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Going Digital: Bitcoin Beats Gold and Silver In Year-To-Date Returns

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As the dollar struggles and weakens due to the devastating blow dealt by the pandemic, there’s a battle going on between Bitcoin, gold, and silver for the ideal store of value. By comparing year-to-date performance alone, the cryptocurrency’s ROI nearly matches silver and gold’s combined returns. What does this mean for the crypto market moving forward? Will these assets soon stand toe-to-toe, respected alongside precious metals as potential safe-haven assets?

Hard Money: The Dollar’s 2020 Demise Prompts Precious Metal and Cryptocurrency Bull Run

Although the trend slowly began back in 2019, investors doubled down in 2020 moving money into gold and other safe-haven assets fearing the worst ahead for the economy. This started long before the pandemic hit, due to increasing political and trade tensions between the US and China.

That situation took a pause to focus on the pandemic but is still ever-present and potentially coming to a boil soon. Further uncertainty around the presidential election has the dollar at its weakest point in years.

RELATED READING | WHY TOPPLING SILVER AND GOLD PRICES COULD BE ESPECIALLY BAD FOR BITCOIN

And although the greenback looks poised for a short-term recovery, long-term, economists see it losing its global reserve currency positioning.

With the dollar at risk of losing the throne and money supply being printed to combat the economy from falling further, has turned investors towards hard assets. Since the stimulus efforts first began, precious metals and cryptocurrencies have exploded in value.

bitcoin gold silver ytd roi

BTCUSD Versus XAUUSD Versus XAGUSD Comparison Chart | Source: TradingView

YTD Performance Proves Bitcoin Is Fastest Horse In Face Against Gold and Silver

A modern-day gold rush is taking place, but as investors run into supply and storage issues with gold bars and silver bullion, savvy investors are increasingly turning toward Bitcoin. A security situation in Hong Kong has made holding gold especially risky, harming its use as a safe haven for wealth.

Reasons like what’s brewing in Hong Kong has caused more investors to seek out digital tokens backed by the commodity. Growth in this category has also benefitted from the recent precious metals boom and tight supply.

But in the end, Bitcoin is the better asset as it was designed from scratch to already include these important attributes.

RELATED READING | GOLD TOKENS REACH MILESTONE MARKET CAP; DOES THIS POSE A THREAT TO BITCOIN?

Making Bitcoin even more valuable than its non-physical form, is the fact the asset is hard-coded so that only 21 million BTC will ever exist. This limited supply spread across just $200 billion in market cap has resulted in a price of $12,000 per BTC.

The gold market cap is worth $11 trillion. The same value in market cap spread across Bitcoin would result in a price of nearly $500,000 per BTC. The amount of money to move the needle significantly in Bitcoin has earned it the title of the “fastest horse in the race against inflation.”

The asset has also proven the claim recently with its year-to-date performance. Bitcoin has grown by 64% since 2020 first began. Meanwhile, gold is up only 28% comparison – even though the asset set a new all-time high record this was all the asset could muster. Silver has fared better, leaving 49% still on the table for year-to-date ROI.

Whether its BTC scarcity or investors realizing that its the better store of value, it has already proven it is the best asset to hold in 2020 in terms of returns.

Featured image from Deposit Photos.

Source: https://bitcoinist.com/going-digital-bitcoin-beats-gold-and-silver-in-year-to-date-returns/?utm_source=rss&utm_medium=rss&utm_campaign=going-digital-bitcoin-beats-gold-and-silver-in-year-to-date-returns

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Coinbase unwilling to participate in Spark’s airdrop

Coinbase has remained silent about participating in Flare’s spark token.  Some users could end up missing on free XRP tokens Coinbase’s camp has been tumultuous over the past few weeks, from the removal of margin trading from its Pro platform, to the CEO’s tweet about a planned regulation on crypto wallets.  However, a new development […]

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  • Coinbase has remained silent about participating in Flare’s spark token. 
  • Some users could end up missing on free XRP tokens

Coinbase’s camp has been tumultuous over the past few weeks, from the removal of margin trading from its Pro platform, to the CEO’s tweet about a planned regulation on crypto wallets. 

However, a new development has gotten XRP traders talking as they have refused to join up in the imminent airdrop from Flare Network. 

Flare network have stated that Coinbase’s participation is highly unlikely. The addresses of all XRP users that would be benefiting from the airdrop will be made on the 12th of December.  By implication, it would be too late for the token’s support  to be enabled on their platform. 

Thus, Coinbase users will end up missing out on the free Ripple’s XRP token.

No airdrops for Coinbase and Kraken users.

XRP has been available on Coinbase since the second month of 2019. From that time, it has accumulated over $1.9 billion worth of token. 

However, its refusal to comment on the Spark airdrop suggests that some of its users might not know about it. Invariably, their users would miss out on the free tokens that Ripple holders are entitled to get at a ratio of 1:1. 

Flare Networks have specified that other users will be getting any token that’s unused. 

Other top Exchanges like Binance and Bitstamp have announced their participation in the distribution of the token already. 

Kraken seems to have followed in Coinbase’s footsteps at its support team posted on Twitter that they were not planning to support Flare Network’s airdrop. They advised their users to withdraw their coins and put them in wallets that they have control of. They also stated that they had no plans and are not obligated to credit anyone with airdrops that have or will occur. 

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Bitcoin SV, Maker, Ethereum Classic Price Analysis: 29 November

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Ethereum appeared to form a strong region of demand around the $500-zone, a bullish development for the crypto’s long-term outlook. In fact, ETH has been climbing steadily over the past few days, something that could be bullish for a part of the altcoin market. And yet, taken individually, some of these coins had a short-term bearish outlook.

Bitcoin SV formed a bear flag, while Maker and Ethereum Classic appeared to exhibit a divergence between its recent gains and trading volume.

Bitcoin SV [BSV]

Bitcoin SV, Maker, Ethereum Classic Price Analysis: 29 November

Source: BSV/USDT on TradingView

BSV was forming a bear flag, with the ascending channel representing the flag of the pattern and being formed on the back of falling trading volume.

The level at $172 has acted as strong resistance in recent months, with BSV struggling to flip the level to support since losing it in early September.

The short-term momentum was bullish, with the coin forming a series of higher lows over a lower timeframe. If a trading session closes above $177 in the coming days, the bear flag would be invalidated.

A break to the downside on the back of strong volume would see BSV drop to as low as $150.

Maker [MKR]

Bitcoin SV, Maker, Ethereum Classic Price Analysis: 29 November

Source: MKR/USDT on TradingView

MKR has ranged between $555 and $500 for the better part of November, with a brief breakout to touch $650 facing immediate resistance from the market’s bears.

The momentum was neutral for MKR, and the RSI stood at 50. The 20 SMA (white) dipped sharply under the 50 SMA (yellow), as can be expected from the volatility of the previous week.

It is possible that MKR can rise as high as $555, but it is more likely that MKR would oscillate between $550 and $500, as it has in recent weeks.

Ethereum Classic [ETC]

Bitcoin SV, Maker, Ethereum Classic Price Analysis: 29 November

Source: ETC/USDT on TradingView

The Fibonacci Retracement levels showed likely places of support for the price. ETC wicked down to the 61.8% retracement level, and even dipped as far down as the $5.59-support level.

Since then, the price has ground its way north on the back of falling volume. While the volume has been greater in comparison to the accumulation phase before 16 November, the volume paled in comparison to the volumes of the previous week.

Hence, while the MACD formed a bullish crossover under zero, the level of resistance at $6.42 and the 38.2% retracement level at $6.5 can offer stout resistance to ETC’s advances and push it back down towards $5.74 in the coming days.

Source: https://eng.ambcrypto.com/bitcoin-sv-maker-ethereum-classic-price-analysis-29-november

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Curve Finance to Distribute Almost $3 Million in Fees

Following the outcome of a community poll, DEX platform Curve Finance is set to distribute $2,631,601 in fees to its governance token holders. In May 2020, Curve revealed that it would decentralise its platform. Governance was by means of its governance token, CRV. The company would deliver tokens to users based on how much liquidity … Continued

The post Curve Finance to Distribute Almost $3 Million in Fees appeared first on BeInCrypto.

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Following the outcome of a community poll, DEX platform Curve Finance is set to distribute $2,631,601 in fees to its governance token holders.

In May 2020, Curve revealed that it would decentralise its platform. Governance was by means of its governance token, CRV. The company would deliver tokens to users based on how much liquidity they had provided to the protocol since its launch in January 2020.

The distribution announcement, which came on Nov 27, marks a new frontier in the growth of DeFi. It demonstrates the success of a decentralised governance mechanism over a decentralised liquidity farming platform.

Curve’s road To distributed governance

On Aug 24, BeInCrypto reported that Curve’s first governance vote did not go as well as planned. Voters criticized the voting protocol. Effectively as much as 70 percent of total voting power lay with founder Michael Egorov. Curve remained popular in the yield farming space, though, due to its Automated Market Maker (AMM) technology.

Curve launched initially as a decentralised exchange supporting stablecoins and yield farming. It became a highly sought-after DeFi token in August when a community user correctly deployed a CRV token protocol. By popular demand, the protocol was then adopted by the platform.

A week-long voting exercise began on Nov 20. The result of the vote and the subsequent execution of the community decision provide a shot in the arm for the growth of decentralised protocols by demonstrating the practicality of distributed governance.

Voters included 49.75 percent of the total eligible voting pool, with the decision going through unanimously. According to Curve, payment of the fees will occur on Nov 30. Subsequent fees will be remitted weekly to platform governance token holders going forward.

Curve’s burgeoning growth

Despite the aforementioned voting protocol teething issues and a significant dropoff in Total Value Locked (TVL) on the platform toward the end of October, Curve has surged in recent weeks. It currently boasts a TVL above $900 million. Curve is the 6th most popular DeFi protocol in existence.

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David is a journalist, writer and broadcaster whose work has appeared on CNN, The Africa Report, The New Yorker Magazine and The Washington Post. His work as a satirist on ‘The Other News,’ Nigeria’s answer to The Daily Show has featured in the New Yorker Magazine and in the Netflix documentary ‘Larry Charles’ Dangerous World of Comedy.’ In 2018, he was nominated by the US State Department for the 2019 Edward Murrow program for journalists under the International Visitors Leadership Program (IVLP). He tweets at @DavidHundeyin

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Source: https://beincrypto.com/curve-finance-to-distribute-almost-3-million-in-fees/

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