Bulls keep running as Bitcoin notches a new 2020 high at $15,950...
One week in review:
Nov. 2–8 We've selected the hottest materials of the past week for you to stay up to date with the latest crypto news: | | #1. Bulls keep running as Bitcoin notches a new 2020 high at $15,950 | | | Over the course of Thursday, BTC surged by more than 10%. As well as breaching $15,000 for the first time since January 2018, the world's biggest cryptocurrency romped to highs of $15,950. | | | To understand how significant this is, data from Messari shows that BTC has only been above this price point for 0.4% of its existence. A rare event indeed. "People will never again say Bitcoin is dead," Grayscale CEO Barry Silbert approvingly noted. | | #2. Three ways Bitcoin's price and stocks may react to a Biden presidency | | | We saw uncertainty by the bucketload this week. BTC appreciated steadily when the U.S. election result wasn't clear on Wednesday and as ballots continued to be counted. But look what happened on Saturday when major news outlets officially projected that Joe Biden would be the next president of the United States. Bitcoin fell by 5.67% in the hours that followed. And then it bounced back again in less than 24 hours. | | | So does this mean the crypto markets fear a Biden presidency? Well, Biden's election brightens the prospect of a stimulus package by the end of the year — and this could positively affect Bitcoin, boosting investor appetite for high-risk assets. Analysts also anticipate the U.S. stock market to recover now that the results have been confirmed. There's still something we don't know: the president-elect's views on Bitcoin. | | #3. Bitcoin at $15,000 is now bigger than PayPal, Coca-Cola, Netflix and Disney | | | Early September seems like a lifetime ago now, doesn't it? Back then, Bitcoin was hovering at about $10,000, with a market cap of approximately $190 billion. Fast forward to now, and BTC appears to have found support at $15,000. This has also helped Bitcoin's market cap rise by 50% to $280 billion — and it means the world's biggest cryptocurrency is now more valuable than most major companies. | | | Data suggests that, if BTC's valuation is compared with publicly listed firms in the U.S., it would be the 18th largest. This dwarfs the likes of Verizon, PayPal, Disney, Netflix and Bank of America. | | #4. Prediction of the Week Bitcoin sees record 100 days above $10,000 as one analyst eyes "parabolic" 2021 | | | Now, a well-known analyst believes BTC could go "parabolic" in 2021 if it follows its behavior after previous halvings. Bloomberg Intelligence's senior commodity strategist, Mike McGlone, says it's a simple matter of supply and demand. The number of new Bitcoin being mined fell yet again in May, yet appetite for the crypto among institutional investors is soaring. | | | "New highs are a next potential iteration and may be only a matter of time unless something we don't foresee trips up the trend of greater adoption and demand vs. limited supply," he predicted. | | #5. FUD of the Week "I destroyed my life" — Uniswap trader spends $9,500 in fees on $120 transaction | | | Away from Bitcoin, let's have a look at some FUD stories. And we begin with a clumsy trader who says they have "destroyed" their life after inadvertently paying $9,500 in fees for a $120 transaction on Uniswap. Whoops. On Reddit, "ProudBitcoiner" revealed that they accidentally stumped up 23.5172 ETH in fees after getting the Gas Limit and Gas Price input boxes confused in the MetaMask wallet. | | | Uniswap is a non-custodial exchange for ERC-20 tokens, meaning that trades are executed directly from a user's wallet, allowing them to manually set the gas prices they are willing to pay for a transaction. Other Reddit users are now calling for MetaMask to introduce safeguards that would force users to confirm a transaction when the inputted gas price significantly exceeds the estimated price calculated by the wallet. | | #6. FUD of the Week $1 billion from Silk Road wallet moves for the first time since 2015 | | | An anonymous crypto user has just moved 69,370 BTC from an address associated with the Silk Road darknet market. According to CipherTrace, the transfer was made in two transactions. The crypto user first sent 1 BTC, likely as a test transaction, before moving the bulk of the coins. | | | The blockchain intelligence firm speculated the anonymous user made the transactions "to stay up to date with the Bitcoin network" by switching between address formats. It's possible that hackers may have been responsible for moving the funds. | | Feel free to explore the most important news with Hodler's Digest:
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