Currency
Brian Armstrong is worried the Trump Administration is about to send the cryptocurrency industry a parting gift.
The Coinbase CEO took to Twitter Wednesday night to blast the U.S. Treasury Department’s rumored plans to attempt to track owners of self-hosted cryptocurrency wallets with an onerous set of data-collection requirements.
If the whispers are to be believed, outgoing Treasury Secretary Steven Mnuchin is preparing to tamp down on one of the fundamental tenets of the cryptocurrency ethos: the ability of the individual to hold their crypto (unmolested) themselves.
“This proposed regulation would, we think, require financial institutions like Coinbase to verify the recipient/owner of the self-hosted wallet, collecting identifying information on that party, before a withdrawal could be sent to that self-hosted wallet,” Armstrong tweeted.
If true, the regulation would represent a broadside against the U.S. cryptocurrency industry like few ever levied by the federal government. It would force corporations to know every counterparty to their users’ crypto transactions, keeping logs, tracking movements, and verifying identities even before a transfer could take place.
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
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 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 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
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