4 metrics suggest Bitcoin price will correct — But can BTC hit $20K first?

A pullback in the price of Bitcoin (BTC) is likely, based on several on-chain data points, namely the Spent Output Profit Ratio (SOPR) indicator, stablecoin inflows, stacked sell orders at $19,000, and the Crypto and Fear Index. However, the question remains when that correction would occur. Profit-taking pullback possible with lower buy pressure The  SOPR indicator essentially gauges how profitable Bitcoin holders are at the moment. When the SOPR is high, BTC is at risk of a profit-taking pullback since traders tend to sell when they are in profit. Adjusted Bitcoin…

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Ether wallet addresses with at least 1 ETH hit record high

The Bitcoin (BTC) bull run may be dominating headlines, but the stalwart cryptocurrency isn’t the only coin to be showing strong positive indicators. According to data from Glassnode alerts, the number of Ether (ETH) wallet addresses holding a minimum of 1 ETH hit an all-time high on Nov. 19: #Ethereum $ETH Number of Addresses Holding 1+ coins just reached an ATH of 1,170,598 Previous ATH of 1,170,508 was observed earlier today View metric:https://t.co/IuKpD48IXd pic.twitter.com/jOvadjvSgK — glassnode alerts (@glassnodealerts) November 19, 2020 As of press time, Ether is trading at over…

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Ethereum’s top 10 DApps hit 1M users this month

Ethereum-powered decentralized applications, or DApps, have attracted more than one million active users over the last 30 days according to analytics platform DappRadar.  This milestone comes as interest in decentralized finance, commonly referred to as DeFi, received a second wind, with the number of users growing by 11% in the first 11 days of November. The ten DApps, six of which describe themselves as providing “DeFi and exchange” services, represent more than $21 billion in combined trading volume over the last 30 days. The top three DApps — Crypto.com’s DeFi…

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Covid-19 Hit Sub-Sahara Africa Gets $16 Billion From IMF, Region Still Faces $290B Financing Gap

The International Monetary Fund (IMF) says its release of $16 billion towards sub-Sahara Africa will help to cover the needs of countries badly hit by the global pandemic, Covid-19. The financial institution says despite its swift action, the region still faces a financing gap of $290 billion between now and the year 2023. Sub-Sahara Africa’s Limited Fiscal Space According to the Fund, without significant additional financial assistance, many sub-Saharan African countries will struggle to simply maintain macroeconomic stability while meeting the basic needs of their populations. Emphasizing the urgency of…

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Bitcoin Miner Maker Ebang Narrows First Half Loss To $7 Million, as Covid-19 Hit Demand

Ebang International Holdings Inc., the Chinese maker of bitcoin mining hardware, reported a net loss of $6.96 million during the first six months of this year, down from $19.07 million a year ago, as demand fell due to the coronavirus pandemic. Revenue plunged 51% to $11.04 million from $22.35 million previously, said the company in an earnings release shared with news.Bitcoin.com. For the half-year, the Nasdaq-listed Ebang sold a total 0.25 million terahash per second (TH/s) of Bitcoin hashpower. The figure represents a year-over-year decline of 86% from 1.82 million…

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Uniswap payday, ETH transactions hit record high & EU backs stablecoins

Coming every Sunday, Hodler’s Digest tracks every important crypto news story from the previous week. Essential reading for all Hodlers!   Top Stories This Week   Frenzy as Uniswap launches new governance token Uniswap stole the show this week when it announced it was launching UNI, its very own governance token. A total of 1 billion tokens will exist, and anyone who has ever used the platform can claim 400 of them. Thousands came forward to accept their reward, and at one point, the airdrop was worth a cool $3,356.…

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Daily Ethereum transactions hit a new historical high amid DeFi boom

Daily transactions on the Ethereum blockchain have just recorded a new all-time high amid the general surge of congestion on the network. On Sept. 17, the amount of daily transactions on the Ethereum network amounted to 1,406,000, according to data from major Ethereum browser Etherscan. This is the highest number of daily transactions ever recorded on the Ethereum network. According to Etherscan, the previous all-time high was on Jan. 4, 2018, reaching about 1,350,000 transactions on the day. Ethereum daily transactions chart. Source: Etherscan The new historical high of daily…

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Bitcoin price abruptly drops 3% after miner outflows hit 5-month high

The price of Bitcoin (BTC) dropped from $10,580 to as low as $10,258 on Coinbase on Sep. 13. The 3% fall within nine hours comes after on-chain data hinted at a potential miner sell-off. Miners continue to apply high selling pressure on Bitcoin Throughout the past week, on-chain analysts have said that miners have been selling relatively larger amounts of BTC. Miners are one of the two unmatched sources of selling pressure in the cryptocurrency market besides exchanges. Consequently, when miners move their mined BTC, it can cause immense selling…

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Ethereum whale’s uniswap token briefly hit $100K — but there’s a catch

On Aug. 25, the creator of the well-known Uniswap tokens Antiample (XAMP) and Tokens of Babel (TOB) launched Boa. The Ether whale’s projects have seen growing interest within the niche Uniswap market. A common theme among the projects of the pseudonymous developer Bill Drummond is unique supply systems. Through unorthodox mechanisms, like rebasing, the supply of XAMP and TOB decreases through coin burns over time. TOB, as an example, is a token that uses rebases to decrease its supply but ensures the holder has a certain percentage of the total…

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Bitcoin is on target to hit $288K as US money velocity collapses in Q2

There is “too much money to spend,” and this will help Bitcoin (BTC) reach its next phase of huge price increases, analysts believe. In a blog post on Aug. 25, Jeroen Blokland, portfolio manager at asset manager Robeco, noted that U.S. M2 money velocity had hit historic lows. “Too much money to spend” Velocity measures the speed at which money moves around the economy, and 2020 has seen a crash in the metric. “Theoretically, the velocity of money rises when economic activity increases,” Blokland wrote.  “While the sudden economic stop…

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