Connect with us

Blockchain

Bitcoin Breaks To New 2020 High on PayPal News: This Was The Weekly Crypto Market Update

Avatar

Published

on

This week was particularly interesting in the cryptocurrency markets. Bitcoin’s price charted a new 2020 high, surging to as much as $13,217 on Binance. The entire market cap surged and gained almost $40 billion throughout the past seven days.

The catalyst for this major move was PayPal. The world’s largest online payment processor announced that it would allow its customers to buy, sell, and store cryptocurrencies as soon as the next few weeks for US-based users. The rest of the world would have to wait for the first half of 2021.

To anyone wondering, PayPal has millions of merchants in its network, and the CEO of the company said that they would work actively into incorporating digital currencies in their system. Moreover, it’s also interesting to see how banks and regulators will react to the news. Almost every bank accepts PayPal transfers, but almost none of them accept Bitcoin transfers.

Almost immediately after that, reports started circling, indicating that PayPal is in talks with BitGo, a leading Bitcoin custodian, over a potential acquisition deal.

In general, the shift towards online payment processing and digital currencies becomes even more apparent in 2020. Whether it’s because of the global pandemic or for other reasons is something that remains to be determined, but here’s an overall outlook of the performance of major companies and banks.

You Might Also Like:

comparison_chart

Elsewhere, the billionaire investor Paul Tudor Jones III doubled-down on his Bitcoin bet, saying that he likes the cryptocurrency even more following the latest rally and that it’s the best “inflation trade.”

It’s also worth noting that regulators continue their increasing involvement in the field. This week, a Bitcoin mixer was fined $60 million by FinCEN.

It surely was an intensive week, and it’s very interesting to follow the market as we are about to enter the last two months of 2020.

Market Data

Market Cap: $392B | 24H Vol: 95B | BTC Dominance: 60.9%

BTC: $12,878 (+13.69%) | ETH: $408.80 (+11.12%) | XRP: $0.252(+5.81%)

PayPal to Enable Bitcoin and Crypto Purchasing and Selling. The world’s largest online payment processing company, PayPal, has announced that it will allow its users to buy, sell, and store cryptocurrencies. The US-based customers will be able to do so in the coming weeks, while the rest of the world would have to wait until the first half of 2021.

I Like Bitcoin, Even More, It’s The Best Inflation Trade: Billionaire Investor Paul Tudor Jones. Billionaire investor Paul Tudor Jones II has become an even bigger fan of Bitcoin. He said that he likes it even more following the most recent price action and that it is the “best inflation trade.”

Bitcoin Could Register Second Highest Monthly Close in History: Peter Brandt. Bitcoin might be in for the highest monthly close in its relatively short history, according to popular analyst Peter Brandt. That is, of course, if it manages to upkeep its momentum until the end of October.

HODLers: Most Crypto Investors Hold Majority In Bitcoin Over Altcoins, Survey Finds. According to a recent survey, the majority of cryptocurrency investors hold most of their portfolio in Bitcoin. This comes somewhat expectedly, given the latest developments on the market and BTC being able to chart a new 2020 high.

The Biggest Concern of Bitcoin Investors Until The End Of 2020: Will Trump Get Reelected (Survey). In a survey conducted by CryptoPotato, investors revealed that their biggest concern related to the price of Bitcoin in 2020 is the upcoming US 2020 Presidential Election and whether or not Donald Trump will get reelected.

Bitcoin Mixer Penalized by FinCEN With $60 Million in Fines. The United States Financial Crimes Enforcement Network has managed to strike another blow to privacy enthusiasts. The watchdog fined a Bitcoin mixer with as much as $60 million in civil penalties.

Charts

This week we have a chart analysis of Bitcoin, Ethereum, Ripple, Litecoin, and Bitcoin Cash – click here for the full price analysis.

SPECIAL OFFER (Sponsored)

Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


Source: https://cryptopotato.com/bitcoin-breaks-to-new-2020-high-on-paypal-news-this-was-the-weekly-crypto-market-update/

Blockchain

$100 Million in Bitcoin From Bitfinex Hack Has Moved

The stolen funds—today worth over $2.3 billion—are slowly being moved around.

Avatar

Published

on

In brief

  • The Bitfinex exchange was hacked in 2016.
  • Sometimes the Bitcoin stolen is moved around, and today nearly $100 million-worth was shifted.
  • It is still not known who hacked the exchange.

Nearly $100 million worth of Bitcoin stolen from the 2016 Bitfinex hack has just been moved from idle wallets. 

Over 5,000 Bitcoin was moved on Monday from 14 wallets. These 5045.48 coins—worth $98.3 million—hadn’t previously been moved since the 2016 hack. 

The Bitfinex exchange was hacked in 2016 following a problem with its multi-signature wallets. Today, the stolen Bitcoin is worth over $2.3 billion (yes, you read that right.) 

 

Today’s movement of the stolen funds isn’t the first time some of the Bitcoin pinched in the 2016 hack has been moved. Just in August, about $5.6 million in stolen coins was shifted

Moving Bitcoin from idle wallets keeps happening, too. Bitcoin that hadn’t previously moved for years is being transferred to other wallets—known as an “awakening”. 

The Bitcoin is often “Satoshi-era”—meaning the coins were mined when Bitcoin’s pseudonymous creator, Satoshi Nakamoto, was still communicating with the crypto world.

But the previously sleeping Bitcoin moved today has a sadder history behind it: The cryptocurrency stolen in the hack still hasn’t been recovered. Bitfinex has even offered up to $400 million as a reward for anyone who can put it in contact with the hackers.

Continue Reading

Blockchain

Litecoin Price Prediction: LTC/USD Aims to Make a Breakout Attempt Above $90 Level

Avatar

Published

on

LTC Price Prediction – November 30

LTC/USD may continue to set a bullish run if the market can climb back above the $90 resistance level.

LTC/USD Market

Key Levels:

Resistance levels: $95, $100, $105

Support levels: $70, $65, $60

LTCUSD – Daily Chart

According to the daily chart, LTC/USD is currently showing a positive movement over the past few hours. The market is actually running a little retracement move towards $90 with price growth of 9.18%. Apart from today’s gain, Litecoin (LTC) is still maintaining an upward movement within the channel and traders can expect the price to continue to rise as soon as the bulls put more pressure on the market.

What to Expect from Litecoin (LTC)

If the price can keep respecting the upward movement, we can then expect a bullish continuation after testing the $75 support. As the technical indicator, RSI (14) crosses above the 9-day moving average; the potential resistance levels are located at $95, $100, and $105 in the long-term.

However, should in case the coin continues to maintain the rising channel pattern, traders may witness a more bullish trend. Meanwhile, looking at the price formation, a bearish breakout may likely play out for this market and this could roll the coin back to the long-term support at $70, $65, and $60 levels. Therefore, a continuous fall might further lead to a violent break below $55.

Against Bitcoin, the buyers are gradually stepping back into the market as the coin is trying to show some promising signs that could make higher highs should it continue to move above the 9-day and 21-day moving averages. From the upside, the nearest level of resistance lies at 4800 SAT and above this, higher resistance lies at 5000 SAT and 5200 SAT.

LTCBTC – Daily Chart

In other words, from the downside; the nearest support level is below the moving averages at 4100 SAT and beneath this, further support lies at 4000 SAT. If the price drops further to create additional low, lower support may be located at 3800 SAT and 3600 SAT. The RSI (14) has already crossed above the 50-level which shows that the bulls are building up.

Source: https://insidebitcoins.com/news/ltc-usd-market-33

Continue Reading

Blockchain

Crypto Version of ‘Giving Tuesday’ Returns With 10X as Many Charities

Avatar

Published

on

With the holiday season approaching and cryptocurrencies led by bitcoin (BTC) surging in price, charities are warming to the opportunity to accept donations of the digital tender. 

Slated for Dec. 1, the crypto rendition of the annual worldwide charity event #GivingTuesday  – #BitcoinTuesday – is back for another year, spearheaded by crypto donations platform The Giving Block. 

According to the organization, while last year’s Bitcoin Tuesday event managed to attract only 12 non-profits, this year over 120 such organizations including Save the Children, No Kid Hungry and The Tor Project have signed up for the event. The non-profits will accept donations in cryptocurrencies such as bitcoin (BTC), ether (ETH) and litecoin (LTC), among others. 

“In general, as the price goes up, you see a lot more donations. And we saw that happen a lot in 2017,” said Alex Wilson, co-founder of the Giving Block, adding that donations may even rise because people may look to offset their tax liability amid rising prices for crypto assets.  

While charity is its own reward, making the donation in cryptocurrencies can help users avoid some capital gains taxes they might otherwise have incurred had they cashed out their crypto and donated fiat, tax experts have noted.

Since cryptocurrencies are treated like property by the Internal Revenue Service (IRS) and some other tax agencies around the world, taxable events occur every time a user converts crypto to fiat.

But like stock donations, users can donate cryptocurrencies, get a tax write off-and not have to worry about paying capital gains tax on the cryptocurrency they donate. 

Diversifying donations

Hope for Haiti, a nonprofit organization which works toward improving education, health and water facilities for residents of the Caribbean nation, is one the charities accepting crypto donations. According to the non-profit’s CEO, Skyler Badenoch, the idea was in part spurred by a need to diversify donation sources. So it did some research on the market. 

“We know how much litecoin it would take to pay a teacher’s salary, we know how much XRP it would take to plant a tree,” said Badenoch. He noted that the non-profit is also keen on exploring how blockchain technology can help add transparency to the charity sector. 

A non-profit focused on tackling child hunger in the United States, No Kid Hungry, is another organisation which will be taking part in the Bitcoin Tuesday campaign. The non-profit, similar to Hope for Haiti, also indicated that it swaps gifted crypto for fiat upon receipt. 

“Similar to stock donations, we convert cryptocurrency donations into U.S. dollars immediately,” said Diane Clifford, managing director of constituency development at No Kid Hungry.

A Bitcoin tradition

In addition to the Giving Block campaign, users can also make crypto donations through BitGive

Founded in 2013, BitGive helped co-host one of the first Bitcoin Giving Tuesday events in 2014 and has since continued to support charities in the United States and overseas. The first  crypto-specific registered non-profit organization, BitGive uses the Bitcoin blockchain and RSK sidechain to help donors seee where the money is going.

“We tackled these more simple concepts many years ago,” said founder Connie Gallippi. “We are excited to now have grown and developed a sophisticated platform leveraging the technology directly and demonstrating the beauty of bitcoin and blockchain to a mainstream audience.” 

Since those early days, BitGive has added a layer of transparency through its GiveTrack tool, allowing donors to follow the money and see where and how it is allocated. Some of its most recent project announcements include partnerships with Heifer International, an organization that works to eradicate hunger and poverty, and Black Girls Code.

In an effort to give newcomers to crypto donations an easy way to donate, BitGive has announced that donors can now make donations on its GiveTrack platform using credit/debit cards or Apple Pay through Wyre

“Our platform will automatically convert their donation into bitcoin and send BTC to the charity’s wallet,” said Connie Gallipi, founder of BitGive, in an email. She added that this way mainstream users who never owned cryptocurrencies could take advantage of the blockchain-associated transparency without the hassle or friction of having to buy some.  

Disclosure

Source: https://www.coindesk.com/giving-tuesday-giving-block-bitgive

Continue Reading
Blockchain5 days ago

PayPal Reportedly Restricted a User’s Account for Trading Cryptocurrency

Blockchain4 days ago

South Korean crypto market records more trades in Altcoins

Blockchain4 days ago

Wrapped- DGLD brings Swiss vault held Gold to Ethereum

Blockchain3 days ago

Latin American Bitcoin & Blockchain Conference Reveals Latest Speakers

Blockchain4 days ago

Libra Hired New Payments Subsidiary General Counsel: Report

Blockchain2 days ago

Ripple Plans To Cash Out 33% Of Its MoneyGram Stake With A Significant Profit

Blockchain2 days ago

South Korea To Postpone Previously Planned Crypto Income Tax

Blockchain2 days ago

Bitcoin Price Prediction: BTC/USD Resumes Upside Momentum, Struggles to Break Above $18,000 Price Level

Blockchain1 day ago

ECB Lays out ‘Reinvention of Money’ Strategy

Blockchain2 days ago

Litecoin Price Prediction: LTC/USD Ready to Revisit $80; Further Upside is Limited

Blockchain2 days ago

South Korea To Postpone Previously Planned Crypto Income Tax

Blockchain2 days ago

Bitcoin: Temporary Correction or No ATH This Year? The Crypto Weekly Market Update

Blockchain2 days ago

EOS Finds Support above $2.80, Resumes Upside Momentum

Blockchain2 days ago

Ripple price prediction: XRP to hit $0.67 next, analyst

Blockchain2 days ago

Guggenheim Fund Files to Be Able to Invest Up to Almost $500M in Bitcoin Through GBTC

Blockchain2 days ago

Bitcoin: Temporary Correction or No ATH This Year? The Crypto Weekly Market Update

Blockchain4 days ago

Bitcoin Worth $3B from PlusToken Ponzi Scam Seized by Chinese Authorities

Blockchain4 days ago

Digital Euro: German finance minister urges ECB to accelerate its CBDC development

Blockchain2 days ago

Bitcoin and Crypto Worth $4 Billion Seized From PlusToken Ponzi Group

Blockchain2 days ago

Bitcoin Price Prediction: BTC/USD Back Above $17,500 Level as the King Coin Recovers

Blockchain2 days ago

Bitcoin and Crypto Worth $4 Billion Seized From PlusToken Ponzi Group

Blockchain2 days ago

South Korea To Postpone Previously Planned Crypto Income Tax

Blockchain2 days ago

South Korea To Postpone Previously Planned Crypto Income Tax

Blockchain2 days ago

Bitcoin: Temporary Correction or No ATH This Year? The Crypto Weekly Market Update

Blockchain2 days ago

Guggenheim Partners may be the next big player to bet on Bitcoin

Blockchain2 days ago

Guggenheim Partners prepares to dip investment fund’s toes into Bitcoin

Blockchain2 days ago

South Korea To Postpone Previously Planned Crypto Income Tax

Blockchain2 days ago

Guggenheim opens door to bitcoin exposure for $5 billion macro fund via Grayscale GBTC product

Blockchain2 days ago

Bitcoin: Temporary Correction or No ATH This Year? The Crypto Weekly Market Update

Blockchain4 days ago

Yes, You Can Spend Your Bitcoin This Black Friday

Blockchain2 days ago

Ripple Plans To Cash Out 33% Of Its MoneyGram Stake With A Significant Profit

Blockchain2 days ago

Bitcoin and Crypto Worth $4 Billion Seized From PlusToken Ponzi Group

Blockchain2 days ago

South Korea To Postpone Previously Planned Crypto Income Tax

Blockchain2 days ago

Ethereum Strengthens Polish City’s Emergency Services

Blockchain4 days ago

$100M Liquidated From Compound Following Flash Loan Exploit

Blockchain2 days ago

Ripple Plans To Cash Out 33% Of Its MoneyGram Stake With A Significant Profit

Blockchain2 days ago

South Korea To Postpone Previously Planned Crypto Income Tax

Blockchain4 days ago

Yearn. Finance Price Analysis: Spike in Buying Pressure Could See YFI Prices Soar To $25k

Blockchain5 days ago

Bitcoin Falls as Mnuchin [Reportedly] Plans to Regulate Private Wallets

Trending