DeFi declines while Bitcoin booms

The co-founder of crypto data aggregator Markets Science, Twitter-user ‘Bitdealer,’ has shared a chart  indicating negative correlations between 11 top DeFi tokens and BTC over the past 45 days to Nov.1, with AAVE showing neutral correlation and UNI showing confluence if less than 0.1. Seven of 13 DeFi tokens were also found to have negative correlations with Ethereum (ETH), despite Ethereum powering much of the DeFi ecosystem. With many decentralized finance (DeFi) tokens struggling… Source link

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Litecoin (LTC) Closes Prior Hour Up 0.33%; Moves Down For the 2nd Day In A Row

The Hourly View for LTC Last Updated November 3, 2020, 01:036 GMT At the moment, LTC’s price is up $0.18 (0.33%) from the hour prior. The hourly chart shows that LTC has seen 2 straight up hours. Regarding the trend, note that the strongest trend exists on the 50 hour timeframe. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a… Source link

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Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – November 3rd, 2020

Ethereum Ethereum slid by 3.42% on Monday. Reversing a 2.63% gain from Sunday, Ethereum ended the day at $383.33. It was a mixed start to the day. Ethereum rose to an early morning intraday high $404.57 before hitting reverse. Ethereum broke through the first major resistance level at $401.34 before sliding to a mid-day intraday low $378.36. The sell-off saw Ethereum fall through the first major support level at $388.78 and the second major support level at $380.66. Steering well clear of… Source link

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Court Filing Accuses Bitmex Cofounders of ‘Looting’ $440 Million Before the Fed Crackdown

A civil lawsuit has been filed against the firm HDR Global Trading Limited, the parent company of the exchange Bitmex, alongside the three cofounders Arthur Hayes, Ben Delo, and Samuel Reed. Plaintiffs allege “the defendants’ Hayes, Delo, and Reed looted about $440,308,400 of proceeds of various nefarious activities.” The cryptocurrency derivatives platform Bitmex is facing a lawsuit that claims the exchanges… Source link

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5 signs that the real Bitcoin rally may only be just beginning

The price of Bitcoin (BTC) has pulled back substantially since its yearly high at $14,149 a few days ago. Yet, there are five signs that the real rally is only just starting. Rising “HODLing” activity, record-high fundamentals, low retail interest, higher time frame breakout and technical indicators suggest that a bigger bull run may be brewing.  Higher time frame breakout Bitcoin has dropped over 6% from its local peak at over $14,000, a level it hasn’t tested since 2017. But on the… Source link

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Ethereum price faces a potential 30% correction after failing to break $400

The cryptocurrency market momentum has swung back to Bitcoin (BTC) recently as BTC dominance and trading volumes have been climbing along with the price. In that regard, the primary altcoin indicator Ether (ETH) has not been doing well as ETH/BTC dropped 30% in the last two months.  Now many crypto traders are asking when the altcoins will bottom out and start to rally again. Let’s take a looks at what the charts are showing.  Ether staying above 100-week and 200-week MAs ETH/USD 1-week… Source link

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Venezuela to Incorporate Bitcoin and Litecoin Wallets into National Remittances Platform

Venezuela says it will incorporate bitcoin and litecoin wallets to its Patria’s Cryptocurrency Remittance Platform. In an update, authorities in the country say this move will enable Venezuelan citizens to formally receive remittances in cryptocurrency form. Many citizens of hyperinflation hit Venezuela already use bitcoin as a store of value as well as for cross border payments. Plans of Adding Bitcoin-Petro Trading… Source link

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3 reasons Bitcoin dropped 2% in just 1 hour

The price of Bitcoin (BTC) declined by 2% in under an hour in a sharp correction on Nov. 2, catching traders off guard. Coincidentally, the CME Bitcoin futures market opened with a new gap, making $13,100 an area of interest for sellers. Three technicals reasons likely fueled the abrupt decline in the price of Bitcoin: CME gap, major resistance and monthly moving averages (MAs). There are now four CME Bitcoin futures gaps The CME Bitcoin futures market closes during the weekend and on holidays…. Source link

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Google searches for Bitcoin are on the rise in Cuba

Cuba is apparently seeing an influx of Bitcoin (BTC)-related activity as Bitcoin interest is on the rise in the country. According to data from Google Trends, Cuba now ranks second in terms of Bitcoin interest over the past 30 days. The island nation follows Nigeria, which has remained as the top country searching for Bitcoin on Google since April 2020. The rest of Google’s top five regions searching for Bitcoin comprise the African countries of South Africa, Cameroon and Ghana. Google search… Source link

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