Bitcoin Weekly Forecast: BTC Aiming Key $6.5K Support

There was a sharp decline in bitcoin below the $8,000 and $7,500 supports against the US Dollar. The price is currently correcting losses, but remains at a risk below $7,400. There is another breakdown pattern forming with support near $7,240 on the 4-hours chart of the BTC/USD pair (data feed from Kraken). The price is currently trading below the $7,500 resistance and likely to decline further. Bitcoin price is trading in a strong downtrend below $7,500 against the US Dollar. BTC is likely to continue lower towards the main $6,500…

Gold-Backed Cryptocurrency Aims To Tap Stablecoin Appeal

Nov.21 — In this week’s “Commodity-In-Chief” on “Bloomberg Commodities Edge”, Alix Steel talks with Danny Masters, chairman of CoinShares, which is betting that trading a digital gold asset linked to bitcoin may provide investors with a sense of security. The launch of the product, called DGLD, included $20 million of the digital metal tied to an offset of bitcoin’s blockchain, with each token representing a 10th of a troy ounce. UCIALMKvObZNtJ6AmdCLP7Lg Source link

Oman Sees First Trade Finance Transaction on Blockchain

Oman Oil and Orpic Group and HSBC Bank Oman SAOG have conducted the first trade finance transaction on the blockchain in the country using R3’s Corda platform. As news publication the Oman Observer reported on Nov. 23, Oman Oil and Orpic Group — one of the largest oil and gas businesses in Oman — and HSBC Bank executed the country’s first blockchain-based trade finance transaction: a sale of polypropylene to Abu Dhabi National Carpet Factory. The transaction was carried out using R3’s Corda, an open-source blockchain platform. Fully digitized letter of…

Bitcoin Price Will Rip to $50,000

Bitcoin is now in a downtrend after Friday’s technical reversal. Analyst Peter Brandt believes that a cleansing is in order before bitcoin can start a new bull market. He says investors who refuse to be shaken out by the stomach-churning purge could reap ridiculous profits in the future. The world’s dominant cryptocurrency appears to have lost all bullish steam. The momentum that the bitcoin price generated when it printed a 2019 high of $13,880 has vanished, giving way to a rapid downturn. This week, the cryptocurrency crashed through support at…

Bakkt Bitcoin Futures Set New Daily Record Trading Over $20M

Bitcoin (BTC) futures daily volumes on digital asset platform Bakkt have hit a new all-time high, according to data from Intercontinental Exchange (ICE). More than $20.3 million was traded in Bitcoin — or 2728 futures contracts — on Nov. 22.  30% higher than the previous daily volume record The new volume record represents a 66% increase over the previous day and is roughly 30% higher than the previous all-time high on Nov. 8.  Bakkt daily volume & open interest chart | Source: BakktVolumeBot Major price moves coincide with big volume…

Crypto Black Friday Blowout Comes Early, But Who’s Buying ETH, XRP, and LTC?

Black Friday seems to have arrived earlier in the cryptocurrency market. But, unlike the real Black Friday, nobody seems to be rushing in to buy cryptos at the current discount rate. According to the Crypto Fear and Greed Index (CFGI), the overall market sentiment turned into “extreme fear” as investors expect a further downturn. However, historical data reveals that every time the CFGI goes into “extreme fear,” a buying opportunity is presented. The following technical analysis will evaluate whether Ethereum, XRP, and Litecoin are bound for a deeper retracement or…