Cryptomustar
Saturday, May 21, 2022
  • Home
  • Altcoin
  • Bitcoin
  • Ethereum
  • Litecoin
  • Cryptocurrency
  • Blockchain
  • Regulation
  • Market
  • Prices
  • ICO
No Result
View All Result
  • Home
  • Altcoin
  • Bitcoin
  • Ethereum
  • Litecoin
  • Cryptocurrency
  • Blockchain
  • Regulation
  • Market
  • Prices
  • ICO
No Result
View All Result
Cryptomustar
No Result
View All Result
Home Market

First Mover: Monero Leads Privacy-Coin Rally as Bitcoin Trips on Path to $12K

by admin
October 20, 2020
in Market
0
First Mover: Monero Leads Privacy-Coin Rally as Bitcoin Trips on Path to $12K
0
SHARES
4
VIEWS
Share on FacebookShare on Twitter


Bitcoin (BTC) was gaining for a fourth straight day, approaching the $12,000 price threshold the cryptocurrency failed to hold in August when it last rallied past that level. 

“The market has started to move again,” the Norwegian cryptocurrency-analysis firm Arcane Research wrote Tuesday in a report. 

In traditional markets, U.S. stock futures pointed to a higher open as investors bet U.S. lawmakers could reach agreement on a new stimulus bill.

Market moves

Privacy coins like monero (XMR) and zcash (ZEC ) are suddenly in vogue – despite regulators’ efforts to crack down on them. 

These digital tokens, which come with features allowing users to obfuscate their identities and hide the amounts transferred, have surged in value this year. Monero’s price has nearly tripled in 2020, and zcash has doubled. According to the data firm Messari, a group of 21 digital assets with anonymity-enhancing features has gained 142% this year, compared with bitcoin’s 60% gain. 

The bullish market tone comes even as U.S. Internal Revenue Service recently hired blockchain analytics firms Chainalysis and Integra FEC to develop transaction tracing tools for monero and other protocols used to obscure identities. And the U.S. Department of Justice earlier this month published an extensive report on its enforcement framework for digital assets, citing the use of anonymity-enhancing cryptocurrencies as a risk to anti-money-laundering programs and efforts to combat terrorism finance.

Some cryptocurrency analysts say the jump in prices for privacy tokens might just be coincidental, a function of speculation on the part of traders keying off price-chart patterns or algorithms. But it might be that traders think privacy tokens will occupy a key spot in fast-developing, international digital-asset markets and payment systems – precisely because so many users don’t want to transact business under the glare of monitoring by governments, banks or exchanges. 

“Cryptographers and researchers are always going to be one step ahead on privacy,” Riccardo “Fluffypony” Spagni, one of the Monero network’s maintainers, told CoinDesk in an interview.

In other words, the regulatory inquiries could turn out to be net positives for monero.

“It gets visibility in the market,” David Jevans, CEO of blockchain forensics firm CipherTrace, told CoinDesk in a telephone interview. “People should be able to pay for day-to-day expenses without having to fear hitting regulators’ radar and provide identity proofs.”  

Read More: Cryptographers Are Always Going to Be ‘One Step Ahead’ of Regulators: Monero’s Spagni

Top 10 “privacy coins” tracked by the cryptocurrency data firm Messari, ranked by year-to-date returns.
Source: Messari

Bitcoin watch

download-35-2

Bitcoin daily chart.
Source: TradingView

The path of least resistance for bitcoin is to the higher side. 

The cryptocurrency jumped more than 2% Monday, confirming a descending triangle breakout. The pattern indicates the rally from the Oct. 8 lows near $10.,500 has resumed. 

Open interest in bitcoin futures listed on the Chicago Mercantile Exchange, which is considered synonymous with institutional interest, jumped over 20% to a seven-week high of $624 million Monday, validating the bullish breakout on technical charts. 

Further, macro factors look to be aligned in favor of the bulls. The likes of the European Central Bank and the Reserve Bank of Australia are expected to ramp up monetary stimulus over the next two months – a long-term positive development for the perceived store of value assets like bitcoin and gold. Traditional markets are pricing additional inflation-boosting U.S. fiscal stimulus.

But a number of big sell orders appear positioned around $12,000, which could make it harder for bulls to engineer a quick move past that mark. 

As such, the focus has shifted to resistance located at $12,476 (August high). On the downside, the Oct. 16 low of $11,200 is the level to target for the bears. 

Read More: Bitcoin Closes on $12K But a Wall of Sell Orders Awaits: Analyst

Token watch

Filecoin (FIL): Decentralized file-storage protocol releases token rewards in advance after crypto miners rebel against “unfair” economic model. 

Binance (BNB): World’s largest cryptocurrency burns 1.1% of supply of its BNB exchange tokens, fourth-highest ever. 

Uniswap (UNI): Vote to reduce quorum fails to garner quorum.

Curve DAO (CRV): Decentralized stablecoin-swapping platform’s tokens hit fresh all-time lows.

What’s hot

RELATED POSTS

Justin Sun Still Thinks Algorithmic Stablecoins Are a Good Idea

Former BitMEX CEO Arthur Hayes Sentenced to 2 Years Probation

Bloomberg analyst Mike McGlone says bitcoin “has a history of adding zeroes,” sees tether’s market capitalization eclipsing ether’s next year. (Bloomberg Intelligence) 

Corporation-focused R3’s Corda Network gets new “regulation-friendly” digital currency, XDC, calling it a “next-generation bitcoin or XRP.” (CoinDesk)

Federal Reserve Chair Powell says it’s more important to get digital dollar right than to be first. (CoinDesk) 

A Puerto Rico-based bank founded by gold bug and long-time bitcoin skeptic Peter Schiff is under investigation over suspicions it facilitated tax evasion for “high-risk” clients. (CoinDesk)

Analogs

The latest on the economy and traditional finance

European investors rattled as number of new daily coronavirus reaches record high. (CNBC)

International money managers bet on Biden victory in U.S. presidential election to spur gains on non-U.S. assets, weaken dollar. (Reuters)

U.S. investment bank behemoth Goldman Sachs reaches deal with U.S. Department of Justice to pay more than $2B for role in Malaysia 1MDB scandal. (Bloomberg)

Investing legend Bill Miller calls Federal Reserve’s inflation-averaging policy the “most significant” change in U.S. monetary policy in 40 years. (CNBC) 

Tweet of the Day

coindesk_newsletters_1200x400_24

Sign up to receive First Mover in your inbox, every weekday.



Source link

Tags: 12KBitcoinleadsMoneroMoverPathPrivacyCoinrallyTrips
ShareTweetShare

Related Posts

Justin Sun Still Thinks Algorithmic Stablecoins Are a Good Idea

Justin Sun Still Thinks Algorithmic Stablecoins Are a Good Idea

by admin
May 20, 2022
0

DEK Source link

Former BitMEX CEO Arthur Hayes Sentenced to 2 Years Probation

Former BitMEX CEO Arthur Hayes Sentenced to 2 Years Probation

by admin
May 20, 2022
0

Hayes and his BitMEX co-founders, Samuel Reed and Ben Delo, as well as the company’s first employee, Gregory Dwyer,...

First a Hum and Then a Bang –Niagara Falls Residents Forced to Reckon With Crypto Mining

First a Hum and Then a Bang –Niagara Falls Residents Forced to Reckon With Crypto Mining

by admin
May 20, 2022
0

Most residents near the Blockfusion site told CoinDesk they had heard the explosion but weren't too alarmed at the...

Bitcoin Returns Above $30K; Resistance at $35K

Bitcoin Returns Above $30K; Resistance at $35K

by admin
May 20, 2022
0

Lower support is seen at the 200-week moving average, which is currently at $21,954. A break below that level...

There Was No Terra ‘Attack’

There Was No Terra ‘Attack’

by admin
May 20, 2022
0

There’s a natural impulse to want to protect people who might not understand those risks. At the same time,...

POPULAR NEWS

4 Cryptocurrency that Blow Bitcoin Out of the Water

4 Cryptocurrency that Blow Bitcoin Out of the Water

September 25, 2020
Memoriae – Next Generation of Decentralized Cloud Storage Based on Blockchain

Memoriae – Next Generation of Decentralized Cloud Storage Based on Blockchain

July 1, 2021
Apollo CBDC: The CBDC Platform that can Power Economies

Apollo CBDC: The CBDC Platform that can Power Economies

October 6, 2020
Stratus: The Most Feature Rich Social Media Network

Stratus: The Most Feature Rich Social Media Network

September 9, 2020
Binance Coin (BNB) erupts above $270 as the whole Smart Chain ecosystem soars

Binance Coin (BNB) erupts above $270 as the whole Smart Chain ecosystem soars

February 19, 2021

EDITOR'S PICK

BullStake Announced Launch of MultiChain Staking Platform

BullStake Announced Launch of MultiChain Staking Platform

May 14, 2022
Market Wrap: Bitcoin Hits $13.6K; 500K ETH Options Pile Up for December

Market Wrap: Bitcoin Hits $13.6K; 500K ETH Options Pile Up for December

October 29, 2020
Nasdaq-listed Bitcoin miner hit by coronavirus, records a 50% drop in revenue

Nasdaq-listed Bitcoin miner hit by coronavirus, records a 50% drop in revenue

September 29, 2020
Bitcoin Miners Suffer Cash Flow Halving Following 2021 Peak

Bitcoin Miners Suffer Cash Flow Halving Following 2021 Peak

February 16, 2022

About

We publish a comprehensive news feed covering all news relevant to the crypto user, covering main industry news, politics and regulation as well as consumer-level “news you can use” (practical stuff), including handy DIY tips, links to useful tools, unbiased reviews and opinions revolving around cryptocurrency. Simple logic and real-world examples are preferred before technical jargon and personal rants.

Follow us

Categories

  • Altcoin
  • Bitcoin
  • Blockchain
  • Cryptocurrency
  • Ethereum
  • Litecoin
  • Market
  • Press Release
  • Regulation
  • Uncategorized

Recent Posts

  • MoonForce: The Next Generation Crypto Multiverse
  • Build Defi – Crypto asset aims to decentralize the real estate market and the real economy
  • SCROOGE Aims To Dominate Reflection/Gaming Token Industry, With Beta Casino Set For Release In Q2 2022
  • US Congress introduces record number of crypto related bills
  • About Us
  • Privacy Policy
  • Contact Us

© 2020 cryptomustar.com

No Result
View All Result
  • Home
  • Altcoin
  • Bitcoin
  • Ethereum
  • Litecoin
  • Cryptocurrency
  • Blockchain
  • Regulation
  • Market
  • Prices
  • ICO

© 2020 cryptomustar.com

  • YAM v2YAM v2(YAMV2)$4.70-1.41%
  • yfBetayfBeta(YFBETA)$4.27-0.10%
  • IDLEIDLE(IDLE)$1.44-12.39%
  • WPP TokenWPP Token(WPP)$0.006826-3.49%
  • DSLA ProtocolDSLA Protocol(DSLA)$0.003681-6.85%
  • lympoLympo(LYM)$0.004392-4.43%
  • Werewolf CoinWerewolf Coin(WWC)$0.098082-2.58%
  • PolkaBridgePolkaBridge(PBR)$0.439784-6.92%
  • Dev ProtocolDev Protocol(DEV)$1.76-16.14%
  • EvidenZEvidenZ(BCDT)$0.122949-3.85%