Weekend bull trap? Traders remain cautious as Bitcoin price rebounds to $18K

The price of Bitcoin reclaimed $18,000 but traders remain cautious of a weekend bull trap. The price of Bitcoin (BTC) surged above $18,000 on Nov. 29, reaching as high as $18,209 on Binance. However, traders are turning cautious despite BTC’s weekend rally. Bitcoin currently faces resistance at around $18,200, which is also the 10-day moving average (MA) on the daily chart. As Cointelegraph reported yesterday, some traders still anticipate BTC to see another drop in the near term before the rally can continue. BTC/USDT 4-hour chart (Binance). Source: TradingView.com Why…

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Yield farming is a fad, but DeFi promises to change the way we interact with money

The sector has a long way to go in terms of accessibility if DeFi really wants to challenge traditional financial institutions. As the COVID-19 outbreak wreaks havoc on the United States’ economy and abroad, investors grapple with a second economic downturn in just over a decade. While the 2008 financial crisis and the coronavirus pandemic are very different, both events have produced market volatility and allowed for new technologies to emerge. The economic disruption wrought by the pandemic also highlights the importance of serving people who are currently outside the…

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Guggenheim Partners prepares to dip investment fund’s toes into Bitcoin

The $275 billion company has filed an SEC amendment to allocate over $500 million from the Macro Opportunities fund to Grayscale’s GBTC An SEC filing on Friday indicates that the next Wall Street institution to take a public position in Bitcoin may also be among the largest yet: the $275 billion financial services firm Guggenheim Partners.  The Guggenheim filing allows the Macro Opportunities fund to purchase GBTC, a publicly-traded Bitcoin investment vehicle from Grayscale, at an indeterminate point in the future.  “The Guggenheim Macro Opportunities Fund may seek investment exposure…

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Following Binance Uganda closure, Binance P2P makes strong inroads in Africa

The cryptocurrency exchange has given up on Binance Uganda, but the regional play remains strong Following the announcement of a disappointing closure of a Ugandan subsidiary in October, Binance — the world’s largest cryptocurrency exchange — released a blog post yesterday indicating that another initiative, Binance P2P, is making strong inroads across the world’s second-most populous continent.  Titled “P2P Merchants: Facilitating Freedom of Money in Africa,” the post highlighted the peer-to-peer trading program’s growth in the region throughout the year — most notably stating that Binance P2P has processed a…

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High priced $32K Bitcoin options show some pro traders expect more upside

$32,000 per Bitcoin seemed unreasonable in October, but the 950% spike in the January call option suggests some traders think it’s a possibility. A month ago, one would be hard pressed to find any investor who would have expected a $32,000 Bitcoin (BTC) price for January. At the time, a 140% upside was needed from the $13,300 price on Oct. 30 and this seemed quite far fetched.  Therefore, the January $32,000 BTC call (buy) options traded at Deribit for a meager $67, or 0.005 BTC in late October. BTC $32,000…

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Paul Tudor Jones Bitcoin fractal hints at possible explosive BTC rally

A fractal from Paul Tudor Jones hints that Bitcoin price is in an early stage, long-term rally like gold was in the 1970s. Based on the fractal, Bitcoin is in an early phase of a prolonged rally that could allow BTC to experience exponential growth in the longer term. Bitcoin versus gold price fractal. Source: Bloomberg Bitcoin may be on the same trajectory as gold There are two main reasons why Bitcoin could follow the macro trend gold saw from the 1970s. First, BTC has a fixed supply that cannot…

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Dapper Labs’ Flow blockchain takes major step towards full mainnet

The hotly anticipated layer-1 chain looks to be getting its ducks in a row. In a move that may signal that a mainnet launch is just around the corner, Flow — the blockchain from Cryptokitties and NBA Topshot developers Dapper Labs — has launched the Flow Port: a tool for token holders to manage, stake, and delegate their Flow cryptoassets.  The announcement focused heavily on how users can stake their FLOW tokens through custody providers such as Kraken and Coinlist, as well as delegate their tokens to currently-existing node operators.…

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Bitcoin carnage, Eth2 milestone, Libra launch, PayPal blunder: Hodler’s Digest, Nov. 21–27

The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — one week on Cointelegraph in one link! Coming every Saturday, Hodlers Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more a week on Cointelegraph in one link.   Top Stories This Week Buy the Dip Bitcoin price tumbles, falling below $17,000 in biggest crash since March At the start of the week, the crypto…

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Dapper Labs’ Flow blockchain takes major step towards mainnet

The hotly anticipated layer-1 chain looks to be getting its ducks in a row. In a move that may signal that a mainnet launch is just around the corner, Flow — the blockchain from Cryptokitties and NBA Topshot developers Dapper Labs — has launched the Flow Port: a tool for token holders to manage, stake, and delegate their Flow cryptoassets.  The announcement focused heavily on how users can stake their FLOW tokens through custody providers such as Kraken and Coinlist, as well as delegate their tokens to currently-existing node operators.…

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Bitcoin relief rally is underway — Can BTC price reclaim $18K?

Bitcoin price is rallying this weekend but is this just a relief rally or can BTC regain bullish momentum? Bitcoin (BTC) price dropped severely in the previous week, falling from $19,500 to $16,000. Corrections never occur smoothly as dropdowns are frequently sudden and painful. The recent correction isn’t much different as the drop occurred in a matter of hours.  Since then, Bitcoin’s price consolidated above $16,000, which marked a temporary bottom. The primary question is whether the correction is over or not. A determining factor will be whether or not…

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