Welcome to the Daily Crypto News: A complete News Review, Coin Calendar and Analysis.
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🗞 Top 5 cryptocurrencies to watch this week: BTC, BNB, ADA, BCH, LINK
Bitcoin (BTC) has rallied about 90% year-to-date and has risen close to 191% from its March lows. The rise has been gradual without much fanfare, which suggests that crypto believers are the ones who have been buying in 2020.
October’s monthly close at $13,798.99 is the highest ever, surpassing the December 2017 close at $13,789.68. The strong performance of Bitcoin may now attract the momentum players and the speculators who look to benefit from the strength.
If that happens, then Bitcoin could pick up momentum and surprise investors to the upside. This could result in traders selling their altcoins to invest in Bitcoin. Hence, the altseason looks to be over in the short-term.
BTC/USD
BNB/USD
Binance Coin (BNB) broke below the $28.50 support on Oct. 30 but managed to bounce from the intraday lows and close above $28.50. However, the doji candlestick pattern on Oct. 31 suggested indecision among the bulls and the bears.
🗞 Crypto Locked in DeFi Declines For First Month Since Bull Run
The amount of crypto locked in decentralized finance protocols ended the month in the red.
That's the first time this has happened since the DeFi craze began this summer.
While DeFi stagnates, Bitcoin's growing.
October’s done, two more months left of 2020 to go. Looking back at the past month, many close to reflect on Bitcoin’s success; the coin ended this month at one of its highest price-points ever. A technicality, sure, but a victory nonetheless.
Forgotten in the Bitcoin-mania was decentralized finance, also known as DeFi, the once-new and bustling industry of non-custodial financial products, such as exchanges and lending protocols.
But the growth has slowed: the amount of cryptocurrency locked in decentralized finance smart contracts at the end of October was less than when the month started. That’s the first time this happened since this summer’s DeFi craze began.
🗞 Bitcoin Remains In Uptrend, Altcoins Show Positive Signs
Bitcoin price remained in a bullish zone above USD 13,500 and USD 13,650.
Ethereum recovered above USD 395 and tested USD 400, XRP is struggling to clear the USD 0.242 resistance.
OCEAN and AAVE are up over 10%.
After a short-term downside correction, bitcoin price regained strength above the USD 13,500 resistance. BTC is currently (05:00 UTC) trading well above USD 13,650 and it might continue higher above USD 13,800 and USD 13,850. The main hurdle for more upsides is near the USD 14,000 level.
Similarly, there was a recovery wave in most major altcoins, including ethereum, XRP, litecoin, EOS, XLM, LINK, BNB, TRX, bitcoin cash, and ADA. ETH/USD is recovering higher and it could even settle above the USD 400 resistance. XRP/USD is trading above USD 0.240, but it is struggling to gain momentum above USD 0.242.
🗞 Uniswap Proposal to Airdrop More UNI Falls Short in Governance Vote
The votes were staggeringly in favor, but a quorum was not reached, and Uniswap’s second-ever governance proposal has been defeated.
The proposal, submitted by decentralized finance (DeFi) portal Dharma, was to distribute 400 UNI tokens each to 12,619 addresses that interacted with Uniswap through third-party apps. In a surprise airdrop on Sept. 17, over 250,000 addresses that had directly used the token-swap platform were able to claim 400 free UNI, valued at well over $1,000 at the time.
If this and a follow-on proposal involving decentralized exchange (DEX) aggregators were to have passed, $40 million in additional UNI would’ve been dished out. However, the threshold for a quorum on the current proposal – 40 million voted UNI tokens – fell short by less than 2.5 million.
The vote rallied protocol politicians on both sides of the aisle in recent weeks, with some arguing that further distributions were only fair and others fearful they would depress UNI’s price.
🗞 Daily Crypto Calendar, November, 2nd💰
Flama (FMA)
On the 2nd of November, our project advisor Alejando Regojo (Bitcoin Gold Ceo) will appear on @Binance Youtube channel to talk about FLAMA.
Horizen (ZEN)
Team updates at 3:30 PM UTC/ 11:30 AM EDT: Engineering, Node network, Product/UX, Helpdesk, Legal, BD, Marketing, CEO Closing thoughts, AMA.
MCO (MCO)
"Action is required before 2 Nov 2020 at 23:59 UTC, or you will lose the functionality currently associated with your MCO."
Blockstack (STX)
HackDuke encourages students to venture beyond the classroom. Learn how your skills can be used to make a difference in other people's lives...
"An AMA series for the upcoming Stacks 2.0 Mainnet Launch and how you can earn BTC when stacking STX."
Rupee (RUP)
Phase 6 RUP to RUPEE swap ends.
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