Take a look at a brief overview of the most important things that happened last weekend in the cryptoworld.
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Bitcoin he crossed the $ 16,000 mark again after trying to stay above it over the weekend. The dominance of Bitcoin thus again exceeded 65%. Currently, Bitcoin is strengthening again and is around the value of 16,200 USD. High-capitalized Altcoins lag behind the market leader and are rather in the red with a slight decline, and the DeFi field is again showing high volatility.
More information can be found in the current TA and in the market overview.
You can also find current prices of cryptocurrencies and tools for traders at KMC.
The latest technical analyzes can be found here: IOTA / USD and EOS / USD – Large investors accumulate ?, BTC / USD – Will Bitcoin still reach $ 17,000?, ARK / USD and ZRX / USD – Other interesting altcoins in the viewfinder? and market overview here: New record for BTC! Network congested, Bitcoin is growing! ATH at your fingertips!
The executive director of the financial giant Citibank wrote a report comparing the current situation at BTC with the situation on the gold market in the 1970s. The whole existence of bitcoins was characterized by large price fluctuations, “exactly the things that maintain the long-term trend,” said Thomas Fitzpatrick in his report. The report was intended exclusively for the bank’s institutional clients. In the report, Fitzpatrick pointed to a weekly bitcoin chart and set a target of $ 318,000 by December 2021 using technical analysis of previous highs and lows. But according to a crypto analyst with the pseudonym Classic Macro, the price of Bitcoin cannot be estimated using TA tools alone.
According to Willy Woo, capital is flooding the bitcoin market at an almost record rate. A prominent analyst recently noted that, according to his data, it is clear that new capital is entering the bitcoin market, which is raising prices. He pointed to the Realized Price metric, which tracks the estimated average of the costs that investors have paid to BTC. The realized price estimates the average price the market has paid for its BTC. It is now on the steepest slope for this cycle, which means that the inflow of capital into Bitcoin is at its highest rate since the last bull market.
Economist and prominent analyst Alex Kruger is not interested in the medium-term trend of bitcoins despite the recent price weakness. The analyst recently said he thought the cryptocurrency could end in a “Tesla rally” in the coming months: “I was asked if there was a level that would significantly reduce my exposure to bitcoins. It’s not. There are levels where I would reduce exposure if intraday price promotions and / or funding metrics indicated that they could be at the local peak. ”
Been asked if there’s a level were I would significantly reduce my bitcoin exposure.
There are levels were I would reduce exposure if intraday price action and/or funding metrics indicate may be putting in a local top.
That’s about it.
— Alex (@classicmacro) November 14, 2020
Banks, stock exchanges, companies
The Pool-X platform will open the asset deposit services Dego.Finance NFT from 16 November. Withdrawals will begin on November 20 and the NFT exchange platform is expected to arrive in early 2021. Although the NFTs enjoyed 2020, when the volume of transactions increased by three-digit percentages, they are still far from reaching the mainstream. Centralized stock exchanges turned away from the NFT, but KuCoin set itself the goal of changing that. The exchange admitted in a statement that NFT trading poses a number of challenges for users because they do not have the necessary education.
Banks in Germany are increasingly shifting the burden of negative interest rates to their clients following the adoption of a negative interest rate policy by the European Central Bank (ECB). In June 2014, it reduced one of its key interest rates to negative numbers, after which the ECB gradually reduced the deposit facility rate until it reached the current rate of -0.5% in September 2019. The German financial product comparison portal Biallo conducted a study on 1,300 banks and savings banks in Germany. It was found that “more than 300 financial institutions charge some of their customers negative rates,” the portal said last week. Of these banks, almost 200 have imposed negative interest rates on private customers. Rates and conditions vary from bank to bank.
The value of Grayscale’s (AUM) Bitcoin Cash Trust assets under management has declined following reports that the cryptocurrency will face a hard fort. According to updates, the AUM value fell by more than $ 1.6 million. At present, the total AUM is at $ 9.8 million, with Bitcoin Trust having the greatest value.
11/13/20 UPDATE: Net Assets Under Management, Holdings per Share, and Market Price per Share for our Investment Products.
— Grayscale (@Grayscale) November 13, 2020
Value DeFi, a decentralized protocol aggregating financial returns, was attacked early Saturday morning and totaled $ 7.4 million in DAI. The attacker carried out a lightning attack and borrowed 80,000 ETH from the Aave protocol for a flash loan. Flash loans allow users to borrow funds immediately if they are returned within a single transaction block, which means that users can take advantage of unsecured loans. As part of the abuse, the attacker returned $ 2 million to Value DeFi and, according to available network data, kept $ 5.4 million for himself. In addition, the attacker left a cheeky message for the Value DeFi team, saying, “Do you really know the flashloan?”
CZ specifically spoke about the CBDC, which has gained attention in recent months. Several central banks have started CBDC research and development, notably China. CZ stated that the first CBDC will have an advantage and a chance to attract large international use and volumes. He expects this in turn to put pressure on other countries to develop their own CBDC. CZ noted that China is “far ahead” of other countries. He believes this puts the digital yuan in an internationally “dominant currency” position.
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