Welcome to the Daily Crypto News: A complete News Review, Coin Calendar and Analysis.
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🗞 Market Wrap: Bitcoin Jumps to $14.2K; Ethereum Gas Usage Grows 113% YTD
Bitcoin is making gains during the U.S. presidential election uncertainty while Ethereum’s gas data is highlighting a DeFi decline.
- Bitcoin (BTC) trading around $14,061 as of 21:00 UTC (4 p.m. ET). Gaining 2.2% over the previous 24 hours.
- Bitcoin’s 24-hour range: $13,545-$14,232
- BTC above its 10-day and 50-day moving averages, a bullish signal for market technicians.
“Bitcoin has recovered from its post-election drop, crossing the $14,000 level once more,” said John Kramer, a trader at crypto market making firm GSR. “The asset has done a good job of going its own way all year, vastly outperforming stocks.”
Bitcoin is up 90% versus the S&P 500’s comparatively paltry 4.5% performance in 2020.
Cryptocurrency analysts are also keeping an eye on the U.S. Dollar Index, a measure of the greenback’s strength against a basket of other currencies, which is up 0.15% as of press time. “The dollar downtrend is due to resume,” said Bill Noble, Chief Technical Analyst at Token Metrics.
“Too many people believe the election can stop the crypto uptrend,” Token Metrics’ Noble said. “A strong desire for economic freedom and the emergence of inflation drives the uptrend in crypto. Those trends are in motion, and they will remain in motion regardless of who occupies the White House.”
Ethereum gas up, fees down
Usage on Ethereum, in terms of total gas, has grown 113% in 2020 so far, from 37,252,588,523 on Jan. 1 to 79,617,868,730 on Tuesday.
🗞 Actually, FTX's Prediction Market Mirrors FiveThirtyEight's Model
They've taken different routes to get there, but with six states not yet called, both give Trump about a 12% chance of winning re-election.
- People are arguing over the accuracy of prediction markets versus election forecast models.
- Crypto markets have been volatile during the election, switching between Trump and Biden.
- The early Florida win for Trump shook bettors' confidence in a Biden victory.
There has been plenty of abuse hurled at Nate Silver and the FiveThirtyEight election forecast model he helped create. But at the moment, it gives similar odds for the 2020 presidential election as cryptocurrency-based prediction markets.
When adjusted for states that have already been called by NBC News, FiveThirtyEight's model currently sits somewhere in the middle: It gives Trump a 12% chance of winning, just two percentage points higher than its final pre-election projection of 10%.
Many cryptocurrency lovers are interested in prediction markets because they're an example of free markets at work. On the one hand, they rely on bettors with disposable income. On the other, bettors have an inbuilt incentive to get it right.
🗞 $5M staked in eight hours as community cautiously backs ETH 2.0
The long awaited deposit contract for Ethereum 2.0 has finally been deployed opening the doors to staking opportunities for ETH holders.
Deposits began in earnest with over $1 million in ETH landing in the contract within the first half an hour according to observers like The Crypto Cactus.
“$1,000,000 locked in $ETH 2.0 in 30 minutes … Just remember for anyone staking, one way bridge.I have sent across 32 ETH.”
At the time of writing, around eight hours after the official announcement, just over 14,000 ETH has been staked according to the ETH 2 Launchpad. At today’s prices, that equates to roughly $5.5 million. In order for the Beacon Chain mainnet genesis event to be initiated, 524,288 ETH from 16,384 validators is required.
🗞 Nearly $1B in Bitcoin Moves From Wallet Linked to Silk Road
A wallet possibly belonging to early dark net market Silk Road moved almost $1 billion worth of bitcoin early on Wednesday, according to blockchain intelligence firm Elliptic.
- Bitcoin address "1HQ3Go3ggs8pFnXuHVHRytPCq5fGG8Hbhx" transferred 69,369 BTC to an unknown wallet. The transaction was also noted by Twitter bot @Whale_alert 11 hours ago.
- "These funds likely originated from the Silk Road," Tom Robinson, co-founder of Elliptic noted in a LinkedIn post, adding the coins may have been moved by imprisoned Silk Road operator Ross Ulbricht or a Silk Road vendor.
- This is the first transaction from the address since 2015 when it transferred 101 BTC to BTC-e – a now-shuttered cryptocurrency exchange allegedly favored by money launderers, per the post.
*Ulbricht – who operated under the pseudonym Dread Pirate Roberts – operated the dark net market website Silk Road from 2011 until his arrest in 2013 and is currently serving a life sentence.
🗞 Daily Crypto Calendar, November, 5th💰
- Pirl (PIRL)
"$PIRL will be delisted on the 5th of November. Markets will close on the 29th of October."
- Bolt (BOLT)
Our bi-monthly newsletter! Are you interested about our latest progress developments? Make sure to read.
- Tael (WABI)
"CEO updates and announcements (every Thursday)." Twitter: @alex_taelpay.
- 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)."
- EasyFi (EASY)
AMA with EASY Founder-CEO in Binance English Telegram group at 12:00 PM (UTC).
Last Updates
- 🗞 Daily Crypto News & Video, November, 4th💰
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