🗞 Daily Crypto News & Video November, 6th💰

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Welcome to the Daily Crypto News: A complete News Review, Coin Calendar and Analysis.

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🗞 Market Wrap: Bitcoin Surpasses $15.3K; Ether Up 210% in 2020

Bitcoin is hitting fresh highs during a surge past $15,000 while investors may be overlooking the upside of ether in 2020.

  • Bitcoin (BTC) trading around $15,087 as of 21:00 UTC (4 p.m. ET). Gaining 7.7% over the previous 24 hours.
  • Bitcoin’s 24-hour range: $14,005-$15,306
  • BTC above its 10-day and 50-day moving averages, a bullish signal for market technicians.

The price of bitcoin jumped Thursday, going up to $15,306 around 15:50 UTC (10:50 a.m. ET), according to CoinDesk 20 data, taking it to its highest price point since Jan. 8, 2018, when bitcoin’s high was $15,360. It has dipped since, settling at $15,087 as of press time.

Momentum, in the form of volume, was strong Thursday on leading USD/BTC spot exchanges. It was $1,233,248,261 as of press time, the highest since Oct. 21 when volume hit $1,273,812,127.

“The macroeconomic situation in the U.S. and elsewhere is far more uncertain, and concerns about COVID-19’s resurgence sending the economy back into a tailspin are not entirely unfounded,” noted Guy Hirsch, U.S. managing director at multi-asset brokerage eToro. “All in all, it feels like a perfect storm for retail [bitcoin] adoption that’s coming right at the beginning of an expected wave of institutional capital,” he added. While most markets are up Thursday along with crypto, the U.S. Dollar Index, a measure of the greenback versus a basket of other fiat currencies, is in the red 0.88% Thursday as of press time, down 1.6% since the start of November.

Ether outperforming bitcoin

Bitcoin boosters like to talk about its 2020 price gains as a hedge against an uncertain global economy. However, ether has done even better than bitcoin so far this year, up 210% versus bitcoin’s 95% gains.

🗞 Here’s Why Bitcoin’s Price Is Suddenly Exploding

Bitcoin’s price has broken $15,000—breaking highs not seen since the 2017 bull run. But what’s propelling this momentum?

  • Bitcoin's price continues to rise, and institutional investment is a major reason for this increase.
  • The world's most popular stablecoin Tether has also played a significant role.
  • Bitcoin is now closer to $20,000 than $10,000.

Institutional investment is one of the biggest reasons why Bitcoin’s price keeps going up. Bitcoin has added nearly $5,000 to its price in the last month and is currently around $15,455.

In August and September of this year, MicroStrategy invested a total of $425 in Bitcoin. One month later, Square followed suit, investing $50 million in the famed cryptocurrency. Also in October, PayPal announced features that allowed users to trade in Bitcoin, as well as Ethereum, Litecoin and Bitcoin Cash. All of these high profile moves have worked wonders for Bitcoin’s explosive growth.

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Square are not the only company producing impressive figures for Bitcoin. Grayscale Invesments, which looks after Bitcoin on behalf of investors, has picked up over 40,000 Bitcoin in the last month alone. This amounts to over $600 million worth of Bitcoin.

🗞 Tether market cap surpasses $17 billion, fueling Bitcoin price rally

According to Tether’s official transparency data, the USDT market cap crossed a $17 billion mark for the first time, hitting over $17 billion in total assets.

Tether’s market cap has been growing exponentially in 2020. As of mid-September, Tether’s market cap had seen nearly a four-fold increase since the beginning of the year, surging above $15 billion from around $4 billion.

According to data from crypto analytics firm Messari, USDT saw a notable increase from August 2020 to date. As such, USDT added more than $5 billion in market cap over the past three months.

Tether (USDT), the largest stablecoin in the cryptocurrency market, is seeing a massive influx in its market capitalization, which is likely fueling the current Bitcoin (BTC) price rally.

🗞 Vitalik Buterin Sends $1.4M of Ether in Preparation for Ethereum 2.0 Staking

Ethereum founder Vitalik Buterin has sent his first ether for staking on the next iteration of the blockchain network.

  • Buterin's "VB2" address sent 100 transactions for 32 ether each, all in totaling 3,200 units of the cryptocurrency, as reported by TrustedNodes. The amount is worth around $1.4 million at press time.
  • The transactions (visible here) were sent to Ethereum 2.0's newly launched deposit contract, which went live Wednesday as a means for network participants to move funds from the current proof-of-work blockchain to the soon-to-launch proof-of-stake (PoS) blockchain.
  • Since then, public Ethereum participants have been able to deposit the minimum 32 ether required to stake on Eth 2.0.

🗞 Daily Crypto Calendar, November, 6th💰

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  • General Event (CRYPTO), Lisk (LSK)

Lisk.js 2020 from Nov 6 - 7.

  • KardiaChain (KAI)

"On 6th Nov 2020, all locked KAI will be released together with the prize distribution."

  • Blockstack (STX)

Join STX Co-Founder Muneeb Ali in this Binance AMA Series for the upcoming Stacks 2.0 Mainnet Launch.

  • Bitcoin (BTC), Cardano (ADA), Ergo (ERG)

"Blockchain enthusiasts in Hong Kong: There's a free in-person #CardanoCommunity meetup this Thursday (on #Cardano #Ergo & #Bitcoin)."

  • Wabi (WABI)

"Masternode rewards distribution (every Friday)"

  • JSB Foundation (JSB)

"Dear users, we are glad to announce that JSB token will be available on Coinsbit on 06.11.2020! Pair: JSB/USDT"

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