Cryptocurrency News Update: Bitcoin creeps higher, Goldman explores the idea of stablecoins

Here's what you need to know on Friday


BTC/USD tested the intraday high above $11,900 during early Asian hours and retreated to $11,750 by press time. The first digital coin has gained 1.5% in the recent 24 hours and stayed unchanged since the beginning of the day, moving within a short-term bearish trend amid shrinking volatility.

At the time of writing, ETH/USD is changing hands at $394.50. The price has been locked in a tight range under $400 for the best part of the week. Several attempts to clear the barrier yielded to results. ETH/USD has stayed mostly unchanged both on a day-to-day basis and since the beginning of Friday. Now it is moving within a short-term bearish trend amid low volatility.

XRP/USD is changing hands at $0.3035. The price got back above $0.3000 after a short-lived dip below this psychological barrier. The coin stayed unchanged since the beginning of Friday. On a day-to-day basis, it is in a green zone. Now it is moving within the short-term bearish trend amid low volatility.

Among the 100 most important cryptocurrencies, Balancer (BAL) $13.9 (+37.7%), Decentraland (MANA) $0.0665 (+25.3%), Aave (LEND) $0.3710 (+16%) are the most successful.  The day's losers are Ampleforth (AMPL) $0.7553 (-6.8%), The Midas Touch Gold (TMTG) $0.0303 (-6.3%), Nexo (NEXO) $0.1762 (-3.6%)

Chart of the day:
BTC/USD, 30-min chart


The head of Pantera Capital believes that Bitcoin may hit $100,000 within two years. Speaking in Thinking Crypto podcast, the CEO of the cryptocurrency hedge fund Dan Morehead reiterated his uber optimistic Bitcoin forecast. He explained that in the long run, the price of the first digital coin tends to triple despite major short-term bullish and bearish movements. Morehead also added that the halving effect is not reflected in the price beforehand due to the low market efficiency.
Ethereum Classic experienced the second 51% attack in a week. According to the estimates of Bitquery analysts, the attackers stole 807 260 ETC (about $5.6 million). The hacker spent 17.5 BTC ($192 000) to get enough hash power for the attack.  The second hack was registered by the operator of mining pool Ethermine Bitfly and Binance. The reorg attack affected 4000 blocks.

Goldman Sachs is exploring the idea of creating its own stablecoin, according to Mathew McDermott, the new global head of digital assets in the bank. Speaking in the interview with CNBC, he noted that the bank is interested in promoting innovations based on digital assets and blockchain technology. He believes that in the next ten years we will see a transition to a financial system where all assets and liabilities are on the blockchain.

In the next five to 10 years, you could see a financial system where all assets and liabilities are native to a blockchain, with all transactions natively happening on chain… So what you’re doing today in the physical world, you just do digitally, creating huge efficiencies. And that can be debt issuances, securitization, loan origination; essentially you’ll have a digital financial markets ecosystem, the options are pretty vast.

The New York State Department of Financial Services (NYDFS) has created a so-called green list for digital tokens and coins pre-approved by the regulator. The licensees will be allowed to list and trade the pre-approved assets. The coins for the custody include Binance USD (BUSD), Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum Classic (ETC), Ethereum (ETH), Gemini Dollar (GUSD), Litecoin (LTC), Pax Gold (PAXG), Paxos Standard (PAX) and Ripple (XRP).

Meanwhile, Binance USD (BUSD), Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Gemini Dollar (GUSD), Litecoin (LTC), Pax Gold (PAXG) and Paxos Standard (PAX) are approved for the listing.

Any licensed entity may use coins on the Greenlist for their approved purpose(s). Note that if a licensed entity decides to use a coin on the Greenlist, it must inform DFS prior to beginning its use, NYDFS said on its website.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

Three reasons why the cryptocurrency market could be about to suffer one of the nastiest corrections in years

The cryptocurrency market seems to be stronger than ever and has seen a $250 billion increase in its market capitalization since the beginning of October. 

More Cryptocurrencies News

Yearn.Finance Price Forecast: YFI’s next buying opportunity may come at $18,000

YFI had an astounding 290% bull rally that started on November 5 and peaked on November 20 at $29,890. The digital asset seems to be under consolidation, and many indicators are turning bearish in the past ...

More News

XTZ attempts to breakout but technicals point to a retracement first

Tezos is up by 45% in the past week as it was one of the few cryptos left to go up. Bulls face a critical resistance level at $3, and some technical indicators suggest that investors should sell in ...

More Tezos News

Traders are buying XRP like crazy ahead of Flare Network’s airdrop

Ripple's XRP is changing hands at $0.64, having gained over 6% on a day-to-day basis and over 110% on a weekly basis. The coin hit the multi-year high at $0.7824 on November 24 but failed to hold the ground ...

More Ripple News


Bitcoin Weekly Forecast: BTC makes new yearly highs while its network activity looks worrisome

Bitcoin has lived through the best week since February 2018. The pioneer digital currency price gained over $2,000 in less than seven days. The bullish momentum allowed it to reach a new multi-year high of nearly $18,800, marking November 2020 one of the strongest bullish months ever. 

Read the weekly forecast