Wetter Webring

Monat: November 2020

Experts see the weekend’s upswing as a negative harbinger for Bitcoin

Although Bitcoin was able to climb back to $ 18,000 over the weekend, the experts urge caution.

Bitcoin ( BTC ) jumped over the US $ 18,000 mark on November 29th, with a temporary high of US $ 18,209 on the major crypto exchange Binance. However, despite the weekend rally, investors remain cautious.

At 18,200 US dollars, there is resistance for the cryptocurrency in the form of the moving average of the last 10 days (10-day MA). As Cointelegraph reported yesterday , some experts believe that Immediate Bitcoin will continue to decline before the upward trend can resume at a later date.

Bad sign?

The trader under the pseudonym “Crypto Capo” had already predicted when Bitcoin had slipped to 16,000 US dollars that it would initially go back to 18,000 US dollars, which has now come true.

However, this is not good news because, as he told his followers on November 27 , when Bitcoin was still at $ 16,700, he wanted to sell immediately as soon as the market-leading cryptocurrency is back at $ 18,000.

When the upswing to US $ 18,000 actually followed today, he made a small change of plan by buying new Bitcoin and thus building up a hedge if the price goes up contrary to expectations. Initial confirmation of his original thesis that Bitcoin will drop sharply after jumping to $ 18,000 would be a downturn to $ 17,400.

Should the price slide below this mark and then even fall below the $ 16,800 mark, a crash to just $ 14,000 would be all the more likely.

However, if Bitcoin can climb above $ 18,400 and then settle at $ 18,200, it would refute his negative forecast, which he believes is unlikely but possible. For this reason, he himself is two-pronged.

Possible scenarios for Bitcoin. Source: Crypto Capo

Another trader under the pseudonym „Loma“ is in the same line. After the share price was still positive at 17,500 US dollars, he now claims to have sold almost half of his long position.

The trigger for this move is that, in his opinion, Bitcoin is heading for heavy resistance in the range of 18,200 – 18,400 US dollars. Accordingly , he writes :

“At $ 18,080, I closed half of my long position. I don’t want too much on the books by the end of the week / month. Once we climb above $ 18,400 we will have plenty of buying opportunities again, but when it goes down we won’t have many good opportunities to sell. “

There is still hope …

A technical analyst named „CryptoBirb“ adds that Bitcoin usually has two types of returns, either 15% or 30%.

He himself expects a downturn to $ 14,000 but, like his colleagues, does not consider this to be set in stone. To this end, he refers to several technical indicators that support his suspicion . Bitcoin would find itself in the oversold area for the first time during its several weeks of climbing:

“There are two types of downturn in BTC: either -15% or -30%. My guess is a drop to $ 14,000. The first time we got back to the middle and the first time we are back in the oversold area since the climbing party started. These are two VERY strong signs. However, I would be very happy about a new record high before Christmas. And you?“

Minatori Svuota Block Bitcoin Cash Chain-Split Coin

La moneta più recente uscita da una divisione in Bitcoin Cash, BCHA, sta assistendo a una sorta di attacco di negazione del servizio in quanto un minatore sconosciuto, che sembra avere l’80% dell’hash, sta estraendo blocchi senza includere alcuna transazione tranne che per il blocco transazione ricompensa (coinbase).

Ciò significa che le persone devono aspettare molto più a lungo prima che avvenga una transazione, ma questo è tutto ciò che sta accadendo qui finora.

Blocchi vuoti BCHA, novembre 2020

Non stanno tentando di spendere il doppio delle proprie monete, cosa che potrebbero benissimo fare, ma in un messaggio coinbase dicono „Nov 25th 2020: BCHA dump“.

Ciò significa che l’attaccante è molto probabilmente qualcuno di BCHN, il nuovo client ora coin che è riuscito a cacciare il client BitcoinABC, ora BCHA coin, a causa di banali disaccordi tecnici e di disaccordo su come finanziare lo sviluppo.

I minatori di Bitcoin Trader hanno proposto l’idea che lo sviluppo venisse finanziato da una parte di ricompense in blocco, qualcosa che BCHA ha implementato, ma BCHN ha rifiutato.

Hashrate BCHA e BCHN, novembre 2020

Quindi ora stanno attaccando BCHA che attualmente ha circa il 10% dell’hashrate di BCHN, una quantità migliore di quella che aveva BCH quando si è separato a catena da bitcoin nell’agosto 2017.

Significa che questo minatore o minatori stanno effettivamente sprecando il loro tempo perché apparentemente sono entrati altri minatori, come ViaBTC, che stanno elaborando transazioni.

However this miner could also be making a point that you need fees to incentivize miners to include transactions as otherwise they could just mine empty blocks.

The theory is of course that bigger blocks means more transactions and therefore those smaller fees add up to a substantial amount the more transactions are included.

However as this is a fairly brand new chain, there’s hardly many transactions really, so neither the big blockers nor the small blockers can prove anything here.

BCHN maybe has something to prove in as far as they can claim BCHA is not secure because it has too little hash, but that’s proving their own demise because BCHN hardly has any hash compared to BTC.

UK regulation to adopt stablecoins and CBDCs after Brexit

The UK plans to rely on emerging financial technologies such as stablecoins and CBDCs after Brexit.

The government is keen to maintain its position in the global financial landscape.

Climate change risk management will be managed in conjunction with COVID-19 recovery measures.

With the UK’s exit from the European Union (EU), the government says it is turning to stablecoins, central bank digital currencies (CBDCs) and other emerging financial technology innovations.

As a strategic global financial springboard, the city of London is expected to face significant tensions following the UK’s withdrawal from the EU. Therefore, the country’s government will look to new technologies to design strategies to maintain its competitiveness in the global financial arena.

Harnessing the benefits of stablecoins and CBDCs

In a statement on November 9, UK Treasury Chancellor Rishi Sunak noted that Brexit offered a new chapter in the history of the country’s financial services sector. According to Sunak, the government plans to harness the potential benefits of new technologies such as stablecoins and CBDCs.

For Sunak, stablecoins and CBDCs could provide a robust architecture for cheaper and more efficient payment processing networks. Thus, the UK government plans to ensure that appropriate regulations are created to cover these alternatives.

The Bank of England is reportedly overseeing all future regulations relating to stablecoins and CBDCs amid the umbrella bank’s insistence on overseeing UK financial regulation after Brexit.

The Chancellor of the Exchequer’s comments come amid fears of possible economic stagnation following the finalization of the Brexit withdrawal and the fallout from the ongoing coronavirus pandemic. In March, the government pledged the equivalent of nearly $ 400 million in relief funds to UK businesses.

Rishi Sunak:

The UK will issue, subject to market conditions, its very first sovereign green bond next year.

This will be the first in a series of new issues, as we build a ‚green curve‘ over the next few years to help fund projects to tackle climate change and create green jobs.

Rishi Sunak:

Read more about my ambition for the future of UK financial services here

To compensate for any reduced economic activity with the EU, Sunak says the country is moving towards establishing closer ties with Switzerland, India and Japan. According to the Wall Street Journal, the British Treasury chief expects a significant reduction in the interaction of financial services with the EU.

Indeed, wary of any Brexit-induced dislocation, some financial firms have left the UK or have established offices in EU member states to continue to provide services on the continent.

Promote „green“ finance

In addition to stablecoins and CBDCs, the UK government has also reportedly pledged to put more emphasis on green finance. According to Suna, the country’s financial firms will have to comply with stricter environmental disclosure rules.

As previously reported by BeInCrypto, the New York Department of Financial Services (NYDFS) has also issued a similar warning to crypto companies. At the time, the regulator expressed its intention to require more stringent climate change management risks from state regulated financial institutions.

Bitcoin critic Jeffrey Grundlach describes Bitcoin as a suitable hedge against inflation

Jeffrey Grundlach recently announced that he saw Bitcoin and gold as a suitable alternative to bonds to prepare for inflation. He had only spoken out against the cryptocurrency at the beginning of October 2020 during an interview called „Bitcoin, a lie“.

During a gigAt the webcast on November 2, 2020, Jeffrey Gundlach, also known as „Bond King“, bond manager and CEO of DoubleLine Capital, spoke about the cryptocurrency Bitcoin . Declared in 2017that he has no intention of investing in BTC.

A month ago Gundlach doubted the anonymity of Bitcoin and questioned the security of the cryptocurrency:

I don’t believe in Bitcoin and I think it’s a lie. I think it can very well be tracked and don’t think it’s anonymous.

Despite this sharp criticism, Grundlach stated that he was by no means a Bitcoin hater

Just a month later, he confirmed his statement and even went one step further. During his speech, he told the audience that in times of the COVID-19 pandemic, it was important to own real assets to hedge against impending inflation. In his opinion, gold and Bitcoin are ideally suited for this.

With this unexpected recognition for the cryptocurrency Bitcoin, Grundlach spoke out in favor of BTC investments for the first time

He added that he still believes gold will continue to make significant gains over time. Together with David Rosenberg, the founder and chief strategist of Rosenberg Research, he was also skeptical about the intrinsic value of long-term bonds. Even so, investors should protect their portfolios.

In the US election year 2016, Grundlach predicted Donald Trump’s victory for the presidency of the United States. Even if he is not so sure about the current election, he thinks that Trump will be elected again.