Welcome to the daily crypto news :
Bitcoin Eyes $7,800 After Biggest Daily Price Gain in a Month;
What the Fed Reserve’s Balance Sheet Expansion Means for Bitcoin;
Coinbase Secures Patent for System to Identify Non-Compliant Accounts;
Kraken, One of Oldest Bitcoin Exchanges, Joins Silvergate Exchange Network;
Binance to Launch Crypto Travel Rewards Card with Startup TravelByBit;
Bitcoin Eyes $7,800 After Biggest Daily Price Gain in a Month
Bitcoin eked out the biggest single-day gain in four weeks on Wednesday, confirming a short-term price breakout and opening doors for a test of resistance at $7,800.
The number one cryptocurrency printed a UTC close at $7,528 on Bitstamp, representing a 5.15 percent gain on the daily opening price of $7,168. That's the biggest single-day price rise since Oct. 26. On that day, BTC rose by 6.81 percent and printed highs above $10,300.
Wednesday’s gain looks more impressive if we take into account the rejection of lower prices seen during the European trading hours. Prices had dropped to $6,850, but were quickly reversed and the cryptocurrency ended the day on an optimistic note, validating the seller exhaustion signaled by key technical indicators.
More importantly, BTC activated twin bullish cues on the intraday charts with a convincing move above $7,400 and could continue to draw bids in the short-term.
At press time, BTC is changing hands at $7,480, having hit a high of $7,670 during the U.S. trading hours on Wednesday.
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What the Fed Reserve’s Balance Sheet Expansion Means for Bitcoin
The U.S. Federal Reserve is again expanding its balance sheet and prominent experts believe that could bode well for bitcoin in the long run.
The U.S. central bank's balance sheet includes a large number of distinct assets and liabilities. When interest rates begin to rise, the Fed pumps more money into the system by buying treasuries. The banks, therefore, have more cash available to lend and lower interest rates.
In October, the Fed's assets grew by over $162 billion to register the biggest monthly rise since 2008.
Popular analyst @Rhythmtrader hinted this was a sign of impending turmoil, the kind bitcoin is supposed to be a haven from, in a Nov. 7 tweet.
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Coinbase Secures Patent for System to Identify Non-Compliant Accounts
Major American cryptocurrency exchange Coinbase has been awarded a patent for a system that identifies and flags non-compliant accounts.
A filing with the United States Patent and Trademark Office on Nov. 19 details a system containing a scoring model that “determines a compliance score for each one of the accounts based on the respective factors associated with the respective account.” The system then compares the compliance score for each account to detect those accounts that fail compliance standards.
Eliminating non-compliant accounts
After a flagging unit identifies purportedly non-compliant accounts, the system assesses whether they are good or bad, enters the determination into a feedback system and decides whether or not to close the account. The filing stated:
“An investigator may be able to determine whether an account is being used for illicit activities by doing research on the parties of the transaction who receive or send payment and determining whether such parties are regularly involved in illicit activities. It may for example be relatively easy to determine that a party sending or receiving payment is in the business of conducting online services that may be illegal.”
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Kraken, One of Oldest Bitcoin Exchanges, Joins Silvergate Exchange Network
Kraken, one of the largest and oldest Bitcoin (BTC) exchanges in the world, has joined the Silvergate Exchange Network (SEN). By joining SEN, the United States-based cryptocurrency exchange enables its clients to deposit and withdraw U.S. dollars from Silvergate accounts with no fees, the firm announced Nov. 27.
According to the announcement, the depositing process will be different based on whether Kraken users have a Silvergate account. If they have an account at Silvergate, Kraken users will simply have to enable SEN funding on their Kraken account before using the option. Those who do not have a Silvergate account will have to apply separately at bank.
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Binance to Launch Crypto Travel Rewards Card with Startup TravelByBit
travel startup TravelByBit to launch a rewards card that facilitates crypto payments on major travel websites.
Per the announcement, the card will function like a traditional prepaid card with access to additional discounts and rewards that users will be able to load with Bitcoin (BTC), Binance USD (BUSD), Binance Coin (BNB) and Ontology (ONT).
The card will be released early next year and will initially target travelers in the Association of Southeast Asian Nations, Australia and Europe, with plans to gradually expand.
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