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Bitcoin Stands Tall Ahead of FOMC Meeting This Week

On Sunday, Bitcoin experienced a brief pump-and-dump. The BTC/USD exchange rate was able to break above $10,400, a resistance that capped the pair’s upside outlook for almost two weeks. Bitcoin eventually formed a session top above $10,500 only to find later that the area was full of profit-taking traders. A pullback ensued and the cryptocurrency…

Beware of What Comes after a Strong Bitcoin Rally

Bitcoin fell below $10,000 this weekend even as a majority of crypto warriors on Twitter were expecting a supersonic price boom towards $13,000, $14,000, $15,000, $20,000, and beyond. That was obvious for most of us. Bitcoin had every ingredient to dish out a delicious bull run. A central bank that committed to raise inflation rates…

The Top Three DeFi Tokens of 2020 So Far

The cryptocurrency market is experiencing a deja vu, thanks to DeFi, a backronym for decentralized finance. The performance of every token listed under the said brand name is looking insanely bullish in 2020. It is very similar to how native tokens of a long string of initial coin offering (ICO) projects appeared in 2017. People…

Powell’s Jackson Hole Speech Will Leave Bitcoin More Bullish As Ever

Bitcoin price came in the middle of uncertainty this week as investors waited for Jerome Powell, the Federal Reserve chairman, to deliver his keynote address at this year’s Jackson Hole Symposium, an annual retreat that sees global central bankers breaking bread over high-profile economic table-talks. Mr. Powell’s speech is set to become a benchmark of…

What Warren Buffett Turning to Gold Means for Bitcoin

Warren Buffett is the same person who once loathed the idea of owning gold or Bitcoin. The legendary investor trashed the precious metal back in 2000 by calling it an unproductive asset. He had a similar opinion about Bitcoin, a presumed digital gold that he called a “rat poison squared.” Buffett Turns Gold Bull On…

Jerome Powell is the Real Bitcoin Bull

Nothing changed in the message the Federal Reserve delivered after concluding its two-day policy meeting on Wednesday. Jerome Powell, the US central bank’s chairman, decided to maintain their benchmark interest rates near zero and pledged to offer more monetary support if necessary. As he delivered his monthly press brief, the US dollar index was falling…

Bitcoin and Its Rebound Relationship with Gold

Bitcoin this week broke up its three-month-old relationship with the US stocks. The hottest cryptocurrency is now dating gold. A rebound relationship ensues. In non-Woody Allen’s terms, the short-term correlation between Bitcoin and the S&P 500 plunged this week – from 78.8 percent two weeks ago to 42 percent. At the same time, the cryptocurrency’s proximity with…

The DeFi Runs Ahead of Bitcoin, Stocks, Gold, And Others

The pace of gains in DeFi is crazy. Also known as Decentralized Finance, the DeFi sector is booming in anticipation that it would change the way people look at finance.  Instead of a prominent banking corporation sitting in the middle of a borrower and a pile of cash, one has an automated protocol governing the…

Beware of a China-Induced Bitcoin Plunge

Last week, CoinStats discussed how Bitcoin investors should prepare for a stormy second half of 2020. So it appears, the raining has started in China. This Monday, the CSI 300 index, a collection of China’s most significant stocks listed in Shenzhen and Shanghai, surged 5.67 percent. It kept on rising higher further into the week, with…