Welcome to the Daily Crypto News: A complete News Review, Coin Calendar and Analysis.
Enjoy!
🗞 Market Wrap: Bitcoin Bounces From $13.2K; Ether on Centralized Exchanges at 2-Year Low
Bitcoin opened the week recovering from a dip while ether balances on centralized exchanges fell.
Bitcoin (BTC) trading around $13,673 as of 21:00 UTC (4 p.m. ET). Slipping 1.2% over the previous 24 hours.
Bitcoin’s 24-hour range: $13,221-$13,877
BTC above its 10-day but below the 50-day moving average, a sideways signal for market technicians.
“It’s interesting to see that today, as the S&P and gold price rose, BTC dropped in today’s market open,” said Andrew Tu of Efficient Frontier, a crypto quant trading firm. “In recent weeks, we have been seeing BTC price diverge from the equities market.”
Bitcoin’s 90-day correlation, where zero means no mutual relationship, has been dropping since Oct. 18.
Bitcoin volumes for Monday on major spot exchanges totaled $490 million as of press time, much higher than the past month’s average of $257 million and closing in on this past Monday’s $502 million total.
Ether on exchanges drops
The amount of ether in reserve, or held by major centralized exchange addresses, a metric calculated by data aggregator CryptoQuant, has dropped to 11,628,046 ETH, a low not seen since Aug. 14, 2018.
One factor for the decline, according to Denis Vinokourov, head of research at digital asset prime broker Bequant, is the rise of decentralized exchanges, or DEXs, and the proliferation of liquid cryptocurrency pairs on those venues.
🗞 Bitcoin slides 3% as Hong Kong seeks to end 'honeymoon' with crypto exchanges
The price of Bitcoin fell by 3% so far this week amid growing regulatory pressure on cryptocurrency exchanges in China and Hong Kong.
The price of Bitcoin (BTC) has declined by more than 3% in the past two days. The pullback of the dominant cryptocurrency comes amid growing regulatory pressure in China and Hong Kong.
Timeline of exchange FUD in the past month
On Oct. 16, top Bitcoin futures exchange OKEx suspended withdrawals after one of the exchange’s private key holders was reportedly arrested.
Merely 17 days later, speculation that Huobi, a Singapore-based exchange with an office in Hong Kong, might face regulatory pressure emerged after data showed massive Bitcoin and Tether withdrawals on Nov. 2.
It comes a year after the Hong Kong government released rules for cryptocurrency exchanges. Ashley Alder, chief executive of the SFC said on Nov. 3:
“This is a significant limitation, as under the current legislative framework if a platform operator is really determined to operate completely off the regulatory radar it can do so simply by ensuring that its traded crypto assets are not within the legal definition of a security.”
"We can declare Bitcoin's honeymoon phase to be over"
🗞 Crypto Markets Split Over Trump’s US Election Chances
Traders are split over who will win the US election, while crypto saw a rough day with $15 billion wiped from global market cap.
Crypto saw significant losses over night with Ethereum losing 5%
Betting markets like Augur and Polymarket are up as bettors attempt to predict the US election.
Stock markets are quietly optimistic about a Biden win and Democrat clean sweep.
Crypto is not happy. The last 24 hours saw a brutal red sweep across the global markets as nearly all projects suffered sustained losses.
Chief among them is Augur, the prediction market. It’s token the REP has been creeping up in value as people use the platform to place their bets on the outcome of the US Election.
While mainstream polling has Biden taking the White House - the Economist says Trump has just a 4% chance of getting back in - the picture is far more mixed in crypto.
On the Ethereum-based prediction platform Polymarket, it’ll cost you $0.38 to bet on him (equating to a 38% probability) versus $0.62 for Joe Biden. So far $3 million has been bet on Polymarket.
But some analysts are suggesting the outcome of the US election will not be decided as quickly as has been the case in previous years.
With a surge of mail-in votes cast this year-nearly 100 million Americans have already cast their votes via post-many states including battlegrounds such as Pennsylvania will be given three extra days after the election to count all the votes.
🗞 PayPal Raises Crypto Buying Limit to $15K/Week for ‘Eager’ Customers
PayPal’s cryptocurrency service is going to expand rapidly in 2021, executives said on the payments giant’s third-quarter earnings call Monday evening.
That includes crypto services coming to Venmo and international customers in the first half of 2021, PayPal CEO Dan Schulman said.
Currently, only 10% of customers in the U.S. have access to the new crypto service with the rest of the U.S. gaining access to the tools in the next two to three weeks, Schulman said. PayPal saw enough interest following its Oct. 21 announcement that the firm has increased weekly crypto purchase limits from $10,000 to $15,000.
Schulman went on to predict there would be greater opportunities for PayPal in an economy that embraces digital identity and fully digital payments and financial services.
🗞 Daily Crypto Calendar, November, 3rd💰
Blockstack (STX)
"An AMA series for the upcoming Stacks 2.0 Mainnet Launch and how you can earn BTC when stacking STX."
IoTeX (IOTX)
"It's official -- Burn-Drop starts on November 3!"
Tael (WABI)
"Product&tech&features update (every Tuesday)"
Kava (KAVA)
"Please update your validator immediately, patch will take effect 10:00UTC Nov 3rd."
DeFi Gold (DFGL)
"Trading opens at: 2020-11-03 09:00 AM UTC"
Last Updates
➡️ Be paid daily to browse with Brave Internet Browser
➡️ A secure and easy wallet to use: Atomic Wallet
➡️ Invest and Trade on Binance and get a % of fees back
➡️ Youtube
➡️ Twitter
➡️ Hive
➡️ Publish0x
➡️ UpTrennd
➡️ Read.cash
➡️ LBRY
➡️ Check out my video on Unstoppable Domains and get 10$ off a 40$ domain purchase
➡️ Get 50$ free by ordering a free Visa Card on Crypto.com using this link or using this code qs4ha45pvh
This is awesome! I have been looking for an easy to digest daily update for crypto! this is awesome thank you so much for taking the time!