This week Bitcoin (BTC) price nearly hit a new multi-year high at $16,000 and legendary investor Bill Miller told CNBC that the law of supply and demand favors BTC. While the supply is increasing by about 2.5% a year, “the demand is growing faster than that.” Miller expects every major bank, high net worth firms, and investment banks to “eventually have some exposure in Bitcoin.” Although Bitcoin’s volatility remains high, Miller expects investors to focus on the staying power of Bitcoin as the risk of it ever going to zero is much lower than before. At the current market capitalization …

Following the Associated Press’ call earlier today that President-elect Joe Biden had won victory over incumbent Donald Trump in the U.S. presidential race, the 174 year-old organization -- which has been covering elections since 1848 -- subsequently published their call on the Ethereum and EOS blockchains, triggering at least one prediction market outcome. However, some have expressed skepticism about the validity of using such a call as an oracle, raising broader questions about certainty and determinism in smart contract-based prediction markets. On Oct. 15, 2020 Everipedia -- the for-profit encyclopedia and blockchain company -- announced they would be supplying data …

The United States Federal Reserve Chair Jerome Powell recently said that additional fiscal stimulus could result in a stronger recovery. He also emphasized that the Fed had enough tools to support the economy. After the winner of the U.S. election is announced, the focus of lawmakers could shift to the next stimulus package. However, additional money printing will only worsen the existing national debt which is currently at $27.2 trillion. Even though a new round of stimulus measures may be required in the short-term to reduce the impact of the economic crisis caused by the COVID-19 pandemic, analysts believe that …

Today Bitcoin (BTC) price briefly pushed through the $14,100 resistance to achieve a new 2020 high at $14,259 before pulling back to retest $14,100 as support. Although this level represents a critical resistance, data suggests that Bitcoin whales are not closing their positions in a hurry as they expect the current rally to continue. This strong show of confidence is occurring even as there is heightened uncertainty over the result of the U.S. presidential election shows that market participants expect Bitcoin price to move higher regardless of who wins the election. Another bullish sign for Bitcoin is the record inflow …

Bitcoin (BTC) has been on a tear and there’s no escaping it. But the majority of high-cap altcoins are seemingly suffering at the hands of this bull run, leading to the question: have we had our altseason already? Is it over or is there more to come? Multi-year resistance levels BTC/USD 12-hour chart. Source: TradingView Bitcoin has been eating up multi-year resistance levels like Pacman on an amphetamine-induced rampage lately, smashing through $11,300, then $12,400 then $13,100 before being rejected around the $14,000 level. After $14,400 there isn’t much in the way of resistance until $17K before a new all-time …

Bitcoin (BTC) has rallied about 90% year-to-date and has risen close to 191% from its March lows. The rise has been gradual without much fanfare, which suggests that crypto believers are the ones who have been buying in 2020. October’s monthly close at $13,798.99 is the highest ever, surpassing the December 2017 close at $13,789.68. The strong performance of Bitcoin may now attract the momentum players and the speculators who look to benefit from the strength. If that happens, then Bitcoin could pick up momentum and surprise investors to the upside. This could result in traders selling their altcoins to …

As the weekend approaches, Bitcoin (BTC) price appears set to close out the month with a remarkably strong performance which has many bulls calling for a new all-time high above $20,000 in the near future. Traders attribute these lofty estimates to the fact that BTC appears to have flipped $12,000 to $12,500 to support and barring some unexpected price implosion, Bitcoin is on the path to painting a beautiful monthly candle. Further ‘bullish’ evidence comes from today’s options and futures expiry which saw $450 million of futures open interest expiring as of Oct.28. According to Cointelegraph contributor Marcel Pechman: “The …

Bitcoin’s (BTC) dominance has risen from about 56% in early September to above 63%. This suggests that the market participants may be rotating their investments out of altcoins to buy Bitcoin. Due to this, several altcoins have either corrected or formed a range. While legacy markets are keeping a close eye on the U.S. Presidential elections, Grayscale CEO Barry Silbert believes that Bitcoin price will gain irrespective of the result because the next President will continue to print more dollars. Using data from CoinMetrics, Twitter user Julio Moreno recently highlighted that if Bitcoin could sustain above $10,000 for four more …

The equity markets across Europe closed deeply in the red and the U.S. markets are also witnessing intense selling pressure as investors fear a rise in COVID-19 cases could stall the fragile economic recovery. This increasingly negative sentiment has also dragged gold and Bitcoin (BTC) prices lower, while the U.S. dollar currency index has risen. In 2020, Bitcoin has largely acted as an uncorrelated asset, barring short periods of time when it has followed the S&P 500 or gold. Therefore, investors should take a longer-term view rather than panicking due to short-term volatility. A survey by Grayscale has shown that …

Bitcoin (BTC) may be down less from its all-time highs than any other cryptocurrency, but 2020 has so far been the year of Chainlink (LINK). In the latest edition of its Weekly Insights report on Oct. 26, The TIE noted that Chainlink has outperformed every other cryptocurrency with year-to-date returns of over 600%. Bitcoin down least vs. all-time highs Comparing altcoin performance, the report also highlighted Cardano (ADA) with 224% returns, Ether (ETH) on 217% and Monero (XMR) on 182%. The numbers provide a timely counterpoint for cryptocurrency spectators as attention remains broadly focused on Bitcoin and its recent gains, …

Morgan Creek Digital co-founder Anthony Pompliano highlighted data from Santiment, which showed that the 30-day rolling correlation between Bitcoin (BTC) and the S&P 500 is 0. Pomp stressed that the lack of correlation shows that Bitcoin is a store of value. Along with that, Bitcoin has also outperformed most traditional asset classes such as gold, the S&P 500, crude oil, and the U.S. dollar since the sector wide crash that took place in March when coronavirus fears reached a peak. Abra Co-founder and CEO Bill Barhydt recently said that “Bitcoin is the single best investment opportunity in the world right …

PayPal’s crypto announcement acted as a trigger that drove Bitcoin (BTC) price to a new 52-week high. During such news-based events, traders holding short positions are caught off guard and are forced to cover their trades, resulting in the type of short squeeze seen during the Oct. 21 rally. Cryptocurrency market weekly performance. Source: Coin360.com However, after this initial burst, the next leg of the uptrend is only possible if demand picks up and the bulls continue to buy at higher levels. Data from Huobi exchange suggests that pro traders are not convinced that the current rally warrants the opening …