• $50K resistance bitcoin 2021 Bloomberg
    Bitcoin

    $50K could serve as resistance for Bitcoin in 2021, Bloomberg’s Mike McGlone says

    ‘There’s little to trip up the Bitcoin bull market in 2021, with most indications pointing to more of the same as 2020,’ the analyst writes in his December crypto outlook

    Mike McGlone, Bloomberg's senior commodity strategist, said in his December crypto outlook that the rules of the game have changed dramatically for BTC in recent months—and the notion of $10,000 as a stubborn resistance mark for the cryptocurrency is now outdated. He reasserted his belief that Bitcoin could achieve a market cap of about $1 trillion in 2021—fueled by the sudden, dramatic rise of institutional interest seen this year.

  • Bitcoin,  People,  Regulation,  Ripple,  XRP

    Ripple’s Brad Garlinghouse sees a change in tone

    The international financial transactions firm’s CEO talks Bitcoin’s new respectability, mining under an eco-friendly Biden administration, and why U.S. crypto regulation is “out of step”

    When asked what’s driving this year’s gains, Garlinghouse said: “It has definitely been an exciting year across crypto. I think one of the most important dynamics that is driving the crypto markets is the fact that many governments around the world are printing more fiat currencies—here in the United States, you see trillions of dollars of stimulus and that means we’re inflating the U.S. dollar. There are many people who want to hold non-inflationary assets. People are seeing crypto as an inflationary hedge.”

  • Cryptocurrencies,  Technology

    IBM: Protect your cryptocurrency today against quantum computing tomorrow

    The tech behemoth claims that its cloud services now supports quantum-resistant cryptography that can protect blockchain data from next-generation computing

    The announcement explains that while quantum computers can help many difficult-to-tackle challenges in the future, they also pose a major threat to the current cryptography standards that could be easily broken by a fault-tolerant quantum computer with a high qubit count. This includes SHA-256, the encryption algorithm that Bitcoin (BTC) uses to secure the network, with potentially disastrous consequences for the cryptocurrency world.

  • OKEx withdraws resume
    Cryptocurrencies

    $47M in BTC leaves OKEx in a single block as withdrawals resume

    The troubled exchange saw 2,822 BTC leave its reserves in transactions included in a single block on the Bitcoin blockchain when a nearly six-week freeze lifted

    Presumably, traders were afraid that the funds were not safe with the exchange or just decided to bring their money elsewhere after being unable to access them for nearly six weeks. This movement may remind some of the recent bitcoin exodus from the BitMEX exchange after four top executives including CEO Arthur Hayes were indicted by the U.S. Justice Department.