YouTube cuts off another crypto-related livestream by Youtuber Sunny Decree with the platform claiming that the video violated its “harmful and dangerous policy” so let’s learn more about it in the latest cryptocurrency news.
Crypto YouTuber Sunny Decree hot his crypto-related Livestream cut off by YouTube recently for allegedly violating the policies of the platform. According to a tweet from Decree, the video-sharing platform halted his most recent Livestream on his English-speaking channel based in Switzerland. The content-creator records in German as well and Youtube warned him of a second offense which will result in a one-week suspension of services for live streaming, posting, and uploading.
Decree’s channel was targeted by YouTube once before. Now, YouTube cuts off another channel after aggressively deleting videos back in 2019 with crypto-related content. High-profile channels including the one of Decree, with more than 123,000 subscribers, had videos removed without any explanation. YouTube later called the move an error and restored most of the videos.
— sunnydecree (@sunnydecree) September 5, 2020
However, YouTube has gone on targeting a number of crypto-related channels in a response to the fake crypto giveaway scam videos that are usually posted. The platform even shut down the official channel of the crypto-news focused website Bitcoin.com which is a violation of YouTube’s Terms of Service. After an appeal, the channel and about 40,000 subscribers were restored in two days’ time. Many other channels had similar experiences regarding the strange attitude towards cryptocurrency as the platform suddenly pulled the plug on livestreams regarding Bitcoin halving livesteams and coverages of the Twitter hack.
Also as recently reported, The Youtube Crypto Channel Altcoin Daily run by the brothers Austin and Aaron Arnold got a ban from the video streaming platform after more than two days offline
YouTube argues that it cannot be liable for what other users are placing up as content on the platform and therefore wants the lawsuit that was filed against it by multiple companies including Ripple to be dismissed. YouTube argues that the claims made by ripple are barred under the 230 Section of the Communications Decency Act which “protects websites against the evil of liability for a failure to remove offensive content” therefore providing the platform with the much-needed immunity. This means that YouTube is not a publisher of third-party content and they are not liable for it so they cannot be sued.
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Further Declines in Bitcoin Price Possible Though Grayscale is Crucial, Notes JPM Analyst
Although Bitcoin has recovered from its vigorous price losses during the Thanksgiving massacre, analysts from JPMorgan Chase & Co believe that further declines may still occur.
The strategists pointed out that Grayscale, through its Bitcoin Trust, will play a significant role in future BTC price developments.
Is Bitcoin To Head Further South?
The primary cryptocurrency reached a new yearly high of $19,500 last week; thus, it came less than 3% away from the 2017 all-time high of $20,000. As the community began speculating on how long it will take to surpass that level, the trend reversed viciously.
Bitcoin headed south and lost over $3,000 of value in hours. Nevertheless, the cryptocurrency has recovered most of its losses and trades north of $18,000.
A JPM analysis, led by Nikolaos Panigirtzoglou, recently said that the Thanksgiving price drops had cleared the “previous froth in momentum traders’ positioning.” However, the strategists hinted that Bitcoin could still go lower.
“Momentum traders such as commodity trading advisors and other quantitative funds likely played a big role in the slide by unwinding long Bitcoin futures positions. Momentum traders have room to further propagate” the Bitcoin decline, noted the analysts cited by Bloomberg.
Apart from broaching “momentum traders,” the strategists also discussed various other reasons behind the price developments. Those included the rumors of new regulations proposed by the Trump administration and profit-taking.
Grayscale Is Key
The JPM strategists also highlighted the significant role of Grayscale and its Grayscale Bitcoin Trust on the market. The cryptocurrency manager is the most preferred company for institutional investors to receive exposure to Bitcoin (and other digital assets) without worrying about storing the funds.
This has been exemplified through 2020 as Grayscale has reported back-to-back recording-breaking quarterly results. The assets under management (AUM) have exploded in the past 12 months to over $10 billion. Somewhat expectedly, the Grayscale Bitcoin Trust has the most substantial share.
The analysts asserted that if there’s a decline in the interest towards GBTC, this could damage the narrative that Bitcoin has become a favorite among institutional investors:
“A failure by the Grayscale Bitcoin Trust to receive additional inflows over the coming weeks would also cast doubt to the idea that institutional investors such as family offices have embarked on a trend of embracing Bitcoin as digital gold replacing traditional gold as a long-term investment.”
Canaan Sees Over 75% Decline in Net Revenue in Q3 as Bitcoin’s Price Surge
Chinese Bitcoin mining firm Canaan has recorded a loss in yet another quarter but is showing positive signs of a recovery as share price and market capitalization spikes. Following a disappointing initial public offering (IPO) last year and declining inventory sales, the company has seen the balance of power shift considerably to major competitors MicroBT and Bitmain.
$12.7 Million Loss for Q3 2020
Bitcoin miner maker Canaan has reported a 75.7% year-on-year (YOY) decline in net revenue as part of its Q3 2020 financials published on Nov. 30. In the report, Canaan revealed that its net revenue for the period was $24 million, which also amounts to an 8.5% reduction from the earnings recorded in the previous quarter.
Following the significant drop in quarter-on-quarter (QOQ) net revenue, it is unsurprising to see Canaan post another quarterly net loss in 2020. According to its Q3 2020 financials, the bitcoin mining chip maker recorded a net loss of $12.7 million, compared to a $2.5 million loss in Q2 2020 and $14.3 million in Q3 2019.
Commenting on the firm’s Q3 financial performance, Nangeng Zhang, Canaan’s CEO and Chairman said:
“During the third quarter of 2020, we remained undeterred by the pandemic to strengthen our research and development capabilities, expand our AI business, and execute new business initiatives. By leveraging our enhanced R&D capabilities in the third quarter, we launched our A1246 product series, which continues to lead the industry with its energy efficiency, computing power, and unit cost.”
Canaan Market Cap on the Rise
Net loss aside, Canaan has been recording some positives in the latter part of 2020. Indeed, the company’s market capitalization has more than tripled from $300 million in September to about $900.8 million as of press time.
Canaan’s share price has also been on a tear in recent months, rising over 200% within the same period. With one-third of Q4 remaining, the company’s stock has risen over 170%. Maintaining the current price action could see the Bitcoin miner manufacturer’s stock price challenge its IPO float price of $9, which incidentally is its all-time high share price.
Tweeting on Canaan’s Q3 performance, @WuBlockchain identified rising inventory sales and the release of the company’s A1246 miners are contributing factors to the firm’s recent resurgence.
Canaan, first listed mining machine company, announced its Q3 financial report. Although the data has declined, it has revealed an advance payment of $45million and is ready to move forward to crypto. In the past two months, Canaan’s stock has risen by 200%, FMR has re-held pic.twitter.com/v9XEBndin4
— Wu Blockchain（Chinese Crypto Reporter） (@WuBlockchain) November 30, 2020
Canaan was also among a group of Chinese mining hopefuls looking to float IPOs in the last couple of years. However, Canaan’s offerings fell short of the mark, failing to even realize a quarter of the $400 million estimate.
Why This Trader is Optimistic That Ethereum Will Spark a Massive Altcoin Rally
Altcoins have been closely tracking Bitcoin and Ethereum’s price action as of late, which is a positive sign showing just how far the markets have come over the past few weeks.
While in the past, Bitcoin rallies occurred independently from the rest of the market, with altcoins trailing it or rallying during consolidation phases, the entire market is now moving in tandem.
This trend has greatly favored altcoins, with many posting massive gains throughout the past few days and weeks as BTC navigates towards $20,000.
One trader is now offering a bullish outlook on altcoins, explaining that Ethereum’s ongoing upswing leads him to be optimistic on smaller digital assets’ outlook.
Ethereum is now trying to hold above $600 – if it can flip this level into a strong support level, it could open the gates for the » Read more
” href=”https://www.newsbtc.com/dictionary/altcoin/” data-wpel-link=”internal”>altcoin market to see significantly further upside in the days and weeks ahead.
This will hinge largely on Bitcoin, as the benchmark cryptocurrency is struggling to break above $20,000 despite being able to set fresh all-time highs earlier this morning.
If it continues extending this momentum and does break above $20,000, the entire market will likely see massive inflows of capital that leads altcoins to see parabolic, speculation-induced uptrends.
Ethereum Rallies Higher Alongside Bitcoin
At the time of writing, Ethereum is trading up over 4% at its current price of $601. This marks a notable surge from its recent lows of $490 set at the bottom of the recent selloff.
The selloff seen last week by the entire market appears to have been a » Read more
” href=”https://www.newsbtc.com/dictionary/bear/” data-wpel-link=”internal”>bear trap of epic proportion, with the strength seen in the time since ETH and BTC set their lows being quite impressive.
It does seem as though the rebound from these lows sparked the ongoing rally.
Trader Claims ETH Strength Likely to Spark » Read more
” href=”https://www.newsbtc.com/dictionary/altcoin/” data-wpel-link=”internal”>Altcoin Rally
One trader believes that the strength seen by Ethereum as of late could be enough to spark a strong rally for altcoins.
He notes that he has added exposure to Chainlink and some Uniswap tokens to capture some of this potential upside.
“I’m 20% alts now, ETH popping makes me carefully optimistic. Aiming for 25% by mid december, and will ape stupidly, up to 50%, IF BTC goes to ATH and they capitulate simultaneously. 10% ETH, 5% LINK, 5% a basket of scams including uniswap coins.”
Image Courtesy of SalsaTekila. Source: ETHBTC on TradingView.
Whether or not Ethereum can hold above $600 heading into its daily candle close should provide some serious insights into where it will trend in the days and weeks ahead.
Featured image from Unsplash. Charts from TradingView.