Yearn Finance YFI Transaction Count Hits New All-Time High of 113k

Yearn Finance (YFI) Transaction Count Hits New All-Time High of 11.3k

John P. Njui   •   ETHEREUM (ETH) NEWS • DEFI   •   NOVEMBER 11, 2020

 

Quick take:

  • The Yearn Finance (YFI) ecosystem is once again showing signs of life
  • Yearn Finance’s transaction count hit a new all-time high of 11.3k on the 7th of November
  • YFI has rebounded hard from a local low of $7,450
  • YFI value has once again exceeded that of Bitcoin at its current rate of $18,400

From the beginning of Q4 2020, popular DeFi tokens such as Yearn Finance (YFI) have been continuously losing value as Bitcoin stole the show and posted a 2020 high of $15.950 on the 6th of November. Bitcoin is currently experiencing sideways movement that has provided the ideal environment for DeFi tokens to once again bounce back from what seemed like a never-ending downward spiral.

Yearn Finance (YFI) Transaction Count Hits New All-Time High of 11.3k

In the case of Yearn Finance (YFI), the DeFi token has had a rough few weeks after posting an all-time high of $43,873 on the 12th of September. From that record-breaking day, YFI continued to lose value and posted a local low of $7,450 on the 5th of November.

Two days later, and on the 7th of November, Yearn Finance’s transaction count hit a new all-time high of 11,3000. This event was captured by the team at CoinMetrics who explained that the increased YFI activity could be a sign of a DeFi resurgence.

Decentralized finance (DeFi) is showing signs of life. After declining over the last few months, yearn.finance (YFI) transaction count hit a new all-time high of 11.3K on November 7th.

With ETH pumping, DeFi could be in store for a resurgence, although it remains to be seen whether we will ever return to the days of peak DeFi mania.

The team at Coinmetrics demonstrated the increased transaction activity on Yearn Finance (YFI) via the following chart.


(Click image for larger view)

YFI Value ‘Flippens’ That of Bitcoin Once Again

Since posting a local low of $7,450, Yearn Finance (YFI) has bounced hard and is currently trading at the $18,400 level. This means YFI has increased in value by 146% in less than a week. Furthermore, YFI’s value has exceeded that of Bitcoin at the current BTC rate of $15,374.

In conclusion and reiterating the analysis by CoinMetrics, Yearn Finance (YFI) has generally been used as an indicator of the overall health of the DeFi realm. YFI exceeding Bitcoin in value and Yearn Finance transaction count hitting a new all-time high could be two sings that the DeFi industry is once again ready to wow us in the days and weeks to follow.

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Original article posted on the EthereumWorldNews.com site, by John P. Njui.

Article re-posted on Markethive by Jeffrey Sloe

US central banker urges digital dollar development

US central banker urges digital dollar development

FOMC member Robert Kaplan believes the Fed should prioritize creating a digital dollar.


Image courtesy of CoinTelegraph

            NOV 10, 2020

President of the Dallas Federal Reserve Robert Kaplan believes the US central bank should begin work on a digital currency immediately, a clear indicator that some policymakers view this as an urgent matter.

Speaking Tuesday at a virtual conference hosted by Bloomberg, Kaplan reportedly said:

“It is critical that the Fed focuses on developing a digital currency in the coming months and years.”

The central banker’s remarks were part of a broader discussion on the economy and fiscal policy.

Kaplan is a member of this year’s Federal Open Market Committee (FOMC), the organization tasked with setting monetary policy. The 2020 Committee slashed interest rates to record lows in March as part of a synchronized policy response to Covid-19. Kaplan and the rest of the FOMC have been instrumental in flooding the market with liquidity since Sept 2019, when irregularities in the overnight repo market caused short-term interest rates to spike.

Blockchain technology is certainly on policymakers’ radar. Last month, Fed Chairman Jerome Powell said that 80% of central banks around the world are exploring the potential utility of a CBDC. While the Fed has given no indication of whether it will pursue a digital dollar, it has deployed economists to explore the subject in greater detail.

On Monday, the Fed released a literature review of central bank digital currencies, or CBDCs, to explore the impact of a digital dollar on commercial banking and monetary policy. The review concluded by recommending additional research be devoted to exploring the “intrinsic” value drivers of a government digital currency.

Back in August, the central bank released a full-length research report comparing a digital dollar with other payment methods.

Although the idea of a CBDC is scoffed at by proponents of truly decentralized digital currencies like Bitcoin, the digital dollar is believed by some to be the natural progression of a cashless society. It may assist governments in supporting financial innovation, boosting payment functionalities and supporting greater financial integration worldwide.

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Original article posted on the CoinTelegraph.com site, by Sam Bourgi.

Article re-posted on Markethive by Jeffrey Sloe

Prediction: Divided country not likely to be unified anytime soon

Prediction: Divided country not likely to be unified anytime soon

Monday, November 9, 2020 | Chad Groening, Steve Jordahl (OneNewsNow.com)

Despite the media's weekend declaration of a Joe Biden electoral victory over President Donald Trump, the president himself has refused to concede while his team moves forward with legal challenges in key battleground states.

On Friday, the Republican National Committee announced it was dispatching legal teams to states where there have been reports of ballot irregularities and intimidation of Trump poll watchers. According to news reports today, the president's legal team is expected to sue Pennsylvania over its handling of the election (see LawSuit below) – and his campaign has requested recounts in Georgia, Wisconsin, and Arizona. Accusations of irregularities have also been levied against Michigan and Nevada.

In total, according to Trump attorney Rudy Giuliani, as many as ten lawsuits could be filed eventually – four or five of them by the end of the week.


Bob Maginnis, senior fellow for national security at the Family Research Council, admits he finds the situation "disconcerting."

"I know the president's team is out in every suspect state, pursuing the truth and [urging] legal ballots would be counted but not the illegal," Maginnis tells OneNewsNow. "So, I think there is still some hope out there [for the Trump campaign]. But if in fact it ends up that Mr. Biden is – quote – elected, then we have plenty of evidence that this country will continue to be divided."

As suggested before the election, the final result could end up being decided by the Supreme Court – which Maginnis predicts could have a disastrous impact.

"If in fact the Supreme Court ultimately makes a decision that puts Mr. Trump back in office and denies it to Mr. Biden, then the left and their Antifa-Black Lives Matter [supporters] will, of course, tear apart as much of the country as they possibly can. That's their modus operandi."

The Associated Press reports that top election officials in the battleground states of Arizona, Georgia, Michigan, Pennsylvania and Nevada – both Republican and Democrat – have all said they see no widespread voting irregularities, no major instances of fraud or illegal activity.

The 'Squad' cometh

While that squabble remains in the headlines, the Democratic Party – for all its brag and bluster over the 2020 elections – is facing a massive internal war. Some House Democrats, it turns out, are not very happy. Several of them leaked the contents of a caucus meeting last week, and there was a lot of finger pointing going on.

Virginia Congresswoman Abigail Spanberger was one that was sounding the alarm:

Spanberger: "The number one concern and things that people brought to me was defunding the police… We need to not ever use the word 'socialist' or 'socialism' ever again."

Former Missouri Senator Claire McCaskill told MSNBC the Democrats were losing voters because many in their base prefer the Republican take on social issues more than the divisive identity politics of the left:

McCaskill: "As we circled those issues, we left some voters behind – and Republicans dove in with a vengeance and grabbed those voters."

But the far left of the party is having none of it. New York Congresswoman Alexandria Ocasio-Cortez – viewed by many as the spokesperson for "The Squad," a group of "progressive" Democrats – tweeted out after the caucus meeting that those who oppose socialism and defunding the police are racists.

In addition, Justice Democrats – a left-leaning political action committee – boasted that it had added three more "Squad" members to the House, which now boasts 15 members. "Every member of The Squad is headed back to Congress," the group reported. "But we didn't stop there. We recruited another class of progressive champions – and we won."

And they're bringing with them the fight for the Green New Deal, single-payer health care, and higher taxes.

Christian author and radio talk-show host Dr. Alex McFarland says the Democrats have a battle on their hands. "The Squad seems to be growing in both numbers and power," he observes. "The bankrupt ideology of socialism has to go ever more explicit and ever more leftward to appear innovative and relevant."

*** Lawsuit ***

Trump camp suing Pennsylvania over election results

Chris Woodward (OneNewsNow.com)

"We're going to file a lawsuit today," Trump attorney Rudy Giuliani told The Todd Starnes Show. "The lawsuit today is going to involve all of Pennsylvania and produce evidence that Pennsylvania was a complete and absolute disaster."

According to Giuliani, the amount of fraud in Pennsylvania is "overwhelming."

"Well over 300,000 mail-in ballots were counted secretly without any Republican observer allowed to see it, in Philadelphia and even more in Pittsburgh, but there are direct witnesses to that," said Giuliani. "That is completely illegal, unlawful under Pennsylvania law, and those ballots will have to be discarded; they will have to be nullified. They are unlawful ballots. The law of Pennsylvania requires that the Republican Party be given a chance to observe the ballot to make sure that the mail-in ballot is legitimate. We all know how much fraud can happen with a mail-in ballot."

The lawsuit in Pennsylvania will also involve the backdating of ballots.

"Ballots that came in on November 4 were backdated to November 3," Giuliani explained. "[The lawsuit] will involve the voting of dead people and [those] whose votes were changed, including in some cases after the vote was cast. And it will ask for the disqualification of all those votes and that the election in Pennsylvania cannot be certified by the legislature until these votes are removed, which would be more than enough to make Donald Trump the winner."

Giuliani also claimed that people were intimidated and are willing to testify. "[These are] poll watchers who were intimidated, who were not able to watch the polls; and we have a significant electronic problem with a system called Dominion."

Similar lawsuits are expected in Georgia and Michigan.

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Article written by Chad Groening, Steve Jordahl, and posted on the OneNewsNow.com website.

Article reposted on Markethive by Jeffrey Sloe

Pfizer BioNTech: COVID-19 Vaccine Candidate More Than 90 Effective

Pfizer, BioNTech: COVID-19 Vaccine Candidate More Than 90% Effective

By RTTNews Staff Writer | Published: 11/9/2020 8:39 AM ET

Pharmaceutical giant Pfizer Inc. (PFE) and German biotech firm BioNTech SE (BNTX) said Monday that their coronavirus vaccine candidate, BNT162b2, was found to be more than 90 percent effective in preventing COVID-19 among patients without prior evidence of infection.

Following the news, shares of Pfizer are rising almost 16 percent or $5.75 in pre-market trade to $42.15.

The results were based on the first interim efficacy analysis conducted by an external, independent Data Monitoring Committee or DMC from the vaccine's Phase 3 clinical study.

According to Pfizer and BioNTech, their mRNA-based vaccine candidate, BNT162b2, was found to be effective against COVID-19 in participants without prior evidence of SARS-CoV-2 infection.

"Today is a great day for science and humanity. The first set of results from our Phase 3 COVID-19 vaccine trial provides the initial evidence of our vaccine's ability to prevent COVID-19," said Dr. Albert Bourla, Pfizer Chairman and CEO.

The results comes as coronavirus cases continue to surge worldwide and economies struggle to reopen.

The late-stage clinical trial of BNT162b2 began on July 27 and has enrolled 43,538 participants to date. Of the total participants, 38,955 have received a second dose of the vaccine candidate as of November 8, 2020.

The trial continues to enroll participants and is expected to continue through the final analysis, when a total of 164 confirmed COVID-19 cases have accrued. The interim analysis by DMC evaluated 94 confirmed COVID-19 infections among the trial's participants.

The comparison of data between vaccinated individuals and those who received the placebo indicated a vaccine efficacy rate above 90 percent, seven days after the second dose was given. This means that protection from COVID-19 is achieved 28 days after the initiation of the vaccination, which consists of a two-dose schedule.

The DMC did not report any serious safety concerns and has recommended that the study continue to collect additional safety and efficacy data as planned.

The Phase 3 study will also evaluate the potential for the vaccine candidate to provide protection against COVID-19 in those who have had prior exposure to SARS-CoV-2, as well as vaccine prevention against severe COVID-19 disease.

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The companies plan to submit for emergency use authorization to the FDA after accumulating two months of safety data, which is expected to be available by the third week of November.

Based on current projections, Pfizer and BioNTech expect to produce globally up to 50 million vaccine doses in 2020 and up to 1.3 billion doses in 2021.

For comments and feedback contact: editorial@rttnews.com

Article written by an RTT News Staff Writer, and posted on the RTT News.com website.

Article reposted on Markethive by Jeffrey Sloe

Institutional Investors Are Now More Likely To Choose Bitcoin Over Gold And Here’s Why

Institutional Investors Are Now More Likely To Choose Bitcoin Over Gold – And Here’s Why

By Bernice Nyambura – November 9, 2020

Institutional investors now prefer Bitcoin over gold, according to a recently published research note by financial analysts at JP Morgan.

The analysts observed that throughout October, Grayscale, the biggest digital assets manager recorded cumulative inflows on its Bitcoin trust. Meanwhile, gold ETFs had “modest inflows” since mid-October, which coincides with the start of the ongoing BTC price rally.

“What makes October flow trajectory for the Grayscale Bitcoin Trust even more impressive is its contrasts with the equivalent flow trajectory for gold ETFs which overall saw modest outflows since mid-October.”

This contrast, according to the analysts is a hint that many institutional investors who previously preferred investments in gold ETFs have shifted to Bitcoin as an alternative to gold.

Both Retail and Institutional Investors Driving Up Demand for BTC

Due to the high demand for BTC from both retail and institutional investors, the result has been an increased demand for Grayscale’s Bitcoin Trust. The latest data by Grayscale shows that Net Assets under management has risen to $9.1 billion with the Bitcoin Trust accounting for $7.65 billion.

The analysts added that this trend has potential positive long-term effects for Bitcoin as a store of value. If Bitcoin is able to continue the fierce competition, this will further establish its recognition as an alternative currency to gold.

However, Bitcoin’s market cap, which is still significantly lower than gold would have to rise as high as ten times from its current $279 billion to level up with its key competitors in the private sector such as gold ETFs, bars, and coins.

Temporary or Permanent Corporate BTC Endorsement?

BTC’s price surge has been driven by a lot of corporate endorsements that started to show in July and August and topped by Square and PayPal’s support for crypto trading and payments.

The analysts however argued that Bitcoin is reaching an overbought price level which could trigger a pullback in the short-term. Other analysts on Twitter have expressed similar sentiments especially with the breaking news of a 90% effective Coronavirus vaccine.

Bitcoin’s price is up 0.25% at $15,265 and falling at the time of press. According to analyst Centering Clark, some of the temporary BTC investors might trigger volatility when they exit the crypto market in favor of stocks, which stand to benefit from positive vaccine news.

“This volatility is just fast money finds that play $BTC as s higher beta $GOLD dumping on vaccine news. The players that enter on behalf of the long-term thesis for Bitcoin are not changing their positions.”

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DISCLAIMER

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

The original article written by Bernice Nyambura and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

Bitcoin BTC Available For Trading is as Low as it Was in Mid-2017

Bitcoin (BTC) Available For Trading is as Low as it Was in Mid-2017

John P. Njui   •   BITCOIN (BTC) NEWS   •   November 8, 2020

Quick take:

  • The amount of Bitcoin available for traders has dropped down to 2017 levels
  • Most of the Bitcoin is now held by investors aka hodlers
  • Such investors include Grayscale that has added 40k Bitcoin to its holdings in the last 30 days
  • $15k might be the tip of the iceberg as Bitcoin could soar further in 2021

The amount of Bitcoin available for trading is currently at low levels last seen in 2017. This is according to an analysis done by the Chief Economist of Chainalysis, Philip Gradwell, who shared his views via the following tweet.

Bitcoin Investors Are Holding BTC Amidst Economic Uncertainty

In his tweet, Mr. Gradwell explains that Bitcoin (BTC) is now viewed as ‘an asset to hold in a world of macro uncertainty’. Therefore, ‘there isn’t much supply available to buy’.

Also part of his analysis is a chart that shows a continual decline in Bitcoin available for trading (yellow line). As this amount drops, the Bitcoin held by investors continues to increase with time (orange line). From the shared chart, it can be observed that an increment in Bitcoin holders has resulted in the price of Bitcoin also rising with time.

GrayScale Continues to Scoop Up Bitcoin

Also worth mentioning is that the Grayscale has continued to accumulate Bitcoin. In the last 30 days, the firm has purchased approximately 40,000 BTC worth more than $600 million. Furthermore, and in their latest market update, Grayscale now has approximately $9.1 Billion in digital assets under its management. Of this amount, $7.648 Billion is allocated to its Bitcoin trust. This information can be found below.

$15k Might Be The Tip of the Iceberg for Bitcoin

Given the information that the Bitcoin available to trade has dropped to early 2017 levels, it can be concluded that BTC has between 6 to 12 months of upward movement. This is given the assumption that the time Bitcoin will take to post a new all-time high, will be similar to that taken in 2017. Therefore, an earlier prediction by Bitcoin Analyst MagicPoopCannon of Bitcoin testing $80k or $90k next year might be a good forecast of what might transpire in the next few months.

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Original article posted on the EthereumWorldNews.com site, by John P. Njui.

Article re-posted on Markethive by Jeffrey Sloe

Aave Surges 25 as DeFi-Wide Short Squeeze Seems to Have Begun

Aave Surges 25% as DeFi-Wide Short Squeeze Seems to Have Begun

By Nick Chong – November 8, 2020 in Aave Reading Time: 2min read

It appears that decentralized finance (DeFi) bulls have finally returned. Aave (AAVE), one of the leading crypto-assets in the DeFi space, has surged 25% in the past 24 hours alone.

This performance makes the coin the best-performing cryptocurrency in the top 100 by market capitalization. For further context, Bitcoin has gained five percent in the past 24 hours, as has Ethereum. The two leading cryptocurrencies have surged rapidly since the weekend lows.

Aave is set to continue higher, analysts say, as a result of trends in the market.

Aave Could Continue Higher Amid Short Squeeze

Analysts think that AAVE will continue its descent as the futures markets for the cryptocurrency indicate that a short squeeze may be taking place. One crypto-asset analyst shared this chart below amid the move higher, noting how the funding rate is seriously negative as open interest in these markets has begun to tick higher. This suggests an increase in short activity.

The issue is that at the same time, AAVE has pushed higher, putting short positions in a situation where they will need to close their positions to preserve their capital or wait until they are potentially short squeezed.


Chart of AAVE's price action over the past few weeks with an analysis of the futures market by crypto trader Mac (@MacnBTC on Twitter).
Source; AAVEUSD from TradingView.com
(lick image for larger view)

Institutional Accumulators

It appears that this correction to the upside is being triggered by institutional capital coming into the DeFi market.

Multiple fund managers and notable traders in the space have noted that they have been purchasing the cryptocurrency. The negative funding rate despite the increased price also suggests a spot-led rally.

Even still, some aren’t convinced that the bottom is in for the DeFi market. One analyst commented:

“I constantly update my views and unfortunately it looks like there’s going to be more pain in DeFi. Originally I thought we won’t see a 80-90% crash which is typical of alts because of the level of sophistication of DeFi investors but that thesis is being invalidated.”

Ari Paul, CIO and CEO of BlockTower Capital, also noted previously that even though an asset class has dropped 85%, it could drop even further. He did not explicitly say that it would drop further, but noted that this space has an entirely feasible chance of dropping an extra 60% to the macro lows.

Featured Image from Shutterstock
Price tags: aaveusd, aavebtc, aaveeth
Charts from TradingView.com
Aave Surges 25% as DeFi-Wide Short Squeeze Seems to Have Begun

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The original article was written by a Nick Chong and posted on NewsBTC.com.

Article reposted on Markethive by Jeffrey Sloe

Bitcoin at 15K is now bigger than PayPal Coca-Cola Netflix Disney

Bitcoin at $15K is now bigger than PayPal, Coca-Cola, Netflix, Disney

Bitcoin surged from $190 billion to around $280 billion in recent months, surpassing some big-name companies, including banks, by market capitalization.


Image courtesy of CoinTelegraph

            NOV 08, 2020

In early September of this year, the market capitalization of Bitcoin (BTC) was hovering at around $190 billion when the BTC price was hovering around $10,000.

In the past two months, however, the price of Bitcoin rose from to over $15,000. With it, the market cap of Bitcoin surged from $190 billion to around $280 billion. This now makes Bitcoin more valuable than most major U.S. companies.


The weekly price chart of Bitcoin. Source: TradingView.com (Click image for larger view)

Bitcoin is equivalent to the 18th largest commercial company in the U.S.

If Bitcoin’s valuation is compared to publicly-listed firms in the U.S., it would match the 18th biggest firm.

The 17th largest company in the U.S. is Home Depot with a market cap of $306 billion. Verizon falls behind it with a $242 billion valuation, leaving a large gap in between.

Since the market cap of Bitcoin is currently around $280 billion, it is larger than all of the companies in the U.S. outside of the top 17.

Companies that Bitcoin surpassed in recent months include some big names such as Netflix, PayPal, BofA, Coca-Cola, Salesforce and Disney.


Top companies in the U.S. by market capitalization. Source: Dogs of the Dow (Click image for larger view)

Bitcoin is still behind the three largest financial institutions in the U.S. by valuation, namely Visa, Mastercard and JPMorgan. For the top cryptocurrency to surpass all three, it would need to hit $23,000, or a market cap of $426 billion.

However, the price of BTC must reach somewhere around $120K for Bitcoin to catch up to Apple, the most valuable company in the world with a market cap of $2 trillion.

Investors becoming aware of Bitcoin's asymmetric risk-reward potential

Meanwhile, analysts anticipate BTC to rally throughout 2020 and in early 2021, expecting BTC to enter price discovery and hit new all-time highs.

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In 2017, Bitcoin reached a new record-high 15 months after the 2016 block reward halving. BTC saw its latest halving in May 2020, so the chances of a new peak in mid-2021 remain high based on historical cycles.

Over the long term, cryptocurrency investors and analysts say the perception of Bitcoin as a durable store of value would push its valuation.

Tyler Reynolds, a former Google and Morgan Stanley alumni, said the fixed supply of Bitcoin makes it compelling as a hedge against government spending. He wrote:

“As it’s currently shaping up, the next bull run will be led by BTC with the very narrative that OGs have been saying since 2011: Bitcoin’s hard supply cap makes it a durable SoV as governments devalue their fiat currencies to support unconstrained government spending.”

Other notable investors, such as the billionaire Wall Street hedge fund manager Paul Tudor Jones, called Bitcoin an ideal inflation play.

Bitcoin is particularly attractive to institutions because it could act as a hedge within a diversified portfolio but also give investors exposure to Bitcoin's asymmetric risk-reward potential.

The relatively low market cap of Bitcoin compared to companies like Visa and safe-haven assets such as gold indicate there is significant room for further growth in the next decade.

Original article posted on the CoinTelegraph.com site, by Joseph Young.

Article re-posted on Markethive by Jeffrey Sloe

MicroStrategy CEO: Bitcoin Is Bringing Back The Thrill Of Saving Money

MicroStrategy CEO: Bitcoin Is Bringing Back The Thrill Of Saving Money

By Nick James – November 7, 2020

Over the last few years, the crypto industry has grown exponentially. There are currently thousands of crypto projects going on. However, Bitcoin still remains the top coin with the largest market cap. A lot of people love Bitcoin, and for good reasons.

For one, Bitcoin is bringing back the culture of saving. That’s according to Michael Saylor, CEO, and founder of MicroStrategy. Michael posted a tweet claiming that prior to Bitcoin, the culture of saving was dead because of political interference. Bitcoin is fixing that.

Saving For Future Value

Bitcoin has gained greatly in value over the last decade since its introduction. This makes BTC investment one of the smartest ways to save money that actually increases in value over time.

On the contrary, saving money in bank accounts in fiat form exposes one to the risks of inflation that ultimately affects the value of the fiat currency. That’s especially the case when governments print fiat currencies in large counts.

Safe Haven

Inflation has driven many smart people into the world of cryptocurrencies, and Bitcoin has gained from the new money inflow courtesy of its status as the most prolific of the cryptocurrencies in the market.

Individuals with large amounts of money have moved to put their cash in BTC to avoid value deterioration due to inflation. Indeed, Bitcoin has become so popular in this sphere that people are already convinced that the crypto will one day replace Gold as the top-most asset respected as a credible store of value.

Fostering Freedom

Perhaps one huge point that Michael Saylor sought to make in his tweet is the fact that political interference and bureaucracy led to the destruction of the saving culture. The introduction of censorship laws that have progressively infringed upon the people’s freedoms and liberties has played a major role in driving away savers.

On the other hand, Bitcoin offers a fully decentralized financial system whereby no single entity has the power to put restrictions on or censor anyone else. Bitcoin promotes a rare sense of freedom, and that has endeared it to the people as a secure means of saving for the future without having to go conform to the increasingly defective traditional system. 

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DISCLAIMER

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

The original article written by Nick James and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

ChainLink LINK Reclaims the 5 Spot on Coinmarketcap

ChainLink (LINK) Reclaims the #5 Spot on Coinmarketcap

John P. Njui   •   DEFI • CHAINLINK (LINK) NEWS   •   NOVEMBER 7, 2020

Quick take:

  • ChainLink has reclaimed the number 5 spot on Coinmarketcap
  • LINK has edged out Bitcoin Cash (BCH) and Binance Coin (BNB)
  • LINK has reclaimed the $12 support and hit a local peak of $13.60
  • ChainLink’s daily chart still hints of bullishness that could assist LINK in retesting $14 or even $15

The digital asset of ChainLink (LINK) is once again a top 5 digital asset on Coinmarketcap. LINK has had an impressive few days in the crypto markets having rallied from $10.20 on the 4th of November, to a local high of $13.60 set earlier today. This is an impressive increment of 33% and has resulted in ChainLink edging out Bitcoin Cash (BCH) and Binance Coin (BNB) to reclaim the number 5 spot according to Coinmarketcap.

ChainLink’s achievement was highlighted by Crypto Analyst Timothy Peterson, who explained that LINK has reclaimed its rightful spot back in the top five. Mr. Peterson shared his analysis of ChainLink via the following tweet.

ChainLink Reclaims the $12 Support, $14 – $15 Probable

A quick glance at the daily LINK/USDT chart reveals that ChainLink has once again reclaimed the crucial $12 support zone. At the time of writing, ChainLink is consolidating around another support zone found at $12.50.


(Click image for larger view)

Also from the daily LINK/USDT chart, the following can be observed.

  • ChainLink’s trade volume is very much in the green with today’s candle being particularly bullish
  • LINK is trading above both the 50-day and 100-day moving averages hinting at a continuation of the bullishness
  • The 100-day moving average (yellow) is providing short term support around the $12 price area
  • The daily MACD has crossed in a bullish manner above the baseline. Its most recent histogram is a green one further confirming the bullishness
  • The daily MFI is in neutral territory around 51
  • RSI is also a bit neutral at a value of 63
  • If ChainLink’s bullishness is maintained, LINK could restest the $14 to $15 price area last visited in August and September of this year

Conclusion

Summing it up, ChainLink (LINK) has once again reclaimed the number 5 spot according to Coinmarketcap due to an impressive rally from the 4th of November. This rally resulted in LINK posting a local peak at $13.60 and retention of the crucial support zone at $12.

Additionally, the daily LINK/USDT indicates that ChainLink still has some bullishness that could provide enough momentum for the digital asset to revisit the $14 to $15 price level last witnessed in August and September of this year.

As with all analyses of ChainLink, traders and investors are advised to use adequate stop losses and low leverage when trading LINK on the various derivatives platforms. Furthermore, Bitcoin looks set for a correction that could pull down the entire altcoin market with it.

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Original article posted on the EthereumWorldNews.com site, by John P. Njui.

Article re-posted on Markethive by Jeffrey Sloe