend this support is a negative sign and suggests that the bulls are not buying the dips anymore. There was a bounce off the 50-day SMA ($4.46), but the bulls are finding it difficult to sustain the price above the 20-day EMA. If the bears sink the price below the 50-day SMA, the pair could drop to $3.80, then to the critical support at $3.5321. The flattish moving averages and the RSI just below the midpoint suggest that the pair could remain range-bound for a few more days. XLM/USD Stellar Lumens (XLM) formed a Doji candlestick pattern on Nov. 25 that had a long wick. This suggests aggressive selling by the bears at higher levels. The bears continued their selling on the next day, and the altcoin plunged to $0.145377, just above the 61.8% Fibonacci retracement level of $0.140209. XLM/USDT daily chart. Source: TradingViewThe bulls purchased the dip on Nov. 26 and are currently attempting to resume the uptrend. However, the higher levels are again likely to attract selling. After the large trending moves of the past few days, the volatility is likely to reduce, and the XLM/USD pair could consolidate in a range for a few days. This view will be invalidated if the bears sink the price below the 20-day EMA ($0.122) or the bulls propel the price above $0.231655. BNB/USD The bulls could not sustain Binance Coin (BNB) above $33.3888 on Nov. 25, and the price dipped back below the $32 support. This could have trapped several bulls who had purchased on the breakout above the $32–to–$33.3888 zone. BNB/USDT daily chart. Source: TradingViewAggressive selling by the bears and liquidation by the bulls on Nov. 26 pulled the price down to $26.35, just above the critical support at $25.6652. If the bears sink the price below this support, the BNB/USD pair could plummet to $19. However, the crisscrossing moving averages and the RSI in the negative territory do not suggest a clear advantage either to the bulls or the bears. Therefore, if the price rebounds off $25.6652, the pair may remain range-bound for a few more days. 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.
  15. This entire article is Saifedean’s fault. Saifedean Ammous, author of “The Bitcoin Standard,” kept heaping steak tartare onto my plate at a Bitcoin meetup back in August 2018, in between jokes about liberal plebs. As the youngest woman in the room, per usual, I wanted acceptance from the Bitcoin clan. Despite nearly a decade of (fickle) vegetarianism, I accepted the author’s meat offerings in exchange for an off-the-record interview. I torpedoed questions his way between bites. Ammous told me last week, via direct message, that he couldn’t remember if that was his first public steak dinner. But there would be many that followed. Long before he became a bitcoiner, Ammous was a carnivore. “I was, independently, into low-carb keto,” he said, referring to ketogenic diets. “These two things started to merge together more and more as people who were interested in Austrian economics became interested in meat and good food.” Over the past decade, bitcoin-themed steak dinners have become a global ritual, hosted by communities from San Francisco to Tokyo. It was the Kraken exchange’s Bitcoin evangelist Pierre Rochard who organized most of Ammous’ steak-and-bitcoin dinners in New York, inviting friends from the Socratic Seminar meetup. This was all pre-COVID, of course. (These days, there are a few outdoor gatherings at beaches and parks.) “I was traveling to the U.S. and Pierre told me to stop by in New York and he’d organize a dinner for me. Then 70 people showed up,” Ammous said. “After that, everyone on Twitter was constantly asking, and demanding, their own steak dinner in their own hometown.” Becoming a Bitcoin-carnivore evangelist Since then, Ammous organized Bitcoin-themed dinners in more than a dozen cities, including Hong Kong, Amman, Beirut, London, Madrid and Milan. Meanwhile, hundreds of Bitcoin fans routinely post meaty food porn via Twitter and Telegram groups like “Citadel Chefs.” Like Ammous, they often profess they naturally found this a hobbyist combination, rather than following a demographic trend. As Crypto Twitter icon @cryptomedici wrote: “I don’t follow the chad lifestyle, the chad lifestyle follows me.” Ammous is among the most famous carnivore evangelists tweeting hot pics of fatty steaks, his version of thirst traps. In fact, the prolific economist penned a manifesto for grilling steak to “beat fiat food,” equating empty carb calories with inflationary government-issued money. The (tongue-in-cheek) narrative says bitcoiners like Ammous will simply avoid the impending collapse of Western civilization by re-inventing feudalism, as lords of private “citadel” meat-lockers paid for with the world’s “hardest” money. Loving meat is a part of some bitcoiners’ shtick, along with hating journalists and socialism. Memes and jokes abound comparing “Soy Boy” or vegan token fans to hyper-masculine bitcoiners. “It’s very masculine to grill. In the Wild West, the cowboys are always seen having this massive steak,” nutritionist Lorraine Kearney said in a phone interview. “Especially if they’re trying to lift weights and bulk up, it’s always about eating more protein.” Back in 2018, I told Ammous I’d try carnivory, if only to gloat when my body didn’t magically transform into a lean, mean hodling machine. To my great dismay, two weeks of a 90% meat diet left me feeling stronger, more energetic and less emotionally volatile than I’d ever been. By the third week I stopped craving sweets and my doctor noticed a significant improvement in my health, compared to my last annual physical. As it turns out, I’m hardly the first liberal woman to fall in love with both bitcoin and grilled flesh. To the contrary, author Amber O’Hearn was one of the most influential authors in the early days of crypto-carnivory. She’s been writing about her keto diet experiments for nearly a decade. “I’m off all medications,” O’Hearn said, describing how this diet helped after her bipolar diagnosis. “I’ve never had symptoms of the mood disorder again.” Read more: The Bitcoiners Who Live ‘Permanently Not There’ Like any crypto trend, believers can seem quite fanatic. Zcash co-founder Zooko Wilcox even tweeted that keto diets can help treat cancer. (Wilcox and O’Hearn were once married, but have since continued their meat evangelism separately.) On the other hand, Kearney said high amounts of fat can contribute to issues like heart disease. Bitcoin-carnivores often dismiss this warning as “fake news” by the media-fiat-food-industrial complex, hell-bent on brainwashing the masses. Of course, every citadel-dwelling hero needs a “mainstream elite” villain to foil his own righteousness. However, the reality of carnivore diets may be more nuanced. Plant-eaters clap back Kearney agreed with O’Hearn, broadly speaking, that high-protein diets can be very healthy and every person’s body is different. The nutritionist said she’s known clients who feel amazing after years of only eating animal protein, while others prefer low-carb diets with diverse plants. She added that grass-fed meat has many more nutrients, so results may depend on the quality of the ingredients. “The carnivore diet has been around for a number of years. But the research will take a decade, if not longer, to provide the benefits of such diets,” Kearney said. “When people remove inflammatory, highly processed foods and introduce a more natural diet, like with meat, they’ll see results like a decrease in weight gain and bloating, less fatigue and better gut health.” There may also be some truth to the bitcoiner mantra that established norms were based on inaccurate science. Kearney said the past four decades saw a “massive shift” among nutritionists. “Some of the products they used to recommend were processed foods … it was all about restricting calories,” Kearney said. “Now it’s more about focusing on balance and understanding the psychological aspects as well.” Read more: They Biked, Ran and Swam Over 200 Miles Across Europe – All for Bitcoin There are also plenty of vegan bitcoiners, from Bitcoin Core developer Matt Corrallo to Lightning Labs CEO Elizabeth Stark. “Bitcoin doesn’t care what you eat,” Stark said in a direct message. The steak-loving author of “Bitcoin: Sovereignty Through Mathematics,” Knut Svanholm, agreed with Stark. “I believe that we should probably leave diets out of any Bitcoin discussion,” Svanholm said. “It tends to be a bit silly and people are semi-religious when it comes to food preferences.” Thanksgiving feasts Meanwhile, Wilcox and O’Hearn are among many bitcoin aficionados who ate a predominately meat dinner for Thanksgiving 2020. “I like fatty steak, roast beef, ground beef and bacon more than turkey. And that’s even more true on Thanksgiving, which is a celebration of plentitude and togetherness,” Wilcox said in a direct message. For a festive twist on the holiday classics, O’Hearn combined turkey with a keto-friendly stuffing. “Sausage stuffing with ground pork and pork rinds, to help absorb the fat the way bread does in a stuffing,” O’Hearn said over the phone, describing the menu. “I also eat eggs and dairy without having too much of a problem. So for holidays I might have eggnog.” It was O’Hearn who convinced me that bitcoiners’ meat fetish isn’t primarily the result of loud men’s testosterone-induced, Freudian fixations. “There are these ideals about what a woman ‘should be’ that dissuade women from taking pleasure in their bodies and being physical. Meat is connected to that,” O’Hearn said, contradicting the diet’s stereotype. “Meat is sexy and carnal … plus, one of my primary roles as a mother is to nourish my children, inside my body, next through breast-feeding and then preparing their food and nutrients.” Read more: Gender and Income: Binance US and Stellar CEOs Debunk Myths for International Women’s Day Like so many bitcoiners who ate Thanksgiving dinner with their families, O’Hearn said she was grateful for her healthy family. As for myself, I ate plenty of plants this holiday, despite knowing lean protein makes me feel better than pecan pie. Rather than travel to family, I joined an outdoor gathering of bitcoiners for turkey, my first friendsgiving as part of the clan. I no longer felt like an outsider, nor was I the sole young woman. But I did bring my own rosé, because we all know the bitcoin cowboys will only bring beer and whiskey. It may be precisely because of our differences, instead of despite them, that we were so grateful to gather with diverse friends contributing, in our own ways, to the first open-source, digital money. Especially during the pandemic, we’re thankful to be a part of an economic shift that just might manage to outlive our BBQ-slathered grills and little stone castles.
  16. Since its launch approximately 12 years ago, Bitcoin (BTC) has seen a number of bull and bear cycles, each greater than the last. What drives these cycles, however? Decred co-founder Jake Yocom-Piatt has claimed that the answer lies within the human brain. “Bitcoin’s bull and bear cycles are functions of generic human psychology, attention spans, and its deterministic and diminishing issuance,” Yocom-Piatt told Cointelegraph. Over the years, various parties have argued different cases for Bitcoin’s cycles, including PlanB’s stock-to-flow model, which projects future Bitcoin prices based on its programmed halving events every four years. Bitcoin is unlike any asset before it. Its programmed finite supply and ease of movement allow for borderless value storage. One might wonder, though, whether Bitcoin’s nature as a programmed asset dictates its price cycles on some level, especially since its mining reward cuts in half every four years, essentially putting fewer Bitcoin on the market each time a block is mined. Its ultimate 21 million supply cap may also factor into the equation. “The rate of supply of Bitcoin is constantly shrinking as a percentage of the total circulation, with the addition of a substantial supply shock every halvening,” Yocom-Piatt explained. Bitcoin recently flirted with its 2017 all-time high near $20,000, receiving its fair share of mainstream media coverage in the process.
  17. Bitcoin has been struggling to hold above $17,000, despite this being an important price level for the cryptocurrency Where it trends next will depend largely on whether or not bulls can continue building support at this level So far, each dip below it has been met with intense buy-side support that has allowed it to ascend Where it trends next will likely depend largely on its imminent price action It is important to note that this recent selloff resulted in nearly $1 billion in open interest being wiped out This may make the cryptocurrency fundamentally healthier in the days, weeks, and months ahead Bitcoin and the rest of the crypto market have been facing their first sustained pullback in the time following BTC’s rally up towards its all-time highs. The rejection right below these highs, coupled with fear stemming from Treasury Secretary Steve Mnuchin’s comments regarding a new wave of crypto regulations, have both hampered its price action. Bears are taking increasing control over its price action, and where it trends in the near-term may depend largely on how bulls continue responding to the $17,000 level. Bitcoin Descends Below $17,000 as Bulls Struggle to Find Support At the time of writing, Bitcoin is trading down just over 2% at its current price of $16,850. This marks a notable decline from the cryptocurrency’s recent $17,600 highs set a handful of days ago. Where the entire market trends in the mid-term may depend largely on whether or not it remains below $17,000 for an extended period of time. This level has been strong support throughout the past 24-hours, but the buying pressure here appears to be dissolving. A sustained bout of trading here could result in the entire market seeing some massive near-term downside. BTC Sees Massive OI Cleansing During Course of Recent Drop Throughout the course of the ongoing decline, Bitcoin has seen a massive decline in open interest within the derivatives and futures market. In aggregate, $1 billion in OI was wiped out as a result of this move lower. It also led to record trading volume and $1.5 billion in long positions for all tokens being liquidated – trends that one analytics platform spoke about in a recent tweet: Image Courtesy of Coinalyze. This could ultimately help the crypto see more sustainable growth in the future, as high OI can often lead to immense turbulence in both directions. Featured image from Unsplash. Pricing data from TradingView.
  18. Биткоин продолжает завоевывать сердца своих самых суровых своих критиков из мира традиционных финансов. Последнее проявление этой тенденции — непривычно бычье настроение издания Bloomberg, которое признало, что новое ралли совсем не похоже на то, которое было в 2017 году. 27 ноября в Bloomberg была опубликована статья под воинственным заголовком «Биткоин наносит ответный удар с новой силой, скоростью и миллионами пользователей». Известное своим пессимизмом в отношении криптовалют издание выделило несколько факторов, указывающих на бычье будущее биткоина — и это несмотря на обвал цены в четверг на целых $3000. В основу этого оптимизма были положены рекордно высокий уровень открытых позиция по фьючерсам на биткоин, рост количества кошельков и хешрейта, а также отсутствие корреляции между биткоином и другими макроэкономическими активами. Статья начинается со слов: «Просто посмотрите на рыночные показатели и растущее влияние на Уолл-Стрит крупнейшей в мире цифровой валюты». Bloomberg ссылается на мнение тех криптоэнтузиастов, которые отвергают саму мысль о том, что текущий рост цены может оказаться еще одним пузырем. Среди них оказался, например, Мати Гринспен (Mati Greenspan). «Теперь все по-другому», — заметил он. Мати ГринспенВ пятницу во время интервью Bloomberg TV Антони Тренчев (Antoni Trenchev), генеральный директор крупнейшего в мире криптовалютного кредитора Nexo, предсказал, что биткоин достигнет нового исторического максимума к концу 2020 года. Он заявил: Bloomberg относит к бычьим сигналам открытые позиции по биткоин-фьючерсам. Источник: BloombergСтатья никак не критикует биткоин, что воспринимается уже вполне естественно на фоне его растущего признания как актива, достойного внимания и розничных, и институциональных инвесторов. В определенный степени позитивный имидж биткоина связан, тем, что после обвала в марте он продемонстрировал восьмимесячное ралли, в течение которого последовательно опережал другие макроэкономические активы. Даже после недавнего падения ниже $17 000 доходность биткоина на сегодняшний день составляет 135% против 19% у золота и 12% для S&P 500, согласно данным аналитического ресурса Skew. Главный аналитик Bloomberg Intelligence Майк Макглоун (Mike McGlone), который ранее не был замечен в бычьем настроении по поводу биткоина, выразил мнение, что институциональные инвесторы будут продолжать накапливать криптовалюту. «Является ли биткоин заменой золоту? Фьючерсы и движение средств говорят ’Да‘ — рост открытых позиций по фьючерсам и приток инвесторов в биткоин при одновременном снижении этих же показателей у золота указывают на то, что из-за роста цены криптовалюта получает конкурентное преимущество», — написал он в твиттере. ▼ Самые интересные и важные новости на нашем канале в Telegram
  19. Editor’s note As many of you were certainly following in real time, a bull market gave way to a bloodbath yesterday, which happened to be Thanksgiving in the United States. Personally, I’ve never thought that Bitcoin’s (BTC) price was any sort of proof of its value proposition, but for many, its retreat yesterday certainly dashed many a planned gloat to family members more receptive to massive gains than concepts like censorship resistance. But obviously, volatility is part of the game with cryptocurrencies. One of the more prominent solutions to this problem has been the rise of stablecoins, especially following the market’s swan dive at the beginning of 2018. Stablecoins typically derive their value from fiat reserves held at banks or — in the case of, say, Paxos Gold (PAGX) — in vaults. For the crypto faithful, those pegs obviously pose a centralization concern, not to mention the indignity of depending on fiat currencies like the U.S. dollar. But for the average user — most of whose bills and expenses are still denominated in dollars, or euros, or yuan — stability is what they are looking for. Stability is actually a lot of what the mandate for currency consists of. (Aside: Look how many prepositions I can end sentences with). At the same time, the regulatory mechanisms for ensuring stability in tokens are still in development. It was only this year that federal banks in the United States got clear authorization to house reserves for stablecoins. Many such coins remain unaccountable. But ultimately, the recent surge in interest in central bank digital currencies, or CBDCs, comes from an interest in replicating the effectiveness of such tokens. T minus two months on Facebook’s Libra, kinda Among developments that drew global attention to stablecoins was Facebook announcing that it was launching one back in June 2019. While regulators dismantled the original vision, it looks like the less ambitious dollar-pegged version will be launching in January. Casting back, the original white paper for Libra laid out a vision of a global stablecoin tied to the value of a “basket of currencies,” similar in principle to the Special Drawing Right. This was one of many, many problems that regulators had with the token. The basket of currencies in question was alterable, fundamentally putting the value of the Libra token in the hands of the governing Libra Association and, per legal thought at the time, ensuring that it was a security rather than a proper currency. Perhaps more important was the simple fact that Facebook was behind it. In the U.S., the social media giant and one-time wunderkind leader Mark Zuckerberg have seen their names turn to mud, especially following the 2016 election. Despite the intricate arrangement of the Libra Association, which would theoretically have 100 members voting as equals, regulators fundamentally saw it as Facebook’s project. What especially terrified governments was that Facebook’s user base is larger than the population of any sovereign nation on earth, and the platform had already proved vulnerable to extremist groups and human traffickers looking to connect. They hardly seemed ready to handle money itself. Unlike Satoshi Nakamoto, Congress knew exactly how to find Zuckerberg and make him answer for the proposed creation. Facebook beat a hasty retreat from its original vision. Libra has seemingly been stuck in limbo ever since, periodically announcing a new hire from the legal teams of the U.S. Treasury and especially its money laundering control offices. So, while the news that Facebook is, pending FINMA approval, going to launch anything is big, the version of Libra currently on the table hardly seems the promised revolution. U.S. intelligence is on the watch for China’s CBDC Recent reports have it that major figures in U.S. intelligence are on guard for China’s ongoing work to digitize its yuan. To be fair, this is almost certainly not new. But the level of figures in play is, as is the fact that the director of national intelligence is actually trying to get Jay Clayton, of financial regulator the Securities and Exchange Commission, to ease up on the crypto market in order to keep U.S. development competitive. As I mentioned in the original story, the concerns over China’s digital currency are two-fold. On one level, there is the assumption that a digital yuan would become a valuable tool of surveillance for the Chinese Communist Party, which is hardly above using any and all available tools to monitor its own citizens. Access to data on money use by a potentially global base of transactions in 2020 is arguably analogous to the secrets of nuclear detonation in 1945. The second level is just the acknowledgment that the U.S. gets a hell of a lot of mileage out of the privileged place that the dollar occupies, which is not a given. It’s a familiar refrain that China is the most real challenge to the status of sole superpower that the U.S. has held since the USSR toppled. That’s happening in a whole spectrum of ways, but it’s been several generations since Americans have even had to think about the dollar. So, this is big. But then again, stones, glass houses, etc. The Bank for International Settlements is suggesting that banks implement data-gathering practices in their CBDCs, as that would be easier than monitoring independent stablecoins like Libra. Firstly, I would like to make sure I’m not establishing false equivalence: China’s surveillance of its citizens is dystopian and absolutely disgraceful. But it is ironic that so many of the criticisms of China’s potential CBDC are of its potential as a surveillance system, while the European Union and the U.S. still have not committed to resisting exactly the same temptation. Reservoirs of citizen data are attractive, even irresistible. In the words of the BIS, “Information is a central function of regulation.” It is with the best of declared intentions that governments plead the necessity of knowing increasing information. New technology — namely, machine learning and artificial intelligence — are making those reservoirs more usable than ever. But, like, the line of acceptable loss of privacy keeps creeping in only one direction. Further reads Lawyers for Dentons run down stablecoins and CBDCs and their associated legal issues. For Bloomberg Law, James Munson talks new investigations into crypto by Canada’s securities regulator. Bennett Cyphers details the data insecurity problem of Visa’s planned acquisition of Plaid, which the Justice Department is trying to stop from happening.
  20. The New York Times has published a critique of Coinbase’s internal diversity policies, with several former employees complaining of “racist or discriminatory” treatment. The report by journalist Nathaniel Popper, published Friday, is based on commentary from 23 current and former Coinbase employees. It paints the picture of a company that “has long struggled with its management of Black employees.” Coinbase, which became aware of a potential story during the fact-checking process, attempted to front-run the story Wednesday evening. The company emailed a statement to its employees and then published that email in a blog post, alerting the public to an imminent “negative story.” “Given that this story may be read by your friends, family and professional contacts, we wanted to give everyone a heads-up and provide some important context,” the statement reads. Notably, it expressed the company’s belief that the NYT’s report would “likely quote” three former Coinbase employees and one former contractor. This proved to be an underestimation. The NYT’s report details several incidences of allegedly discriminatory behavior, ranging from racial stereotyping to inadequate practices around the hiring and promotion of Black employees. The Times reports that at least 11 former employees contacted the human resources department or their managers about such incidents. Crypto, like the larger tech industry, has come under fire for a lack of diversity. In an opinion piece for CoinDesk titled “The Crypto Community Needs to Stand Up and Fight Racism,” Robert Greenfield, CEO of Emerging Impact, wrote, “The crypto community is conveniently selective about what aspects of society it wants to change.” “Most people of color working in tech know that there’s a diversity problem,” said one former Coinbase employee, Alysa Butler, in Popper’s article. “But I’ve never experienced anything like Coinbase.” Kim Milosevich, a Coinbase spokesperson, told the New York Times the company “does not tolerate racial, gender or any other forms of discrimination.” She is also quoted as saying, “All claims of discrimination are treated very seriously, investigated by both internal and third parties, and the appropriate action is taken.” Coinbase, an $8 billion exchange, made headlines in September after CEO Brian Armstrong published an open letter declaring Coinbase as an “apolitical” and “mission driven” company, with the understanding that social justice issues should not be discussed on company time or channels. Days later, the company offered a severance package for all employees who were uncomfortable with Armstrong’s mission statement. As of Oct. 14, 5% of Coinbase employees had left the firm. Coinbase is one of crypto’s most valuable and public exchanges. The company is reportedly exploring a public stock offering in 2021.
  21. Olsztyn, Poland is reportedly the first city in the world to leverage Ethereum’s blockchain to aid the provision of emergency services, offering yet another tangible use case for distributed ledger technology. Olsztyn has completed a successful trial run of SmartKey, a bridging technology that connects blockchain with physical assets, to aid in police, fire and ambulance services. SmartKey will reportedly enable rescue teams to perform their jobs more efficiently by connecting a smart contract to Teltonika smart devices that are used by local rescue teams. This connection enables emergency crews to enter any building in the city without having to track down a keyholder or wait for permission. Gustaw Marek Brzezin, the marshall of the Warmińsko-Mazurskie Voivodeship in which Olsztyn is located, issued the following statement: SmartKey believes blockchain technology can lay the groundwork for the development of smart cities. Although definitions vary, a smart city refers to any urban area that leverages emerging technologies and sensors to collect data, which can then be used to manage assets, resources and services more efficiently. As a paradigm, smart cities feed into other theories about sustainability and economic development. The Internet of Things, or IoT, could have major implications for future smart cities. Connected devices are thought to represent one of the biggest growth opportunities of the next decade. The World Economic Forum, for example, has identified IoT as an important pillar of “urban transformation,” especially after COVID-19. Several cryptocurrency projects operate in the IoT niche, the largest being Iota (MIOTA) with a market cap of $825 million. At least a dozen others have a market cap of $1 million or more.
  22. As some start to wonder about a post-Bretton Woods economic system, macro analyst Luke Gromen explains how that post-World War II system came to be. One of the most significant macroeconomic questions facing the world is what the future of the global reserve system, dominated for the last 80 years by the U.S. dollar, holds. Today’s episode is a replay of NLW’s epic conversation with macro analyst Luke Gromen from April 2020. In it, Luke discusses the entire history of that U.S. dollar system, including:
  23. В предыдущем анонсе мы рассказали о новинках функциональности Trustee Wallet, которые ждут вас 15-го декабря. Также в честь Большого обновления анонсировали подарок — $1000 в биткоине, который сможет забрать самый внимательный и шустрый зритель нашего YouTube канала. В этом выпуске мы поговорим о расширении возможностей покупки/продажи криптовалют с помощью банковских карт и их обмене. То, что кошелек для криптовалюты Trustee Wallet является самой простой точкой входа в мир криптовалют не знает только ленивый. Уже сегодня возможности Trustee во много раз превосходят функциональность подобных сервисов — кошельков. Зачастую последние имеют высокие лимиты и комиссии на покупку биткоина с карты, требуют предоставления множества информации или вообще верификации личности. Большое количество пользователей криптовалют отдают предпочтение обычным обменникам, тратят на поиски лучшего курса массу времени и сил. Мы пошли навстречу нашим пользователям, чтобы упростить этот процесс и интегрировали целый мониторинг обменных пунктов в приложение. Мониторинг обменных пунктов Благодаря новой системе, пользователям больше не нужно часами сидеть на разных сайтах в поисках лучшего курса обмена криптовалют — Trustee полностью автоматизирует этот процесс. Достаточно ввести только самую важную информацию — торговую пару и желаемую сумму. Специальный smart-алгоритм проанализирует все доступные предложения и предоставит пользователю только самые выгодные условия сделки. Вы сами вправе выбрать провайдера обмена, опираясь на свои требования — курс обмена, лимиты, уровень анонимности, скорость обмена и т. д. Все сделано в едином дизайне и упрощено до невозможного. Помимо покупки криптовалют с карты, Trustee повторяет этот же опыт и для продажи криптовалют, а также их обмена на другие монеты. К тому же с каждой операции пользователь получает кешбек — 10% от комиссии сервиса. Обзор функциональности Обменные провайдеры. Мониторинг Trustee объединил в себе самых выгодных провайдеров обмена на рынке. В первую очередь к выбору пользователя будут доступны такие провайдеры, как Kuna, 365 Cash, AnyCash, Шахта, Mercuryo. Список провайдеров будет пополнятся со временем. Платежные методы. Существенное расширение платежных методов позволить покупать/продавать биткоин и другие криптовалюты практически в любой стране. Помимо карт Украины, России, Беларуси и Казахстана теперь внедрена поддержка WorldWide карт. В приложение можно добавить неограниченное количество банковских карт любой страны. Направления обмена. Теперь к покупке и продаже с банковских карт будут доступны все монеты, что есть в кошельке. Вы сможете сами выбирать за какую валюту их приобрести. Помимо привычных UAH и RUB, теперь можно будет совершить операции с USD, EUR и т. д. Также добавлена возможность покупки криптовалют в приложении с выводом на другой адрес. Принцип работы. Мы максимально сократили все шаги пользователя — на выбор лучшего провайдера обмена и совершения операции по выгодному курсу потребуется всего минута. Вот последовательность простых действий для пользователя: Выбрать торговую пару и указать сумму обмена, после чего Smart-алгоритм предоставит список всех подходящих обменных пунктов; Выбрать наиболее выгодный для Вас обменный пункт из списка; Указать платежные реквизиты; Совершить оплату; Ожидать получения средств. Всего 5 простых шагов, которые сэкономят Вам массу времени и нервов. В следующих анонсах Держим интригу, но приоткрываем завесу — в следующих анонсах мы расскажем вам о: Уникальной технологии Trustee Booster Kit; Расширении функциональности биткоина в приложении. Следите за нашими анонсами и новостями, будем рады видеть вопросы и обсуждения в нашем Telegram чате! ▼ Партнерский материал.
  24. Crypto custodian Copper is looking to connect institutions to the emergent world of decentralized finance (DeFi) with a newly unveiled product. Announced Friday, CopperConnect is a bridge between Copper’s existing storage services and DeFi apps. In a press release for the new tool, Copper claims DeFi risks have been decreasing, making the speculative field more appealing to institutional clients. “In the past, the DeFi space was viewed as too volatile for many crypto funds. However, over recent months, the number of unaudited DeFi projects (i.e. projects where their smart contracts have not been security checked by third-party experts) have decreased, and fluctuations in value of DeFi markets have become less dramatic,” Copper said. However, decentralized money market Aave’s CEO, Stani Kulechov, said there has been “a significant increase in the number of institutions looking to deposit liquidity onto our project,” in the press release. No institutional client is named or quoted in the press release that may have expressed DeFi-curiosity to Copper. The startup did not respond to a CoinDesk request for comment by press time. Copper’s new financial plumbing provides a way to “comply with [institutions’] exacting risk management rules,” Kulechov continued. CopperConnect is an infrastructure system that provides security throughout the custody, transfer and lock-up process, as an asset makes its way to a DeFi smart contract. The Google Chrome application, or browser extension, reportedly works to connect Copper’s multi-party computation (MPC) custody system to both centralized exchanges and DeFi apps. When exiting a DeFi pool, assets can only be returned to the wallet from which they came, according to Copper. It is unclear whether the service is functional with all DeFi applications. Aave’s Kulechov said the system eliminates nearly all operational risks. Katrina Daminova, Copper’s head of product, suggested it also adds efficiency. In September, crypto firm Trustology revealed a “DeFi Firewall” to its suite of institutional investment tools, also meant to bridge the gap between traditional and decentralized finance. While, Curv, another crypto custodian, now provides institutions access to leading DeFi protocol Compound. In February, Copper raised $8 million in fresh capital with plans of expanding into new markets. “Since 2017, we have seen many crypto custody solutions emerge that don’t fully meet the needs of institutions,” Copper CEO Dmitry Tokarev said at the time. “Instead, they have built for an institutional framework that doesn’t exist yet, and is unlikely ever to, leaving institutions discouraged.”
  25. Стейблкоин Facebook Libra будет запущен в январе 2021 года, несмотря на регуляторные проблемы. Сначала Libra будет обеспечена только долларом США в соотношении 1:1. Согласно публикации Financial Times, стейблкоин Libra может быть запущен в начале следующего года. Издание ссылается на информацию анонимных источников - «трех человек, участвующих в инициативе». Стейблкоин будет привязан в соотношении 1:1 к доллару США. В прошлом сентябре Facebook представил официальный список валют, которые будут находиться в корзине, обеспечивающей Librа. Тогда предполагалось, что стейблкоин будет обеспечен долларом США, евро, йеной, фунтом и сингапурским долларом в разном соотношении. Однако в апреле Белая книга Libra была обновлена. Разработчики заявили, что стоимость базовой криптовалюты LBR будет рассчитываться на основе целой корзины стейблкойнов с разными долями для каждого. Первоначально планировалось выпустить LibraUSD, привязанный к американскому доллару, LibraEUR – к евро, LibraGBP – к британскому фунту и LibraSGD – к сингапурскому доллару. Но судя по всему, стейблкоин Libra сначала будет обеспечен только долларом США, до получения одобрения швейцарского финансового регулятора FINMA. Напомним, что прошлой осенью Libra Association подала заявку на лицензию на управление платежной системой швейцарскому финансовому регулятору. Расширенная версия Libra может быть запущена позже. Напомним, что впервые Facebook заявил о планах по выпуску стейблкоина в мае прошлого года. Тогда предполагалось, что криптовалюта GlobalCoin будет выпущена в 2020 году. Планы Facebook сразу столкнулись с негативной реакцией законодателей со всего мира, которые выразили обеспокоенность по поводу того, что стейблкоин может угрожать финансовой стабильности или способствовать отмыванию денег. Позднее Facebook помог сформировать Libra Association, сейчас в ней двадцать семь членов. Напомним, что в октябре издание Reuters получило доступ к документу, согласно которому министры финансов стран Большой семерки (G7) планируют не допустить стейблкоин Libra на рынок до введения «адекватного» регулирования.
  26. Recent rumors about U.S. regulation of private, self-hosted crypto wallets have some compelling context. For example, the proposal submitted last month by U.S. authorities to lower the anti-money laundering (AML) threshold for cross-border transactions (its consultation ends today, Friday), seems to support the hypothesis that outgoing Treasury Secretary Steven Mnuchin is rapidly making more rules around crypto. The Financial Crimes Enforcement Network (FinCEN) and the Federal Reserve’s rule change proposal would reduce the threshold from $3,000 to $250 for AML compliance for any transfers – in crypto or fiat – that go outside the U.S. Concerns over user privacy in relation to that proposed change are nothing compared to the outright fear created by Coinbase CEO Brian Armstrong’s tweets about the threat to self-custodied wallets, a central tenet of crypto. Shortened response period It’s worth pointing out that the Notice of Proposed Rulemaking for the $250 threshold was given just a 30-day response period, when normally the industry would be granted 60 or 90 days. Another interesting rumor is that these stronger rule changes are coming directly from political appointees, rather than long-term career people at FinCEN or on the policy side. “Many of the people at FinCEN are career people who are going to be at FinCEN 10 years from now, and they have a slow and steady process that works really well for them,” said Justin Newton, CEO of Netki, a technical solution for crypto AML compliance. “Mnuchin has until January 20, to get done the things he wants to get done.” Read more: Coinbase CEO: Trump Administration May ‘Rush Out’ Burdensome Crypto Wallet Rules This is borne out by the brisk 30-day period for response to the recent Travel Rule change, said Newton, which “could be because they’re trying to get this done before Mnuchin leaves.” Another Travel Rule solution builder, Joseph Weinberg, co-founder of the Shyft Network, said the industry and its various regulators are in an “educational phase” and considerations around unhosted wallets should be carefully measured. “It would surprise me if something came out really quickly,” Weinberg said. “A big knee-jerk reaction isn’t something that should happen because people are realizing that if we work together we can solve these problems. There are different ways of approaching this than just throwing a 1980s version of SWIFT at crypto to figure out in a year.” Self-hosted crypto wallets It’s important to be clear about what regulators likely mean when they talk about unhosted or self-hosted wallets and how that relates to the global recommendations of the Financial Action Task Force (FATF). This involves creating a compliance bridge between wallets hosted by a virtual asset service provider (VASP) and an unhosted or private wallet. (Technically speaking this is not the same as the Travel Rule, where there are VASPs at either end of the transaction.) Read more: Why FinCEN Wants Details on All Cross-Border Transactions Over $250 Adding a due diligence requirement around unhosted wallets is in some way equivalent to sanctions screening in the traditional financial world, said Netki’s Newton. “It doesn’t matter if the other end of a transaction is a bank, a VASP, the corner store or Uncle Bob, sanctions apply to every transaction that occurs,” he said. Another point to note is that the U.S., were it to enact some self-hosted wallet regulation, would not be the first country to do so. In Switzerland, the Financial Market Supervisory Authority (FINMA) introduced guidelines in January 2020 requiring exchanges to implement travel rule requirements on transactions over $1,000 and where the ownership of non-custodial wallets must be proven. Right fit for FATF? The issue of private wallets has been at the forefront of the FATF agenda this year, with substantial liaison with the private sector through its Virtual Asset Contact Group (VACG), said Malcolm Wright, advisory council chair at industry trade group Global Digital Finance. Meanwhile, the U.S. has long been an early adopter of cryptocurrency legislation which has provided foundational steps for the maturity of the industry, he said. “If the rumors Brian Armstrong has flagged are true, we would hope that the administration will engage with industry, as the FATF has done through the VACG to ensure the impact and shape of any proposals are right-fit rather than preventative for responsible innovators,” Wright said. Read more: All Global Crypto Exchanges Must Now Share Customer Data, FATF Rules Certain sections of the 12-month review provided by FATF this summer (paragraphs 53 and 54) hinted at the path ahead regarding unhosted wallets. In addition, the Financial Service Agency of Japan (JFSA) who is leading the FATF working group on virtual assets has discussed the issue of lack of identity information on non-custodial wallets, said Dave Jevans, CEO of blockchain analytics firm CipherTrace. CipherTrace has been meeting with FinCEN, Treasury and FATF since 2019 on the virtual asset recommendations, and travel rule in particular, Jevans said. “There has been chatter about this over the last 2 weeks,” he said. “Our view is that forcing a ‘Swiss+’ model is a bad idea. This is where VASPs cannot send or receive funds from non-custodial wallets without some form of KYC declaration. This makes it more difficult for people to manage their own money, and to send money to businesses or family. It is a shortsighted move that will not stop criminals, since they will simply use layering techniques to get around these controls.” Banning crypto Summing up, Siân Jones, a partner at XReg Consulting and the driving force behind a FATF-compliant messaging standard for crypto, said the rumored U.S. regulations were “entirely plausible.” “The U.S. is the most vociferous around the FATF table,” said Jones. “Much of the rules are driven by the U.S., which has been pushing hard for a fairly strict regime. The policymakers there, largely the same people, are also pushing for this kind of thing. They still say, ‘if we’re not satisfied with this, we can ban it.’ And they’re the only country really that talks in those terms.” Jones pointed to the linguistic nuance, whereby FATF refers to “unhosted wallets,” while everybody in the industry refers to them as “self-hosted wallets.” “I think that itself is quite a revealing point,” Jones said. “To the policymakers, they see this as unhosted, uncontrolled, and stuff that is unregulated; that’s where the ‘un’ comes from. People in the industry see this as some self-possession thing, and therefore very different.” The Treasury Department did not return requests for comment by press time. A FATF representative said it does not comment on rumors. Disclosure
  27. The deputy chairwoman of the Bank of Russia, Olga Skorobogatova, met with representatives of several major banks Thursday, seeking early feedback on the concept of a digital ruble. According to Russian newspaper Kommersant, the bankers were chiefly concerned over how centralized the digital currency system, currently under consideration, might be if launched. The event included representatives from institutions such as Sberbank, VTB and Gazprombank, as well as e-payment firm Qiwi. Russian Standard Bank Chairman Alexander Samokhvalov, also at the meeting, told Kommersant that the commercial banks would support a scenario in which they would serve as intermediaries, but not one where the Bank of Russia maintains all the individual digital ruble accounts itself. The latter offers “no room” for commercial banks and could cause a bank run, Samokhvalov said. Another participant told the newspaper anonymously that banks want more clarity on whether the digital ruble is planned as an alternative to paper cash or the current electronic payment system. They said banks “don’t take seriously” the idea that the digital ruble would be a third form of domestic currency, as the Bank of Russia has said in a report. The meeting took place at the Fintech Association, a consortium of Russian banks and payment operators which, among other things, is developing the Masterchain blockchain platform. The Bank of Russia is planning to hold a series of such meetings, including a discussion in the Russian parliament, RBK news agency reported. The central bank issued its report in October, outlining the possible scenarios for launching its a national digital currency. Later, Chairwoman Elvira Nabiullina said that she views the idea as “promising” and the digital ruble, if seen favorably by the market, might be piloted at the end of 2021. The decision on whether the project will be launched hasn’t yet been made, with the Bank of Russia now in the information-gathering phase.
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