NewsThis Week in Crypto

This Week in Crypto 23/11/2020

Dan Tapiero Believes Bitcoin Will Go 20 – 30x Without A Doubt

Dan Tapiero, Gold Bullion International co-founder, says that Bitcoin is king in price appreciation in a statement on the Pomp Podcast. According to him, investors should hold bitcoin and gold. As per the timeframe, Dan Tapiero believes this could happen within the next five years. Within this timeframe, he thinks bitcoin should hit $4,000 while predicting bitcoin to be between $300,000 to $500,000, which is a 20 – 30x increase.

Biran Kelly Warns Bitcoin Bulls To Be Cautious

Brian Kelly, top trader and self-proclaimed Bitcoin evangelist, in a recent interview on CNBC’s Fast Money, warns bitcoin bulls to be cautious as significant correction in the market draws near. First of all, he believes retail FOMO into altcoins is a clear indication. He also says that big implied address growth with rising charges on margin positions is another reason to take heed. At the time of writing, major cryptocurrencies tanked in the past 24 hrs with Bitcoin, Ethereum, and XRP slumping 9.41%, 13.83%, and 19.54%, respectively.

Binance Trading Volume Grows To Its Highest Ever, $37B In A Day

As bitcoin draws closer to hitting the all-time peak of about $20K, trading on Binance, the most popular cryptocurrency exchange in the space, hits a new high of $37,291,444,117 within 24 hours, a 40.5% increase.

Celsius Tips 25,000 Ethers Towards Ethereum 2.0 Launch

Celsius Network, a crypto lending, and borrowing platform, told Cointelegraph that it sent 25,000 ETH to the Eth2 deposit contract address to ensure the Eth2’s proof-of-stake blockchain known as “the beacon chain” launches as scheduled. As of now, an impressive 524,288 Ether (ETH) from 16,384 validators has been deposited into the contract’s wallet.

$19.7 Million Worth of DAI Stolen on Pickle Finance Defi Platform

As defi platforms’ attacks continue to grow, decentralized finance protocol, Pickle Finance takes a hit, losing $19.7 million of the stablecoin DAI to hackers over the weekend. The platform’s native token, PICKLE, plunged 62% on the news. In the past two weeks, three other platforms were also exploited. These platforms include Akropolis, Value Defi, and Origin protocol. A combined $15.7 million was lost in the flash loan attacks.

Coinbase Pro To Disable Margin Trading

In response to new guidance from the Commodity Futures Trading Commission, CFTC, Coinbase Inc to disable margin trading on its platform, the Coinbase Pro. As announced through a blog post by the company’s chief legal officer Paul Grewal, no new margin trades would be allowed from November 25, 2:00 PST. However, the product will finally go offline in December when it’s expected that all positions would be expired.

SBI Rolls Out Bitcoin Lending, Plans To Add Ethereum and XRP

SBI, a financial services company group based in Tokyo, Japan, announced it would commence its cryptocurrency lending service. The new service dubbed VC TRADE LENDING will begin on November 24, 2020. Through the new service, the company promises to provide top-notch trading opportunities to all its customers.

Binance Gives Ultimatum To U.S. Customers

Popular cryptocurrency exchange Binance has given identified U.S. customers on its platform 14 days to quit the platform. This is as a result of the strict cryptocurrency regulation in the region.

According to the email sent to identified users, failure to adhere to this ultimatum will lead to the user account being locked, thereby losing crypto assets. Binance has given them 14 days to close all active positions on their accounts and withdraw their funds from the platform.

Cryptocurrency Usage on the Rise While the Use of Cash Declines, PayPal CEO Says

Dan Schulman, the chief executive of PayPal, on CNBC and CNN while discussing PayPal’s recent adoption of cryptocurrency said that the use of cash is “slowly but surely going away,” while “people are flocking to digital payments and digital forms of currency.” He also says that central banks around the world will implement their digital currencies (CNBC) for certainty. However, he assures that PayPal will increase the utility of cryptocurrencies.

Jim Cramer Calls Bitcoin a Great Alternative to Gold

Mad Money host of CNBC, Jim Cramer, doubles down on his support for bitcoin. In a recent tweet on November 24, 2020, Jim Cramer says he has always believed that bitcoin is an excellent alternative to gold and that it’s not too late for bitcoin.

OKEx Thanks Faithful Users, Plans to Reward them with up to $1,000

OKEx, a Malta-based cryptocurrency exchange, has temporarily suspended withdrawals on its platform since October 16, 2020. Though they’ve updated the community on ongoing activities, the delay has frustrated many of its users. Nevertheless, OKEx has announced they will commence withdrawal again on or before November 27, 2020.

However, according to a new update, OKEx isn’t just saying “Thank You,” they intend to show their gratitude to those who had “unwavering trust” in them with a reward program and service fee refund after withdrawal resumes.

DAiM Launches First Bitcoin 401(k) Plan As Investors Demands It

The United States-based leading investment company, Digital Asset Investment Management (DAiM), announced that it launched a Bitcoin-focused 401(k) retirement plan for its investors. The company’s COO, Adam Pokornicky, says that investors are cutting down on potential risks and now opting for Bitcoin to hedge against inflation, among many other things. As described, the plan will allocate up to 10% of bitcoin to investors who choose the bitcoin 401(k) retirement account.

Binance to Support SPARK Token Airdrop For XRP Holders

According to a recent statement by Binance on November 25, 2020, the leading cryptocurrency exchange says it will support the Flair’s Network SPARK airdrop program for XRP holders. As announced, the snapshot for the airdrop “will take place at the first validated XRP ledger index number” at the timestamp greater than equal to 2020/12/12 00:00 AM (UTC).

Binance has also announced that it will halt deposits and withdrawals of XRP on December 12, 2020, the day of the snapshot. Flare Network is also in talks with other major cryptocurrency exchanges such as Coinbase, Bittrex, Kraken, and Bitfinex cryptocurrency exchanges.

PayPal Withholds User Funds For Trading Cryptocurrencies

A Redditor with the username TheCoolDoc, on November 25, 2020, took to the platform to express his displeasure as he reveals that PayPal permanently bans his account for day trading cryptocurrencies. According to him, his frequent buying and selling of cryptocurrencies using the platform while taking advantage of PayPal’s zero crypto fees caused the system to flag his account as violating PayPal’s policy. His $462 balance is to be held for 180 days, after which he’ll get his funds but will no longer be able to use PayPal services anymore.

Ethereum Google Search Hits Record Highs

According to The Block, the search for the keyword “Ethereum” reached a score of 33 this past week. According to the report, this is the highest volume since the week of February 4, 2018, when it reached 45.

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