{"id":432111,"date":"2020-07-25T04:00:42","date_gmt":"2020-07-25T04:00:42","guid":{"rendered":"https:\/\/ktsl888.com\/?p=432111"},"modified":"2020-07-25T01:35:18","modified_gmt":"2020-07-25T01:35:18","slug":"crypto-tidbits-ethereum-surge-us-banks-hold-bitcoin-defi","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/crypto-tidbits-ethereum-surge-us-banks-hold-bitcoin-defi\/","title":{"rendered":"Crypto Tidbits: Ethereum Surges 20%, US Banks Can Hold Bitcoin, DeFi Still in Vogue"},"content":{"rendered":"

Another week, another round of\u00a0Crypto Tidbits<\/a>.<\/p>\n

At long last, Bitcoin<\/a> and other large-cap cryptocurrencies are breaking higher. The market leader, for once, has posted a strong move over the past seven days, moving as high as $9,690. The pivotal $9,700 resistance was rejected \u2014 Bitcoin now trades for $9,650 as of this article’s writing. Yet analysts remain bullish that the move from the low-$9,000s indicates buyers are back in control.<\/p>\n

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Chart of BTC's price action over the past week from TradingView.com<\/a><\/pre>\n
It’s important to note that Bitcoin’s macro volatility indicators remain at extremely low levels. This suggests that there is a more violent move on its way, but it still isn’t clear what direction that will take the asset.<\/p>\n
By recent standards, Bitcoin’s move has been impressive. But what has been even more impressive is the price action of Ethereum.<\/p>\n
In the past 72 hours, the popular altcoin has gained nearly 20%, rallying from approximately $244 to a local high of $289. This rally has resulted in the ratio between ETH and BTC spiking in favor of the altcoin.<\/p>\n
Ethereum’s<\/a> strong outperformance of a majority of other large-cap cryptocurrencies is somewhat of an unknown phenomenon. From a perspective of its charts, the move seemed technical; the asset compressed into the $250 macro resistance, then exploded higher. There are some, though, that have suggested that this was a move caused by fundamentals. By fundamentals, these commentators mean<\/p>\n
Certain prominent altcoins, such as Synthetix Network Token and Chainlink<\/a>, have seen retracements since their local highs. This comes in spite of strength in Bitcoin and Ethereum, which is a market divergence certain technical analysts called weeks ago.<\/p>\n
Other altcoins, though, have ripped higher. Take YFI as an example: the altcoin, after starting to trade on decentralized exchanges a week ago, is up by over 10,000%. The cryptocurrency is now in the top-100 cryptocurrencies.<\/p>\n
The overall strength of the crypto market this week comes on the back of a rapid appreciation in precious metals. For the first time in around nine years, the price of an ounce of gold surmounted $1,900. And silver surged approximately 10% in 36 hours. Kyle Bass \u2014 the CIO of Hayman Capital Management \u2014 commented on this trend when he recently said:<\/p>\n
\u201cSilver, Gold, Bitcoin, etc all look to be ready to make explosive moves higher given the sheer amount of money printing going on around the world.\u201d<\/p><\/blockquote>\n
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Silver, Gold, Bitcoin, etc all look to be ready to make explosive moves higher given the sheer amount of money printing going on around the world. Here is a chart or front-month silver going back 10 years. pic.twitter.com\/i9kHa9TVmi<\/a><\/p>\n
— \ud83c\uddfa\ud83c\uddf8 Kyle Bass \ud83c\uddf9\ud83c\uddfc (@Jkylebass) July 21, 2020<\/a><\/p><\/blockquote>\n