Monthly Archives: October 2020

Bitcoin blasts through $13K following PayPal’s entrance into crypto

News of PayPal’s support for crypto assets has triggered a rally in the markets, with Bitcoin trading above $13,000 for the first time since July. Bitcoin (BTC) has rallied above $13,000 for the first time since July, and only the third time since the all-time high bull run of late-2017. The move follows the long sustained period of five-figure price action, with BTC having spent nearly the entirety of the past 12 weeks trading above $10,000. Weekly BTC/USD chart: BitcoinWisdom The spike was triggered by news that […]

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US crypto derivatives merchants need to leave customer funds alone, says CFTC

The CFTC has issued new guidance for crypto derivatives markets that hold customer funds, much of which boils down to “be very, very careful.” Per guidance released Wednesday evening, the Commodity Futures Trading Commission (CFTC) is advising businesses trading in crypto derivatives to hold customer funds very carefully. The new guidance continues the CFTC’s interest in carving out rules for custodianship of virtual currencies — an area obviously distinct from any other asset class. Per the commission:  “Custodians of virtual currencies are typically not subject to a system of comprehensive […]

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Filecoin Founder Accuses Justin Sun of Spreading Lies About FIL Tokens as Fresh Dumping Allegations Emerge

Juan Benet, a founder at Filecoin, is attacking Justin Sun for spreading completely false accusations about the movement of the FIL tokens soon after listing. In his long Twitter rebuff, Benet accuses Sun of spreading lies with the intention of harming the Filecoin project financially. Calling the accusations ridiculous, Benet says no one from the Filecoin team sold the FIL token on the day of listing. Soon after the FIL token went live on many exchanges, Sun unexpectedly tweeted alleging that Benet and others at Filecoin had […]

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Pro traders added to shorts as Bitcoin price broke $12K — Data shows

Bitcoin derivatives favor bulls but data shows top traders added to their short positions as BTC rallied above $12K. As Bitcoin (BTC) breaks the $12,000 resistance, derivatives markets are flirting with overly excessive bullish sentiment. The futures basis and the options 25% delta skew both reached the same levels seen now on October 12 when BTC briefly tested $11,700 but failed to maintain momentum. What differentiates the current situation from nine days ago is the positions of top crypto traders. On Oct. 12, these traders increased their […]

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Wall St drives PayPal to all time high on Bitcoin news

Mainstream investors apparently liked the company’s turn towards crypto. PayPal (PYPL) reached $215.87 on Oct. 21, a few dollars past its previous all-time high of $212.38, set on Sept. 2, 2020, according to data from TradingView. This price action came shortly after the payments company announced that it would soon be including crypto assets on its platform. PayPal plans to integrate Bitcoin (BTC), Etheruem (ETH), Litecoin (LTC), and Bitcoin Cash (BCH) offerings into their network in 2021. Opening the trading day at $206.20, PayPal quickly rose past its all-time high, but just […]

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CasperLabs readies blockchain platform for 2021 mainnet launch with $14M private sale

A project that started out in the Ethereum ecosystem may soon be a worthy adversary for the network. CasperLabs has raised $14 million in a private validator token sale, with over a dozen investors participating in a round led by Digital Strategies. The company expects to launch its public mainnet in the first quarter of 2021, followed by a public token offering which will exclude U.S. investors.  In 2018, CasperLabs raised $14.5 million in an equity Series A round led by Terren Piezer. The original plan provisioned for […]

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SEC sees $5M victory in case against Kik

The outlook is grim for the Canadian messaging app as it loses $5 million over its ICO for Kin tokens. On Wednesday, the U.S. Securities and Exchange Commission announced the end of its lawsuit against Kik Interactive. The Canadian messenger app fell afoul of the U.S. regulator for failing to treat its sale of KIN tokens as a securities offering. A district judge confirmed the SEC’s view at the end of September, but only today did the court see the final judgment.  As a result of today’s judgment, Kik […]

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Price analysis 10/21: BTC, ETH, XRP, BCH, BNB, LINK, DOT, LTC, ADA, BSV

Bitcoin hit a new 2020 high and altcoins rallied as PayPal announced that it will support crypto payments. The crypto markets are cheering PayPal’s decision to allow its customers to use cryptocurrencies to shop from its vast merchant network. PayPal also revealed that U.S. account holders will be able to buy, sell, and hold cryptocurrencies in the PayPal app.  The company plans to extend this service to a few other countries in the first half of 2021. PayPal’s decision has significantly increased the reach of cryptocurrencies. Now […]

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10% of Bitcoin’s supply has been untouched for over 10 years: Report

Around 1.8 million Bitcoin has been dormant for over a decade. A significant amount of Bitcoin’s (BTC) total supply has not moved for more than 10 years, according to data from cryptocurrency analytics data provider Glassnode. During this decade-long interim, 1.8 million Bitcoin (of the current 18.5 million supply) has been locked in dormant Bitcoin addresses. Its cumulative value amounts to more than $23 billion at the time of publication, according to data from Coin360. BTC dormant over 10 years. Source: Glassnode A large portion of these coins may […]

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$10 Billion in BTC Reserves: Companies With Bitcoin Treasuries Command Close to 4% of the Supply

The web portal bitcointreasuries.org now shows close to two dozen firms with a large number of bitcoin reserves. Currently, the aggregate total bitcoin held in reserves by the 23 companies listed is roughly 785,999 BTC worth well over $10 billion dollars. This past August the billion-dollar firm Microstrategy announced it purchased 21,454 BTC for around $250 million. Then the Nasdaq listed company bought another 16,796 BTC and Microstrategy raised its reserve status to 38,250 bitcoins. Following Microstrategy’s lead during the first week of October, the firm Square […]

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