Bitcoin Trump-Dumps to $10,500; MetaMask Hits 1 Million Users – BTC Ethereum Crypto Currency Blog

CoinDesk 20 Bitcoin Price Index

Bitcoin Trump-Dumps to $10,500; MetaMask Hits 1 Million Users

Bitcoin was able to hit $10,800 Tuesday before falling on U.S. Pres. Donald Trump’s stimulus tweet. Meanwhile, the DeFi ecosystem’s most popular wallet hit 1 million users.

  • Bitcoin (BTC) trading around $10,555 as of 20:00 UTC (4 p.m. ET). Slipping 1.6% over the previous 24 hours.
  • Bitcoin’s 24-hour range: $10,528-$10,800
  • BTC below its 10-day and 50-day moving averages, a bearish signal for market technicians.
Bitcoin trading on Coinbase since Oct. 4.
Source: TradingView

Bitcoin’s price was able to climb to $10,800 on spot exchanges such as Coinbase Tuesday before falling to as low as $10,528 immediately after President Trump tweeted his rejection of opposition lawmakers’ most recent economic stimulus proposal. 

“One thing that is still hanging over this market is the stimulus,” said Andrew Tu, an executive at quant trading firm Efficient Frontier. “It may take until after the elections for them to reach an agreement, which would be really bad for a lot of Americans relying on government aid.”

Katie Stockton, an analyst at Fairlead Strategies, says bitcoin has been above the key $10,000 price point for some time, which she considers bullish. “Bitcoin has been consolidating within its uptrend since discovering support near $10,000 a month ago,” Stockton said. The last time bitcoin traded below $10,000 was on Sept. 9.

Spot bitcoin on Coinbase since 9/1/20.
Source: TradingView

Daniel Koehler, liquidity manager at cryptocurrency exchange OKCoin, says the aftermath of the BitMEX news still has him optimistic. 

“It’s bullish to see that bitcoin trading infrastructure is so strong given that the former largest bitcoin derivatives trading platform can lose 25% of [its] BTC open interest deposits overnight and the markets just shrug it off.” Koehler also noted that open interest in the bitcoin futures market overall is ticking up, hitting $3.8 billion on Monday.

Open interest on major bitcoin derivatives venues.
Source: Skew

One of the reasons for resilience may be bitcoin’s potential store-of-value properties, says Henrik Kugelberg, an over-the-counter trader based in Sweden, who is bullish bitcoin but bearish almost everything else. “To me there’s no doubt we will see a housing crash, a stock crash and quite possibly tough deflation in the near future,” he said.

Total U.S. public debt as a percentage of GDP.
Source: St. Louis Federal Reserve

To accomplish this, Kugelberg says U.S. debt, which is already over 100% gross domestic product, will have to increase in order to stave off a traditional market crash. ”Those things will drive the need to increase the debt at the same pace for another year or maybe more,” Kugelberg added. “To me it seems like a point where turning to bitcoin is a good idea.”

MetaMask hits 1 million users

Ether (ETH), the second-largest cryptocurrency by market capitalization, was down Tuesday, trading around $341 and slipping 3% in 24 hours as of 20:00 UTC (4:00 p.m. ET). 

The MetaMask wallet, a browser extension that allows users to interact with the Ethereum network and its multitude of smart contract-based decentralized finance, or DeFi, applications, has hit 1 million users. It’s a fourfold increase for the wallet since 2019, with the United States, India, Nigeria and the Philippines as the top countries with highest MetaMask usage, according to its software developer, Consensys.

Monthly active users for the MetaMask wallet.
Source: MetaMask

Chasing juicy returns in the DeFi space, which can often provide double- or triple-digit returns for lending crypto, is one of the reasons for MetaMask’s growth, said John Willock, CEO of Tritium Digital Assets, a crypto liquidity provider. “I think we can all recognize that a lot of the adoption of MetaMask is through the recent DeFi craze and interest in short-term returns that have been perceived to be out there to chase.”  

However, that speculation is bringing real adoption, Willock added. “I look at the MetaMask numbers as the same sort of early adoption indicator the uptake of Netscape browser use was in the 1990s. It is exciting.”  

Other markets

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

Notable losers as of 20:00 UTC (4:00 p.m. ET):



  • Oil was up 2%. Price per barrel of West Texas Intermediate crude: $40.17.
  • Gold was in the red 1.3% and at $1,888 as of press time.


  • U.S. Treasury bond yields fell Tuesday. Yields, which move in the opposite direction as price, were down most on the 10-year, dipping to 0.747 and in the red 4.8%.
The CoinDesk 20: The Assets That Matter Most to the Market

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Author: btcethereumadmin

Litecoin price unchanged as MimbleWimble testnet goes live – BTC Ethereum Crypto Currency Blog

LTC/USD price remains lethargic below $50 even as MimbleWimble excites users

Litecoin has announced the testnet launch for its privacy-focused feature, MimbleWimble, is now live.

The protocol is designed to scale the network as well as increase transaction privacy. Over the past several months, the focus in the industry has been on growth in DeFi and the impending rollout of Ethereum’s ETH 2.0, but Litecoin could begin to see a lot of attention too.

This is especially so going by reports that Europol is looking to extend its crackdown on privacy-oriented blockchain networks and coin mixing services.

MWEB for obfuscation of transactions

Litecoin is christening the testnet MWEB, short for ‘MimbleWimble Extension Block.’ Per an announcement first released on September 30, the testnet period is expected to continue for the next month.

In this period, coders will look to breach the testnet to pinpoint likely security risks. The developer community and other network users will use the testnet as an opportunity to fix any unforeseen issues.

According to the protocol’s lead developer, David Burkett, this is the next step in a process that should eventually see non-technical network users find it easy to participate in the testnet. Full activation will likely be undertaken sometime in 2021, Burkett noted via a Telegram channel.

However, the ultimate decision on when to activate, or if at all, lies with miners on the Litecoin network.

While Litecoin’s launch of the MimbleWimble testnet is a positive development for the popular cryptocurrency, it’s likely to add to the attention the network gets from regulators who see privacy coins as a major pull factor for darknet users.

Europol recently published a report in which it named Litecoin as one of two very popular coins for darknet users. The other one is Ethereum, although volumes for Bitcoin remain the highest. Also on the regulatory radar are out-and-out privacy coins Monero (XMR), Zcash (ZEC) and Dash (DASH).

MimbleWimble, built on the principle of elliptic curve cryptography (ECC), is currently implemented by Beam and Grin.

Litecoin price

While not much has happened in the way of price movement on either side of the curve, a lack of Litecoin-specific news has contributed to the listless action.

Litecoin’s price remains capped below $50 as the broader crypto market continues into a consolidation phase.

LTC/USD is trading around $46.36 as of writing, mostly unchanged over the past 24 hours with its price just 0.3% in the green.

LTC/USD daily chart. Source: TradingView

LTC/USD on the daily chart is facing resistance at the 20 EMA at $46.65 and the 50 EMA at $49.05.  A break above the latter will see upside momentum take bulls to the psychological $50.00.

Conversely, a rejection around current prices will push Litecoin to immediate support at 100-day and 50-day simple moving averages at $45.63 and $45.95 on the four-hour chart. Beyond that, $44.00 provides a solid support base and another supply wall around $42.80 should see buyers withstand added sell-off pressure.

Litecoin price unchanged as MimbleWimble testnet goes live

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Author: btcethereumadmin