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This week the price of bitcoin exceeded the historic maximum on several exchanges, the launch of the zero phase of ether 2.0 took place and the Libra project changed its name to Diem. It also became known that S&P Dow Jones Indices will launch cryptocurrency indices in 2021, and Visa will connect the USDC stablecoine to its payment system.

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Larry Fink, CEO of BlackRock, the world’s largest investment company with $7.43 trillion in assets under management, said in a conversation with Mark Carney, former Governor of the Bank of England that Bitcoin „has attracted a lot of people’s attention“. Fink pointed to the volatility of the asset and noted that bitcoin is a small asset that can become a global market.

Renowned investor and founder of Tudor Investment Corporation Paul Tudor Jones said in an interview for Yahoo Finance that bitcoin is in „a crazy rocket flight“ and will continue to grow.

According to Dan Shulman, CEO of PayPal, each cryptographic company must cooperate with regulatory authorities. This will speed up the legalisation of the Bitcoin industry and the introduction of digital currencies.

Joseph Lubin, co-founder and head of ConsenSys, said at the Ethereum in the Enterprise conference that Ethereum 2.0 will „consume the airwaves in the not so distant future.

Popular cryptoanalyst Willie Woo believes that the price of bitcoin could reach $300,000 in just one year. In a series of tweets dated 1 December, Wu stated that he was ’never so optimistic‘ about the prospects for Bitcoin 2021.

According to Bloomberg analysts, the price of bitcoin could rise to $50,000 in 2021.

Exchanges
100x Group, the parent company of the BitMEX cryptoderivatives exchange, hired a top manager of the Stuttgart Stock Exchange as the new CEO.

Coinbase helped MicroStrategy invest $425 million in Bitcoin. Brett Tejpol, Head of Institutional Sales at Coinbase, said that the exchange was able to buy „a significant number of bitcoins for MicroStrategy without significant market impact. Coinbase also announced support for the launch of the Air 2.0 network.

Regulation .
The Russian Cabinet of Ministers sent a draft law on the introduction of a tax for holders of digital currencies to State Duma deputies.

The Central Bank of the Russian Federation will refuse to recognise ruble-backed stealcoins. Also, the Central Bank will not allow other banks to issue the digital rouble.

The Russian Association of Crypto Industry and Blockbusters (RACIB) fears that the introduction of the digital rouble will lead to a return to the Soviet financial system. The Association of Russian Banks conducted a survey of financial market participants and found that most of them do not support the idea of introducing a national digital currency.

The central banks of Saudi Arabia and the United Arab Emirates summed up their work to assess the consequences of the launch of the digital currency (CBDC).

Last week it became known that Chinese police confiscated more than $4.2 billion in crypto assets from the organizers of the financial pyramid PlusToken. According to the Chinese journalist Colin Wu, an official statement from the authorities indicates that the government has probably already sold the cryptographic assets in question.

Experts from European central banks forecast that the digital euro can only be launched in five years.

Other events
Investment company Guggenheim Partners has filed a notice with the US Securities and Exchange Commission (SEC) that the $5 billion fund of the company called Guggenheim Macro Opportunities can access the bitcoin by investing up to 10% of the fund’s net assets in the Grayscale Bitcoin Trust (GBTC).

MicroStrategy, a public company, has invested another $50 million in bitcoin, SEC CEO Michael Saylor said citing a notification to the US Securities and Exchange Commission (SEC).

New York Digital Investments Group (NYDIG) has raised $150 million for two new cryptographic funds.

Chinese mining company Canaan reported a net loss of $12.7 million in the third quarter, despite an increase in the bitcoin price over the same period.

Researchers at the University of Bern have published a report arguing that the Ripple consensus protocol does not provide network security and could allow users to „double-spend token“ and stop processing transactions.

The Bitcoin (BTC) course caught its breath last week. Nevertheless, sentiment in the market is ‚extremely greedy‘.

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Bitcoin course and sentiment
The story is well known. On 5 October the price was still at $10,600, but at the time of writing the price is proudly above $19,000.

Monday November 30th the cryptomint wrote history Bitcoin Bank with a price of $19,918 on the Bitstamp chart. With which the illustrious previous record of $19,666 from 2017 can be broken by the shredder.

Subsequently, he was unable to push through the psychological limit of $20,000, which made his starting position worse.

A deep correction below $18,000 did not occur this week anyway. The fact that the price did not fall through his hooves after the earlier impressive sprint is something the investor can hold on to next week. Staying above $19,000 is the motto. As soon as the currency lays down support levels there, that provides a solid bottom for levels above $20,000.

Confidence in the largest crypto currency also remains strong for the time being, according to the Fear & Greed Index. This is a composite index to gauge sentiment about the exchange rate. It is an indication of the market, nothing more.

Alternative.me postpones the index together:

price fluctuations (volatility)
trade volume
bitcoin market dominance
Market sentiment (Google Trends, social media, surveys)
The current score is ’95‘, an almost maximum score of greed. In the past month the score is also stiff above ’80‘.
This can be explained as a positive signal (or resultant) from the bull market, but at the same time it is also dangerous. Pride comes before the fall. As soon as the market becomes overconfident and it becomes increasingly expensive to speculate on a higher (future) price, it can result in a deception.

Prudence is therefore called for, because Bitcoin is a young, relatively small asset (USD 354 billion) and market players have an interest in ensuring that the price does not rise too quickly. They want to be able to buy large quantities at a low (re)price.

As soon as opening a short position becomes more interesting (i.e. cheaper) because the rest of the market is overconfident, the tide may turn (as soon as others start to follow that strategy as well).
MicroStrategy
Bullish news continues to trickle in. The fact that a listed company such as MicroStrategy continues to make diligent purchases is a good sign. The cloud provider now has $765 million worth of Bitcoin on its balance sheet, which has proven to be a lucrative ‚gamble‘ so far.

Canadian hardware wallet manufacturer Coinkite has made a much cited list of listed companies with BTC on the balance sheet with bitcointreasuries.org. The counter stands at 21 companies and 3 private companies that together account for 881,953 Bitcoin, or 15.4 billion dollars.

This can be compared to the net turnover achieved by oil group Shell in 2019.

The price in euros:

Disclaimer: Bitcoin Magazine NL offers no financial advice. The articles are intended for educational purposes.

Bitcoin’s interrupted rally has increased the likelihood of a major pullback, according to independent analyst Vince Prince.

The TradingView.com author writes that there is a 35 percent chance that Bitcoin price will fall soon. He cites a textbook technical indicator that predicts declining reversal patterns.

The pattern known as „head and shoulder“ appears during an asset’s uptrend. Traders acknowledge it when they see three highs forming on a support-like baseline.

The middle peak is higher than the other two, so that it looks like a head hanging over two shoulders on each side – hence „Head and Shoulder“

The H&S patterns typically end in a breakout below the baseline, with a downward target well below the structure’s maximum elevation. Prince comments that Bitcoin forms a similar technical setup, with the left shoulder and head fully confirmed and the right shoulder partially fixed.

„Bitcoin is already being traded in overbought zones,“ he adds. “That doesn’t mean that it can move higher and make new highs. However, the downward prospect should by no means be underestimated. Bitcoin moves in zones in which a rapid reversal and change of direction can be established more easily. “

If the H&S pattern is valid, Bitcoin risks being about $ 1,600 below its baseline (the level between the high and the support). The yellow area in the graph above shows the ideal target area for the H&S outbreak.

What risks Bitcoin is exposed to

Prince’s bearish outlook for Bitcoin received involuntary support from the cryptocurrency futures market. According to Glassnode, the average „funding rate“ across all Bitcoin exchanges has risen to levels suggesting that traders may have been over-leveraged through open-ended contracts.

Measured every eight hours, the refinancing rate shows the cost of holding a bullish contract, that is, a long position. A positive value indicates that bulls are paying bears.

This increases the value of the perpetual contract via the Bitcoin spot rate. Hence, a very high refinancing rate signals that leverage is unduly skewed in favor of the bulls. It is an overbought condition.

An event of a pullback in the cash market can lead to massive long liquidations, which can lead to more price declines and higher volatility.

The optimistic perspective

However, Prince also believes in a limited corrective downtrend. He writes that Bitcoin could find support at the H&S neckline in order to rise higher again – and that could invalidate the entire trend reversal theory as a whole.

Vince’s conclusion:

„Since Bitcoin still has solid supports [near] the 65 EMA and the blue horizontal support, the bullish breakout has a greater 65% probability“

Its upward outlook sees Bitcoin at over $ 19,000.

I tassi di finanziamento Bitcoin aumentano in modo esponenziale fino a raggiungere i massimi settimanali come carichi di correzione

Il Bitcoin ha subito un calo rispetto ai massimi locali di 19.000 dollari. La moneta attualmente viene scambiata per 18.500 dollari, anche se oggi è stata scambiata fino a 17.500 dollari. Il rimbalzo ha sorpreso molti analisti, che pensavano che il Bitcoin avrebbe sostenuto una correzione più profonda nel range 15.000-16.000 dollari.

Eppure questo rimbalzo ha avuto un costo: i tassi di finanziamento dei mercati BTC e cripto sono alle stelle. Il tasso di finanziamento è la commissione Bitcoin Future che le posizioni long pagano regolarmente le posizioni short per garantire che il prezzo dei futures sia vicino al prezzo del mercato spot.

Il tasso di finanziamento Bitcoin esplode più alto

I tassi di finanziamento dei futures Bitcoin nelle principali borse hanno cominciato a salire, riferisce ByBt. ByBt è un tracciatore di derivati che segue i tassi di finanziamento, l’interesse aperto e altre metriche di riferimento per i mercati dei futures cripto-valuta.

Il tasso di finanziamento del mercato dei futures Bitcoin di Binance ha raggiunto lo 0,08% per otto ore, che è il più alto degli ultimi mesi.

Il tasso di finanziamento è sempre più alto anche su altre borse di alto livello, suggerendo che il Bitcoin potrebbe avere un eccesso di leva finanziaria sul lato lungo.

Pressione istituzionale e di vendita al dettaglio per mantenere i prezzi a galla

Gli analisti pensano che la pressione degli acquisti istituzionali e al dettaglio di Bitcoin potrebbe finire per far salire i prezzi di lunedì. Avi Felman di BlockTower Capital ha detto recentemente sulle prospettive di un ritorno della pressione di acquisto istituzionale nei giorni feriali:

„Passa il fine settimana e i TWAP ritornano“

Ci sono anche segnali di un crescente interesse da parte del commercio al dettaglio, che potrebbe essere in grado di impedire che il Bitcoin si corregga a causa di lunghe perdite di arresto/chiusure a cascata.

L’analisi di Pantera Capital ha rilevato che gli utenti di PayPal da soli possono acquistare più Bitcoin di quanti ne vengano estratti ogni giorno. Si prevede che questa carenza di offerta farà salire drasticamente i prezzi nelle settimane e nei mesi a venire.

South Korea’s Financial Services Commission has taken on the so-called „dark coin“, i.e. privacy-oriented cryptocurrency

South Korea’s Financial Services Commission has announced that service providers based on virtual assets will no longer be able to operate with Crypto Comeback Pro that present a high risk of money laundering. The institution recently updated its Special Payment Act, the law regulating the cryptocurrency sector in South Korea.

In particular, the Financial Services Commission has launched itself against the so-called „dark coin“, i.e. privacy oriented cryptocurrencies, as transactions made with such currencies are particularly difficult to trace. The new law could therefore hinder the use of Zcash (ZEC), Monero (XMR) and Dash (DASH) in Korea.

The amendments to the Special Payment Act will come into force from March next year. The legislation also requires the use of more stringent Know Your Customer (KYC) and anti-money laundering (AML) policies by local crypto-currency exchanges: in addition to no longer being able to operate with privacy coin, virtual asset-based service providers will have to confirm the names of their customers and verify other personal data, such as their national identification number.

Many South Korean exchanges already do not list privacy coin on their platforms due to international regulations. In September last year, the OKEx exchange announced the removal of ZEC, XMR, DASH, Horizen (ZEN) and Super Bitcoin (SBTC), citing the Financial Action Task Force’s new guidelines as justification. In the same month, the local Upbit exchange ceased support for three privacy-focused cryptocurrency exchanges.

Meanwhile, the South Korean central bank continues to work on its Central Bank Digital Currency (CBDC). According to an article recently published in The Korea Times, the first tests for the digital won will begin next year:

„The CBDC will be issued and distributed in a virtual environment, where we will test a range of transaction scenarios in a wide variety of circumstances“.

DeFi tokens continue to fall as the price of BTC rises.

Many leading tokens have lost over 70% since their all-time highs.

DeFi TVL still remains high at over $ 11 billion.

Much of the interest and media madness surrounding the decentralized finance (DeFi) industry that emerged last summer has certainly started to wane, especially when it comes to token prices. Many of the top performing DeFi assets are still bleeding despite the uptrend in the larger cryptocurrency market.

In terms of total locked-in value, the One Bitcoin a Day space still looks bullish with only an 8% drop in crypto collateral in the ecosystem from its all-time high. The current figure stands at $ 11.3 billion according to DeFi Pulse, however, the dollar-denominated measure that remains high could be due to Ethereum prices recovering $ 400.

The same cannot be said of the majority of DeFi-related tokens, however, as most continue to drain while Bitcoin’s market share slowly consumes them. Messari researcher Jack Purdy attributes this to an oversaturation of projects combined with insufficient new capital entering space.

The carnage continues.

This is what happens when there are too many projects with not enough money going into the space.

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Le dump DeFi continue

The funds that were randomly tossed into DeFi tokens over the summer appear to be moving towards Bitcoin as BTC recently hit an almost three-year high of $ 14,400.

Looking at top tokens by protocol, Uniswap’s UNI suffers among the rest with another 5% drop so far in the day and is trading for $ 1.82.

Since its historic high of nearly $ 8 in mid-September, the UNI has lost 76%. That decline may well get even worse when token farming ends on November 17 and millions of dollars are thrown into the market.

$ UNI – Now under $ 2, not surprisingly. When you give away millions of tokens for free, you can’t be surprised when they all start selling. I just hope people sold when they had a much higher price.

Second in terms of TVL protocol is the MakerDAO crypto mainstay, which is holding up well as its native MKR token has remained relatively stable in terms of price over the past year.

Wrapped Bitcoin is third in terms of TVL and it has also risen to record highs of over $ 2 billion in tokenized BTC on Ethereum.

No more suffering on the horizon

Compound Finance’s COMP token continues to take a hit with a 74% drop from its peak, while Aave’s 100-fold supply reduction program hasn’t stopped its new asset from dumping 52 % since last month.

The Curve DAO token, CRV, is in a world of suffering losing an additional 4% today and an agonizing 98% since its all-time high during the DeFi media madness in mid-August. Synthetix is up for the year but has lost another 64% from its peak of $ 7.50 at the end of August.

El aumento del precio de bitcoin ha provocado un aumento de los ingresos de los mineros. A fines de octubre, ganaron $ 353 millones (+ 8%), como informaron anteriormente los analistas de Bitcoin Evolution.

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Los ingresos de los mineros han vuelto a los niveles observados en el período previo al llamado halving de mayo (reducción de la recompensa por extraer un bloque).

En los primeros cinco días de noviembre, los ingresos de los mineros de bitcoin ya ascendieron a casi $ 21 millones. La última vez que recibieron aproximadamente los mismos beneficios a principios de mayo de 2020.

Huawei presenta un teléfono inteligente con billetera digital de yuanes incorporada

Los analistas atribuyen esta tendencia al repunte en curso de bitcoin. Paralelamente, ha habido un aumento en las tarifas por procesar transacciones en la red BTC. Desde finales de octubre, las tarifas han aumentado casi un 200%. Desde principios de noviembre, los mineros han ganado $ 4,15 millones por el procesamiento de comisiones, que es aproximadamente el 20% de sus ingresos totales.

El equipo de CryptoQuant cree que muchos grupos de minería pronto comenzarán a vender sus bitcoins acumulados para sacar provecho del rally de noviembre.

Anteriormente, el CEO de CryptoQuant, Ki Yang Joo, tuiteó que los grandes titulares de criptomonedas ya han comenzado a llevar BTC a los intercambios. Esa es una señal alarmante para el mercado. Sin embargo, el mismo experto cree que los mineros intentarán esperar un precio de bitcoin más alto para aprovecharlo al máximo.

Während solche wie PayPal und andere traditionelle Zahlungsanbieter beginnen, Bitcoin als eine praktikable Option in ihrem Arsenal von Angeboten zu betrachten, ist der CEO von Mastercard noch immer unsicher über die Macht des digitalen Assets, insbesondere im Hinblick auf die Unterstützung der Nicht-Banken.

Bitcoin ist als eine Möglichkeit für diejenigen angepriesen worden, die nicht den gleichen Zugang zu Banken und anderen Zahlungsgateways haben, eine digitale Währung zu benutzen. Für Ajay Banga gibt es jedoch große Probleme mit der Volatilität und Transparenz der wichtigsten Krypto-Währung.

Banga beobachtet jedoch die wachsende Aufregung um die digitalen Währungen der Zentralbank und sieht dort eine viel bessere Zukunft. Mastercard unternimmt zwar viel in Bezug auf Blockketten- und sogar Kryptowährungen, hat aber die von der Regierung vorgeschriebenen Kryptowährungen 2017 als Junk eingestuft.

Hohe Volatilität

Bitcoin ist nach wie vor für seine Volatilität berühmt und ist dafür bekannt, dass der Preis innerhalb weniger Stunden fällt und steigt. Dies ist eine Kritik an der Münze, die sie als digitales Zahlungsmittel weniger erfolgreich macht, sondern eher zu einem digitalen Vermögenswert.

In seiner Rede auf der Konferenz des Fortune Global Forum sagte Banga:

„Ich glaube nicht an die Volatilität oder, was das betrifft, an den Mangel an Transparenz darüber, wer die Person ist, die mit dieser Währung zu tun hat. Das ist der Grund, warum wir an die digitalen Währungen der Zentralbanken glauben“.

Auf die Frage nach Bitcoin als mögliche Lösung für die finanzielle Eingliederung behauptete Banga, dass die Kryptowährung die Anforderungen für die Nicht-Bank-Währung nicht erfüllt, wobei er ein Beispiel über Colaflaschen anführte, um die Preisvolatilität zu veranschaulichen:

„Können Sie sich jemanden vorstellen, der finanziell ausgeschlossen ist, der so handelt, dass er über eine Währung einbezogen wird, die heute den Gegenwert von zwei Coca-Cola-Flaschen und morgen 21 kosten könnte? Das ist keine Möglichkeit, sie einzubeziehen. Das ist ein Weg, um ihnen Angst vor dem Finanzsystem zu machen“.

Die treibende Kraft der CBDCs

Anstatt den Bitcoin-Markt anzugreifen, wie es PayPal beschlossen hat, ist Mastercard stolz auf sein Engagement, CBDCs voranzutreiben, und hat gesagt, Mastercard habe „eine beträchtliche Summe Geld“ in CBDCs investiert, fügte er hinzu:

„Heute sind wir einer der größten Patentinhaber im Bereich der digitalen Währungen der Zentralbanken“.

Im September kündigte Mastercard auch einen Sandkasten an, der es Zentralbanken und Geschäftsbanken ermöglicht, CBDCs gemeinsam auf Anwendungsfälle wie „grenzüberschreitende Transaktionsströme“ hin zu untersuchen. Das Tool simuliert verschiedene Arten von Transaktionsumgebungen, damit die Zentralbanken CBDC-Anwendungsfälle evaluieren können.