Bitcoin

On Friday Bitcoin (BTC) price finally managed to break above the symmetrical triangle where the price had been compressing for the last 30 days. After holding the $11,000 level into the daily close, the price rallied to $11,448 on multiple high volume surges.  Cryptocurrency daily market performance snapshot. Source: Coin360 On Oct. 8 Cointelegraph contributor Micheal van de Poppe explained that in his view: “If the price of Bitcoin breaks through the $11,100-$11,300 resistance zone, further… Source link

The bitcoin and cryptocurrency community was yesterday set alight by news payments company Square SQ , led by Twitter TWTR chief executive and outspoken bitcoin advocate Jack Dorsey, had bought $50 million worth of bitcoin. The bitcoin price, which had been hovering at just over $10,000 per bitcoin since early September, has jumped more than 5% following the news, climbing over $11,000 and potentially resuming the bull run that drove it from lows of under $4,000 in March… Source link

Ethereum’s success drives imitation.  Just take a look at the latest report from the crypto-industry publication DappRadar: In the third quarter of 2020, Ethereum accounted for 96% of the total transaction volume over decentralized applications, including the blockchain-based trading and lending networks that have exploded in popularity in recent months.  Prices for ether (ETH), the Ethereum blockchain’s native token, have nearly tripled in 2020 to about $350. Such returns make… Source link

Within the last few hours, Bitcoin (BTC) price surpassed $11,000 in a swift turnaround from its swing low at $10,500 in early October. Analysts have attributed three major factors to BTC’s abrupt trend reversal. The potential catalysts are whale accumulation, a spike in institutional demand and the strength of the $10,500 support. Whales are either accumulating or refusing to sell Earlier this week, Cointelegraph reported that activity within whale clusters pointed to strong buying demand… Source link

Payments company Square’s announcement that it would put some $50 million, or 1% of its assets, into bitcoin has touched off speculation that more corporations might do the same.  Jack Dorsey, the Twitter CEO who also helms Square, is a longtime bitcoin bull, so it wasn’t a huge surprise his company would put some of its corporate liquidity into the cryptocurrency. He’s following the path of MicroStrategy CEO Michael Saylor, who has invested at least $425 million of the company’s… Source link

The price of Bitcoin (BTC) has seen a recovery during the past week, surging by nearly 6.5% since Oct. 2. The resilience of the dominant cryptocurrency has traders pleasantly surprised, as many analysts anticipated a larger pullback. Following BTC’s rebound above the critical $10,500 support level to just over $11,000, the sentiment is turning optimistic. In the near term, traders believe $10,500 remains the most critical level for Bitcoin for numerous reasons. Most notably, it represents a… Source link

The price of Bitcoin (BTC) is nearing $11,000 once again after a shaky start to October. Last week BTC fell below $10,500 but on Oct. 9 the price swifty recovered to $10,940. In the short term, there are three factors that could enhance bullish sentiment and push the price above $11,000. The possible catalysts are Square’s $50 million investment in Bitcoin, a prolonged accumulation phase, and the recent spike in on-chain activity. BTC/USD daily chart. Source: TradingView.com Square’s $50… Source link

A report authored by the research team of ByteTree purports to debunk one of the most popular Bitcoin (BTC) valuation models — Stock-to-Flow. The model provides a very optimistic forecast for Bitcoin, claiming that a year from now we should see price levels above $100,000. Source: Glassnode. BytTree’s co-founder and chief investment officer, Charlie Morris, dedicates the entire fourth chapter of the report to “debunking” it. The stock-to-flow models have been applied for decades to… Source link

On Wednesday morning (ET), around 2,034 BTC ($21.6 million) from the 2016 Bitfinex hack moved into a few unknown wallets. The action was caught by the Btcparser program as five transactions with around 400 BTC each moved for the first time in four years. On August 2, 2016, the popular digital currency exchange Bitfinex was hacked for 119,756 BTC which is around $1.2 billion in bitcoin using today’s exchange rates. The hacker was able to swipe roughly 18% of what was stolen from Mt Gox a… Source link

Despite an uneventful month for Bitcoin (BTC) price, on-chain metrics suggest that Bitcoin may be gearing for an imminent bull run. Noticeably, the number of Bitcoin held on spot exchanges has been decreasing since the start of the year, according to data from on-chain analytics firms, CryptoQuant, and glassnode. Crypto analyst, Willy Woo, noted that this change in trend is extremely bullish for Bitcoin as it signals an increased demand for the asset and interest in holding it as a store of… Source link