2023-11-27 13:23

Copyrighted Image by: Reuters The cryptocurrency market presented a mixed performance today, with leading digital currencies Bitcoin and Ethereum experiencing slight downturns. Bitcoin dipped by 1.24%, trading at approximately $37,238, while Ethereum saw a 1.48% decrease, valued at around $2,043. Despite these daily losses, Bitcoin has shown resilience with a notable increase from its early November valuation of roughly $34,397, at times approaching the $38,000 mark. The overall crypto market capitalization also saw a minor retraction of 1.12% within the past day, currently standing at $1.42 trillion. This data comes from CoinMarketCap, a widely referenced source for cryptocurrency valuations and market movements. While the major cryptocurrencies like Binance Coin, Ripple, Solana, and Dogecoin were part of the downtrend, there were still some cryptocurrencies that bucked the trend. Notably, Axie Infinity, a token associated with a popular blockchain-based game, surged by an impressive 15.9% due to increased user engagement. Other cryptocurrencies that managed to carve out gains amidst the market's modest retreat include Leo, Cosmos, Uniswap, Binance USD, Iota, Braintrust, and Circuits of Value. These tokens showed that even as the market at large faces fluctuations, specific projects can still capture investor interest and achieve growth. https://www.investing.com/news/cryptocurrency-news/bitcoin-and-ethereum-face-modest-declines-amid-mixed-cryptocurrency-market-movements-93CH-3243826

2023-11-27 13:21

Following a recent exploit that threatened the security of decentralized finance, Kyber Network has successfully retrieved $4.67 million by engaging with frontrun bot operators. This recovery comes after a complex attack, described as an "infinite money glitch," targeted liquidity pools on the Polygon and Avalanche networks. The network confirmed Sunday that they are working closely with law enforcement to continue recovering user funds from various blockchain platforms impacted by the exploit. In a separate but related sphere of the cryptocurrency world, presidential candidate Vivek Ramaswamy is bringing Bitcoin to the forefront of political discussion. On Friday, Ramaswamy announced his intention to include the topic of Bitcoin in Republican debates, framing it as a matter of technological freedom and innovation. This move comes amid his criticism of U.S. government officials who perceive Bitcoin as a systemic risk. Ramaswamy's stance on digital currencies was further elucidated in an interview on "What Bitcoin Did," where he challenged the views of legislators like Senator Elizabeth Warren, who has supported potential bans on digital currencies like Bitcoin in the United States. In other financial news, Grayscale's Bitcoin Trust (GBTC) saw its discount rate narrow significantly on Thursday, suggesting a growing optimism for the approval of spot Bitcoin ETFs in the U.S. market. This optimism is fueled by actions from major financial institutions such as BlackRock (NYSE:BLK), which filed for spot Bitcoin ETFs back in June. Meanwhile, Argentina's political landscape is poised for a dramatic shift in economic policy as President-elect Javier Milei, representing the Freedom Advances party, has pledged to abolish the nation's central bank. His commitment, made public on Wednesday, is a response to the country's escalating inflation rates, and he has dismissed any suggestions of tempering his economic strategy upon taking office. The cryptocurrency sector continues to face various challenges, with former Binance CEO Changpeng Zhao contesting proposed changes to his bail conditions set by U.S. authorities. Additionally, cryptocurrency exchange Zipmex paused its trading activities in Thailand due to regulatory compliance issues, underscoring the ongoing regulatory hurdles within the industry. Reports have also surfaced about increasing substance abuse among cryptocurrency traders, attributed to the high stress associated with market volatility. https://www.investing.com/news/cryptocurrency-news/kyber-network-recovers-467-million-after-exploit-negotiation-93CH-3243824

2023-11-27 13:15

Copyrighted Image by: Reuters. A Bitcoin whale suffered a significant loss today when they were charged an exorbitant fee of 83.6549 BTC, approximately $3.17 million, for a transaction of merely 55.7699 BTC. The incident occurred at block height 818087 and has raised concerns over the need for more efficient transaction solutions in the cryptocurrency space. The costly mistake has sparked debate within the crypto community, with some suspecting money laundering while others believe it to be a genuine error. This event underscores the potential risks associated with blockchain transactions, where errors can be exceptionally expensive. In response to such incidents, there is a growing call for the integration of decentralized finance (DeFi) solutions and the lightning network, which can significantly reduce transaction costs without compromising security. The lightning network, in particular, is already supported by major platforms such as Binance and is favored by experienced cryptocurrency users to avoid high fees, especially during times of network congestion. The mining pool AntPool is reported to have benefited from the unusually high transaction fee. Despite this mishap, the overall sentiment in the Bitcoin market remains positive. Recent market activity has been robust, and there is optimism about Bitcoin's price trajectory, with some analysts forecasting a potential rise above $40,000 by the end of the year. This comes after a notable increase in Bitcoin's value, surpassing $38,000 amidst ongoing legal proceedings against cryptocurrency figure Do Kwon. https://www.investing.com/news/cryptocurrency-news/bitcoin-whale-incurs-317-million-fee-in-transaction-error-93CH-3243812

2023-11-27 13:07

Copyrighted Image by: Reuters. The cryptocurrency market is witnessing a notable phase as Bitcoin maintains its stability, with recent data indicating a strong holding pattern among long-term investors. On Sunday, Bitcoin's price saw a slight increase to $37,722.93, while its market capitalization inched up to $737.55 billion, and the circulating supply remained at 19.55 million BTC. A recent Glassnode report highlights that approximately 84% of Bitcoin's supply is now profitable, mirroring a similar situation from November of the previous year. Despite these profits, there has been no significant move by long-term holders to liquidate their assets. This behavior suggests a potential 'euphoria phase' as holding patterns exceed the historical average by a considerable margin. The accumulation trends have shown remarkable strength, with recent rallies outperforming those earlier in the year and contributing to a nearly forty percent price increase over the past month. Long-term holders are now controlling more Bitcoin than ever before, with holdings reaching an all-time high of about 14.9 million BTC. In contrast, the supply held by short-term holders has hit an all-time low of approximately 2.3 million BTC. This disparity between long-term and short-term holder supply could indicate that substantial unrealized gains may be necessary before increased selling pressure occurs. The market trading has surged to year-to-date highs, with over 83% of Bitcoin now profitable. However, the modest unrealized profits have not yet compelled long-term holders to sell, despite strong accumulation signals and supply holdings that exceed historical averages by significant margins. The current market conditions, coupled with the strategic holding by long-term investors, suggest a bullish sentiment that could potentially lead to an emerging bull market. As the crypto asset's trading volume decreased significantly by over half to $8,399,760,280 on Sunday, the market is closely watching these trends to gauge the future trajectory of Bitcoin's value. https://www.investing.com/news/cryptocurrency-news/bitcoin-holds-steady-amid-signs-of-longterm-holder-confidence-93CH-3243806

2023-11-27 11:35

Copyrighted Image by: Reuters. The cryptocurrency market has experienced a notable contraction, with Bitcoin and Ether facing declines in their values. As of today, Bitcoin's price decreased by 1.24%, trading at $37,238. Ether, the second-largest cryptocurrency by market capitalization, also fell by 1.48%, with its price currently at $2,043, struggling to overcome resistance at the $2,130 level. This downtrend has led to the overall crypto market cap shrinking by 1.12% to a total of $1.42 trillion. The broader market saw mixed results. On Sunday, Bitcoin's price action was characterized by fluctuations, reaching highs of $37,800 and lows of $37,100. Despite these swings, Bitcoin's dominance slightly increased to 51.5%, and the market cap fell to $730 billion. Altcoins varied in performance; while Ethereum dipped up to 2% and Solana dropped by roughly 5%, Dogecoin and Shiba Inu eked out marginal gains. In contrast, the Terra ecosystem stood out, with its stablecoin and tokens Terra Classic (LUNC) and Terra (LUNA) posting significant gains. Other cryptocurrencies such as Solana, Cardano, Dogecoin, Binance Coin, and Ripple recorded losses. However, some assets went against the grain, with Binance USD and Iota seeing positive movements, alongside Leo and Cosmos. Notably, Axie Infinity surged by 15.9%, reflecting a spike in player engagement. Investors and market participants are keeping a close eye on these developments, as the volatile nature of the cryptocurrency market continues to present both challenges and opportunities. https://www.investing.com/news/cryptocurrency-news/bitcoin-and-altcoins-see-fluctuations-amid-market-retreat-93CH-3243660

2023-11-27 11:16

Copyrighted Image by: Reuters. Swiss-based digital asset custody provider Metaco has announced a significant partnership with banking giant HSBC, a move that is expected to strengthen support for the XRP Ledger (XRPL) in the wake of Ripple's acquisition. Adrien Treccani, the CEO of Metaco, attributes the success of this collaboration to persistent negotiations spanning 18 months, which now indirectly promotes the usage of XRPL and its native XRP token. The integration combines Metaco's digital asset custody solutions with Ripple's capabilities, providing banks with a vertical stack solution for effectively managing tokenization life cycles and payment primitives. This partnership comes at a time when Ripple is embroiled in a lawsuit with the U.S. Securities and Exchange Commission. However, Metaco remains committed to advancing its partnerships with tier one banks worldwide, focusing on enhancing the efficiency of cross-border payments. HSBC's foray into digital assets through this partnership marks a significant shift in the financial industry towards tokenization, with expectations that banks will increasingly offer a broad range of cryptocurrency-related services. This aligns with Treccani's vision of financial freedom and indicates a broader industry pivot towards embracing digital asset services. https://www.investing.com/news/cryptocurrency-news/swiss-firm-metaco-partners-with-hsbc-to-bolster-xrpl-93CH-3243635