Currency

Bitcoin price has now only been higher one day in history

Nov. 24 is generating the second-highest daily price ever for Bitcoin, with November already its best month in terms of dollar gains.

Bitcoin (BTC) is currently having its second-highest trading day ever as BTC/USD is hitting a new multiyear high of $19,330.

Data from Cointelegraph Markets and TradingView provides a cause for celebration on Nov. 24 after Bitcoin suddenly tackled $19,000 resistance.

BTC price sees second-best day ever

Against a backdrop of rapid gains and the temptation of breaking all-time highs around $20,000, the achievement has not gone unnoticed on Bitcoin figures.

Ryan Selkis, founder of data resource Messari, noted that on only one day in its existence has Bitcoin traded above even $19,000.

By contrast, the largest cryptocurrency has now spent 283 days above $10,000 — including its longest-ever stint in 2020.

Meanwhile, Bitcoin has gained more in U.S. dollar terms than any month in its history, data shows. In a tweet on Nov. 24, quantitative analyst PlanB highlighted that the past three and a half weeks have been unlike any other period in Bitcoin’s lifetime…CLICK for complete article

Why Bitcoin price just flash crashed 6% after rejecting at $18.5K

Bitcoin sharply dropped after nearing $18,500 on Binance and Coinbase, but top analysts predict institutional investors will buy the dip.

The price of Bitcoin (BTC) dropped sharply after approaching $18,500 on Binance and Coinbase. The plunge took place as large sell orders were spotted on both spot and futures exchanges.

As Cointelegraph previously reported, traders anticipated a pullback as the price of BTC neared the $18,000 to $19,000 resistance zone. Upon its first retest of the area in nearly three years, the market saw a strong reaction.

Bitcoin confirms $18,500 as a key near-term resistance area

There are two main reasons why Bitcoin saw a swift drop near $18,500, and this caused other cryptocurrencies like Ether (ETH) to correct even harder.

First, the $18,500 level remains the biggest resistance level before a new all-time high above $20,000. Hence, it is a key area of interest for sellers to defend, as breaching $18,500 would raise the chances of a broader rally.

Second, an overwhelming majority of Bitcoin addresses are profitable as BTC tests an important resistance area. According to IntoTheBlock, 99% of BTC addresses are now in a state of profit. This raises the probability of a profit-taking-induced pullback.

Based on BTC’s recovery in the past two hours, there is a high probability that dips will be aggressively bought. Following the initial drop to $17,214 on Binance, Bitcoin immediately recovered above $17,600.

The hourly chart of Bitcoin shows that the 20-day moving average hovers at $17,586. As such, if BTC remains comfortably above that level, the likelihood of a prolonged recovery increases…CLICK for complete article

Bitcoin Heads Towards $16,000 And No One’s Cashing In

Bitcoin has soared by more than 10% in the past two days, overtaking the $15,000 mark for the first time since January 2018, with experts speculating it could reach $20,000 soon, back to its 2017 peak.

The crypto currency is now becoming the world’s favorite safe haven.

“It was important for bitcoin to overcome the resistance area near $12,000,” Alex Kuptsikevich, FxPro senior financial analyst, told Forbes.

The fear factor plays into this, of course, and we saw it in 2016 presidential elections, too. Then, the price of bitcoin was around $709 before it climbed towards $20,000.

But this time around there’s history to learn from, in addition sentiment–as well as a series of positive moves towards bitcoin, including PayPal’s big tie-in to the crypto.

PayPal customers will now be able to use cryptocurrencies to pay merchants beginning in early 2021.

Last month, PayPal secured the first conditional cryptocurrency license from the New York State Department of Financial Services, the first approved entity for a conditional Bitlicense in New York State.

By many accounts, PayPal’s move makes crypto “useful”–to the mainstream.

With prices riding above $15,600 at the time of writing, it’s hard to argue–as many do–that it will end up crashing into oblivion.

Andy Edstrom of California-based WESCAP Group recently said that one bitcoin will be worth $400,000 by 2030.

Germany’s largest lender, Deutsche Bank, suggests that cryptocurrencies could replace cash payments within the next decade.

Bitcoin has witnessed strong growth this year during the COVID-19 pandemic, with the Bitcoin more than doubling in value year-to-date.

And mainstream companies keep jumping on board…CLICK for complete article

PayPal to offer crypto payments starting in 2021

PayPal announced on Wednesday its entry into the cryptocurrency market, according to multiple reports.

PayPal customers will be able to use cryptocurrencies to shop at any merchant in its large network starting from early 2021, the company said.

The payments will be settled through fiat currencies, similar to many existing crypto merchant solutions like BitPay. This means that the merchants will be receiving fiat, as PayPal will take care of the conversion.

The coins initially supported will include Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH) and Litecoin (LTC), the company said. The payments giant partnered with Paxos to deliver the service, and it obtained a conditional cryptocurrency license from the New York State Department of Financial Services, commonly known as the BitLicense.

In addition to cryptocurrency payments, PayPal users will also be able to purchase crypto directly through the app. PayPal will thus feature a cryptocurrency wallet, letting users buy, sell and hold crypto via the PayPal apps….CLICK for complete article

Corporate Bitcoin Holdings Boost Crypto Confidence

Bitcoin may still be shy of its record high of $20,000 in 2017, but its pandemic-time recovery is making it popular among the large companies.

The king of cryptocurrency has witnessed strong growth this year, record volume trading, and is still flirting with the $12,000 range, though it’s having trouble over the past couple weeks passing the $11,500 resistance level–a key figure crypto traders are monitoring right now.

Many agree that bitcoin’s major upside over the last 10 years has largely been the result of FOMO, a fear of missing out, and even multi-billion companies have succumbed to the temptation.

Payment company Square is the latest.

Earlier this month, the company said it bought 4,709 bitcoins, worth approximately $50 million, which represents about 1% of Square’s total assets.

“Square believes that cryptocurrency is an instrument of economic empowerment and provides a way for the world to participate in a global monetary system, which aligns with the company’s purpose,” the company said in a release….CLICK for complete article

The Dollar Doldrums

 

A sharp decline in the relative value of the dollar this year has been met with cheers from those hoping for a short-term boost to the US economy, and with hand-wringing by those worried about the currency’s global standing. But while both views reflect underlying truths, neither tells the whole story.

Several factors have combined to put downward pressure on the greenback (as measured by the DXY index of trade-weighted currencies) in recent weeks, resulting in a depreciation that has reversed almost half of the appreciation of the last ten years within the space of just months.

As the US Federal Reserve has loosened monetary policy (actually and prospectively) in response to a worsening economic outlook, the income accruing to dollar-denominated safe havens, such as US government bonds, has declined. And with US-based investments having lost some of their relative attractiveness, there has been a shift in holdings in favor of emerging markets and Europe (where the European Union last month agreed to pursue deeper fiscal integration).  Read More