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The Global Economy Comes Before Savers: ECB President Christine Lagarde Defends Negative Interest Rates

The European Central Bank President Christine Lagarde is keeping the central bank’s monetary easing policies unchanged according to her statements from a press conference last Thursday. Moreover, the central bank’s Twitter account recently shared a video of Lagarde defending negative interest rates, as the bank’s President stresses that they “support companies and people in the eurozone.” ECB President Christine Lagarde Wants to Preserve Favorable Financing Since well before Covid-19, a great number of central banks started to initiate monetary easing practices and pushing interest rates down to zero or below. On Thursday, Lagarde spoke during a press conference after the…

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European Central Bank releases results of digital euro consultation

Privacy concerns regarding the digital euro abound as the European Central bank tests the waters for a central bank digital currency. The European Central Bank has published the results of a public consultation on a potential digital euro as the institution inches closer to deciding whether to formally study such an initiative.  According to a Wednesday announcement, the ECB received more than 8,200 responses to its public digital euro consultation — a personal record for the bank regarding participation in a public consultation. Of the total responses, 47% came from Germany, with a significant amount also coming from Italy and France, accounting…

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European Investment Bank reportedly to issue bonds with blockchain tech

The EIB has reportedly hired banks like Goldman Sachs and Societe Generale to explore a digital bond, registered and settled via blockchain. The European Investment Bank, an international financial institution owned by European Union member states, is reportedly exploring blockchain technology for issuing digital bonds. According to a Tuesday Bloomberg report, the EIB has hired major global banks like Goldman Sachs, Banco Santander and Societe Generale to look at a potential deal involving a euro-denominated bond issued on a blockchain.  Citing a person familiar with the matter, Bloomberg states that the EIB is planning to deploy blockchain technology for the…

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PayPal CEO Warns That Bitcoin Could Be Used Against US By China

Peter Thiel stands as the CEO of PayPal and has recently given a very unique warning to the world at large. Thiel speculates that China could make use of Bitcoin in order to undermine the power of the US Dollar, but warned that this would extend to other major fiat currencies, as well. BTC Posing A Threat To USD The Richard Nixon Foundation had organized a virtual event, one where Thiel had explained that Bitcoin could be leveraged as a weapon of non-conventional warfare against the US by China. This is due to how the asset can be leveraged by…

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Digital euro could take four years, says ECB president Christine Lagarde

The ECB will decide whether to proceed with digital euro pilots by mid-2021, Lagarde said. It could be a while before European Union gets a central bank digital currency, if it gets one at all. In a Wednesday interview with Bloomberg Television, European Central Bank President Christine Lagarde laid out the complex decision-making process with which the bank will determine the future of a digital euro. The ECB will soon release its analysis of eight thousand responses received from its digital euro consultation process. “That will be communicated to the European Parliament which is one of the key players as well as…

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European Central Bank tries to quell Germans’ doubts about digital euro

A future digital euro wouldn't be a threat to savers, say officials from the European Central Bank. The European Central Bank, or ECB, has been investigating the possibility of launching a digital euro project within five years to complement existing central bank money. But whereas high-profile leaders such as ECB president Christine Lagarde have been largely positive about the prospect, officials from Germany's Bundesbank have remained unconvinced. In a new op-ed for the Frankfurter Allgemeine Zeitung, ECB board member Fabio Panetta and fellow official Ulrich Bindseil attempted to tackle some of the Germans' misgivings head on: “The ECB is by no…

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Stablecoin Supply Doubles in 3 Months as Combined Market Cap Surpasses $20B

2020 has been the year of stablecoins, as the token supply has doubled in the last three months. The aggregate market capitalization of 28 stablecoins captures over $20 billion on October 4, 2020. While tether still dominates the stablecoin ranks, USDC has been moving closer toward the top ten crypto coins. USDC is also the only stablecoin with market capitalization greater than $1 billion other than tether. This year quite a bit of money has flown into the stablecoin economy and just recently all the stablecoin tokens in existence captured a $20 billion market valuation. This means all the fiat-pegged…

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3 Reasons Why Bitcoin Price Could Fall in Q4/2020

2020 has been a rollercoaster year for Bitcoin. The lockdowns caused by the coronavirus pandemic earlier in the year pushed the crypto lower by almost 60 percent. Its crash shortly followed an equally aggressive rebound that took its price up by 220 percent. It is safe to say that Bitcoin is sitting in a profitable position so far into the year. The cryptocurrency’s year-to-date performance at 50 percent above zero stands taller than the one logged by traditional markets, including the US benchmark S&P 500 index. But entering the fourth and final quarter of 2020, the Bitcoin market struggles with…

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A “Flash Crash” Scenario Looms Over Bitcoin; Here’s Why

Bitcoin may undergo a significant price correction before the US presidential election due to its proximity to gold, hints Clem Chambers. The CEO of ADVFN – Europe’s leading stocks and shares website, told Kitco News that most assets that have shown a positive correlation during the 2020 bull run tend to fall in tandem. He spoke about gold and how a “flash crash” in its markets could leave other assets in a similar bearish spell. “I got a warning from the market about ten days ago…so I cleared the decks because I think it’s highly likely, not absolutely certain, but…

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Bitcoin Decouples from Gold, Stocks after Overnight Sell-Off, What’s Next?

Bitcoin did its own thing during the late Monday trading session. The benchmark cryptocurrency plunged suddenly towards $10,600 after maintaining intraday gains above the $10,800-support all day. The sell-off appeared despite a healthier macroeconomic outlook led by signs of progress in the release of the second COVID-19 stimulus package. US House Democrats released a $2.2 trillion aid that would reinstate $600 weekly unemployment benefits. The revelation followed House Speaker Nancy Pelosi’s commitment to revive stalled negotiations with the White House over the size of the coronavirus stimulus. Breakaway Move Pelosi spoke with US Treasury Secretary Steven Mnuchin on Monday –…

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Bitcoin Analyst Alerts of Looming ‘Bear Cross’ as Price Jumps Higher

Even as the bitcoin price jumps against favorable macro fundamentals, a chartist sees the cryptocurrency moving downwards in the coming sessions. The pseudonymous analyst pitched a highly bearish scenario for BTC/USD on Monday. He envisioned that the pair’s 50-day moving average would close below its 100-day moving average, leading to the formation of a so-called “Bear Cross” – also known as ‘Death Cross’ among financial pundits. The ‘Bear Cross’ setup, as presented by Bitcoin analyst Big Chonis Trading. Source: TradingView.com Traders typically perceive Death Crosses as a sign of a significant selloff. Ideally, they watch the 50-period and 200-period MAs…

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Bitcoin May Break Below $9K on Wall Street Correlation: Stock Analyst

Any attempts from Bitcoin to secure higher price levels may fall short as long as its correlation with the US stocks sustains. So predicts Ronnie Moas, a stock market analyst heading Florida-based research firm Standpoint Research. He said in an early Thursday tweet that Bitcoin might fall by another $400 (or more) in the coming sessions. The expected downside move should come if the Wall Street indexes correct lower by 10-20 percent. “Bitcoin has been tracking the USA stock market very closely during the recent collapse,” explained Mr. Moas. “If this correlation continues, you may very well see a break…

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3 Crucial Reasons Why Bitcoin Could Fall Below $10K This Fall

Bitcoin faces the prospects of breaking below $10,000 after failing to extend a rally that pushed its price up by 70 percent earlier this year. Bitcoin is maintaining support above $10,000. Source: TradingView.com Here are the top three risks the cryptocurrency is facing as it heads towards the fourth and final quarter of 2020, according to the latest fractals and multiple observations. #1 Another US Equity Selloff; Bitcoin Correlation One of the main reasons Bitcoin faces the risks of falling in the coming sessions is the equity market. The cryptocurrency earlier traded higher when the US stocks were doing the…

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Analysts Explain Why Bitcoin Bearish Correction Could Turn Worse

Bitcoin is trading almost 17 percent below its year-to-date high near $12,500. And, according to analysts at TradingShot, the downside bias is about to turn a lot worse. The independent market analysis portal spotted the benchmark cryptocurrency testing the support of a medium-term Ascending Channel. At the same time, it highlighted BTCUSD’s latest plunge below its 50-day moving average wave – an otherwise concrete price floor. A Bearish Setup Analysts placed a Fibonacci Retracement graph on the top of its Ascending Trendline and 50-WMA narrative. The multi-level diagram revealed crucial resistance and support levels as BTCUSD heads lower. TradingShot had…

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A $9,800 Bitcoin is Possible After Overnight Upside Rejection: Analyst

Bitcoin bulls should brace for the cryptocurrency to hit the $9,800 valuation, according to an analyst. The pseudonymous entity envisioned the downside scenario after BTC/USD failed to maintain support above $11,200 on Sunday. A high selling pressure around the said level ensued an overnight bearish correction. As a result, the pair fell to as low as $10,750 at one point in time. “SuperTrend is now flipping bearish and looks to be ready to correct as predicted,” the analyst noted, adding that he has closed most of his spot Bitcoin positions with expectations to open them later at lower levels. BTC/USD…

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Bitcoin Weekly Outlook: All Eyes on Powell and Mnuchin Testimonies

Bitcoin posted choppy trades last week but managed to close the session modestly higher. The Federal Open Market Committee’s meeting on policy decision was the most significant catalyst behind the cryptocurrency’s conflicted market bias. BTC/USD rose by about 7.5 percent to $11,099 ahead of the Federal Reserve Chairman Jerome Powell’s press conference. Traders anticipated the Fed chair to deliver a long-term dovish outlook. And he did so by saying that the US central bank would keep interest rates lower until 2023 while aiming to target inflation above 2 percent. Nevertheless, BTC/USD uptrend eased on Thursday and Friday as traders assessed…

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Bitcoin Eyes $11,000 as Focus Shifts to Wednesday’s FOMC

Bitcoin logged its best daily performance in more than a month this Monday as it traded in tandem with traditional markets. The benchmark cryptocurrency closed the New York session 3.32 percent higher at circa $10,679. The gains appeared as buy liquidations–a bet against short-sellers–on crypto derivatives exchange BitMEX outran sell liquidations by more than double. That partially helped BTC/USD in rising above $10,700. BitMEX XBTUSD Liquidations. Source: Skew An uptick in bullish positions, meanwhile, took cues from macroeconomic narratives. Three different bullish catalysts played out in sync to help Bitcoin rise. The first of them was and remained the Federal…

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Bitcoin Fractal from June 2020 Hints Major Bull Run Ahead

Bitcoin may head higher in the coming sessions based on its price action’s similarities with a fractal from June 2020. First spotted by TradingShot, an independent trading signals provider, the fractal boasts about a support level near $9,000 that stood firm between June 25 and July 21 this year. Traders attempted to break below the floor for 26-days straight but failed every time owing to a higher buying sentiment around it. Meanwhile, the same period saw a so-called “LMACD Squeeze.” Strong Bitcoin Accumulation In retrospect, LMACD stands for Logarithmic Moving Average Convergence Divergence, a technical indicator that shows the relationship…

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Bitcoin This Week: All Eyes on Fed Meeting After $10,500-Rejection

Bitcoin closed last week with a brief jump above $10,500, a critical resistance target that excited traders into booking their short-term profits. The result was a dump. Bitcoin’s benchmark symbol BTC/USD trimmed about $350 off its weekly top overnight. Furthermore, the pair fell into the same trading range that trapped its breakout moves throughout this September. Entering the new week, the technical outlook for BTC/USD remains the same as before: Fluctuate inside the $9,800-$10,400 area. Bitcoin rejects $10,500 to enter the previous consolidation range. Chart Source: TradingView Josh Rager, the co-founder of BlockRoots.com, also noted the same in his weekly…

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