[ad_1]
Bitcoin was higher, in an indecisive-looking market hovering between around $ 18,300 and $ 19,300. Prices have failed to push higher after climbing to a new all-time high of $ 19,920 earlier this week.
“Expect further volatility in the near term,” Katie Stockton, technical analyst at Fairlead Strategies, told CoinDesk’s Daniel Cawrey.
In traditional markets, European equities tumbled and US stock futures indicated a bearish opening as lawmakers discussed new economic stimulus measures and traders awaited new US employment growth data in November. Gold strengthened 0.7% to $ 1,827 an ounce.
The 10-year U.S. break-even rate, which represents inflation expectations implied in bond markets, rose to 1.81% on Tuesday, the highest since July 2019.
The market moves
While bitcoin dominated stocks in November with its rally to an all-time high, one of the most prominent alternative cryptocurrencies, XRP, silently leapt 169% during the month to reach the top of the performance chart among digital assets in CoinDesk. 20.
The move left XRP, the payment token used in Ripple’s global payments network, up 225% in 2020, versus the oldest and largest bitcoin’s gain of 165%. XRP has a market capitalization of $ 21.4 billion, a fraction of the approximately $ 350 billion of bitcoin.
The frenzy could be driven by a looming launch of free “spark” tokens for anyone holding XRP, some digital market analysts told CoinDesk last month.
There is also the possibility that some first-time cryptocurrency buyers may not know that it is possible to buy a fraction of bitcoin – divisible to eighth decimal places – instead of an entire token. For the novice investor, XRP, which currently changes hands at 62.3 cents, looks a lot cheaper on a price chart than bitcoin’s $ 19,087.
“As the digital assets space saw renewed interest in the second half of 2020, a new wave of investors are looking for ways to gain exposure,” said Brian Mosoff, CEO of the Canadian publicly traded investment fund Ether Capital. “Ripple appears to offer visibility into their portfolios and a quick Google search may lead some users to believe that XRP is cheap and likely to become a product used by banks for cross-border settlement.”
Stellar, another payment token founded by Ripple co-founder Jed McCaleb, was the second best performer in November among CoinDesk 20, gaining 153%. It increased by 313% over the year.
For comparison, bitcoin was up 40% in November while ether, the native cryptocurrency of the Ethereum blockchain, was up 56%.
Bitcoin clock
Coin operated clock
Ether (ETH): Price correlation with bitcoin remains strong during the latest rally.
Bitcoin (BTC): Larry Fink, CEO of money management giant BlackRock, tells former Bank of England Governor Mark Carney at the Council on Foreign Relations that bitcoin has “caught the attention” of many people and could “evolve. “in a global resource.
USD currency (USDC): Center, standards supervisor for the dollar-based USDC stablecoin, hires former CLS executive, JPMorgan, State Street, David Puth as first CEO.
What’s new
- NYDIG Institutional Bitcoin Store Raises $ 150 Million For Twin Crypto Funds (CoinDesk)
- Not so fast! CoinMarketCap says that bitcoin prices have not yet surpassed an all-time high based on its own records, at $ 20,089 in December 2017 against CoinDesk’s old $ 19,783 (and now $ 19,920) using the Bitcoin Price Index (CoinMarketCap)
- Nearly 20% of PayPal users have used the app to trade bitcoins, says Japanese securities firm Mizuho (CoinDesk)
- Russia says the digital ruble will only be allowed as a form of payment in the country, with the law banning the use of cryptocurrencies for payment going into effect in January (CoinDesk)
- Blockchair Lead Developer Zhavoronkov Launches Campaign to Stop Taproot Update on Bitcoin Network (CoinDesk)
- Libra Association renames itself “Diem” in an attempt to distance itself from the Facebook-led stablecoin push that has led to an international regulatory backlash (CoinDesk)
- Cryptocurrency Derivatives Platform ErisX Launches Cash Settled Contracts After Physically Settled Futures Fall Flat (CoinDesk)
- “We have accumulated money for a geographically divided world, but it is no longer the word we live in,” writes Ajit Tripathi in the editorial (CoinDesk Opinion)
- BlockFi announces early 2021 launch for bitcoin rewards credit card (CoinDesk)
- The biggest debate on Wall Street is whether to buy bitcoin or gold (Bloomberg)
- Australian cryptocurrency exchange BTC Markets accidentally exposes personal data of 270,000 users (CoinDesk)
Analogues
The latest news on traditional economics and finance
European Central Bank chief economist privately provided accommodative assurances to Goldman Sachs, JPMorgan, Citigroup, UBS, Deutsche Bank, BlackRock after ECB President Lagarde publicly made comments on the Italian bond market, the health of the economy which were seen by investors as hawks (WSJ)
Bipartisan group of US senators unveils new stimulus proposal worth about $ 908 billion (Washington Post)
In global markets, “everyone already expects everything to be really great,” which implies that optimism is already a foregone conclusion, writes columnist James Mackintosh (WSJ)
Japan wants to attract foreign talent to the financial sector by cutting income taxes (Nikkei Asia Review)
Huawei Technologies takes hold in Southeast Asia after partnering with the Indonesian government (Nikkei Asia Review)
Tweet of the day
