2023-12-07 19:14

Copyrighted Image by: Reuters The cryptocurrency market has been experiencing a wave of activity as Bitcoin continues to assert its dominance. Amidst this, the altcoin Render (RNDR) has demonstrated notable resilience in the face of price volatility. Significant whale transactions involving RNDR have been observed on the exchange platform Coinbase (NASDAQ:COIN), revealing a dynamic redistribution among major players. Spot On Chain, a blockchain analytics firm, has been tracking these whale activities, which included a group of four whales that moved approximately 8.13 million RNDR. This movement was part of a larger trading pattern where two prominent wallets sold around half of this amount, netting profits of $7.68 million. In addition to these sales, wallets associated with Multicoin Capital were reported to be involved in transferring another large sum of RNDR, totaling about 3.52 million tokens, onto Coinbase. Following these substantial sell-offs, five new whales entered the scene, acquiring roughly 5.29 million RNDR. https://www.investing.com/news/cryptocurrency-news/bitcoin-dominance-lifts-crypto-market-render-shows-resilience-with-whale-activity-93CH-3251959

2023-12-07 18:47

Copyrighted Image by: Reuters. NEW YORK - The EUR/USD currency pair experienced a slight recovery today, halting its six-day downward trend amid a broader sell-off of the US dollar and increased buying interest in the Japanese yen. The pair had reached a multi-week low since November 14 but found some support in the mid-1.0700s. This rebound comes despite expectations that weaker equity markets may limit the US dollar's losses and cap gains for the euro. The market's anticipation of a potential shift in the European Central Bank's (ECB) monetary policy influenced the euro's movement. Comments made on Tuesday by ECB Executive Board member Isabel Schnabel suggested that the central bank could consider pausing its rate hikes due to falling inflation rates. This dovish tone has led to market speculation about a substantial ECB rate cut, with predictions totaling 142 basis points in 2024. Adding to the eurozone's economic picture, German industrial production in October fell more than expected by 0.4%, signaling potential economic headwinds. Investors are now closely monitoring upcoming US employment data, including Jobless Claims and particularly the Nonfarm Payrolls (NFP) report expected on Friday, for further cues on currency movements. In other currency news, the USD/CAD pair rose after the Bank of Canada decided to maintain interest rates at 5%. Meanwhile, GBP/USD remained subdued as strong demand for the US dollar persisted, with expectations that the Federal Reserve is unlikely to raise rates until at least July while UK interest rates are predicted to remain steady. Currency pairs such as EUR/GBP are consolidating ahead of the Eurozone GDP forecast, which is expected to be flat following weak retail sales data. The AUD/USD faces continued selling pressure due to China’s economic challenges and speculation about an upcoming rate cut by the Reserve Bank of Australia. However, anticipations of a dovish stance from the Fed might limit further losses for these currencies. https://www.investing.com/news/forex-news/eurusd-rebounds-as-ecb-hints-at-rate-hike-pause-usd-softens-93CH-3251946

2023-12-07 13:49

Copyrighted Image by: Reuters SAN FRANCISCO - Leading cryptocurrency exchange Coinbase (NASDAQ:COIN) is slated to list JITO, a new governance token, on the Solana network today. This move follows a significant 60% rally in the price of Solana's coin in the past month, with its market valuation now standing at approximately $27 billion. The listing comes after Coinbase CEO Brian Armstrong praised Solana for its performance capabilities. Coinbase's latest addition, JITO, will serve as the governance token for the Jito Network, which focuses on decentralized governance and mitigating Maximum Extractable Value (MEV) issues. The network is recognized as a key player within the Solana ecosystem, holding the position of second-largest by Total Value Locked (TVL). In anticipation of the listing, Coinbase Assets announced that trading of JTO-USD would commence today after meeting liquidity conditions at or after 11 AM Eastern Time. However, access to trading may vary across different regions. The Jito Network has planned an airdrop of JITO tokens to eligible contributors within its ecosystem. This airdrop is scheduled for today and is expected to distribute 10% of JITO's 1 billion total supply. The tokens will grant holders influence over important network decisions including fee determination for JitoSOL stake pool and treasury management. The allocation of tokens also aims to support community growth (34.3%), ecosystem development (25%), core contributors (24.5%), and investors (16.2%, vested over three years). Jito's token launch is seen as part of an expansion strategy amid broader plans by Coinbase for Solana integration. Despite recent challenges faced by the Solana network due to FTX’s collapse affecting investments, the blockchain has seen renewed interest from developers who favor its efficient and cost-effective platform for building applications. This resurgence in developer activity comes alongside attention from mainstream companies such as Visa (NYSE:V) and Shopify (NYSE:SHOP), which have shown interest in integrating with Solana. https://www.investing.com/news/cryptocurrency-news/coinbase-set-to-list-solanabased-jito-token-plans-airdrop-93CH-3251714

2023-12-07 11:30

Copyrighted Image by: Reuters Talks between SEC and Bitcoin ETF issuers in 'advanced' stages - report Discussions between the U.S. Securities and Exchange Commission (SEC) and asset managers seeking to launch Bitcoin exchange-traded funds (ETFs) have progressed to key technical details, suggesting potential approval of these products, according to Reuters. The talks now cover custody arrangements, creation and redemption mechanisms, and investor risk disclosures. A potential Bitcoin ETF approval could open access for investors through the regulated stock market, with expected demand reaching $3 billion in the initial days. Thirteen firms, including Grayscale Investments, BlackRock (NYSE:BLK), Invesco, and ARK Investments, have pending ETF applications. The SEC, historically cautious about bitcoin ETFs due to investor protection concerns, has engaged in substantive discussions following a court ruling in August that deemed its rejection of Grayscale's ETF application incorrect. The SEC's final decision on ARK's filing, the first in line, is due by January 10, and the advanced nature of discussions hints at possible approval in the New Year. The ongoing talks have coincided with a recent surge in Bitcoin prices to a 20-month high. https://www.investing.com/news/cryptocurrency-news/talks-between-sec-and-bitcoin-etf-issuers-in-advanced-stages--report-432SI-3251486

2023-12-07 10:55

Copyrighted Image by: Reuters. The Bitcoin Core Project has unveiled a significant update with the release of Bitcoin Core v26.0 on December 6, 2023, featuring key enhancements aimed at improving security and network performance while addressing concerns around the controversial Bitcoin Ordinals and BRC-20 tokens. The new version introduces preliminary support for an optional v2 protocol, known as BIP324, to optimize peer-to-peer connectivity without compromising existing legacy protocol operations. This measure is expected to bolster defenses against eclipse attacks, which can isolate a node from the rest of the network, thereby compromising its functionality. In addition to security upgrades, Bitcoin Core v26.0 integrates loadtxoutset RPC (NYSE:RES) to expedite node bootstrapping using UTXO snapshots. This development is anticipated to reduce synchronization times significantly, offering a more efficient experience for users joining the network. RPC improvements in this update also enhance the monitoring of node synchronization through getchainstates and provide advanced Taproot integration for wallets, further strengthening the overall Bitcoin infrastructure. Looking ahead, developers have indicated that the forthcoming v27 update may address the issues caused by Bitcoin Ordinals—unique satoshis that have led to blockchain bloat and elevated transaction fees by exploiting vulnerabilities in transaction data size limits since 2013. These Ordinals have been encoded with extra data disguised as program code, circumventing existing restrictions. Despite a minor drop of 5.2% following the release, ORDI—a notable BRC-20 token linked to Ordinals—has experienced a remarkable surge of approximately 680% over the past month. The community remains divided on the value of Ordinals. Some see them as a creative expression within the Bitcoin ecosystem, while others argue for preserving Bitcoin's primary function as a digital currency free from such burdensome innovations. https://www.investing.com/news/cryptocurrency-news/bitcoin-core-v260-release-tackles-security-and-ordinals-issue-93CH-3251446

2023-12-07 10:10

Copyrighted Image by: Reuters WEDNESDAY - Cryptocurrencies experienced a notable uptick, with Dogecoin spearheading the rally with an 8.34% increase, elevating its price to 10 cents. The broader market uptrend was also reflected in the performance of other digital currencies; Polkadot and Cardano saw their values ascend to $6.15 and 44 cents, respectively. The positive momentum extended beyond individual cryptocurrencies, with crypto-related funds showcasing bullish sentiment. The Bitwise Crypto Industry Innovators ETF and Amplify Transformational Data Sharing ETF both reported gains, while the Grayscale Bitcoin Trust surged, further indicating investor confidence in the sector. Despite the overall market growth, some assets experienced a downturn. Uniswap and Ethereum saw their values dip, and shares of Coinbase (NASDAQ:COIN) Global Inc. fell by 1.2%. Similarly, MicroStrategy Inc. and Riot Platforms (NASDAQ:RIOT) saw slight decreases in their share prices, contrasting with Marathon Digital (NASDAQ:MARA) Holdings' shares which moved upwards. Tech companies with cryptocurrency exposure also enjoyed share growth, including Block Inc., Tesla (NASDAQ:TSLA) Inc., PayPal (NASDAQ:PYPL) Holdings, NVIDIA Corp (NASDAQ:NVDA)., and Advanced Micro Devices (NASDAQ:AMD). https://www.investing.com/news/cryptocurrency-news/dogecoin-leads-crypto-market-rally-with-834-surge-93CH-3251401