Market Updates Archive
Consolidation has still not released the markets from their grasp. The markets continued to trade in their ranges without much thought to breaking either higher or lower, which is being reflected with the lack of volatility in the market. With that said, let’s find how the Cryptocurrencies are doing on December 8th, 2020.
Institutional and high-grade investors pumped $429 million into cryptocurrency funds and products in the first week of December, a Reuters report shows. This is the second-highest on record, pushing their total assets under management to $15 billion according to CoinShares.
The Mexican facility of the Taiwanese electronics manufacturer and Apple partner, Foxconn was hacked on Nov 29. Hackers got access to the firm’s servers, stole 100 GB of unencrypted data files, deleted between 10 to 20 TB of backup data, and rendered 1,200 servers inaccessible. For decryption, the attackers are now asking for $34 million in BTC
The Ethereum price could fly towards $800 if bulls first overcome $700 according to Josh Rager, a cryptocurrency analyst. When over one million ETH locked-up through staking and developers working to slash network fees for better utility, analysts are bullish on Ethereum.
Consolidation remains the name of the game in the Cryptocurrency market as there wasn’t much movement over the weekend which made markets simply continue to trade within their respective ranges. The market is still quite indecisive on which direction it wants to go next which explains why the cryptos are still trading within the same ranges. With that said, let’s find how the Cryptocurrencies are doing on December 7th, 2020.
The CEO of Ripple is excited about the Flare Network that will, for the first time, introduce smart contracting in the XRPL. The digital ledger underpins the XRP. From here, Ripple is building a web, an internet of value, through which the Flare Network will introduce more flexibility and demonstrate the utility of XRP.
Niall Ferguson, a historian and a creator of the TV series The Ascent of Money, which won an International Emmy award, now says Bitcoin is--and will remain to be the best investment opportunity even after the pandemic. He mentions the bull rally of the last few months and people opting for new payment options advised by the viral contagion. Niall also explains that if the wealthy only invest one percent in the portfolio, the Bitcoin price can rally to $75k.
The official deposit contract of Eth2 Beacon Chain mainnet has now locked over 1 million ETH coins (translating to over $600 million) at spot rates. Interestingly, this is just a few days after Phase 0 of Eth2 activation as the network officially begins its transition from a Proof-of-Work system to a Proof-of-Stake consensus algorithm with staking. As an incentive, stakers receive a decent APR of over 20 percent. However, the APR will fall as more ETH are locked over the years.
Consolidation was the name of the game yesterday as the Cryptocurrency market seemed to be consolidating the events of the past couple of days. However, during the day, the market saw some bullish behavior that had instruments attempting to break above their first level of resistance, but with the lack of any proper momentum, that experiment failed and a bounce from the resistance levels is currently underway. With that said, let’s find how the Cryptocurrencies are doing on December 4th, 2020.
Asheesh Birla, the Senior Vice President of Business and Corporate Development, has said Ripple--the company behind RippleNet, plans to aggressively expand its software solutions and XRP in 2021. The RippleNet is a suite through which financial institutions can access solutions like the On-Demand Solution (ODL) that uses XRP. Few banks are using XRP for remittance because of a lack of clear rules in the United States.
Bitcoin has a fixed supply of 21 million and is deflationary. On the other hand, Ethereum is inflationary because of the development fund. However, with the launch of Eth2, Ethereum’s inflation rate will drop below one percent and even to zero. This rate will be lower than Bitcoin’s according to a Messari Researcher, Ryan Watkins.
From 2021, S&P Dow Jones Indices (S&P DJI), a joint venture between S&P, CME, and News Corp, in partnership with Lukka will introduce cryptocurrency indices featuring 550 coins. Lukka is a US-based blockchain data provider. It is a move that officially legitimizes crypto and high cap digital assets could benefit. S&P DJI classifies Bitcoin and altcoins wholly as an “emerging asset class.”
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