Archive November 2020

Bitcoin Rises 4% to Surpass $14,000 as Election Volatility Fuels Cryptocurrency Rise


The $14,000 level represented a key level of resistance for the world's most popular cryptocurrency, according to technical analysts.

  • Bitcoin gained as much as 3.9% in Wednesday's volatile trading, with investors migrating to risky assets.
  • The high pushed prices to $14,257.53, before a slight retraction in the afternoon.
  • The $14,000 level represented a key level of resistance for the world's most popular cryptocurrency, according to technical analysts.
  • Ethereum, the second-largest cryptocurrency by market value, rose as much as 6.8%.

Bitcoin jumped as much as 3.9% on Wednesday as volatility fueled by us elections raised popular cryptocurrencies.

The high raised the most popular digital token to $14,257.53, before slightly matching the afternoon earnings. It is the highest level of bitcoin since January 2018, when bitcoin fell from its record of nearly $20,000.

Risk assets increased in Wednesday's trading, as expectations of a blue wave quickly gave way to the likelihood of a divided government. While the lack of a Democratic sweep set Congress to a prolonged stimulus standoff, it also calms Wall Street's fears of a corporate tax increase. Technology stocks soared, while financial and industrial names fell behind the market.

Ethereum, the second-largest cryptocurrency by market capitalization, jumped up 6.8% in the session, while Ripple's XRP rose further, but remained floating near the same prices 24 hours earlier.

Bitcoin's latest recovery began in late October, after PayPal announced it would soon allow users to buy, sell and maintain the cryptocurrency. Bitcoin has since increased more than 20%.

The $14,000 limit represents a key resistance level for the popular token, and cross it adds a new achievement to its massive rise. With bitcoin now trading above that ceiling, its final resistance level stands at $20,000, Fairlead Strategies founder Katie Stockton said in an October 21 note.

Bitcoin was trading at $14,047.33 at 1:15 p.m. ET on Wednesday, a 95% increase on the year.


Would MicroStrategy’s Recent Investment in Bitcoin Boost Corporate Adoption?


Bitcoin recently took over the crypto industry, reaching a whopping $14,000+ in recent days. According to experts, a vital reason behind the extraordinary currency surge lately is certainly its growing adoption in the conventional market, especially by corporate giants like Grayscale and Square. And, of course, there's the esteemed business intelligence company MicroStrategy. The company recently made headlines for investing a wholy so-howist $425 million in treasury funds immediately in Bitcoin. The incident caused serious waves across the tax sector, inspiring curiosity that MicroStrategy's huge investment in BTC would attract more numbers of corporate giants to the crypto scene.

MicroStrategy obtained a massive ROI from BTC

Interestingly, MicroStrategy founder and CEO Michael Saylor were initially skeptical of Bitcoin. But the currency's promising march, especially in recent months, has turned Saylor into a complete patron of Bitcoin - so much so that he has already declared Bitcoin as his company's main reserve asset for the company's treasury. Saylor even declared that his bitcoin investment was rewarded with extraordinary return potential. According to the sources, Saylor's company has raised an of a sum of $100 million in its BTC purchases in the past two months. It's certainly a colossal number compared to the $78 million Microstrategy earned from all of its business operations over the last 3.5 years.

Would that attract more corporate giants to BTC?

"MicroStrategy is definitely an influential name in the corporate landscape. The company's growing support for Bitcoin and reports of excellent returns from its recent investment in the currency would naturally attract the interest of many other corporate giants for BTC and crypto in general. But it seems that the massive success of a company in the crypto scene, no matter how big it is, is not enough to bring other big companies to the table," said Sina Estavi, CEO of oracle's growing Oracle Bridge system.

According to Sina and many other financial experts, such as macroeconomist Raoul Pal, MicroStrategy's glorious experience with Bitcoin alone is not enough to leverage the adoption of conventional BTC yet. They are of the opinion that one of the main reasons that hinder the mainstream's attention to BTC is that the conventional financial sector does not understand the language of the cryptographic world. As a result, cryptocurrencies like BTC, despite their incredible high run lately, still mostly limit themselves to cryptocurrencies that understand the language of the industry.

Pal emphasized that Saylor may not be able to attract the corporate adoption of Bitcoin, especially since he is currently speaking the language of Bitcoin and not the specific language that is understood by corporate treasurers.

Cryptocurrency is still a relatively newer concept in the contemporary tax landscape. In addition, it is based on state-of-the-art technology and therefore most existing organizations in the current tax landscape have not been fully able to understand the intricacies of the cryptographic world. Therefore, unless a company explains the advantages of Bitcoin to other corporate companies in its own language, the adoption of the dominant Bitcoin would remain a distant dream.


Will America or China be Number One in Cryptocurrencies?


China should not move forward with next-generation technology for financial services, a U.S. invention.

Regardless of what happens in the elections, regardless of how the direction of the country is thought to be, virtually everyone on the planet agrees that it would be better for the United States to remain the number one economic, cultural and military power in the world rather than, say, the Chinese Communist Party.

The warning signal that the whole world should perceive is the deceptive handling of the PCCh with the COVID-19 pandemic. They are responsible for the disease, but Americans will probably be responsible for the cure. This fact is the basis of everything we do best - we are the number one source of innovation in the world.

China has won a lot of second place - mostly lying, cheating and stealing - but as long as we can overcome them in innovation, they will never surpass us. That's why it's so alarming that in cryptocurrencies - the next-generation technology for financial services we invented - the United States is allowing the Chinese to get to the front.

Much of the blame falls on Jay Clayton and the Securities and Exchange Commission (SEC) he has chaired since the beginning of Donald Trump's presidency. A weakness in Trump's robust economic policies, the Clayton SEC should have led the attack on a regulatory framework that nurtured and cultivated America's cryptographic innovators while eliminating the usual bad actors. Right away, it was a disappointment to market-driven advocates of change in support of U.S. industries and technologies. Clayton often led as a Democrat - no carrot, all by stick and zero vision.

Congress didn't do any better. They were too ready to use the Libra cryptocurrency platform proposed by Facebook as a pretext to launch political Molotov cocktails at the social media giant for the cameras. It was quite clear when watching that although they wanted the world to know how much they hated Facebook, few members of House understand cryptocurrencies as well as they need it. When Congress is too busy fighting with itself, there's no time to learn the ins and outs of a billion-dollar domestic industry poised to revolutionize financial services.

This negligence is not benign. The lack of a sound regulatory framework that protects and strengthens innovators as much as crime protections translates into chaos. Innovators already face high risks, but this level of legal uncertainty makes doing so here in America an almost unsustainable challenge. For nearly a decade, this technology has taken root and evolved into a wide range of real-world applications from American innovators that can transform the way we handle money, store value, make payments, and build supply chains. At a time when these products are evolving into mass adoption, the companies that will sell them to the world find it impossible to do business here.

Then there's China, waiting and watching us screw it up. The People's Bank of China has worked hard to develop a digital yuan and has already entered nearly 2 million citizens in a massive lottery for the first issue. Chinese cryptocurrencies have spent years mining bitcoin so intensely that they now control its value. That's what they know how to do - take our inventions, copy them and push mass adoption into their billions of subjects with the goal of dominating the global market.

President Xi Jinping has included blockchain as a goal for his country to surpass us, blockchain development is among the goals of the Chinese State Council's 13th five-year plan, China has filed the largest number of blockchain-related patents in the world, and the Chinese BabelBank cryptomagram reports a boom in speculative loans for crypto investment.

And now it's becoming urgent for the feds to act quickly. There is a major disruption in the global economy with an inevitable need for innovative and modernizing tools in the recovery period that can revive and rapidly expand economic activity. It's the perfect time for the American crypto industry to come on the scene. It will take a combination of vision, determination, and belief in the intrinsic importance of American leadership to get everything done in time.

If China is able to supplant America as the world's No. 1 economy, it could also quickly supplant us as the no. 1 military. The right kind of Washington leadership in cryptocurrency can ensure that doesn't happen.


Growing Enthusiasm Sees Crypto Assets Perform Well in 2020


This year has been positive for the crypto market and for most currencies. Bitcoin is trading above $11,000, Ethereum is trading above $380, Tether, the stable currency backed by US dollars, is third on the stops with a market capitalization of more than $15 billion, and even XRP has managed to hold the fourth position. Several factors have fueled growth within the crypto industry this year, including the explosion of DeFi and the growing acceptance of cryptocurrencies amid the pandemic and its adverse effect on economies and fiat currencies.

It's this growth that has seen many leaps at Google and other search engines as investors try to figure out the answer to the question " as you invest in Ripple attributed to the growing popularity of productive agriculture and decentralized finance. But, DeFi projects aside, there were a few prominent performers whose growth was fueled by growing enthusiasm for cryptocurrencies. This includes Chainlink and Polkadot.

Why are they doing so well?

After starting the year trading at $1.82, Chainlink would peak at about $19 in mid-August. The tremendous growth of 850% in just eight months. The price has dropped slightly, but even so, even with the current trading price of $11, this represents a whopping 511% growth in the year so far. The growth saw LINK, the native token of the smart contract platform, trade in the top ten in cryptographies with a market capitalization of more than $3.9 billion.

There are a few reasons why LINK is doing well this year, including; eth's positive performance on trading platforms such as PrimeXBT. Most DeFi projects are based on Ethereum, and the growth of the industry has been fantastic for your token. ETH has risen 192% since the beginning of the year and has managed to pull altcoins like LINK along with it. The other reason is the recent partnership with the Chinese National Blockchain Network (BSN). The organization intends to use Chainlink's oracle network to process data outside the chain.

A press release noted that:

"China's national Blockchain Services Network (BSN) is integrating Chainlink as the preferred oracle network to provide BSN systems with out-of-chain data access. As part of this collaboration, IRIS Network and SNZ Holding will also contribute integrated technical support."

Another project that's having a great year is Polkadot. The open-source project aims to create a fully functional and easy-to-use decentralized web, currently at 8th place in the stops, with a market capitalization of more than $3.6 billion.

Polkadot wasn't even in the top 100 just two months ago. Then, on August 21, there was a community vote where it was decided that the native DOT token would be renamed, which meant increasing the token's current stock by 100 times. It is similar to stock dismemberment, but the event was not witnessed within cryptographic circles. These events lead to an increase in the value of the asset, since small investors feel they can afford it. Polkadot's renaming saw its tokens divided into 100 new units, and this saw its total supply increase from 10 million tokens to 1 billion.

Even if the event does not change the value of investors' holdings, it leads to speculation, as many small investors come into the picture to own some tokens with cheap prices and consequently this pushes the price up.

The event was positive for Polkadot, as the DOT experienced a 134% jump in price on September 1. Currently, the token is trading just above $4, which is still impressive as it is 50% above its pre-split price.

With the high feeling of the crypto market, we have every reason to believe that these two projects and many others within the crypto space will continue to perform well as it is near the end of the year.


The Ethereum-Based Game Launches Token That Instantly Gained a Market Capitalization Millions


While The DeFi coins are falling to the ground, there still seems to be money flowing in the markets of Ethereum and altcoin. A token released today managed to raise a market capitalization of $10 million almost instantly.

To be fair, though, the token released went to one of the most well-known and successful Ethereum-based applications.

Ethereum-based Axie Infinity launches AXS token for instant success

On the morning of November 4, Binance assisted the Axie Infinity team in launching its governance token, AXS. Axie Infinity is a collectable and gaming digital application developed on Ethereum. A crucial part of the game is the collection and use of Axies, digital creatures represented through Ethereum-based tokens.

AXS achieved instant success, even with market sentiment around largely pessimistic altcoins, evidenced by Yearn. Finances fell to four figures after peaking at $44,000 two months ago.

According to CoinGecko, AXS began trading with a market capitalization of $10 million, although the currency has been adjusted to a market capitalization of $7.3 million as the market has become.

Holders of this new Ethereum-based currency will "shape the future of Axie by signaling their support for governance proposals and directing the use of a Community Treasury," according to an announcement about the launch. AXS will also be used as an in-game trading medium.

Similar to other DeFi or DeFi-esque products, AXS will be distributed to users of the applications.

The ad specifically mentions how those who "add value" to the Axie ecosystem will be able to earn these tokens, although the income provided is not yet clear.

The distribution seems to be similar to that of Synthetix, where those who actually use the product get the tokens instead of those who deposit liquidity in an often useless pool.

Great supporters

While Ethereum-based games and collectibles still look like a niche market, Axie Infinity has some notable supporters.

On the one hand, Binance Launchpad listed it as mentioned above. The exchange analyzes projects that are distributed through Launchpad.

Delphi Digital, a leading crypto asset consulting and research firm, also supported Axie Infinity. As noted by Ethereum users, the company recently acquired more than $150,000 in Axies, presumably as a long-term bet on the ecosystem. Delphi is also responsible for helping the Axie Infinity team design the AXS token.

The recent strength that Axie Infinity has seen seems to be related to a shift in attention from purely decentralized financial projects to those involved in non-fungible tokens (NFTs) and digital art.

At its core, Axies are NFTs. With NFTs being sold for tens of thousands of dollars and artists like 3Lau getting involved, it's clear why Axie Infinity is seeing so much interest.


Bitcoin Exchange CEO Donated The Second-Largest Amount to Joe Biden

  • The CEO of Bitcoin and the FTX crypto-based exchange, Sam Bankman-Fried, contributed $5.2 million to Joe Biden's campaign.
  • Bankman-Fried's contribution may be FTX's gateway to the U.S. market.

A wall street journal report revealed the entry of a major player into the Bitcoin and cryptocurrency market in United States politics. FtX crypto derivatives exchange founder Sam Bankman-Fried is the second-largest contributor to Joe Biden's presidential campaign. With a $5.2 million donation, Bankman-Fried could have contributed to the possible victory of the next President of the United States.

Although it long seemed that Donald Trump would win the election, the tide may have turned in Joe Biden's favor at the last moment. Voter participation by mail can be decisive. Currently, the election has had a record turnout, but there is still no clear winner.

Bankman-Fried is part of a special Political Action Committee (PAC) or Super PAC that has no legal limitations on the amount of money it can collect. However, the money raised by Super PACs can only be invested at the state level. The law prohibits them from making federal contributions.

Therefore, the money was sent to contribute to the campaign in 3 major states: Florida, Ohio and Texas. Bankman-Fried's contribution is only surpassed by Michael Bloomberg. The tycoon made a contribution of $56 million.

In total, Biden received $79.5 million from his top donors. In contrast, the current president received $75 million. Considering how fierce the election has been, the ftx CEO's contribution may be critical to the results. In total, the campaigns of both candidates received nearly $2.2 billion in donations, according to estimates from the Center for Responsive Politics. Bankman-Fried's $5.2 million is in addition to donations from Alphabet Inc (Google), Simon Property Group, Euclidean Capital, among others.

Bitcoin arrives in Washington

Bankman-Fried's contribution could have tangible implications if Joe Biden's victory is consolidated; implementation of a new regulatory policy, if there is a new administration. At least the cryptographic community reacted positively to the FTX CEO's donation. One user stated that "encryption needed to intensify its game in DC (District Capital, Washington)". Others expect positive implications of bankman-fried's donation:

''Surreal to see a cryptographic CEO have a relatively (and absolutely) high contribution to the election. Let's hope Bankman Fried actually lobbied Crypto with Biden's camp before donating.''

Notably, FTX is a Hong Kong-based stock exchange. Due to U.S. law, it does not allow U.S. citizens to participate in the trade of its derivative products. In that sense, there could be an agreement to relax the regulations so that the stock market could eventually enter the American market. In this sense, analyst Adam Cochran stated the following:

''It was a donation to a super PAC that was broader electoral. That's political lobbying and a great way to get regulatory changes.''