Welcome to the Daily Crypto News: A complete News Review, Coin Calendar and Analysis.
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🗞 Record fundamentals and a $12K pump: 5 Bitcoin price tips this week
Bitcoin (BTC) starts a new week in familiar territory as markets move into the United States’ 2020 elections — where could it go next?
Cointelegraph takes a look at five factors that could influence BTC price action in the week ahead.
U.S. macro: Elections vs. stimulus
The U.S. is the firm focal point when it comes to macro markets this week. The Nov. 3 elections promise to set the mood as it becomes more apparent which side will control the White House.
Europe hints at more intervention
In Europe, the picture revolves around the European Central Bank’s (ECB) own response to the Coronavirus, which continues to tighten its grip across the continent.
“If more has to be done, we will do more. On taking up my position, I was told that there was nothing left for me to do, that everything had been done. But that was clearly not the case!”
Bitcoin fundamentals hit new records
Bitcoin stayed practically rangebound over the weekend, with only a brief spike above $11,500 contrasting the flat activity.
Greed is back on the menu
In line with gradually increasing price strength comes investors sentiment, which according to one indicator is getting greedier.
🗞 Crypto Long & Short: The OKEx Drama Exposes a Weakness in Crypto Market Infrastructure
This week saw more exchange drama rock the crypto markets.
OKEx, one of the industry’s largest crypto-fiat exchanges, suspended all cryptocurrency withdrawals, saying one of the exchange’s key holders has “been out of touch” with the exchange because they are “currently cooperating with a public security bureau in investigations.”
Coming hard on the heels of the BitMEX indictments from a couple of weeks ago, this surely will focus the market’s attention on the security of the withdrawal protocols of large exchanges.
At the time, concerns surfaced that withdrawals might be halted from BitMEX, one of the largest derivatives exchanges in the industry. The withdrawal protocol needed a certain number of authorized signatures, and one of the authorized signatories had been arrested. The concerns turned out to be unfounded, withdrawals continued without a hitch, but the possibility, combined now with OKEx’s reality, highlights how unique crypto asset market infrastructure is.
Traditional market-infrastructure businesses are not exempt from regulatory risk. But in traditional markets, customers don’t deposit their funds directly on exchanges; they do so via brokers. Even if a broker were to go bankrupt, for instance, segregation of funds means the broker’s bank could return funds to clients.
Crypto markets don’t work that way. Brokers are not yet a feature, and customer funds are usually held by the exchange platform. When it comes to crypto holdings, there isn’t even a bank that can take over at the behest of the authorities to return funds.
🗞 Fed Chairman Jerome Powell Talks Digital Currencies at IMF today
US Federal Reserve chair Jerome Powell is speaking at the IMF's annual meeting later today.
Powell will discuss cross-border payments and digital currencies.
His attendance signals "recognition of the importance of digital currencies," says one Bitcoin analyst.
US Federal Reserve chair Jerome Powell is speaking at the annual meeting of the International Monetary Fund (IMF) today at 8am EDT, where he will address cross-border payments and digital currencies.
Powell has alluded to the power of digital currencies before. In February of this year, he described Facebook’s Libra project as a “wake-up call.” He also said that whether a digital currency moves the US in the direction of preserving the centrality of a trusted and accepted currency is “an open question.” Today, Powell could be about to provide more clarity on the US’ plans for a digital currency.
🗞 IMF: "Bretton Woods Moment" Needed to Save Economy—And Bitcoin Too?
The IMF's Managing Director, Kristalina Georgieva, said that governments must work together to help save the world economy following the coronavirus fallout—just like they did with the Bretton Woods agreement in 1944.
*This can be done by issuing the right economic policies, investing in people and focusing on climate change.
*How this plays out may affect Bitcoin.
The head of the International Monetary Fund this week called for a new “Bretton Woods moment.”
IMF Managing Director Kristalina Georgieva said Thursday at the annual meeting of the IMF’s Board of Governors that governments must cooperate to glue the global economy back together after it fell apart this year due to the pandemic.
“Today we face a new Bretton Woods ‘moment.’ A pandemic that has already cost more than a million lives,” she said.
🗞 Daily Crypto Calendar, October, 19th💰
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.
Holo (HOT)
"Join us for AMA No. 43, where Mary Camacho, Art Brock & David Atkinson will answer community questions live on YouTube"
Silent Notary (SNTR)
"KuCoin will open the trading service for the UBX/ETH trading pair at 18:00 on October 19, 2020 (UTC+8)."
Bancor Network Token (BNT)
"Voting on Bancor v2.1 is live! The vote will last 3 days & conclude this Saturday, October 18 at 13:30 GMT."
Azbit (AZ)
Azbit team will continue to destroy AZ according to the overall trading volume until 10% of the initial token supply remains on the market.
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