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Bitcoin’s 14% Weekly Increase Eyes the ATH: The Crypto Weekly Market Update

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Ignoring all known rules of gravity, Bitcoin has taken for the skies, and it shows absolutely no signs of slowing down. This week the cryptocurrency is up by another 14% and is currently trading just about 6% below its all-time high of around $20,000 reached in December 2017.

The week started off fairly calmly, and some were even thinking that there is a correction incoming. This wasn’t the case, as right after the weekend, BTC started moving… up. It breached its former high on Wednesday and managed to break that record again today, hitting an intraweek high of around $18,850 on Binance.

The entire market cap reached $520 billion as all major cryptocurrencies are well in profit. Some of the most notable gainers include Litecoin, up 27%, Ripple up 21%, Polkadot, up 18%, and so forth.

It remains very interesting to see whether or not the current rally will go on or if there is a correction looming. So far, however, odds seem stacked in favor of the bulls.

DeFi markets also saw substantial increases over the past seven days. A wide range of tokens, including Sushi, Aave’s LEND, Compound, CRV, Yearn Finance’s YFI, and so forth, are charting double-digit increases throughout the past week.

Elsewhere, Ethereum’s Vitalik Buterin spoke of the upcoming network upgrade, hinting that the transition to proof-of-stake (PoS) might not actually occur for another year. While the ETH 2.0 depositor contract is live and has already seen more than 100,000 ETH going in, the network’s creator said that “less than a year is not realistic” when it comes to the merging.

In any case, this has been a very eventful week, and it’s very exciting to see how the market will shape up in the coming days. After all, we are so close to the all-time high!

Market Data

Market Cap: $521B | 24H Vol: 147B | BTC Dominance: 66%

BTC: $18,600 (+14.54%) | ETH: $508.20 (+8.20%) | XRP: $0.319(+20.84%)

Bitcoin Is Not Jamie Dimon’s Cup Of Tea But Is There More To The Story? The CEO of the large multinational investment bank JP Morgan said that Bitcoin is not his preferred choice, though he would prefer cryptocurrencies that are properly regulated and backed. The billionaire referred to the increasing need for well-structured KYC and AML policies.

Ethereum Founder Buterin Hints at More Delays For ETH 2.0. The co-founder of Ethereum, Vitalik Buterin, said that the network’s transition to the long-awaited proof-of-stake consensus algorithm might not take place for yet another year. He said that it’s not realistic to think that the merge will happen in less than a year.

After Buying Bitcoin at $800 in 2016, Mexico’s Second-Richest Man Doubles Down. Ricardo Salinas Pliego, the second-richest man in Mexico, revealed that he had bought Bitcoin back in 2016 when the price was just $800. He now doubled-down on his praises for the cryptocurrencies, outlining the flaws of fiat currencies in Latin countries.

Last Time Bitcoin Broke $17K The Way To $20K ATH Was Quick. The last time Bitcoin broke the $17K level, it only took it six days to reach its current all-time high value of nearly $20,000 in December 2017. With the way things are going, it’s interesting to see if this time around will be any different.

500,000 BTC Worth $8.5 Billion Currently Owned By Grayscale. Grayscale Investments, the largest cryptocurrency investment fund, has revealed that it holds over half a million bitcoins under management. This represents roughly about 2.4% of the total supply of Bitcoin.

Can Blockchain Technology Eradicate Voting And Election Issues? MIT Says No. According to specialists from MIT, blockchain technology is not a suitable solution for conducting elections. They said that it would compromise the transparency, as well as the sanctity of the electoral process.

Charts

This week we have a chart analysis of Bitcoin, Ethereum, Ripple, Litecoin, and Polkadot – click here for the full price analysis.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.

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Source: https://cryptopotato.com/bitcoins-14-weekly-increase-eyes-the-ath-the-crypto-weekly-market-update/

Blockchain

Bitcoin: Temporary Correction or No ATH This Year? The Crypto Weekly Market Update

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Bitcoin has a way of surprising people. This week was no exception. A few days ago, almost everyone believed that the cryptocurrency is inevitably headed to a new all-time high. And how could they not? BTC was trading at a few hundred USD below the record from back in 2017. Unfortunately, things took a turn for the worst.

Yesterday was undoubtedly a bad day for bitcoin as it plunged a total of around $3,000 in less than 24 hours. From a high of about $19,500 down to $16,200, the bears poked and showed their faces. The entire market lost around $80 billion of its capitalization as altcoins actually had it worst.

During the market dive, Bitcoin’s dominance actually increased, showing that not only altcoins failed to hold their ground, but they dropped harder than BTC. Since then, there has been a slight recovery and at the time of this writing, the primary cryptocurrency is trading at around $17,000.

The move was seemingly propelled by the news that US regulators might seek to require identity verification from crypto wallet providers. Coinbase’s CEO, Brian Armstrong, commented on the matter, expressing his worries that if the new rules are implemented, they would be rather harmful to the users and the industry, in general.

At the same time, the popular cryptocurrency exchange OKEx opened withdrawals for the first time since they were shut down around a month ago, which might have prompted users to cash out the profits that they have been sitting on. In fact, CryptoPotato reported that around $500 million were withdrawn from the exchange as the crash started to take place.

In any case, the results are here, and it remains particularly interesting to see where will bitcoin go from here.

Market Data

Market Cap: $512B | 24H Vol: 181B | BTC Dominance: 62%

BTC: $17,132 (-7.98%) | ETH: $516.86 (+1.71%) | XRP: $0.56 (+74.08%)

Bitcoin Worth $500 Million Withdrawn From OKEx as Users Look for Other Alternative. Data shows that users withdrew a total of 29,300 BTC from the popular cryptocurrency exchange OKEx right after it resumed full functionality. This happened just as bitcoin plunged $3,000 in a matter of 24 hours. The exchange also resumed the withdrawals a day earlier than announced and during the Chinese trading hours.

Bitcoin Black Friday 2020: The Sales You Better Not Miss. It’s the end of November, and with this comes the long-anticipated shopping season. For many, this is a time to enjoy massive sales. We’ve taken the liberty of listing a few sales within the cryptocurrency field that aficionados might find interesting.

Facebook’s Libra Could Reportedly Arrive in January 2021 in a Scaled-Down Version. Libra, Facebook’s long-awaited cryptocurrency project, might be set to launch in early 2021. However, the version that’s potentially hitting the market is scaled-down and specifically intended to abide by the regulations of Switzerland’s FINMA.

Research Suggests Satoshi Nakamoto Launched Bitcoin From London. New research shows that activities associated with Satoshi Nakamoto from 2008 and 2010 might have taken place in London when Bitcoin’s network went live. This brings the experts a step closer to identifying who’s behind the legendary pseudonym.

6 Possible Reasons For Bitcoin’s $3,000 Daily Price Crash. Bitcoin went through a massive crash two days ago when it lost around $3,000 of its value in a sudden red candle. These are six reasons for which this may have happened and a brief outline of what might be next to come.

Coinbase CEO Fears Rumored Regulations Proposed By The Trump Administration. Brian Armstrong, the CEO of the leading US-based cryptocurrency exchange Coinabse, has said that he’s worried about the rumored regulations concerning third-party wallet providers having to identify their users. He said that this might harm users and the entire ecosystem.

Charts

This week we have a chart analysis of Bitcoin, Ethereum, Ripple, Chainlink, and Stellar Lumens – click here for the full price analysis.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.

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Source: https://cryptopotato.com/bitcoin-temporary-correction-or-no-ath-this-year-the-crypto-weekly-market-update/

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Blockchain

Ripple Plans To Cash Out 33% Of Its MoneyGram Stake With A Significant Profit

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  • The San Francisco-based payment protocol has filed a document on Friday with the US Securities and Exchange Commission (SEC). It reads that Ripple Labs has entered into an agreement with MoneyGram, which entitles Ripple to sell up to 4,000,000 shares of common stock.
  • Ripple’s option to sell these shares will expire “upon the earliest of March 31st, 2021, the time at which the maximum amount shall have been sold, or the occurrence of certain other customary events affecting the issuer.” 
  • CryptoPotato reported last year that Ripple and MoneyGram announced a strategic partnership. The initial term of the agreement was for two years. Ripple had agreed to provide a capital commitment amounting to $50 million in exchange for equity through the two-year period.
  • As per the SEC filing, Ripple owns 6.22 million shares of the giant money transfer company (or 8.6% of shares outstanding). However, the blockchain company has a warrant to buy up to another 5.95 million shares, amounting to a total equity position of 12.2 million shares or 17% of MoneyGram’s shares outstanding).
  • With the initial investment in 2019, Ripple purchased the MoneyGram shares at 4.10 per stock, which was a significant premium to the market price. 
  • Nevertheless, MoneyGram’s stocks (MGI) have surged in 2020, closing Friday’s session at $7.42. As such, Ripple can cash out with an 80% profit, despite the initial premium.
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Source: https://cryptopotato.com/ripple-plans-to-cash-out-33-of-its-moneygram-stake-with-a-significant-profit/

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Blockchain

South Korea To Postpone Previously Planned Crypto Income Tax

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Lawmakers in Korea are planning to postpone a recently considered tax on crypto assets profits. Reports say the tax rule delay will be about three months – instead of October 2021, January 2022.

The New Crypto Income Tax Rule To Wait Until January 2022

According to a recent media report, the South Korean congress plans to put off the recently considered cryptocurrency income tax rule. A planning and finance committee of the National Assembly has issued a report, which proposes the necessity of implementing the crypto income tax rule from at least 2022.

A few months ago, in July, a report stated that South Korea’s Minister of Finance and Economy believes that the country should come up with a tax on cryptocurrency trading and investing. Back then, he added that South Korea has been in discussion with other countries about introducing a new digital law.

In July 2020, the country’s Ministry of Economy and Finance amended its tax code, where it included the plan for charging residents a 20% tax on gains from cryptocurrency trading, which are worth more than 2.5 million Korean won (about $2,000).

Lawmakers in the National Assembly are to approve the Government’s plan, which was to carry into effect the cryptocurrency income tax rule from October 2021.

Reason For The Delay – Time Is Tight

As per the media report, the reason for the postponement of the crypto tax law is based on some concerns, raised by local crypto exchanges. They have claimed the lack of time to build their proper tax reporting system and infrastructure, needful for the process to begin.

The so-called “Specific Financial Information Act” would be enforced from March next year, so crypto exchanges have to complete the necessary reporting system by September 2021 for verifying their real names of deposit withdrawal accounts.

As CryptoPotato reported, South Korea announced the planning of the crypto income tax in June this year. The Asian country went through some different views on how and whether it should tax profits from cryptocurrency. Firstly, at the beginning of 2020, the Ministry of Economy and Finance did not consider that digital asset trading gains as taxable income. A month later, another local report said the Ministry believes that the nation could start label cryptocurrency trading profits as “other income.”

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Source: https://cryptopotato.com/south-korea-to-postpone-previously-planned-crypto-income-tax/

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