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Bitcoin News Roundup for Aug. 20, 2020

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With bitcoin taking a back seat to the DeFi boom and data platforms aiming for the moon, CoinDesk’s Markets Daily is back for your latest crypto news roundup!

Bitcoin’s price could pull back even further should the dollar stage a full-blown recovery on the back of the latest Federal Reserve meeting. 

OMG has more than doubled in the past seven days as record Ethereum fees lead investors to look more closely at layer 2 solutions.  

There will be two blockchain voting pilots for Russia’s off-year election next month.

Source: https://www.coindesk.com/bitcoin-news-roundup-defi

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Former Fed Chairwoman And Bitcoin Bear Janet Yellen Nominated For Treasury Secretary

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President-elect Joe Biden has picked the former US Federal Reserve Chair Janet L. Yellen as the next Treasury secretary.

The cryptocurrency community has shown skepticism regarding the potential effects on Bitcoin, as Yellen has historically displayed negativism on BTC.

Biden Nominates Yellen For Treasury Secretary

As firstly reported by The Wall Street Journal, the US president-elect Joe Biden has decided to nominate the former Fed Chairwoman Janet Yellen as the next Treasury secretary.

Although Yellen has received the support of numerous powerful political figures in the US, she would occupy the Treasury secretary position in one of the most challenging economic times for the country in recent history.

Should the Senate confirm her nomination, the 74-year old labor economist will lead the administration’s efforts to recover from the COVID-19 consequences. The US confirmed cases are climbing again, while local governments are instituting further restrictions that will prompt more economic hurdles.

She has displayed a lot of support for government aid to workers and businesses, which raises speculations that the US would continue with massive stimulus packages. After all, Yellen said in a Bloomberg interview that “while the pandemic is still seriously affecting the economy, we need to continue extraordinary fiscal support.”

Apart from previously serving as Fed Chair, Yellen also led the White House Council of Economic Advisers during the Clinton administration. She is also a former academic who taught at the University of California, Berkley, and was the president of the Federal Reserve Bank of San Francisco.

Janet Yellen. Source: Forbes
Janet Yellen. Source: Forbes

But What About Bitcoin?

While Yellen would undoubtedly have to face numerous challenges in helping the US economy recover from its 2020 downfall, her position as the Treasury secretary would impact in some way the cryptocurrency industry, and Bitcoin in particular.

However, she hasn’t displayed much support for the digital asset field. During an interview at the 2018 Canada FinTech Forum in Montreal, she claimed that BTC is “anything but useful.”

She went on to further bash the primary cryptocurrency saying that it’s not a stable source of value and it’s not an efficient means of processing payments. Furthermore, Yellen noted that bitcoin had been primary used for illegal transactions by bad actors.

She was inadvertently involved in a rather compelling Bitcoin moment a few years back. A “buy Bitcoin” sign flashed during one of her appearances before a Congressional committee.

Despite her negativism on BTC, though, she has been quite optimistic on blockchain, saying that it’s a “very important, new technology that could have implications for the way in which transactions are handled throughout the financial system.”

With that in mind, it would be compelling to follow how the entire Biden administration would tackle and impact the cryptocurrency industry in the next (at least) four years.

Featured Image Courtesy of CNN

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Source: https://cryptopotato.com/former-fed-chairwoman-and-bitcoin-bear-janet-yellen-nominated-for-treasury-secretary/

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Analysts Eye New Top of $74,000 as Bitcoin Comes Within 3% of ATH

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In a move adding to the already monumental rally, Bitcoin prices touched $19,400 during late trading on Tuesday, November 24. This is just 3% away from its peak of $20K which came in December almost three years ago.

Since then, the asset has retreated sharply in a $700 pullback to the mid-$18K level where it currently trades. With momentum still in its favor, analysts and traders are eyeing the next possible peak.

CNBC Touts $74K Bitcoin

During the 2017/2018 rally, mainstream media outlets were renowned for spreading fear, uncertainty, and doubt (FUD) over something they really failed to truly comprehend. CNBC in particular came to be known as a counter trade signal as whenever the news outlet predicted a pump, BTC would dump and vice versa.

In its latest edition of Trading Nation, the channel interviewed a couple of traders who both had very positive things to say about the king of crypto.

Founder of TradingAnalysis.com, Todd Gordon, used Elliot Wave theory to measure herd mentality and market sentiment. He added that the fifth wave is just starting now which will result in a new all-time high in 2021. When asked about a price prediction he added;

“I can’t believe I’m going to go out on CNBC and say this, but it’s about $74,000. The Elliott wave goes very well with … Fibonacci multiples. If it does want to fall short, it can go to 61% of that target, which is only at $34,000.”

PayPal Driving Adoption

Mark Tepper, president and CEO of Strategic Wealth Partners, also commented on the trading show stating that before PayPal and other large corporations stepped in he treated Bitcoin like any other speculative investment, owning a small enough amount.

“The thing that’s always held me back from being an outright bitcoin bull has really been this lack of widespread adoption. But … adoption’s happening and those users, those PayPal and Square users, they’re buying more bitcoin than what’s actually hitting the market on a daily basis,”

He added that Bitcoin could be the Tesla of 2021, stating that it could possibly reach $100K by the end of next year. That certainly fits in with other models and predictions such as stock-to-flow which also predicts triple figures within the next year or so.

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Source: https://cryptopotato.com/analysts-eye-new-top-of-74000-as-bitcoin-comes-within-3-of-ath/

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Coinbase Pro To Disable Margin Trading From December Citing CFTC Guidence

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  • The Coinbase Chief Legal Officer Paul Grewal published a post earlier informing customers that the popular exchange will seize offering margin trading.
  • Clients will not be able to place margin trading orders starting from 2 p.m. PT on November 25th, 2020. At the same time, the platform will cancel all open limit orders.
  • The San Francisco-based exchange will disable the margin trading feature fully at the end of November, “once all existing margin positions have expired.”
  • According to the statement, the decision aims to comply with guidance introduced by the US Commodity Futures Trading Commission (CFTC) earlier this year.
  • Back in March 2020, the federal commodities regulator published a 35-page document with its views on how it will regard “actual delivery” of cryptocurrency assets. The guidance provides rules on when a customer has legally taken control of a digital asset, including acquisition through a margin or leveraged product. The document reads:
  • · (1) a customer securing: (i) possession and control of the entire quantity of the commodity, whether it was purchased on margin, or using leverage, or any other financing arrangement, and (ii) the ability to use the entire quantity of the commodity freely in commerce (away from any particular execution venue) no later than 28 days from the date of the transaction and at all times thereafter; and

  • · (2) the offeror and counterparty seller (including any of their respective affiliates or other persons acting in concert with the offeror or counterparty seller on a similar basis) do not retain any interest in, legal right, or control over any of the commodity purchased on margin, leverage, or other financing arrangements at the expiration of 28 days from the date of the transaction.

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Source: https://cryptopotato.com/coinbase-pro-to-disable-margin-trading-from-december-citing-cftc-guidence/

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