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$10K Is Getting Away From Bitcoin After Another Week of Failed Attempts: The Weekly Market Update

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At this point, it seems like $10,000 indeed is a coveted level for Bitcoin bulls. Another week passed, and we saw yet one more failed attempt to reclaim this level.

Interestingly enough, it happened minutes after the US Federal Reserve concluded its two-day June meeting, confirming near-zero interest rates for the short- and medium-term. In light of the news, Bitcoin’s price shot up to $10,000, where it was met with strong resistance, and it dropped almost immediately.

The following day, however, was when more pain came to the market. Bitcoin tumbled to slightly above $9,000, losing a sizeable chunk of its value. But it wasn’t just the crypto markets that suffered. The S&P 500, Nasdaq 100, and the Dow Jones all lost upwards of 5%, outlining a clear correlation between both markets. At the same time, Gold was nothing but stable.

Fortunately, BTC’s price managed to recover, and it’s currently trading at around $9,400. This is a previous support level that has now turned into resistance. Should Bitcoin be successful in reclaiming it, the next target to overcome is the area between $9,500 and $9,600.

In any case, the crypto market, as well as global equities, currently seem particularly indecisive amid fears of a second Coronavirus (COVID-19) wave. Just a few days ago, the World Health Organization reported an all-time high number of infections.

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At this point, it’s interesting to see how the situation will develop as traders seem somewhat cautious. Meanwhile, some altcoins such as Zilliqa and VeChain managed to gain sizeable amounts during the week, but, in general, the altcoin market remains relatively flat as well.

Market Data

Market Cap: $267B | 24H Vol: $94B | BTC Dominance: 64.8%

BTC: $9,422.42 (-0.47%) | ETH: $236,38(-0.05%) | XRP: $0.193 (-0.32%)

Bitcoin Weekly Market Update

Bitcoin and Stocks Crash Together: June 11 Proved That Decoupling Might be Gone (Unlike Gold). In what seemed like a mild yet another Black Thursday, global equity markets and Bitcoin tumbled, losing upwards of 5% in less than a day, highlighting serious correlation. Gold, on the other hand, remained entirely decoupled and stable throughout the same period.

Despite The Growing Interest, India Might Ban Bitcoin Once Again. Even though the interest toward Bitcoin and cryptocurrencies is surging in India, the country’s government is reportedly seeking to ban them altogether. The news comes less than a few months after the blanket ban issued previously was lifted.

President Trump’s Head of OCC Is Bullish on Bitcoin and Blockchain. Brian Brooks, the current interim head at the Office of the Comptroller of the Currency (OCC) in Trump’s administration, appears to be bullish on both Bitcoin and blockchain technology. He was the former Chief Legal Officer at Coinbase.

Microsoft Launches a Beta of Its Identity System On a Second-Layer Bitcoin Solution. The tech mogul Microsoft has launched a beta version of its open-source, decentralized identifiers network on a solution called ION. It’s a second-layer solution built on top of Bitcoin’s network, and it’s intended to bring back the control of personal information from centralized entities to individuals.

Bitcoin Spiked to $10K As Fed Confirmed Near-Zero Interest Rates – Institutional Involvement? Just as the US Federal Reserve confirmed the near-zero rates for the short- and mid-term, Bitcoin spiked to $10,000. According to some analysts, this is a clear sign that the field is getting more institutionalized.

Bakkt Partners With Galaxy Digital To Offer Bitcoin Trading And Custody For Institutions. Bakkt, the ICE-owned Bitcoin futures trading platform, has teamed up with Mike Novogratz’s Galaxy Digital. The joint project will aim to provide both Bitcoin trading and custody services for institutional-grade investors.

Charts

This week we have a chart analysis of Bitcoin, Ethereum, Ripple, VeChain, and Kyber Network – click here for the full price analysis.

Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited – first 200 sign-ups & exclusive to CryptoPotato).

Click here to start trading on BitMEX and receive 10% discount on fees for 6 months.

Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


Source: https://cryptopotato.com/10k-is-getting-away-from-bitcoin-after-another-week-of-failed-attempts-the-weekly-market-update/

Blockchain

Billionaire Mike Novogratz Builds Bitcoin Position on Prescience

The sentiment in the crypto community has shifted now that the bulls are back in charge. With the bitcoin price trading within striking distance of $12,000, investors know from experience that this could be just the beginning of another major rally. Billionaire investor Mike Novogratz seems to think so. The Galaxy Digital chief tweeted to […]

The post Billionaire Mike Novogratz Builds Bitcoin Position on Prescience appeared first on BeInCrypto.

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The sentiment in the crypto community has shifted now that the bulls are back in charge. With the bitcoin price trading within striking distance of $12,000, investors know from experience that this could be just the beginning of another major rally.

Billionaire investor Mike Novogratz seems to think so. The Galaxy Digital chief tweeted to BeInCrypto that he added to his bitcoin position on Oct. 19, a decision made on prescience leading into a rally on Oct. 20.

And it’s what he had to say about where the BTC price is headed that could give investors a chance to capitalize on the momentum.

Novogratz expects that once bitcoin takes out $12K, not only does it move higher from there but it will do so quickly. He points to the fundamentals, including “too much demand from new participants,” as the catalyst. Novogratz told BeInCrypto,

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Bitcoin’s Rough Resistance

The $12K level is an important threshold for several reasons. Many consider it tough resistance and the BTC price has not been able to overcome it of late. Recent sessions have seen it remain stuck between the $10,000 and $11,000 area.

Once bitcoin manages to reattain this milestone, the last time of which was August 2020, pundits argue it could be off to the races again.

Bitcoin bull Ivan on Tech, who posts daily videos on YouTube where he has more than 260,000 subscribers, has been giving the play-by-play. He pointed out on Oct. 20 that the bitcoin price actually went straight to $12,000 but got rejected there, which according to him is “all according to plan.”

Once the bitcoin price successfully breaks this level, Ivan on Tech is expecting big things, exclaiming in a tweet,

“Bitcoin will break $20,000 like a massive BOSS.”

The entire crypto community is likely glued to their screens to see if history repeats and the bitcoin price rallies to the moon.

Source: https://beincrypto.com/billionaire-mike-novogratz-builds-bitcoin-position-on-prescience/

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Blockchain

Latvian Financial Watchdog Issues Crypto Fraud Warnings

Latvia’s  Financial and Capital Market Commission (FCMC) has issued a notice to investors to refrain from indulging in malicious digital currency platforms and fake opportunities. The regulator also listed some “signs of fraud” to help individuals identify these deceptive practices. In an official statement published by the FCMC, investors were urged to stay vigilant against […]

The post Latvian Financial Watchdog Issues Crypto Fraud Warnings appeared first on BeInCrypto.

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Latvia’s  Financial and Capital Market Commission (FCMC) has issued a notice to investors to refrain from indulging in malicious digital currency platforms and fake opportunities.

The regulator also listed some “signs of fraud” to help individuals identify these deceptive practices.

In an official statement published by the FCMC, investors were urged to stay vigilant against the growing number of investment opportunities that target individuals across different channels.

According to the FCMC, cryptocurrencies, and associated platforms within Latvia function with a lower degree of regulation when compared to many other financial markets. It claims this makes attacks more prevalent in the country.

The regulators also mentioned that these attacks might be difficult to detect at first because they oftentimes use “the names and images of renowned companies.”

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Uptick in Fraud

Many online advertisements used for fraud purposes lead unsuspecting victims to fancy websites that give them a false sense of security.

The FCMC noted that online fraudsters are constantly on the watch for new ways to extort money from potential victims and that they will often contact investors via email or other popular social media platforms, and even sometimes by phone.

The scammers normally try to mislead investors into buying currencies that don’t exist, refuse withdrawals, or demand that they pay exorbitant amounts for transfers of funds.

The FCMC has welcomed residents to check with the watchdog in order to verify the legitimacy of any platforms or services before actually investing any money. The regulator also listed verified financial service providers on its website.

Source: https://beincrypto.com/latvian-financial-watchdog-issues-crypto-fraud-warnings/

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Blockchain

Upgraded XMR Becomes Best Performer Among Top 15 Coins: Analysis

The upgraded XMR coin becomes the best performer among the top 15 coins by market capitalization as we are reading more in our latest monero news. The privacy-focused cryptocurrency became the best performing coin among the top 15 tokens by market cap after it launched the network update over the past week. The upgraded XMR […]

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The upgraded XMR coin becomes the best performer among the top 15 coins by market capitalization as we are reading more in our latest monero news.

The privacy-focused cryptocurrency became the best performing coin among the top 15 tokens by market cap after it launched the network update over the past week. The upgraded XMR ranked 14th by market cap and trades at $127, increasing by 5% in the day, trimming the weekly losses to less than 4%. At the same time, other major coins from the top 15 which are less than 3% in a day. XMR increased today after a slight reaction to the expected update which was launched on Saturday.

Initially announced in August 2020, Monero’s latest Oxygen Orion update brings some more important improvements to the network at a time when the regulators are getting increasingly worried about the privacy coins. The latest update brings the so-called compact linkable spontaneous anonymous group feature.

coinpaprika
Source coinpaprika.com

As per the Monero blog, the CLSAG update allowed smaller and tighter transactions and will also reduce the transaction size by about 25%. This will also improve the transaction times by 10% and will bolster privacy with Dandelion ++ which is a feature that aims to protect users’ IP addresses. The latest update release comes not too long after another speed and security-centric upgrade named Nitrogen Nebula was launched which was one of the many upgrades that went live in the past few months.

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Right before the release, Monero enjoyed an increase in price and moved up by about 35% in a month and 125% in a year while the US Department of Justice released a new report that explains the risks of end-to-end encryption along with the US Internal Revenue Service which declared war on privacy coins, offering a bounty of about $625,000 to crack Monero’s privacy code.

Monero approaches key resistance, xmr, privacy

Now, Monero scales up to 20 times while compared to the other upgrades, there will be no change to Monero’s mining algorithm was frequently modified to disadvantage the ASIC miners. The project’s upgrade from 2019 included RandomX which means that the network no longer needs changing to its mining algorithm for ASIC resistance. Though not directly related to the upgrade the development of the community project is progressing. The community developers have been working on the atomic swap which allows users to exchange Monero for other coins. The proposal for the project has reached full funding as of late.

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]

Source: https://www.dcforecasts.com/monero-news/upgraded-xmr-becomes-best-performer-among-top-15-coins-analysis/

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