2023-12-05 14:42

Copyrighted Image by: Reuters. Coinbase (COIN) price target raised at Needham & Company as bitcoin cycle still in early innings Needham & Company raised its price target for Coinbase (NASDAQ:COIN) to $160 from $120 per share in a note Tuesday, maintaining a Buy rating on the stock. Analysts said that retail crypto metrics indicate the gains are still in their early innings. The firm views Coinbase as an "attractive way to play the growing crypto asset universe." "Retail crypto engagement is considerably lower than in prior years and despite the recent price gains, has been fairly muted. We have found that the best indicators for where crypto and COIN are in the cycle is based on a scale ranging from retail disinterest to euphoria. Today, retail interest is closer to disinterest," the analysts wrote. "Google Search Trends show 'Crypto' is currently at the same levels as July '23 and ~50% lower than the '22 avg," they added. "Coinbase ranking in app stores is at #24 today for finance apps vs #28 in Sep '23, #9 in Feb '22, and #1 in Oct '21." The analysts also noted that crypto website visits for October 2023 are lower than those in July 2023. However, they noted that Bitcoin dominance is near 2023 highs, indicating excess capital has not flowed into alt-coins, "which typically occurs in middle to late stages of the cycle." https://www.investing.com/news/cryptocurrency-news/coinbase-price-target-raised-at-needham--company-as-bitcoin-cycle-still-in-early-innings-432SI-3249809

2023-12-05 12:34

Copyrighted Image by: Reuters Binance, one of the world's leading cryptocurrency exchanges, has announced that it will start offering zero-fee trading on several FDUSD trading pairs, including popular cryptocurrencies like BNB and ETH. This move comes as part of a broader initiative to encourage trading activity and provide more value to its users. Starting from December 8 at 00:00 UTC, traders will be able to engage in fee-free transactions on six FDUSD pairs such as BNB/FDUSD and ETH/FDUSD. This promotional period is set against the backdrop of an evolving crypto market landscape with leading digital currencies showing bullish trends. Binance also clarified that trades on these selected pairs will not count towards users' VIP tier volume nor will they qualify for Liquidity Provider program benefits during the promotion. The exchange is known for its tiered trading fee discounts based on volume and holding of its native BNB token but has chosen to exclude these trades from such calculations. Additionally, Binance has implemented a temporary one-hour interest fee waiver on margin loans for various cryptocurrencies, including BTC and ETH. This waiver is part of the exchange's ongoing efforts to integrate FDUSD as a stablecoin substitute and follows their strategy of phasing out BUSD pairings. The waiver will be available until December 18 at 09:00 UTC. In parallel with these initiatives, Binance is set to enable fee-free transactions for additional spot and margin trading pairs such as XRP/FDUSD starting December 8. This service aims to promote fairness and equal opportunities for all users to enhance their portfolios. https://www.investing.com/news/cryptocurrency-news/binance-introduces-zerofee-trading-on-select-crypto-pairs-93CH-3249663

2023-12-05 12:16

NEW YORK - Ark Investment Management, led by CEO Cathie Wood, has been actively adjusting its portfolio in response to the cryptocurrency market's movements and broader fintech trends. In a strategic shift, Ark divested 10,218 shares of cryptocurrency exchange Coinbase (NASDAQ:COIN) from its ARKK and ARKF ETFs on Monday, realizing approximately $1.44 million during a period when Bitcoin surpassed the $40,000 mark and investors were eagerly awaiting decisions on spot Bitcoin ETFs. The sale occurred as Coinbase shares hit a high of $146.30 before closing at $141.09 on Monday. This move follows Ark's late November sale of over 118,000 Coinbase shares through ARKW and ARKF, signaling a nuanced approach to the firm's crypto asset investments during the market's recovery phase. Simultaneously, Ark Invest demonstrated its confidence in the fintech sector by purchasing 14,702 shares of Robinhood (NASDAQ:HOOD). The trading platform's stock price reached $9.55 and was poised for further gains after announcing a 4.40% increase in after-hours trading. This uptick is partly attributed to news of Robinhood's expansion into the UK market and the positive sentiment surrounding potential Bitcoin ETFs. Cathie Wood also commented on Bitcoin’s relevance in cyber warfare, reflecting the heightened interest from entities such as the Defense Department. Her remarks underscore robust market confidence in the varied applications of cryptocurrencies. Aside from its crypto-related transactions, Ark has been bolstering its fintech holdings by acquiring shares of companies like Robinhood and expanding into digital payments with investments in Toast Inc. Additionally, Ark's significant purchase of PagerDuty (NYSE:PD) Inc shares indicates its belief in the growth potential of IT management solutions. https://www.investing.com/news/cryptocurrency-news/ark-invest-sells-coinbase-shares-buys-into-robinhood-amid-crypto-rally-93CH-3249643

2023-12-05 11:20

Copyrighted Image by: Reuters SAN FRANCISCO - Cryptocurrency platform Uphold has been experiencing technical difficulties that are causing delays in cryptocurrency withdrawals, including for the digital currency XRP. The issues were first acknowledged by Uphold on Monday, with the company swiftly informing its users via X (formerly Twitter) about the ongoing problems. The withdrawal delays seem to be part of a broader pattern of transactional congestion. Today, reports have emerged of a Coinbase (NASDAQ:COIN) user facing a seven-hour wait, at the time of disclosure, for an Ethereum transfer to be completed, highlighting the frustration among customers over the prolonged transaction times across various platforms. Although Uphold has not specified the exact cause of the current withdrawal delays, past service interruptions at the company have been attributed to increased demand following favorable legal decisions regarding XRP. It is speculated that the current issues may be related to the registration process for the Evernode airdrop, which involves over two billion qualifying XRP tokens. The anticipation for this event could be contributing to higher-than-usual traffic and subsequent stress on the system. Cryptocurrency exchanges like Uphold and Coinbase are no strangers to challenges brought about by sudden spikes in activity. Users of these platforms are often reminded of the volatile nature of digital asset markets, not just in terms of price but also in operational performance during periods of high demand. https://www.investing.com/news/cryptocurrency-news/uphold-users-face-delays-in-crypto-withdrawals-possibly-linked-to-evernode-airdrop-93CH-3249551

2023-12-05 09:30

Copyrighted Image by: Reuters Investing.com - The U.S. dollar stabilized in early European trade Tuesday, near a one-week high, as traders scaled back dovish Federal Reserve bets ahead of key economic data releases. At 04:30 ET (09:30 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, traded largely unchanged at 103.559, after recording its weakest monthly performance in a year in November. Greenback finds support ahead of key data The dollar was on the backfoot for most of November as traders began pricing in bigger rate cuts by the Fed next year than by any other major central bank. However, the greenback has found some support with traders scaling back those bets ahead of the release of a series of important data releases this week, starting later in the session with U.S. job openings and ISM services activity data, before the widely watched nonfarm payrolls on Friday. “We suspect markets may be positioning ahead of next week’s Fed meeting, when Chair Jerome Powell may insist on his pushback against rate cut bets,” said analysts at ING, in a note. “Today, however, market moves will be heavily impacted by two important data releases: JOLTS job openings and the ISM services. The first probably holds the keys to a bigger market reaction, given the proximity to U.S. payrolls data and the fact that markets are anxiously waiting for signs of a decisive turn lower in the jobs market to jump on bearish dollar positions.” Eurozone heading for recession In Europe, EUR/USD edged lower to 1.0835, close to Monday’s three-week low, after the eurozone’s composite PMI rose to 47.6, its best reading since July, from October's near three-year low of 46.5, and above a 47.1 preliminary estimate. While the downturn in the region’s business activity eased last month, it still suggested the bloc's economy will contract again this quarter, pointing to a regional recession. Last quarter the economy contracted 0.1%, according to official data. Eurozone inflation tumbled to 2.4% last month from above 10% a year earlier, putting it close to the ECB's 2% inflation target. The European Central Bank can take further interest rate hikes off the table given a "remarkable" fall in inflation and policymakers should not guide for rates to remain steady through mid-2024, ECB board member Isabel Schnabel, a known hawk, said Tuesday. GBP/USD fell 0.1% to 1.2624, retreating further from its recent three-month top of 1.2733. Aussie dollar slumps after RBA meeting In Asia, AUD/USD fell 0.6% to 0.6581 after the Reserve Bank of Australia held its benchmark interest rate steady at 4.35%, after hiking by 25 basis points in October. Governor Michele Bullock said that the bank needed more economic cues before considering any more changes to monetary policy, but warned that inflation risks still persisted. USD/JPY traded 0.1% lower to 147.07, some distance away from the three-decade low of 151.92 it touched in the middle of November, even as growth in the country’s services sector missed expectations in November. USD/CNY traded largely unchanged at 7.1418, even as a private survey showed the country’s services sector grew more than expected in November. But the yuan was presented with new downside risks from growing fears of another epidemic in the country, as local media reports showed a spike in respiratory illnesses across major Chinese cities. https://www.investing.com/news/forex-news/dollar-largely-unchanged-ahead-of-jobs-opening-services-pmi-data-3249434

2023-12-05 09:17

Copyrighted Image by: Reuters Cryptocurrencies are experiencing a notable uptrend, with Bitcoin reaching new heights and a lesser-known token, ORDI, hitting an all-time high. ORDI, which operates on the Ordinals protocol, achieved a record value of $44.03 before experiencing a minor correction to approximately $41.50. This represents a substantial 28% daily increase and an impressive 114% rise within the past week. Bitcoin, the leading cryptocurrency by market capitalization, has also shown significant gains. It soared above $42,000, following its climb over $40,000 on Sunday afternoon. This bullish momentum reflects a broader enthusiasm in the digital currency market. ORDI's remarkable performance can be traced back to its inception earlier this year by creator Domo (NASDAQ:DOMO). Since then, it has been embraced by major cryptocurrency exchanges such as Binance and OKX, which has contributed to its rising market valuation of $873 million. This growth places ORDI at the 65th position in cryptocurrency rankings according to CoinGecko. The token's surge is not an isolated event in the crypto space. Other BRC-20 tokens have also witnessed substantial gains over the past week. DOMO skyrocketed by 1,098%, while PEPE increased by 107%, showcasing the dynamic nature of this asset class. The trading volumes of ORDI reflect the market's bullish sentiment as well, with recent transactions amounting to approximately $859 million. Over the past month alone, ORDI's value has escalated by an astonishing 549%, underscoring its rapid ascent in the cryptocurrency ecosystem. https://www.investing.com/news/cryptocurrency-news/bitcoin-and-ordi-surge-as-crypto-market-shows-bullish-trend-93CH-3249423