Market Wrap: Bitcoin Flat at $15.3K; Crypto Locked in DeFi at All-Time High – BTC Ethereum Crypto Currency Blog

CoinDesk 20 Bitcoin Price Index

Market Wrap: Bitcoin Flat at $15.3K; Crypto Locked in DeFi at All-Time High

Bitcoin is sideways Tuesday, with little price action. However, traders seem to be jumping into decentralized finance to maximize their crypto yield.

  • Bitcoin (BTC) trading around $15,345 as of 21:00 UTC (4 p.m. ET). Slipping 0.30% over the previous 24 hours.
  • Bitcoin’s 24-hour range: $15,092-$15,471.
  • BTC close to its 10-day and 50-day moving averages, a flat or sideways signal for market technicians.
btcnov10
Bitcoin trading on Bitstamp since Nov. 8.
Source: TradingView

Bitcoin’s price was flat Tuesday, sticking to a $15,000-$15,400 range and at $15,345 as of press time. It was a bit of a respite after Monday’s $1,000 price move in a span of hours

Funding rates have ticked up on major derivatives venues, a sign more traders are looking for long leverage.

“It is likely that the sharp bounces in BTC price yesterday and on Saturday were retail led – with the perpetual swap funding spiking for the first time since September,” quantitative trading firm QCP Capital wrote in its Tuesday investor note. “One reason for the overall strength and stickiness of the rally in the last two months has been the absence of retail over-leverage, as evidenced by the flat funding up till now.”

skew_btc_perpetual_swaps_funding-12
Bitcoin perpetual swaps funding the past three months.
Source: Skew

Mostafa Al-Mashita, executive vice president of trading for Global Digital Assets, is keeping an eye on bitcoin’s correlation with the S&P 500 index as a way to gauge fundamental market news affecting the crypto market. 

“We saw positive momentum from the Pfizer announcement, with a loss of S&P 500 correlation to bitcoin price action,” Al-Mashita said. “Support will be established over the next couple of days before rebounding to continue the bullish trend.” 

After a slight dip last week, bitcoin’s correlation to the key U.S. index cropped back up on Monday.

Shuai Hao/CoinDesk Research
Bitcoin’s 90-day correlation to the S&P 500.
Source: Shuai Hao/CoinDesk Research

“The last month has been extremely bullish for digital assets,” said Brian Mosoff, chief executive officer of investment firm Ether Capital. “Various institutions are committing to new products and R&D and giving a new set of investors more comfort that the space is maturing.” 

Year to date, bitcoin has more than doubled and over the past month, the world’s oldest cryptocurrency is up over 35%.

btcpastmonthnov10
Spot bitcoin trading on Bitstamp the past month and percentage gain.
Source: TradingView

With the sideways price performance Tuesday, a number of traders appear to be moving crypto into decentralized finance, or DeFi, for yield-generating opportunities. According to DeFi Pulse, 168,111 BTC, worth $2.5 billion as of press time, is generating yield in various Ethereum-based protocols.

Total bitcoin locked in DeFI the past three months.
Total bitcoin locked in DeFI the past three months.
Source: DeFi Pulse

“BTC is digesting the recent confusing macro and political events and consolidating before its next move,” said Jean-Marc Bonnefous, managing partner of investment firm Tellurian Capital. “We are seeing the rotation from BTC to DeFi in full swing now, which is typical of traders redeploying capital to higher yielding assets.”

DeFi value locked at a high

Ether (ETH), the second-largest cryptocurrency by market capitalization, was up Tuesday trading around $450 and climbing 0.70% in 24 hours as of 21:00 UTC (4:00 p.m. ET).

The amount of cryptocurrency “locked” or held in Ethereum-based DeFi protocols is at a record Tuesday. Over $12.8 billion is currently being held in DeFi, the highest it has ever been according to data aggregator DeFi Pulse.

lockeddefinov10
Total value locked (TVL) in DeFi the past three years.
Source: DeFi Pulse

Ether Capital’s Mosoff says many investors have profited from rising crypto prices and are looking to find additional gains in the DeFi market. 

“Total value locked in DeFi is hitting all-time highs likely due to the price increase across all crypto assets and the continued positive sentiment in the space alongside more certainty in the political arena,” Mosoff told CoinDesk.

Other markets

Digital assets on the CoinDesk 20 are mixed Tuesday. Notable losers as of 21:00 UTC (4:00 p.m. ET):

Notable losers:

Equities:

Commodities:

  • Oil was up 3.8%. Price per barrel of West Texas Intermediate crude: $41.34.
  • Gold was in the green 0.58% and at $1,872 as of press time.

Treasurys:

  • U.S. Treasury bond yields all climbed Tuesday. Yields, which move in the opposite direction as price, were up most on the two-year, bond jumping to 0.183 and in the green 3.4%.
https://www.coindesk.com/coindesk20
The CoinDesk 20: The Assets That Matter Most to the Market

https://www.coindesk.com/market-wrap-bitcoin-flat-defi-all-time-high

Original Article
Author: btcethereumadmin

Celsius Network CEO Alex Mashinsky is Moving From VoIP to MoIP

Alex Mashinsky, Celsius Network CEO

alex mashinsky headshot

You may not recognize the name, but Alex Mashinsky has most likely affected your life in some way, shape, or form without you knowing it. He brought cell service and free WiFi to the New York City subways, partnered with Gogo Inflight Internet to provide WiFi to US flights, and most notably, invented Voice over IP (VoIP).

Now, Alex is moving on from VoIP to MoIP (Money over IP) with his new blockchain startup, Celsius Network. Celsius is a membership-based, peer-to-peer lending platform in which you can take out reduced-rate loans putting up your crypto as collateral. On the other end, you receive five percent interest when loaning out your crypto through the platform.

In this interview, CoinCentral’s Steven Buchko chatted with Alex about his passion for non-profit services, the importance of women in blockchain, and the impending wave of decentralization.

Editor’s note: This article was originally published on July 25th, 2018. It has since been updated to reflect updates in the company’s progress and milestones.

The Interview

SB: Would you mind giving our readers the two-minute movie trailer of your life? How did you get started working on Celsius?

AM: I’m an immigrant. I was born in Ukraine and I grew up in Israel. I came to the U.S. 30 years ago and founded seven startups in which I’ve raised over a billion dollars in venture capital.

I built Arbinet, which was the first company to build Voice over IP (VoIP). I also wrote the original VoIP patents and protocols.

Now, we’re moving from Voice over IP to Money over IP. The Celsius Network is trying to disrupt the banks and global financial institutions.

We’re targeting what we take for granted in the United States, access to credit and interest income, and making it fungible across the planet so anybody can start a business. We take the American dream and make it available worldwide.

Throughout your career, you’ve taken on ventures to provide services that were once expensive for free to the public. For example, you were instrumental in bringing free WiFi to the New York City subway stations. Could you explain your motivation behind that?

My best friend died on September 11th. There were thousands of people stuck in the subways during the collapse of the towers, and many of them died. I wanted to make sure that never happens again.

If we had better communications, we would not have experienced this disaster in which no one knew what to do. Everyone stayed in their trains because that’s what they were instructed to do. It’s horrible.

The systems in New York, up until two years back, did not have any wireless communications. The minute you went down the steps, it wasn’t just the WiFi that was missing, your cell phone didn’t work either. There was no reception at all.

I went to the MTA [Metropolitan Transportation Authority] and pitched them for several years about putting wireless in the subways. Their response was always, “No, we don’t have to.” New York was one of the last cities in the world to get wireless in the subway stations. It took a long time, more than 11 years, to convince them to pull the project together and build it.

There were a lot of ups and downs, but we persevered and today, eight million people use it every day. I’m proud of that achievement. Just like I’m proud of VoIP, a free communication service that a billion people use every day.

You can do good and you can do well at the same time. This is something that’s important to me.

Speaking of doing well, you’ve had two out of the top ten largest exits in New York history. What do you contribute that success to and how are you using what you’ve learned with those two companies in order to build out Celsius in the best way possible?

Obviously, you need a good idea, you need funding, and you need to make less mistakes than your competitors.

But a lot of it also comes down to timing. If your timing is right, then you’ll become successful. If your timing is off, it doesn’t work so well.

One secret that I probably should talk more about is hiring more women than men. In all of these successful companies, I had more women than men. And, we’re continuing that with Celsius. Most of the team are women, and I’m proud of that.

It’s funny because our ICO (Initial Coin Offering) raised over $50 million. Yet, 95 percent of the participants were men because most of the blockchain communities are predominantly men.

top 10 NY exits

Alex Mashinsky has the 3rd and 7th largest company exits in New York history

We’re going to change the world but exclude half of the population? That’s just not going to happen. We need to represent the entire planet, not just half. Sometimes it’s the most obvious stuff that people don’t pay any attention to.

Women do their homework better than men, and they take their time. Really, the crypto community has not done anything to accommodate their needs. Unless you’re a video game player geek, it’s hard to understand what this is all about.

Part of Celsius’ mission in bringing the next hundred million people [into crypto] is to make sure that we represent and accommodate all the needs of the half of the population that may not be playing video games all day long.

I’ve heard you talk about it a few times now – 100 million people. Why that number?

When I built VoIP and showed it to AT&T, I was excited about 100 million people using it. It was a goal that we never thought we’d achieve. Now, over a billion people use it every day.

When the Internet was about 10 years old, it had just over 500 million users. Bitcoin was created 10 years ago, and it only has about 50 million users. We’re at 1/10th of the adoption rate that the Internet was 20 years ago.

Why is that? Why is there such a gap? The lack of women in the space, the complexity of opening a wallet, the cumbersome way in which you have to buy coins – those are all issues that we’re trying to address and make it easier and simpler for people to join the crypto revolution.

Tell me about Celsius in your own words. It’s a platform for peer-to-peer lending, but it seems like your vision is much bigger than that.

You can think of us like another version of Costco or your community bank. We represent the best interests of all of our members.

If you deposit coins with us, you can do two basic things today.

The first of which is getting a loan at a nine percent rate against your crypto. We don’t do a credit check. We’re don’t care about your history. It’s an asset-backed loan, so it should be a cheap loan.

At the same time, if you’re a coin holder and you don’t need the loan, you can earn interest on your coins. Out of the nine percent, we take five percent and give it back to the coin holders.

celsius interface

Celsius Network App

Those two things seem small, but they’re actually the foundation of any economy. In analyzing most economies, you look at the levels of saving and lending. One of the reasons the United States is the most powerful nation in the world is that half of all the credit in the world is issued here. People who come here have a much better opportunity to start and/or grow a business.

We believe that using blockchain to take this opportunity and make it available worldwide is something that is of great importance. Not just for the success of the crypto community, but also to bring the next five or six billion people on the planet into the middle class. That’s really our mission.

We don’t believe it’s going to happen with the traditional financial system because it’s all based on pyramids. The guys at the top of the pyramid are doing an excellent job making sure that the guys at the bottom of the pyramid don’t have a way to scale up.

When Satoshi Nakamoto created Bitcoin, it was all about replacing the current financial system with something new that is for the people, by the people. What we’re doing is an extension of that.

It’s an extension of what I did with VoIP, the largest distributed application on the Internet, as well. No one owns it, no one charges for it. It’s free, but it’s scalable, and it’s safe. Money over IP is a version of that.

During your presentation at The Next Web Conference, you talked about building circular companies instead of ones that are like pyramids. Can you explain that more?

This is war. This is not a little skirmish. Every day, I wake up, and I feel like a foot soldier representing the crypto community. This tsunami of a revolution is a wave of decentralization that is attacking hundreds and hundreds of years of centralization.

The pyramids are these giant monopolies that are a perfecting centralization. A bank, like JP Morgan, for example, is an expert at extracting value. They give you almost nothing for your money.

You can deposit millions with them. They’ll pay you one or one and a half percent per year. At the same time, they take that money, deploy it, and then brag about how much they make on your money and how little they give you for it.

These franchises are just the toll collector. Without your deposit, they’re worthless. If everybody withdrew their money from JP Morgan, the bank would be worth nothing. We’re empowering these monopolies, just like we empower Google and Facebook with all of our private information and Amazon with all of our transactions. But they’re all just toll collectors.

The decentralization wave is promising to replace all these toll collectors with something that is for the people, by the people.

If you look at Ethereum or Bitcoin, the creators of those projects created a lot of value even though those platforms are not for profit. They’ve generated zero revenue since they were created. But they’ve created a tremendous amount of value and almost none of that value went to the institutions or the guys at the top of the pyramid.

This is the first time in history that the average Joe with a mining node in his basement suddenly got in on the next big thing ahead of Goldman Sachs and ahead of JP Morgan. It’s a beautiful architecture, it’s a beautiful opportunity, and the community needs to continue to support the good ideas in the ecosystem.

When I came to this country 30 years ago, the gap between the average employee and the CEO was 10 to 20x. Now, it’s over 300x. It’s not like over 30 years, the CEO increased his IQ by 300x. It’s the fact that the pyramids are bigger and the ability of those pyramids to extract value has increased tremendously. They’re enabling the system to pay themselves much more.

We think that there’s no way to fix that – just like Satoshi realized there’s no way to fix the financial system. All those bubbles are going to burst in a tremendous fashion.

The only way to replace the pyramid is to create circular, flat organizations in which your value is determined by how much you contribute to society.

I saw that Forbes chose Celsius as number three on their top ten list of blockchain applications for 2018.

A lot of it has to do with our mission. Almost everybody else in this [crypto] community, unfortunately, is trying to build for profit.

We’re like, “Wait a second. Did you understand what Satoshi wrote? You should read the white paper again because you’re missing the point. You’re trying to build a pyramid inside a circle, and that’s not going to work too well.”

You talked a little bit earlier about the unbanked and the underserved populations around the world. Is that who you’re focusing on first for Celsius?

I would love to bring everybody in Africa or India or China and other places into the middle class overnight. But unfortunately, our system, like any other financial system, is based on the level of deposits.

Today, the economic activity of the bottom five billion people is just several hundred billion dollars. You cannot solve their problem by starting there. You have to start in the existing middle class, for example, the United States or Europe, and then use those platforms to leverage and provide access to everybody else.

We’ll provide the same nine percent rate to the farmer in Africa or the small business guy in Vietnam for whom the current cost of capital is anywhere between 18 and 25 percent – in some cases, over 30 percent.

Look at Africa, for example. A farmer pays over 30 percent to take loans against his crops so he can buy equipment or fertilizers to actually deliver that crop. All that could be done much more efficiently using cryptocurrencies.

Our launch is focused on the existing coin holders, which are primarily in the Western world. Then, we’ll expand that universe to people who already have assets and want to move some of their assets from dollar denomination to crypto denomination.

Finally, we’ll use that asset capital base to extend loans to the smaller guys who usually will be doing $100 or $200 capital loans.

I knew this was possible when I learned about some of the microlending NGOs (non-governmental organizations) including the guy who won the Nobel prize for running microlending in Asia. The default rate on microlending to people with no credit was lower than JP Morgan’s default rate on their credit cards.

It really tells you that 97 percent of the population are good people for whom their pride in their credibility is more important than anything else. They’ll do anything to work and return that loan.

If you marry the fact that most of us are born with good intentions with the fact that these cryptocurrencies are fungible and available across the planet, you can really do magic focusing on the community and not on profit optimization.

Is there anything else that you’d like our readers to know that we haven’t covered?

Look, this is all about the call to action. It may sound like I’m doing a commercial for Celsius, but the call to action for your readers is really about bringing people into the crypto community.

I don’t care if they open a Coinbase wallet or an Abra wallet or a Celsius wallet. The point is that they need to learn about this. They need to join, and they need to bring along their friends because the tide here lifts all boats.

If we don’t get more people involved, then this revolution is going to blow up because right now, unfortunately, we’ve run out of anarchists. We’ve run out of Libertarians and we’re running out of speculators.

The next wave of adoption that will take us from the early adopter phase into mass adoption cannot be based on speculators. It has to be based on people that need or want something like lending and borrowing. That’s why we chose this vertical. We think it is the killer app. Join us in this revolution and become foot soldiers for decentralization.

Thank You

Thank you, Alex, for taking the time to talk with us. We respect what you’re doing and are looking forward to the Celsius Network launch.

If you’re interested in learning more about the Celsius Network, you should check out the official website. The first version of the app is available on Android and iOS.

This article is Originally posted on CoinCentral.com
Author: Steven Buchko

Market Wrap: Bitcoin Fails to Break $15.9K; Over 50K ETH Staked on Eth 2.0 Contract – BTC Ethereum Crypto Currency Blog

CoinDesk 20 Bitcoin Price Index

Market Wrap: Bitcoin Fails to Break $15.9K; Over 50K ETH Staked on Eth 2.0 Contract

Bitcoin gained Wednesday while Ethereum 2.0 staking has been ramping up.

  • Bitcoin (BTC) trading around $15,694 as of 21:00 UTC (4 p.m. ET). Gaining 2.6% over the previous 24 hours.
  • Bitcoin’s 24-hour range: $15,293-$15,973
  • BTC above its 10-day and 50-day moving averages, a bullish signal for market technicians.
btcnov11
Bitcoin trading on Bitstamp since Nov. 9.
Source: TradingView

Bitcoin’s price was back on a bullish run Wednesday, heading as high as $15,973 around 18:00 UTC (2 p.m. ET) before slipping somewhat, at $15,694 as of press time. 

Constantin Kogan, managing partner at investment firm Wave Financial, sees an upside signal in the Power of Balance indicator, which uses opening, closing, high and low daily pricing to determine market movements. “The Power of Balance indicator signals in favor of an upward breakout, most likely a test of $16,000,” Kogan said. 

Analysts seem to have found a short-term price floor, the area where order books will trigger buying, pushing the price back above that level if it does go that low. 

“We’ve been ranging between $14,600 to $16,000 since Nov. 5. Bitcoin seems to have found a local floor at the $15,000 price,” Andrew Tu, an executive at quant trading firm Efficient Frontier, told CoinDesk.

David Lifchitz, chief investment officer of ExoAlpha, echoed a similar assessment. “In the very short term, we may see some consolidation of the bitcoin price around $15,000, which would be healthy after the last powerful breakout, before grinding higher toward $20,000.”

btcnovembernov11
Spot bitcoin trading on Bitstamp in November.
Source: TradingView

“As BTC consolidates and more bullish fundamental news comes out for both bitcoin, like [Stanley] Druckenmiller coming out as an investor in BTC, and the general market, like the [Pfizer coronavirus] vaccine, it may provide the risk-on impetus to break above resistance at $16,000,” Tu added. 

The market hailed the potential for coronavirus vaccinations being deployed over the next several months. That has pushed up global equities since Monday and major indexes were positive on Wednesday.

Bitcoin’s correlation with the S&P 500 has been trending down this week, with Tuesday continuing Monday’s drop in the relationship of their price movements.

correlationsbtcspx2020nov11
Bitcoin’s 90-day correlation to the S&P 500 in 2020.
Source: Shuai Hao/CoinDesk Research

For Efficient Frontier’s Tu, some fundamental aspects that would cause traditional markets to dump may simultaneously pump bitcoin. “[U.S. President] Trump’s posturing around the election result and the multiple lawsuits and recounts coming from his administration may provide enough political instability to cause BTC to bid upwards.”

Ether in ETH 2.0 surpasses 50K

Ether (ETH), the second-largest cryptocurrency by market capitalization, was up Tuesday, trading around $465 and climbing 3.5% in 24 hours as of 21:00 UTC (4:00 p.m. ET).

The amount of ether that has been staked in Ethereum’s 2.0 upgrade smart contract passed 50,000 ETH Tuesday. It’s at 50,977 ETH, according to data aggregator Glassnode, and is worth over $23 million as of press time.

totalstakedeth20
Total ether staked in ETH 2.0’s smart contract since its launch.
Source: Glassnode

The Ethereum 2.0 contract launched Nov. 3. Users must stake at least 32 ETH in the contract in order to participate in the network upgrade, which is expected to enhance its security and scalability while maintaining the transaction history and functionality of existing ether balance. 

Ben Chan, vice president of engineering at oracle provider Chainlink, told CoinDesk he is bullish on ETH 2.0 prospects but that more scaffolding still needs to be built for ETH 2.0 developers. “I think it needs more community support, more tooling and turnkey staking solutions,” Chan said.

Other markets

Digital assets on the CoinDesk 20 are mixed Wednesday. Notable losers as of 21:00 UTC (4:00 p.m. ET):

Notable losers:

Commodities:

  • Oil was down 0.60%. Price per barrel of West Texas Intermediate crude: $41.53.
  • Gold was in the red 0.69% and at $1,864 as of press time.

Treasurys:

  • The 10-year U.S. Treasury bond yield climbed Wednesday, jumping to 0.982 and in the green 1.4%.
https://www.coindesk.com/coindesk20
The CoinDesk 20: The Assets That Matter Most to the Market
Source: https://www.coindesk.com/coindesk20

https://www.coindesk.com/market-wrap-bitcoin-fails-50k-eth-smart-contract

Original Article
Author: btcethereumadmin

Market Wrap: Bitcoin Hangs Around $18K While Ether Locked in DeFi Declines – BTC Ethereum Crypto Currency Blog

CoinDesk 20 Bitcoin Price Index

Market Wrap: Bitcoin Hangs Around $18K While Ether Locked in DeFi Declines

Bitcoin steadied around $18,000 after record volumes on Wednesday while Ethereum 2.0 may be causing some investors to move ether out of decentralized finance (DeFi).

  • Bitcoin (BTC) trading around $18,026 as of 21:00 UTC (4 p.m. ET). Gaining 2.1% over the previous 24 hours.
  • Bitcoin’s 24-hour range: $17,364-$18,170
  • BTC above its 10-day and 50-day moving averages, a bullish signal for market technicians.
btcnov19
Bitcoin trading on Bitstamp since Nov. 17.
Source: TradingView

Bitcoin’s price rise stalled somewhat Thursday, with the world’s oldest cryptocurrency hitting as high as $18,170 before dipping below the $18,000 level, but back to $18,026 as of press time. 

Volume contributed to the weakening price action. At $1.79 billion, Wednesday was the highest volume day for major USD/BTC spot exchanges since way back on March 13, when volumes hit $1.98 billion the day after the “Black Thursday” crash. Today, daily volume on these exchanges were at a comparably tepid $867 million. 

volumesnov19
Daily bitcoin volumes on major USD/BTC exchanges.
Source: CoinDesk Research/Shuai Hao

A volume pullback from the second-largest day on the USD/BTC spot market in 2020 isn’t deterring analysts on their bullish prognostications. 

“The current upward move seems more sustainable than the 2017 bull run as institutional investors are now positioning in bitcoin whereas it was only retail speculation back in 2017,” said Elie Le Rest, partner at quant firm ExoAlpha. “Bitcoin confirms by its recent price move that it has a place in a diversified portfolio.”

“The market’s infrastructure, regulatory regime and overall maturity is much more robust than previously,” said John Willock, CEO of crypto asset manager Tritium. “I fully expect a couple of pullbacks from these nominal mile markers such as $18,000, $19,000 and $20,000, but I do expect we should see the overall momentum continue through the rest of the year.”

Since Oct. 20, bitcoin’s 30-day volatility has been steadily rising, indicating that some price gyrations may still be on the horizon.

btcvolatilitynov19
Bitcoin 30-day volatility in 2020.
Source: Shuai Hao/CoinDesk Research

“No assets go parabolic forever,” noted Michael Gord, chief executive officer for trading firm Global Digital Assets. “Bitcoin has gone up over 50% in the past month and is due for a correction.”

btcpastmonthnov19
Bitcoin’s performance on Bitstamp the past month.
Source: TradingView

“Long term I’m still very bullish and still seeing increasing interest from more traditional investors in bitcoin and other digital assets,” Gord added. 

Investors are certainly looking at the derivatives market, with bitcoin futures (over $6 billion) and options (over $4 billion) open interest hitting new highs. CME, a professional investor venue, has flirted with $1 billion in bitcoin open interest this week, a sign institutions are increasingly hedging crypto positions.

skew_btc_futures__aggregated_open_interest-30
Bitcoin futures open interest the past year.
Source: Skew

Even permabulls like Henrik Kugelberg, a Sweden-based over-the-counter crypto trader, are prepared for some bumps in the road should bitcoin work its way to an all-time high. 

I expect a much larger drop pretty soon,” Kugelberg told CoinDesk. “But in all I can see BTC going to $23,000-$24,000 in the next month or two.”

Ether moving out of DeFi

The second-largest cryptocurrency by market capitalization, ether (ETH), was up Thursday, trading around $475 and climbing 0.55% in 24 hours as of 21:00 UTC (4:00 p.m. ET).

The amount of ether “locked” in decentralized finance, or DeFi, is declining. The fall began Nov. 14, going from 8.9 million to 7.7 million ETH as of press time, according to aggregator DeFi Pulse.

defipulsenov19
Total ether locked in DeFi the past three months.
Source: DeFi Pulse

Jean-Marc Bonnefous, managing partner for investment firm Tellurian Capital, suspects some of the ether movement out of DeFi might have to do with Ethereum’s ambitious “2.0” project. This requires some capital allocation to a smart contract set aside for staking something known as the “beacon chain” to launch the new network

“There is the need to find another 400,000 ETH to fill the first phase of staking into ETH 2.0 by the end of November,” said Bonnefous. “So this might explain some of the leakage out of DeFi.”

Other markets

Digital assets on the CoinDesk 20 are mixed Thursday, mostly green. Notable winners as of 21:00 UTC (4:00 p.m. ET):

Notable losers:

Equities:

Commodities:

  • Oil was up 0.71%. Price per barrel of West Texas Intermediate crude: $41.88.
  • Gold was in the red 0.30% and at $1,866 as of press time.

Treasurys:

  • The 10-year U.S. Treasury bond yield fell Tuesday, dipping to 0.855 and in the red 2.7%.
coindesk20november

https://www.coindesk.com/market-wrap-bitcoin-hangs-18k-ether-defi-declines

Original Article
Author: btcethereumadmin

Litecoin Flips Bitcoin Cash in Crypto Rankings With Rally to 9-Month Highs – BTC Ethereum Crypto Currency Blog

Litecoin prices over the last month
(CoinDesk 20)

Litecoin Flips Bitcoin Cash in Crypto Rankings With Rally to 9-Month Highs

Litecoin jumped to nine-month highs early on Tuesday, replacing bitcoin cash as the seventh-largest cryptocurrency by market value.

The cryptocurrency rose to $75.77 during the Asian trading hours, a level last seen on Feb.24, according to the CoinDesk 20. Trading down slightly at $74 at press time, litecoin is still up 9% on a 24-hour basis.

Once referred to as the silver to bitcoin’s gold, litecoin has far fallen behind the top cryptocurrency in recent years. Bitcoin’s market cap is now near $310 billion, over 60 times greater.

Litecoin’s recovery from September lows near $40 picked up the pace on Oct. 21 after online payments giant PayPal announced support for the cryptocurrency alongside bitcoin, ether and bitcoin cash. Litecoin jumped over 13% at the news, confirming a bullish pattern on technical charts, and has remained bid ever since.

ltcusd-daily-chart-2
Litecoin daily chart
Source: TradingView

While litecoin is up 80% this year, bitcoin has gained over 120%. The first cryptocurrency reached a 33-month high of $16,885 on Monday and was last seen at $16,700. Prices have risen by more than $6,000 since early October, given a push by investments from notable companies.

Bitcoin’s continued rally looks now to be dragging along alternative cryptocurrencies in general. Chainlink’s LINK and Stellar’s XLM have gained 5% on a 24-hour basis, while XRP has risen by 10%. Ether, the second-largest cryptocurrency, is up over 2% at $465. However, unlike litecoin and bitcoin, many top altcoins have yet to challenge their respective third-quarter highs.

https://www.coindesk.com/litecoin-flips-bitcoin-cash-in-crypto-rankings-with-rally-to-9-month-highs

Original Article
Author: btcethereumadmin

Bitcoin Touches $17K Price Zone, BTC Dominance Levels High, Altcoins Still Way Behind – BTC Ethereum Crypto Currency Blog

On November 17, the price of bitcoin touched another 2020 all-time high (ATH) when the crypto asset surpassed the $17k price zone on Tuesday. Bitcoin dominance has risen higher during the last few months and currently hovers at 65% this week. Despite the massive rise in bitcoin value during the last few months, altcoins are not performing as well as they did when bitcoin was at this price range three years ago.

Back in 2017, bitcoin (BTC) touched an all-time high (ATH) on December 17, when it reached $19,600 per coin that year. Bitcoin’s dominance index was slightly different in 2017 than it is today, as numerous altcoins saw significant increases in value three years ago. Bitcoin dominance is essentially the recorded metric of BTC’s market capitalization paired against the 7,000+ other altcoin market valuations in existence today.

The altcoin value increases seen three years ago, continued into the next year and on January 14, 2018, Bitcoin’s dominance index fell to an all-time low of 32%. With BTC holding a 65% dominance level today, the crypto asset’s dominance increased 103% since the second week of January 2018.

On Tuesday, November 17, 2020, the price of bitcoin (BTC) tapped a 2020 all-time high (ATH) at $17,100 per unit during the early morning trading sessions (EST).

On Tuesday, bitcoin’s (BTC) price is hovering just above the $17k zone and the crypto asset’s market cap is around $315 billion at the time of publication. Historical price charts show that when BTC was priced at $17k or above three years ago, altcoins were performing much better than they are today. The trend has given traders and speculators the opinion that the infamous ‘altcoin season’ has not started, and some believe it never will. For instance, history shows on December 17, 2017, ethereum (ETH) was swapping for $719 per unit. Today, even though ETH has gained 256% this year, the crypto asset is still down 34% from that price range on December 17.

ETH also touched an ATH of $1,431 and the crypto asset still needs to gain over 67% to get to that position again. Another historical snapshot from the same day in December indicates that XRP was swapping for $0.72 on the 17th, and it is still down 58% from that position. In fact, XRP is down considerably from the $3.84 ATH, as it remains 92% below that point today. Another interesting change during the last three years is how tether (USDT) has grown massively since December 17. On that day, USDT the notorious stablecoin was of course swapping for a dollar, but in terms of market cap, the stablecoin sat in the 24th market cap position.

Today, tether (USDT) is the third-largest blockchain in terms of market valuation with $17.9 billion under the hood. That means that tether’s market cap has increased a whopping 1,527% since the 17th of December 2017. If any market cap in 2020 is stopping bitcoin (BTC) from capturing a much higher dominance percentage it is tether’s valuation. Interestingly, back in December 2017, litecoin (LTC) was also hovering in the fifth-largest market cap position and just the other day, LTC managed to capture the position again.

Still, on the 17th of December 2017, LTC was swapping for $318 per unit, and it’s still down 77% from that range. In fact, LTC needs to gain over 80% to reach the $375 ATH it touched years ago. Bitcoin cash (BCH) also held the third-largest position on the 17th of December 2017, and was trading for $1,862 per unit. The crypto asset BCH needs to climb more than 86% to capture that price range again, as the digital currency trades for $252 today.

The rest of the coins in 2020’s top ten rankings were not present in the top ten back in 2017, except for cardano (ADA). The three coins that were present in the top ten on the 17th of December 2017, were IOTA, dash, and monero. Today in 2020, those positions have been replaced by polkadot, chainlink, and binance coin. At that time three years ago, cardano (ADA) was trading for $0.51 per unit. On November 17, 2020, ADA is still down 78% from that point and 91% behind the $1.33 ATH.

Despite the statistics, traders are still waiting for the notorious point in time referred to as ‘altcoin season’ or ‘altseason.’ On crypto-related forums and social media, the altcoin season topic is trending and a number of crypto proponents are waiting for it to arrive. The other day one individual tweeted:

What comes after Spring? Summer. What comes after Bitcoin season? Altcoin season.

The same day, another crypto proponent wrote about how “it looks like BTC dominance is rising, while the price is not rising so much.”

“I think the money is leaving Alts —> BTC —> USDT which keeps BTC up for a while,” the individual tweeted. “Until Alts without USD pairs exit into BTC to then dump in USD.” The Twitter account dubbed ‘Altcoin Sherpa’ agreed with the analysis and said: “Money definitely seems to be leaving [altcoins] in general. The high time frame trends on those are still bearish IMO, not altseason quite yet,” he added.

What do you think about bitcoin (BTC) dominance reaching 65% and people’s opinions about another altcoin season? Let us know what you think about this subject in the comments section below.

The post Bitcoin Touches $17K Price Zone, BTC Dominance Levels High, Altcoins Still Way Behind appeared first on Bitcoin News.

https://news.bitcoin.com/bitcoin-touches-17k-price-zone-btc-dominance-levels-high-altcoins-still-way-behind/

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Author: btcethereumadmin

Litecoin sees massive 15% spike – BTC Ethereum Crypto Currency Blog

LTC price could hit $85 if bulls repeat the +15% rally managed in the past 24 hours

Litecoin (LTC) has hit a new year to date high of $75.92, although it’s slightly lower as of writing.

But the intraday high is its highest price level since early March.

While Bitcoin attracts attention as it approaches $17,000, Litecoin has virtually outperformed all major altcoins in the top ten slots by market cap.

LTC is currently up by more than 15% in the past 24 hours and more than 25% up in the last seven days.

If bulls can master another leap to take LTC beyond a long term resistance line near $80.00, the coveted $100 would not be too far.

At the time of writing, LTC/USD is trading around $73.50. As can be seen in the chart below, the $70.00 level is crucial to the bulls. On the contrary, the short term technical outlook suggests bears could attempt to capitalise on profit-booking to push price lower.

LTC/USD daily chart

The LTC/USD pair has retreated from its intraday highs, but the daily chart suggests bulls still hold the advantage. As per the chart, the main objective, for now, is to keep prices above $70.00.

In case this fails, bulls will have a clear path back up if they avoid damage to the daily pivot around $66.76.

However, they’ll need to regroup quickly after the expected pullback. Here, a fresh assault towards the psychological $80.00 could include a retest of the yearly high around $85.00.

But as the RSI suggests, the massive uptick has thrust Litecoin into overbought territory. As such, an influx of downward pressure could hasten a break below the critical $70.00 support line.

LTC/USD daily chart. Source: TradingView

If bears succeed in wrestling control from bulls, the first major support zone would be around last week’s highs near $66.76.

The 61.8% Fibonacci retracement level of the swing high from $56.45 low to $66.76 high offers a breather at $63.41.

Meanwhile, the 38.2% Fibonacci retracement is a resistance-turned-support level at $62.19.

Should bears still have an appetite for more carnage, LTC/USD bulls will rely on the massive support wall at the moving averages. The 20-SMA and the 50-SMA on the daily chart provide a buffer zone at $60.12 and $54.00.

Litecoin sees massive 15% spike

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Author: btcethereumadmin

Market Wrap: Bitcoin Ascends to $16.8K; Uniswap and Tether 35% of Ethereum Transactions – BTC Ethereum Crypto Currency Blog

CoinDesk 20 Bitcoin Price Index

Market Wrap: Bitcoin Ascends to $16.8K; Uniswap and Tether 35% of Ethereum Transactions

Bitcoin is knocking at the gates of $17,000 while Ethereum’s transaction growth in 2020 is a positive indicator of future financial use cases.

  • Bitcoin (BTC) trading around $16,829 as of 21:00 UTC (4 p.m. ET). Gaining 6.1% over the previous 24 hours.
  • Bitcoin’s 24-hour range: $15,792-$16,851
  • BTC above its 10-day and 50-day moving averages, a bullish signal for market technicians.
btcnov16
Bitcoin trading on Bitstamp since Nov. 14.
Source: TradingView

Bitcoin’s price made big gains Monday, turning bullish out the gate from a weak weekend and hitting as high as $16,851, according to CoinDesk 20 data. 

“Bitcoin has accelerated to the upside on positive short-term momentum, upholding overbought conditions following its recent breakout above former resistance from 2019,” said Katie Stockton, a technical analyst for Fairlead Strategies. 

Momentum, as measured in the form of volume, was at $688 million as of press time, higher than the past month’s $404 million daily average on major spot exchanges. 

volumesnov16
USD/BTC volume on major exchanges the past month.
Source: Shuai Hao/CoinDesk Research

“The next resistance is final resistance from 2017 near $19,500,” Stockton added. Based on CoinDesk 20 data, the last time bitcoin was at this price level was back on Jan. 6, 2018, when the daily high was at $17,211.

btcsince2017nov16
Daily bitcoin trading on Bitstamp since 2017.
Source: TradingView

In addition to bitcoin’s bullish run, global equities were also up Monday across the board, boosted by positive economic news – and promising results for another COVID-19 vaccine – in the face of a resurgence in the coronavirus pandemic:

According to several analysts, the climbing value of bitcoin is also giving the world’s oldest cryptocurrency an increasing use as value storage for lending, both from centralized players and in decentralized finance, or DeFi. Since November 2019, the amount of bitcoin “locked” in DeFi, for example, has skyrocketed from 1,422 to 174,673 BTC, a 12,183% increase.

btclockeddefinov16
Bitcoin locked in DeFi the past year.
Source: DeFi Pulse

“Lending has gained popularity in 2020 with players like Nexo, BlockFi and others with strong growth throughout the year,” said Jean Baptiste Pavageau, partner at quant trading firm ExoAlpha. “DeFi also allows the retail market to access those popular lending solutions thanks to the Ethereum network.” 

“It actually provides a strong use case for BTC beyond the digital gold narrative, as it’s used as a pooling and yielding instrument,” said Vishal Shah, an options trader and founder of crypto exchange Alpha5. Shah also speculates that all this bitcoin on the Ethereum blockchain may decrease the separation between blockchains. “It may actually create a chain-agnostic paradigm.” 

Uniswap, tether dominate Ethereum transactions

Ether (ETH), the second-largest cryptocurrency by market capitalization, was up Monday trading around $462 and climbing 4% in 24 hours as of 21:00 UTC (4:00 p.m. ET).

Since the start of July, the Ethereum network has been averaging over one million transactions per day, according to data aggregator Glassnode. That number of transactions was first experienced three years ago during the 2017-2018 crypto market bubble.

ethtxns2017
Number of transactions on the Ethereum network the past three years.
Source: Glassnode

Token swapping and stablecoins are a big part of this, as 35% of the network’s transactions are on Uniswap (18.93%) and involve tether (16.42%) on Monday, according to Eth Gas Station

“I think this is proof of the continued traction that Ethereum has been seeing as a platform during the second half of 2020,” noted Ben Chan, vice president of engineering for oracle provider ChainLink. 

Uniswap’s transaction dominance in particular is a bullish sign on decentralized finance, or DeFi, according to Chan. “Unlike tether, which can move to other chains, DeFi is more sticky because assets and components of the ecosystem in themselves perpetuate a network effect.”

Other markets

Digital assets on the CoinDesk 20 are all green Monday. Notable winners as of 21:00 UTC (4:00 p.m. ET):

Commodities:

  • Oil was up 3%. Price per barrel of West Texas Intermediate crude: $41.31.
  • Gold was in the red 0.12% and at $1,886 as of press time.

Treasurys:

  • The 10-year U.S. Treasury bond yield climbed Monday, up to 0.905 and in the green 0.19%.
coindesk20november

https://www.coindesk.com/market-wrap-bitcoin-ascends-uniswap-tether-ethereum

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Author: btcethereumadmin

Affiliate section upgrade on deepTradeBot platform

 

Affiliate section upgrade on deepTradeBot platform

 

The long awaited Affiliate Section upgrade at deepTradeBot AI trading platform has been finally released.

 

A popular crypto-trading SaaS solution, deepTradeBot.com, has announced a major update for Affiliate program statistics monitoring. This update allows to use the extended affiliate statistic data for better control of your partnership structure.

 

From today 2 new blocks in the Affiliate section of the Dashboard can be found:

 

  1. Partnership statistics

 

Allows to monitor the total number of affiliates, see how many of them are not active, check your reward amounts in any currency, and check the current trade balance of all your affiliates in any currency.

 

  1. Trade balance column

 

New column in the partnership list. With it you can monitor each of your partners’ accounts separately and see how much funds does your partner keep on his accounts.

 

The company pays attention that this statistics is not in real time: because of the large number of traders on the platform the statistics comes with the delay of approximately 1 hour.

 

The company CEO Jim Stokes emphasises: “During the last months we have been focusing mainly on the Club development. But this update is implemented specially for our partners who’re using the general partnership program opportunities to build their affiliate structures. We’re trying to make the cooperation experience more and more comfortable for every single client either a trader or an affiliate partner or a club member».

 

About deepTradeBot: deepTradeBot.com is a trading robot that makes profit from the margin of digital assets prices, on various trading platforms, making the maximum from the slightest changes in the world market. The platform provides their bot rental services to anyone interested.

Market Wrap: Bitcoin Fails to Reach $16.5K; Wrapped BTC Hits $2 Billion – BTC Ethereum Crypto Currency Blog

CoinDesk 20 Bitcoin Price Index

Market Wrap: Bitcoin Fails to Reach $16.5K; Wrapped BTC Hits $2 Billion

Analysts are bullish on bitcoin’s price but the options market is decidedly bearish on the remaining weeks of 2020. Ethereum’s wrapped bitcoin token crosses $2 billion locked.

  • Bitcoin (BTC) trading around $16,240 as of 21:00 UTC (4 p.m. ET). Gaining 0.30% over the previous 24 hours.
  • Bitcoin’s 24-hour range: $15,971-$16,487
  • BTC above its 10-day and 50-day moving averages, a bullish signal for market technicians.
btcnov13
Bitcoin trading on Bitstamp since Nov. 11.
Source: TradingView

Bitcoin’s price trended up for the third straight day, hitting as high as $16,487, according to data from CoinDesk 20. It dipped somewhat since hitting that level and traded at $16,240 as of press time. 

“Bitcoin rose significantly above the $16,100 mark. Buyers pushed the price due to the large volume,” noted Constantin Kogan, managing partner at investment firm Wave Financial. 

Major exchange daily spot volumes on Friday were at $668 million as of press time, but not close to Thursday’s $1.1 billion in volume.

btcvolnov13
Major USD/BTC spot volumes the past month.
Source: Shuai Hao/CoinDesk Research

George McDonaugh, managing director at investment firm KR1, highlighted a key difference between the price run-up in 2020 versus the mooning that occurred back in 2017. “Bitcoin has spent 0.32% of its life at $16,000 and above, which means there were relatively very few buyers at that level back in 2017,” he told CoinDesk. “This correlates to there being very few sellers at this level now, meaning there isn’t a strong resistance band for the bulls to push the price higher.”

btc2013
Weekly bitcoin spot trading on Bitstamp since 2013.
Source: TradingView

“I’m seeing an increasing demand from more traditional family offices making their first investments into bitcoin as a long-term hedge or as insurance for their existing portfolio of investments,” Michael Gord, chief executive officer of Global Digital Assets, told CoinDesk. “I expect this trend to continue as bitcoin keeps maintaining its value and being uncorrelated to most other asset classes.” 

Bitcoin isn’t entirely uncorrelated from other asset classes like equities, but lately the correlation between the world’s oldest cryptocurrency and the S&P 500 has dropped a little bit.

btcspxcorrelationnov13
Bitcoin’s 90-day correlation to the S&P 500 in 2020.
Source: Shuai Hao/CoinDesk Research

KR1’s McDonaugh is expecting bitcoin’s price to reach $20,000, but it might take some time to get there as some profit-taking is likely to ensue. $20,000 is a far more psychological barrier, so it is likely to be ‘HODLers’ – people holding bitcoin forever – that may de-risk at that level and produce some selling pressure,” he said. 

Bitcoin options traders aren’t fully convinced that it will trade at $20,000 in 2020. The probabilities calculated using December expiration have pegged only a 16% chance of $20,000 bitcoin, a 29% for $18,000 and a 39% of $17,000 according to data aggregator Skew.

skew_probability_of_btc_being_above_x_per_maturity-8
Probability of bitcoin prices at December expiration based on the options market.
Source: Skew

Nevertheless, analysts project that bitcoin can soon surpass at least $16,500 consistently. “Given market sentiment and current trends, I am still bullish on BTC,” said Andrew Tu, an executive at trading firm Efficient Frontier. “Though we may range between $16,000 and $16,500 for a bit before breaking resistance.”

Wrapped bitcoin hits $2 billion locked

Ether (ETH), the second-largest cryptocurrency by market capitalization, was up Friday, trading around $470 and climbing 2.6% in 24 hours as of 21:00 UTC (4:00 p.m. ET).

The amount of bitcoin “locked” in the Ethereum-based wrapped bitcoin contract passed $2 billion Thursday, and is staying at that level Friday. In order to use bitcoin on Ethereum, it must be “wrapped” and used as a token on the network using a standard called ERC-20.

wbtcnov13
Total value locked for wrapped bitcoin or WBTC the past three months.
Source: DeFi Pulse

Brian Mosoff, chief executive officer of investment firm Ether Capital, says the parking of bitcoin on Ethereum is giving the network a huge leg up over its up-and-coming smart contract competitors, including Polkadot, Cardano and Cosmos, among others. 

“It’s proving that Ethereum is the thing everyone is plugging into and (networks like) Polkadot may not have its day in the sun,” Mosoff told CoinDesk.

Other markets

Digital assets on the CoinDesk 20 are mostly green Friday. Notable winners as of 21:00 UTC (4:00 p.m. ET):

Notable loser:

Equities:

Commodities:

  • Oil was down 1.7%. Price per barrel of West Texas Intermediate crude: $40.21.
  • Gold was in the green 0.60% and at $1,888 as of press time.

Treasurys:

  • The 10-year U.S. Treasury bond yield climbed Friday jumping to 0.896 and in the green 2%.
coindesk20november

https://www.coindesk.com/market-wrap-bitcoin-fails-16-5k-wrapped-btc-2-billion

Original Article
Author: btcethereumadmin