🗞 Daily Crypto News & Video November, 8th💰
Welcome to the Daily Crypto News: A complete News Review, Coin Calendar and Analysis.
Enjoy!
🗞 Market Wrap: Bitcoin Loses Steam at $15.9K; Over 600K ETH Yanked From DeFi
A bitcoin rally to new 2020 highs has been slowed by lower spot volume. Meanwhile, some ether investors are moving capital out of DeFi.
Bitcoin (BTC) trading around $15,502 as of 21:00 UTC (4 p.m. ET). Gaining 2.6% over the previous 24 hours. Bitcoin’s 24-hour range: $15,190-$15,934
- BTC near its 10-day moving average but above the 50-day, a sideways signal for market technicians.
https://static.coindesk.com/wp-content/uploads/2020/11/btcnov6-775x365.jpg?format=webp
“BTC has been bullish for the last four weeks, incredibly rallying from $10,000 to $15,000,” noted Ian Balina, chief executive officer of analysis firm Token Metrics. “This month’s rally is similar to its previous big rally back in 2017 when BTC rallied from $6,000 to almost $20,000 over November and December.”
https://static.coindesk.com/wp-content/uploads/2020/11/sixmonthvolumenov6-775x500.png?format=webp
Futures open interest for bitcoin Thursday matched a record high from Aug. 17. “Longer-term trends remain very bullish. Bitcoin futures aggregate open interest is at an all-time high at $5.7 billion and perpetual swaps funding rates are trending up,” noted Jason Lau, chief operating officer of San Francisco-based exchange OKCoin.
https://static.coindesk.com/wp-content/uploads/2020/11/skew_btc_futures__aggregated_open_interest-26-775x433.png?format=webp
Bitcoin’s dominance, a measure of the world’s oldest cryptocurrency’s market cap as a percentage of total crypto assets, is starting to dip. After a steady October and early November rise to 65.5%, it dropped on Friday.
https://static.coindesk.com/wp-content/uploads/2020/11/bitcoindomsinceoct-775x363.jpg?format=webp
Ether locked in DeFi drops
https://static.coindesk.com/wp-content/uploads/2020/11/ethdefinov6-775x379.jpg?format=webp
The trend follows a rocky past 30 days for ether locked in DeFi, as about one month ago the amount of ether into DeFi was at 8,423,000 ETH. Vishal Shah, an options trader and founder of derivatives venue Alpha5, says ether’s gyrations locked has to do with the ethereal nature of Ethereum’s DeFi products.
🗞 Crypto Impact Unclear After Joe Biden Unseats Donald Trump as Next US President
Joe Biden’s picks to head key regulatory agencies could redefine cryptocurrency policy in the coming years, although it’s unclear exactly how.
The Associated Press declared on Saturday that Biden, the Democratic nominee, beat President Donald Trump, a first-term Republican in an election that was marked by division and the continued spread of the COVID-19 pandemic. While the former vice president didn’t highlight crypto issues in his campaign, some of Biden’s supporters hope he will advocate for reform on tech policies, while major companies are hoping to escape antitrust investigations.
The price of bitcoin fell as the prospect of a stable transition of power disappointed holders expecting an inconclusive election – with multiple recounts – and an economy hamstrung by a lack of stimulus would hurt the U.S. dollar, according to Noelle Acheson, director of research at CoinDesk.
🗞 Is Bitcoin an Asset a Commodity or a Currency?
- Bitcoin has been labelled a currency, a commodity and an investment. There are proponents and detractors on both sides. The growth in futures trading as a proportion of Bitcoin's trading volume suggests most regard it as a commodity over a currency.
Bitcoin has been called many things over the years: digital money, digital gold, a sham, an investment, an asset, the end to modern capitalism as we know it.
But with the price of the world’s largest cryptocurrency on a steady rise, it’s the perfect time to look again at where Bitcoin sits in the eyes of those trying to define it.
Bitcoin has been called many things over the years: digital money, digital gold, a sham, an investment, an asset, the end to modern capitalism as we know it.
But with the price of the world’s largest cryptocurrency on a steady rise, it’s the perfect time to look again at where Bitcoin sits in the eyes of those trying to define it.
Bitcoin as an investment?
What happens if we see Bitcoin has a HODLing tool? Something you buy and hold and hope the price goes up? Well, there appear to be two camps with this: the Bitcoin believers and Bitcoin doubters.
On the Bitcoin believers side, you have companies like MicroStrategy and Square, who have been betting big on Bitcoin as an investment.
Bitcoin as a commodity?
So if Bitcoin struggles to stay stable enough to be a currency, and its lack of regulation makes it a turn off for big investment, what about as a commodity?
Commodities, as a reminder, are a basic good that is interchangeable with other goods of the same type. Essentially, a commodity produced by one producer is basically the same as that produced by another producer. Examples of commodities in the real world are:
Grains
Gold
Beef
Oil
Natural Gas
Foreign currencies
🗞 Hash Watch: Kraken Announces BCH Fork Plans, Bitcoin ABC Reveals Two-Pronged Effort
A number of third party infrastructure providers have announced contingency plans for the upcoming Bitcoin Cash upgrade on November 15, 2020. Hitbtc has revealed the exchange’s plans to halt bitcoin cash transactions on that day, and it plans to credit all users with an additional token if a blockchain split happens. Additionally, Kraken has announced plans for the fork as well with airdrop support requirements.
- The Bitcoin Cash (BCH) network will upgrade on November 15, 2020, and the latest feature that will be added to the network is the ASERT Difficulty Adjustment Algorithm (DAA).
- Bitcoin Cash may bifurcate due to the introduction of the infrastructure funding proposal (IFP) added to the Bitcoin ABC codebase. Six other BCH full node clients will not adopt the IFP feature added to the software.
Meanwhile, in a surprise twist, Bitcoin ABC announced it will also launch a software client that is IFP-free and compatible with BCHN and the rest of the full node clients.** “Businesses have the freedom to choose between the two chains,” Bitcoin ABC’s blog post notes.
A great number of Bitcoin Cash proponents on Reddit and Twitter believe ABC’s latest announcement is a ploy to stay relevant. “This seems like a last-ditch effort for relevance. As always, ABC can do whatever they want with their code. I just hope no one is duped into giving them the time of day after their recent behavior,” the Reddit user ‘AD1AD’ responded on Friday.
🗞 Daily Crypto Calendar, November, 8th💰
- HyperCash (HC)
"Hcash AI Lightning Protocol mainnet hardfork | Hardfork blockheight:475200 | Hardfork estimated time:20:00:00, November 8th 2020"
- QLC Chain (QLC)
"Join us on November 8 at 11AM UTC for an AMA in the Binance English Telegram group with @QLCChain Co-Founder and Chief Architect..." 'Everyone is warmly invited to join Allen on November 8 at 11AM UTC in t.me/binanceexchange channel and ask any QLC related..."
- PIVX (PIVX)
"Record month for Paywize in October, signing more partnership deals with giants of the gaming industry such as Soft Gamings and Kindred..."
- Horizen (ZEN)
Team updates at 3:30 PM UTC/ 11:30 AM EDT: Engineering, Node network, Product/UX, Helpdesk, Legal, BD, Marketing, CEO Closing thoughts, AMA.
- Blockstack (STX)
Join STX Co-Founder Muneeb Ali in this Binance AMA Series for the upcoming Stacks 2.0 Mainnet Launch.
Last Updates
➡️ Be paid daily to browse with Brave Internet Browser
➡️ A secure and easy wallet to use: Atomic Wallet
➡️ Invest and Trade on Binance and get a % of fees back
➡️ Youtube
➡️ Twitter
➡️ Hive
➡️ Publish0x
➡ ️ UpTrennd
➡️ Read.cash
➡️ LBRY
➡️ Check out my video on Unstoppable Domains and get 10$ off a 40$ domain purchase
➡️ Get 50$ free by ordering a free Visa Card on Crypto.com using this link or using this code qs4ha45pvh
20% of this article rewards wil go to the @hodl-fund account in order to support HODL Community Initiatives.
Find out more about HODL Community: Crypto Social Community and by following our community account @hodlcommunity
Helps us by delegating to @hodlcommunity
If you would like to delegate some HP to our community and support us; we give you back 90% of the curation rewards on a daily basis ! APR > 12% !
Make a good APR Curation by following our HIVE trail here
