Market Outlook: Bitcoin Breaks $11K, Whales Refuse to Sell, Downside Risk Remains

The price of bitcoin jumped above the $11k threshold on Saturday morning and into the afternoon, after hovering above the $10,900 range the day prior. The entire crypto-economy of 7,600+ coins has gained 2.29% during the last 24 hours touching $344 billion. Bitcoin (BTC) markets have surpassed key levels above the $11k mark on Saturday, as the cryptocurrency has seen close to $4 billion in global trade volume. A number of people are watching the current price range and believe the $11,000 region is a key zone to watch. One…

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Record $1B in tokenized Bitcoin shows BTC holders want a slice of DeFi

After failing to hold the $11K mark and exposing what some analysts have described as a general apathy to trade BTC at these levels, Bitcoin (BTC) price is once again flirting with $11,000.  As suggested by Cointelegraph contributors Marcel Pechman and Micheal van de Poppe, a move above $11K is not a deeply significant milestone as the confluence of multiple factors, including looming overhead resistance and low trading volume decrease the likelihood that the digital asset will breakout once above $11K. Cryptocurrency daily market performance snapshot. Source: Coin360 The supposed…

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Bad crypto news of the week

So Bitcoin appears to end this week within tickling distance of $11,000. Experts suggest that the next test of upper level support will be at $11,100 before a move to $12,100. Statistician Willy Woo is optimistic. He thinks there’s little chance of a “catastrophic” dump. Some Bitcoin though, can’t be dumped. More than a billion dollars’ worth of Bitcoin has now been tokenized to access DeFi protocols on the Ethereum network. That’s almost 100,000 Bitcoins and more than 12 percent of DeFi’s combined capitalization. Those tokens have been having a…

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Analyst: 1,500 Bitcoins Lost Every Day, Less Than 14 Million Coins Will Ever Circulate

A cryptocurrency analyst, Timothy Peterson claims that 1,500 bitcoins are lost each day meaning only 14 million BTC will ever circulate. The figure is at odds with the estimate of many organizations including Markets.bitcoin.com which place the figure at 18.5 million coins. Still, Peterson, who is the CAIA Manager at Cane Island Alternative Advisors, argues the merits of his assertions by pointing to how this average daily loss dwarfs the 900 bitcoins that are mined every day. Furthermore, to support his contention, Peterson points to a research note published by…

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Despite yETH returns of 2%, Yearn pushes forward with WBTC Vault

The popular yield farming decentralized finance (DeFi) protocol Yearn Finance is progressing with its forthcoming Wrapped Bitcoin (WBTC) Vault. The team has submitted a MakerDAO Improvement Proposal requesting whitelisting for the WBTC Vault to access upcoming oracle pricing from Maker, suggesting its launch may not be too far off. ‘Vaults’ are Yearn Finance’s core product. They use smart contracts to mobilize pooled assets from users to pursue arbitrage and yield farming strategies while sharing fees to mitigate gas costs. As with Yearn’s recently launched Wrapped Ethereum (WETH) Vault, the WBTC…

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Will the CME Bitcoin futures gap buyers at $9,600 be left in tears?

The recent week has been relatively dull on the price movements of Bitcoin (BTC), as a slow upward trend was established after Bitcoin’s price found a footing at above $10,000. This rally then continued toward $11,000 on Sep. 18 but was pushed back by some short-term resistance levels.  The previous week has been focused solely around Uniswap (UNI) and the airdrop of its token, combined with several listings on high-end exchanges. At the same time, let’s take a look at the price of Bitcoin and its charts to gauge where…

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Ethereum’s Gas Spike Forces Coinbase Pro to Pass Network Fees to Customers

While Ethereum network fees have jumped to new highs this year, the popular cryptocurrency exchange, Coinbase Pro, announced that the trading platform would be passing network fees onto customers. The move followed the exchange listing Uniswap’s native token UNI, an airdrop that saw miners collect close to $1 million in gas in less than an hour. The decentralized finance (defi) ecosystem has seen significant demand in 2020, but it has also contributed to the Ethereum (ETH) network’s rising fees. Ethereum miners are collecting a massive amount of revenue from gas…

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ERC-20 token’s market cap overtakes Ethereum’s

The latest findings by Santiment, published in Cointelegraph Consulting’s biweekly newsletter, suggest that Ethereum is temporarily being ‘professionalized’.  Since the September 2nd market crash, the combined market capitalization of all ERC-20 assets has overtaken Ethereum’s own market cap, with the differential between the two continuing to grow in favor of ERC-20 assets. This market cap ‘flippening’ points to the fact that the price of Ethereum has corrected more strongly than the ERC-20 ecosystem and has struggled to bounce back in the immediate aftermath.  Perhaps unsurprisingly, it was the DeFi-related coins in…

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