Bitcoin price at $16,000 and beyond? Here are the bear and bull cases...
One week in review:
Nov. 9–15 We've selected the hottest materials of the past week for you to stay up to date with the latest crypto news: | | #1. Bitcoin price at $16,000 and beyond? Here are the bear and bull cases | | | We're undoubtedly in a bull market right now. This week, Bitcoin hit $16,000 for the first time in years. Even this weekend's volatility hasn't been enough to derail BTC's momentum. Although prices abruptly dropped to $15,670 overnight on Sunday, traders quickly stepped in to defend $16,000. | | | It is exceptionally rare for Bitcoin to perform this well. The world's biggest cryptocurrency has only closed above $16,320 on 12 days in its history — just 0.28% of the time. Naturally, the question now is whether BTC's strength will remain, given how it's in touching distance of surpassing the current all-time high of $20,089. | | #2. DeFi the odds: Total user numbers up 55% in just six weeks | | | October was a grim month for many decentralized finance tokens. Faced with heavy losses, some were hastily proclaiming that the DeFi bubble had well and truly burst. But wait a minute. Data from Dune Analytics shows there has been sustained, sector-wide growth in activity — with user numbers growing 55% since the start of October. | | | Lending protocol Compound and decentralized exchange dYdX were among DeFi's strongest gainers, increasing their user bases over the past 30 days by 250% and 50%, respectively. Also this week, research from IntoTheBlock suggested that institutional money is flowing into DeFi — with Yearn.finance's YFI among the top beneficiaries. | | #3. PayPal's crypto trading service goes live in the U.S. | | | The wait is over. PayPal now allows all eligible customers in the United States to buy, sell and hold Bitcoin, Ether, Bitcoin Cash and Litecoin. Crypto purchases are limited at $20,000 a week — double the originally announced $10,000 — and customers are set to be informed of the new services within the coming days. No fees are being charged on crypto transactions until the end of the year. | | | It'll be interesting to see whether the rollout will encourage greater levels of crypto adoption among the masses, especially in light of BTC's recent surge. | | #4. Prediction of the Week Macro factors could bring Bitcoin to $1 trillion market cap, strategic investor says | | | Lyn Alden believes Bitcoin's growing network effect, coupled with favorable macroeconomic factors, may bring its market capitalization to $1 trillion in the next few years. | | | The strategic investor said that the environment generated by the coronavirus pandemic favors Bitcoin. Over the coming years, she's predicting there will be a significant capital spillover from traditional assets into the world's leading cryptocurrency. | | #5. FUD of the Week U.S. law firm says IRS is coming after Coinbase users who evade taxes | | | If you're a Coinbase user in the U.S., listen up. A boutique Californian tax firm has warned that the IRS is stepping up its efforts against those who fail to comply with tax and reporting requirements. | | | The firm's warning came off the back of Coinbase's first-ever transparency report, which was released back in October. It said that the hundreds of information requests filed by U.S. bodies such as the IRS should serve as a "major wake-up call" to crypto owners. | | | "This data makes it clear that the IRS is requesting information from Coinbase for the express purpose of checking it against its own taxpayer data and looking for discrepancies where holdings on Coinbase have not been reported on taxpayers' returns," the firm added. | | #6. FUD of the Week Crypto crimes declined in 2020 but DeFi hacks are on the rise, report warns | | | The blockchain analytics firm said total losses from crypto thefts, hacks and fraud dropped from $4.4 billion in 2019 to $1.8 billion over the first 10 months of 2020. | | | Although these statistics seem really encouraging on the face of it, they don't tell the whole story. DeFi hacks were "virtually negligible" in 2019 but now account for 20% of all losses. | | Feel free to explore the most important news with Hodler's Digest:
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