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The PayPal Effect: Billionaire Chamath Palihapitiya And Libra’s Chief Believe Banks Will Support Bitcoin

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PayPal’s decision to enable its users to interact with cryptocurrencies directly on its platform continues to attract popular individuals’ attention. The latest to acknowledge the significance of this move were the Head of Facebook Financial, David Marcus, and Social Capital CEO Chamath Palihapitiya.

Banks Will Follow PayPal, Says Marcus

Arguably the most significant piece of news recently came last week when the giant online payment processor PayPal announced it will soon enable its US-based customer to purchase, sell, and store several cryptocurrencies, including Bitcoin and Ethereum. Clients based outside the US will have this option available next year.

Apart from the immediate price reaction the news had on the cryptocurrency market, the community also accepted the announcement as a significantly bullish development.

In fact, most believe that this is just the beginning, and more centralized and trusted establishments, such as banks, will follow suit. Co-creator and board member of Facebook’s future cryptocurrency Libra, David Marcus, also weighed in on the news.

He asserted that the cryptocurrency industry is “turning a corner” as banks will pursue Bitcoin and stablecoins support.

Bitcoin Is No Longer Optional

Another famous individual to comment on the PayPal developments was the Social Capital CEO and former Facebook executive, Chamath Palihapitiya.

Being also a vocal supporter of Bitcoin, Palihapitiya, similarly to Marcus, highlighted that “every major bank is having a meeting about how to support Bitcoin. It’s no longer optional…”

Palihapitiya recently said that his first BTC purchase came at the start of the previous decade. He bought one million bitcoins for $80. Later on, he outlined the primary cryptocurrency as his best investment bet.

Social Capital’s CEO has also urged the public numerous times to allocate at least 1% of their investment portfolio in Bitcoin. He said that having such allocation helps him sleep “soundly at night.”

He also advised that people should avert from short-term price actions. Instead, he focuses on the long-term, knowing that Bitcoin’s fundamentally different attributes will protect him against the falling current financial infrastructure.

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Source: https://cryptopotato.com/the-paypal-effect-billionaire-chamath-palihapitiya-and-libras-chief-believe-banks-will-support-bitcoin/

Blockchain

Bitcoin is About to Post the Highest Monthly Candle Close Ever as Bulls Roar

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  • Bitcoin is currently caught within the throes of an intense uptrend, with bears being unable to slow its ascent
  • The strength of this uptrend has been quite intense, and seems to indicate that significantly further upside could be imminent
  • The lower and mid-$19,000 region does hold some intense resistance for the cryptocurrency, and another rejection here could strike a heavy blow to bulls
  • That said, the macro strength seen by BTC indicates that a move past this price will come about in the near-term
  • One trader is noting that Bitcoin is about to post the highest monthly candle close it has ever seen
  • This is an incredibly bullish development that does seem to indicate that upside is imminent

Bitcoin and the entire crypto market have been caught in the throes of an intense recovery over the past few days, with the recent selloff proving to be highly fleeting.

The market’s potent response to this intense decline indicates that some serious upside could be imminent in the days and weeks ahead.

Any extension of this momentum could result in the cryptocurrency seeing fresh all-time highs.

Bitcoin Shows Signs of Strength as It Moves to Retest All-Time Highs

Late-last week, Bitcoin rallied into the mid-$19,000 region before facing a firm rejection that caused its price to slide significantly lower.

The selling pressure seen here has been intense, and it remains unclear as to whether or not bulls have enough strength at the present moment to break above this level.

If BTC can break above its previous all-time highs, it will likely enter price discovery mode and extend its current parabolic uptrend.

A further rejection here, however, could mean that a prolonged consolidation phase is imminent.

BTC is About to See the Highest Monthly Candle Close Ever 

Assuming that Bitcoin remains technically strong and doesn’t face any harsh selloff over the coming day, the cryptocurrency is poised to post its highest monthly candle close ever.

As one analyst observed:

“BTC / USD: This will be the highest monthly close of all time, monthly candle is currently +35% above the previously ATH close. I would expect anything below $16,500 to be bought be up extremely aggressively, on anything less than the 1W.”

Bitcoin

Image Courtesy of Cactus. Source: BTCUSD on TradingView.

From a macro-perspective, this is an incredibly bullish sign, as it indicates that the cryptocurrency’s long-term outlook – as well as its short-term outlook – are bullish.

Featured image from Unsplash.
Charts from TradingView.

Source: https://bitcoinist.com/bitcoin-is-about-to-post-the-highest-monthly-candle-close-ever-as-bulls-roar/?utm_source=rss&utm_medium=rss&utm_campaign=bitcoin-is-about-to-post-the-highest-monthly-candle-close-ever-as-bulls-roar

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What does the new Ethereum 2.0 mean for the future of ETH?

Ethereum is the King of DeFi but Ethereum 2.0 can do even more. without a doubt, the growth of DeFi popularity has also had negative consequences on Ethereum 1.0. 99% of ETH transactions are a part of DeFi. Ethereum is popular because of its DeFi smart contracts. Smart contracts occur via blockchain code and are […]

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Ethereum is the King of DeFi but Ethereum 2.0 can do even more. without a doubt, the growth of DeFi popularity has also had negative consequences on Ethereum 1.0. 99% of ETH transactions are a part of DeFi.

Ethereum is popular because of its DeFi smart contracts. Smart contracts occur via blockchain code and are essentially a contract for tasks to occur. Smart contracts mean that Ethereum can hold value and unlocks it when specific criteria are met.

More people using DeFi has left Ethereums blockchain congested. With a congested blockchain comes a slower one, too, and inevitably, the system becomes less efficient.

There are tens of thousands of applications built on the ETH blockchain, including new apps.

Phase 0 of the Ethereum 2.0 application is being launched tomorrow, which has led to a price rise over four days of 20% on the lead up to the launch.

Ethereum managed to reach a new multi-year high of $623. Investors expect the new upgrade to do wonders for ETH, and the price has seen a year high.

What does the new Ethereum 2.0 mean for the future of ETH? 1

Since the 27th of November, ETH has seen bullish movement leading it into the promised land. The candles have been oscillating between bullish and bearish but are mostly bullish.

Looking at the Moving Average Convergence, it is clear that the bullish momentum is only picking up as the Ethereum 2.0 deadline draws. The bullish movement now has a 14-degree trend line.

Ethereum 2.0 what it means

fireworks display

The new Ethereum 2.0 is meant to address the emerging problems Ethereum has. The issues the advancements will be addressing are security, efficiency as well as scalability.

Security

gray steel chain locked on gate

One weakness that most cryptocurrencies have to deal with is security, but Ethereum 2.0 will combat the security problems. Most PoS networks like Bitcoin only require a petite range of validators, but Ethereum 2.0 will need 16 minimum.

The new system will be able to operate more effectively with DeFi too.

Efficiency

white electric windmills during daytime

The upgrade should lead to a much more efficient system because the current Ethereum is only able to process 35 transactions per second. The narrow Ethereum 1.0 capacity results in a slower approach with delays, which incurs high gas fees on the network.

The upgrade will help solve this problem as it will mean that the system can process 100 transactions per second. The costs of gas to make transactions will also be lowered by the upgrade because individuals had to pay thousands due to the inefficiencies of ETH 1.0.


Scalability

man carrying green sack

Improving the scalability is regarding the capacity the blockchain network has to handle the amount of work it receives. In short, scalability means that the system is producing more transactions per second.

Ethereum 2.0 will mean that more smart contracts can be processed on the network. The upgrade will inevitably use less energy.

Proof of stake

three gold-colored bitcoins on black surface

The new ETH will switch from the old, energy-consuming proof of work to proof of stake and further differentiate itself from Bitcoin.

When will Ethereum 2.0 be complete ?

round Timex analog clock at 2:33

The Ethereum 2.0 will be a slow process, and it will release different aspects of the upgrade slowly to ensure everything works well.

The Ethereum founder on Twitter mentioned that the system could take up to two years to process the process stages, which he also outlined on Twitter. Vitalik Buterin said there are three main stages.

What does the new Ethereum 2.0 mean for the future of ETH? 2

Regardless of how long the process takes, provided all the promises Mr. Buterin made are met, the upgrades will solve all the coin’s problems.

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Blockchain

Ripple price prediction: Price to climb above $0.660 level if support holds

TL;DR Breakdown Ripple price currently at $0.64641 Price action seems stagnated on the short-term charts Price to climb above $0.660 if support level holds. Ripple price prediction: Today’s overview Ripple price opened $0.60595 with slight bullish momentum that has defined the asset’s price movements across the day. The daily session did was not completely bullish […]

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TL;DR Breakdown

  • Ripple price currently at $0.64641
  • Price action seems stagnated on the short-term charts
  • Price to climb above $0.660 if support level holds.

Ripple price prediction: Today’s overview

Ripple price opened $0.60595 with slight bullish momentum that has defined the asset’s price movements across the day. The daily session did was not completely bullish or bearish, but wave-like activity was observed. Currently, Ripple price is $0.6 showing a 6.5 percent increase from the day’s opening price.

Ripple price across the last 24-hours

Ripple price prediction: Price to climb above $0.660 level if support holds 1

Ripple price opened the day at $0.605 as buyers found support at $0.600 to generate bullish movements. The price rose above $0.640 but failed to close above the level and subsequently declined. The price action remained bearish for the next few hours as buyers failed to defend the $0.620 support level. The price declined to $0.600 before finding strong support to initiate a bullish movement.

The price saw the wave-like activity as it rose above the $0.6200 level again, and after a brief rest, the buyers initiated a strong bull rally that raised the price above $0.6800. As the price failed to close above the level, it declined to the support level at $0.6330 and has consolidated between the support and $0.6600 resistance level. Further below, strong support lies at $0.6290

On the technical indicators, the MACD shows that the momentum is currently bearish, with the EMAs seem to be converging. Meanwhile, the RSO is neutral and does not indicate support for either side.

We expect that the price would consolidate a bit more on the short-term charts before testing resistance levels again. Buyers can expect the price to cross the $0.660 level by tomorrow.

Ripple price Long-term trend analysis

Ripple price prediction: Price to climb above $0.660 level if support holds 2

Ripple price has been consolidating in the region between $0.100 to $0.500 for a very long time. In fact, prior to the recent bull run. XRP has not closed above the $0.500 mark since November 2018. The asset’s price has spent the majority of its time between $0.200 and 0.300, with the price action rarely leaving the region.

The price action exhibited similar behavior at the start of 202 as the price went from $0.19236 to $0.33400 before facing rejection and heading downwards. The price fell to $1.200, which turned out to be the year’s lowest as the movement found support at the level and rose.

The price rose to the $0.200 level but continued to hover at the level for nearly four months. Only in late July did the price finally rose from $0.200 towards $0.300 but failed to cross the mark. Following the rejection, the price declined to the $0.250 level, where it consolidated until the recent bull run.

On 18 November, the bulls finally took control of the markets as the price crossed the $0.300 mark before eventually rising above the $0.400 level two days later. The price rose to $0.75, where it met strong resistance and fell back to $0.450, where it found support. Since then, the price has risen above the $0.600 level and currently trades near the $0.650 level.

On the technical indicators, the MACD is bullish but shows a declining bullish momentum as the two EMAs converge. On the other hand, the RSI is hovering around 70.00, suggesting the asset is overvalued but does not issue a strong signal.

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