2023-11-27 07:04
Copyrighted Image by: Reuters The global cryptocurrency market may be on the cusp of a significant shift, with key financial players like BlackRock Inc (NYSE:BLK). and Nasdaq engaging in discussions with the U.S. Securities and Exchange Commission (SEC) on Sunday evening regarding the listing of spot Bitcoin ETFs. The meeting comes at a time when the global crypto market cap has seen a slight increase to $1.42 trillion, while Bitcoin itself has climbed to $38,300. According to a report by Santiment, this uptick in Bitcoin's price coincides with top Tether holders accumulating an extra $1.67 billion over the past six months. Such whale activity often precedes further price increases for Bitcoin, suggesting that if these trends continue, the market could see additional upward momentum. This dialogue is particularly relevant for companies such as Fidelity, Invesco Galaxy, Valkyrie, WisdomTree, VanEck, and Bitwise, which are all in the process of awaiting decisions on their respective ETF proposals. In tandem with these developments in the crypto space, stock futures hint at a pause in Wall Street's recent rally. S&P 500 futures have dipped slightly amidst concerns that weakening consumer spending could dampen the economic impact of the holiday shopping season. Investors are closely monitoring upcoming economic reports, including today's new home sales data and the Dallas Fed Manufacturing Survey. Additional reports on inflation and consumer confidence are scheduled for release later this week. Investors and market watchers remain attentive to these unfolding events as they could pave the way for new investment products and potentially spur further growth within the cryptocurrency market. https://www.investing.com/news/cryptocurrency-news/bitcoin-etf-discussions-by-blackrock-and-nasdaq-hint-at-potential-rise-93CH-3243365
2023-11-27 07:02
Copyrighted Image by: Reuters The world of decentralized finance is buzzing with the rapid rise of Blast, an Ethereum layer-2 network initiative that has garnered over $405 million in total value locked (TVL). Under the stewardship of Tieshun Roquerre, Blast promises high yields from DeFi projects such as Lido and MakerDAO, advertising "risk-free" staking rewards. This claim has raised eyebrows within the crypto community, with many experts questioning the true absence of risk in staking and expressing concerns about transaction security, particularly regarding the use of anonymous keys. Despite the enthusiasm surrounding the project's ability to attract significant investment, there is a growing chorus of skepticism. Critics have drawn parallels between Blast’s offerings and Ponzi schemes, largely due to its strategy of locking up funds for three months prior to its bridge launch scheduled for February. This lockup policy has been a point of contention, especially among responsible crypto practice advocates. One such critic is Paradigm, a seed investor in Blast, which has publicly expressed disapproval of the network's approach. Paradigm has highlighted the potential negative impact on the crypto sector's integrity due to Blast's premature bridge introduction and withdrawal restrictions. The conversation around Blast underscores the ongoing debate within the cryptocurrency industry about balancing innovation with user protection and market stability. As the project moves toward its February launch, all eyes will be on how it navigates these challenges and whether it can maintain its momentum amidst rising scrutiny. https://www.investing.com/news/cryptocurrency-news/ethereums-blast-layer2-network-draws-405m-in-tvl-amid-criticism-93CH-3243364
2023-11-27 06:32
Copyrighted Image by: Reuters. The cryptocurrency platform Blast, under the leadership of Tieshun "Pacman" Roquerre, who also founded Blur, has found itself at the center of controversy due to its launch strategy. The platform, which has recently gathered $405 million in total value locked (TVL) for its upcoming Ethereum layer-2 network, is being scrutinized for its resemblance to a Ponzi scheme and for the security concerns raised due to the need for anonymous keys in transactions. Investment firm Paradigm, an early backer of Blast with a $20 million seed investment, has openly criticized the platform's approach. Dan Robinson of Paradigm took to social media on Sunday to express concerns over Blast's decision to release a bridge before its layer-2 platform and the imposition of a three-month withdrawal freeze. Robinson emphasized that these practices could tarnish the crypto industry's reputation. Despite these disagreements, he reaffirmed Paradigm's support for independent founders. Blast has been successful in securing a significant TVL, with $535 million reported on DeFi Llama amidst the ongoing scrutiny. The platform has been enticing users with high yields on Ethereum and stablecoins, as well as promises of rewards similar to those seen in Blur’s Season 2 payouts, which have been quite lucrative for some traders. One trader notably earned $8.4 million in BLUR tokens from Season 2 activities. As Blast continues to attract attention with its high-yield offerings and prepares for further rewards akin to those from Blur’s anticipated Season 3, Paradigm is advocating for changes in Blast’s operations. However, resistance has been met from Roquerre, who prefers to keep decision-making internal. This standoff reflects the broader tension within the crypto community between rapid innovation and adherence to established best practices for investor protection and industry standards. https://www.investing.com/news/cryptocurrency-news/blast-faces-criticism-from-paradigm-over-launch-strategy-and-fund-lockup-93CH-3243360
2023-11-27 06:10
FRANKFURT - In a recent town hall meeting, European Central Bank (ECB) President Christine Lagarde highlighted the volatility and risks of cryptocurrency investments by sharing a personal anecdote about her son's substantial loss in the crypto market. She recounted how her son faced a 60% loss on his cryptocurrency investment, which underscored her long-standing concerns about the sector. Lagarde has been vocal about the need for stringent global regulation of cryptocurrencies, associating the digital assets with illegal activities and speculative trading. Her son's experience served as a case in point for the potential dangers that investors may encounter in the largely unregulated market. The ECB is concurrently advancing its work on a digital euro, aiming to provide a safer and regulated alternative to private cryptocurrencies. While the launch of this initiative could be years away, it forms part of the central bank's strategy to protect consumers and ensure financial stability amidst the rise of digital currencies. https://www.investing.com/news/cryptocurrency-news/ecb-president-calls-for-global-crypto-regulation-cites-sons-loss-93CH-3243346
2023-11-27 06:09
Copyrighted Image by: Reuters. The recent weeks have seen a significant shift in the Bitcoin network's dynamics, with transaction fees experiencing a notable decrease while miner revenue for November outstripped that of the previous month. On Thursday, data analysis revealed that the average cost of Bitcoin transaction fees had fallen to $5.89, with the median fee at $2.86. This marked a substantial drop from the fees earlier in the month, which had risen above $18 per transaction. Despite the lower fees, blockchain usage remained robust, with around 347,791 inscriptions processed on that day. The network's activity had surged around Saturday last week, with a record-breaking number of over 475,000 transactions indicating strong engagement. This high level of usage continued throughout the week, consistently exceeding 300,000 daily transactions. On Friday, a backlog in the mempool resulted in approximately 269 blocks worth of unconfirmed transactions, highlighting the network's congestion issues. Despite this, miners had a profitable month with total earnings reaching $945 million in November, surpassing October's total of $880 million. Fee revenue alone was nearing the peak seen in May, with miners earning over $124 million. Transaction costs varied based on priority levels. High-priority transactions were priced at about $2.38, while those with no priority came in at an estimated cost of $1.17 per transfer. This financial landscape for Bitcoin reflects a vibrant ecosystem where network usage and miner profitability can fluctuate significantly but also demonstrates the network's capacity to handle large volumes of transactions efficiently. https://www.investing.com/news/cryptocurrency-news/bitcoin-transaction-fees-drop-as-miner-revenue-surpasses-october-93CH-3243347
2023-11-27 06:07
Cryptocurrency markets have been a focal point for investors seeking signs of stability and growth potential, and XRP appears to be a standout in the recent tumultuous trading landscape. After facing a significant market sell-off exacerbated by Binance's legal issues, XRP has shown remarkable resilience. On Sunday, the digital currency demonstrated strength by rallying from a support level of $0.57. The rebound follows a substantial 22% drop from its early November peak of $0.734. XRP's technical chart is now suggesting an 18% surge if the bull flag pattern holds true, with resistance targets set at $0.732 and potentially extending to $0.75. The bull flag pattern, which consists of an initial price gain followed by a period of consolidation, indicates continued buyer interest. This sentiment is further reinforced by recent whale acquisitions of roughly 11 million XRP. Such large-scale purchases often signal confidence among high-net-worth individuals or institutions in the asset's future performance. XRP's recovery trajectory is also evidenced by its trading volume, which surged to $823 million, an increase of 2.7%. This spike in volume points to renewed investor interest as the cryptocurrency navigates its recovery phase. In contrast, Bitcoin has experienced less volatility during recent market fluctuations. Investors are keeping a close eye on crucial support and resistance levels for XRP. A break below the key support at $0.56 could lead to a deeper correction towards $0.46, while steady progress above current levels may confirm the positive outlook suggested by the symmetrical triangle pattern—a zone that has historically faced selling pressure. Adding to XRP's appeal is its status as the top-traded asset on platforms such as Uphold Ascent and Uphold wallet. Since rebounding from its low of $0.578 on Nov. 22, XRP has advanced to $0.63, marking multiple days of uninterrupted growth. https://www.investing.com/news/cryptocurrency-news/xrp-shows-resilience-with-potential-18-surge-amid-market-recovery-93CH-3243344
