2023-11-24 21:16

Copyrighted Image by: Reuters SAN FRANCISCO - Coinbase (NASDAQ:COIN), a leading cryptocurrency exchange, saw its stock (NASDAQ:COIN) surge to $115.75 per share today, marking a significant rebound to levels last witnessed over a year ago. The rally in COIN coincided with a broader surge in the cryptocurrency market, with Bitcoin breaking past the $38,000 mark and Ethereum approaching $2,131. The resurgence of Coinbase's stock value echoes the company's performance before May 2022, prior to the market downturn triggered by the collapse of Terra's algorithmic stablecoins and its LUNA cryptocurrency. Since its initial public offering in 2021, COIN's valuation had been impacted by the bearish sentiment that swept through the crypto space following that event. Coinbase's recent price surge can be attributed in part to its strategic partnerships with heavyweight financial institutions such as BlackRock (NYSE:BLK) and Fidelity. These collaborations are focused on providing custody services for the firms' anticipated Bitcoin exchange-traded funds (ETFs). These ETFs are designed to offer traditional investors a way to engage with the crypto economy by investing in shares that track the value of Bitcoin. The proposed ETFs are currently under review by the U.S. Securities and Exchange Commission (SEC). Investor enthusiasm around these developments has been palpable, as partnerships with established financial entities like BlackRock and Fidelity lend credibility to Coinbase's offerings and by extension, to the crypto market. This has contributed to bolstering investor confidence and has likely played a role in the uptick of COIN's stock price. The broader cryptocurrency market has also experienced a significant uplift, suggesting a renewed investor interest in digital assets. The performance of major cryptocurrencies such as Bitcoin and Ethereum is often seen as an indicator of the market's overall health and sentiment, which currently appears to be on an upward trajectory. As the SEC continues to review the proposed Bitcoin ETFs, the outcome will be closely watched by investors and could have further implications for Coinbase's stock performance and the wider cryptocurrency market. InvestingPro Insights Coinbase's stock (NASDAQ:COIN) has been the subject of intense investor interest as reflected in its recent price surge, with the company trading near its 52-week high. According to InvestingPro data, COIN has achieved a remarkable one-week price total return of 16.65% and an even more impressive six-month price total return of 97.98%. These figures underscore the stock's strong performance in the short term, which aligns with the broader recovery in the cryptocurrency market. InvestingPro Tips highlight that three analysts have revised their earnings upwards for the upcoming period, indicating a potential positive outlook on the company's financial performance. However, it's important to note that analysts do not anticipate the company will be profitable this year, and the stock is currently trading at a high Price / Book multiple of 4.67. For investors seeking a deeper analysis, there are additional InvestingPro Tips available that provide further insight into Coinbase's stock performance and potential trajectory. With the InvestingPro subscription now on a special Black Friday sale offering a discount of up to 55%, subscribers can access a wealth of information, including over ten additional tips that could guide investment decisions in this dynamic sector. https://www.investing.com/news/cryptocurrency-news/coinbase-shares-reach-18month-high-amid-crypto-market-rally-93CH-3243012

2023-11-24 20:27

Copyrighted Image by: Reuters. Optimism has surged in the UK financial markets, leading the GBP/USD exchange rate to reach a twelve-week peak, buoyed by improved consumer confidence and a promising business outlook despite persistent recessionary pressures. On Thursday, the pound sterling climbed to 1.2615 against the US dollar, reflecting positive reactions to the latest S&P Global/CIPS data and a sell-off in Gilts that pushed bond yields higher. By today, the GBP/USD pair held its strength, trading at 1.2606 amidst mixed economic signals from the US, including robust Services and Composite PMIs but a contracting Manufacturing PMI. In the UK, inflation showed signs of cooling down but remained significantly above the Bank of England's (BoE) target rate, registering at 4.6%. The market has also digested the Chancellor’s Autumn Statement, which presented a sobering view on growth and inflation, with a measure of cautious optimism. Adding to the narrative, BoE Chief Economist Huw Pill reaffirmed the central bank's dedication to tackling inflation amid the challenging economic landscape. Looking ahead, traders are gearing up for further guidance from BoE Governor Andrew Bailey next week and key US economic reports such as Consumer Confidence and ISM Manufacturing PMI that could influence future movements of the GBP/USD. https://www.investing.com/news/forex-news/gbpusd-hits-12week-high-on-uk-market-optimism-and-easing-inflation-93CH-3243003

2023-11-24 20:13

The NFT platform BLUR has seen a significant uptick in its token value following the conclusion of its Season 2 airdrop and subsequent listing on the Binance exchange. As of today, BLUR's price stands at $0.63, marking a substantial weekly growth, according to data from CoinGecko. The platform recently launched a two-day 30% airdrop event and disclosed a seasonal reward pool that includes 300 million tokens, currently valued at around $185 million. A notable trader has staked an amount equivalent to $7.3 million, aligning with expectations of substantial returns from the platform's evolving reward program. BLUR, which was originally launched by OpenSea in October 2022, operates on an incentive-based transaction system and has announced plans for a revamp across three seasons. This includes integration with new "blast" networks and an exclusive "Redacted" member airdrop set for late 2024, following Blast's $20 million funding milestone. The recent surge in the BLUR token's value can be partly attributed to the marketplace's innovative approach to user incentives. For example, during Season 2, a JPEG flipper notably benefited from these incentives, as reported by Dune dashboard data. Additionally, the Ethereum layer-2 network Blast has raised $20 million from investors like Paradigm and Standard Crypto. This funding will enable depositors to earn native yields on cryptocurrencies, promising that they will receive half of the forthcoming season's airdrop rewards by staking BLUR tokens. The marketplace's success is also reflected in its volume outpacing that of OpenSea since February. As part of its Season 2 rewards, the marketplace distributed 300 million BLUR tokens to users. Among the recipients was Hanwe's hanwe.eth wallet, which received one of the largest single claims at 22.85 million tokens—valued at about $14 million post-surge. BLUR has also revised its compensation scheme to require participants to take half their rewards in BLUR tokens, ensuring deeper integration with the platform's ecosystem and aligning users' interests with the long-term success of the token. https://www.investing.com/news/cryptocurrency-news/blur-token-surges-30-as-it-lists-on-binance-and-concludes-season-2-airdrop-93CH-3243000

2023-11-24 19:14

Copyrighted Image by: Reuters Driven by the growing interest in Bitcoin Ordinals NFTs, Bitcoin transaction fees have soared to a six-month high, eclipsing Ethereum's transaction fee earnings for the first time in three years. Data from IntoTheBlock reveals a significant increase in fees over both one and three-month periods. Although these fees remain lower than the peak on May 8 and the all-time high in December 2017, this surge comes as a critical shift for Bitcoin miners. As they anticipate reduced rewards from the upcoming halving event, the increased transaction fees offer potential compensation. https://www.investing.com/news/cryptocurrency-news/bitcoin-transaction-fees-hit-sixmonth-high-outpacing-ethereum-93CH-3242989

2023-11-24 19:11

Cryptocurrency markets exhibited mixed movements with several altcoins experiencing fluctuations. KILT Protocol (KILT) saw its trade value ascend to $0.34, marking a 1.2% increase. In contrast, Aidi Finance (AIDI) faced a downturn, dropping by 2.2%. Zoo Token (ZOOT) and CareCoin (CARES) also witnessed declines to $0.0652 and $0.0809, respectively, each decreasing by 2.2%. Amidst the varied market performance, Kitty Inu (KITTY) enjoyed significant growth, reaching $95.84 with a 1.9% gain. Hokkaido Inu (HOKK) similarly improved but more modestly to $0.0004, up by 1.2%. Lego Coin (LEGO) successfully maintained its market position without notable changes in its price. However, Jeff in Space (JEFF) retracted to a price of $2.75, reflecting a 2.2% loss. Lumi Credits (LUMI), on the other hand, edged up slightly to $0.0083, marking a 0.8% increase against the dollar. AXIA Coin (AXC) experienced a minor drop to $13.43, down by 0.1%. The crypto sector continues to be dynamic with tokens such as Chellitcoin maintaining an active social media presence and aiming for integration of blockchain-based payment solutions within various business sectors since its debut on July 25th, 2021. In the ecosystem of TomoChain, details were shared about its features that promote scalability like sharding and EVM compatibility for smart contracts since its trading inception on July 15th, 2017. Additionally, the utility token of HitBTC exchange, HitBTC Token ("HIT"), launched on June 15th, 2021, is designed to facilitate an enhanced trading experience with benefits for future products and maintains visibility through active engagement on social media platforms like Twitter. Investors and enthusiasts continue to monitor these developments closely as they reflect the ever-evolving landscape of cryptocurrency markets and blockchain technology applications. https://www.investing.com/news/cryptocurrency-news/kilt-protocol-edges-up-mixed-fortunes-for-altcoins-in-recent-trading-93CH-3242987

2023-11-24 18:52

The South Korean cryptocurrency exchange Gopax is facing heightened scrutiny and uncertainty as Binance, the world's largest cryptocurrency exchange, encounters regulatory headwinds. The Financial Services Commission of South Korea is closely examining Binance's prior acquisition of a stake in Gopax. This move follows a lawsuit by the U.S. Securities and Exchange Commission (SEC) that has raised questions about Binance's compliance practices. Journalist Hong Hong-young has raised doubts about the finalization of the deal between Binance and Gopax, suggesting that the transaction may fall through given the current circumstances. The situation is further complicated by the recent decision of Changpeng Zhao to step down as CEO of Binance, which could impact the approval process for the stake purchase by South Korean financial regulators. Despite these developments, some analysts believe that the impact on Gopax may be limited unless there are significant concerns regarding capital inflows from Binance into South Korea. Adding to the conversation, Jeong Seok-moon, Head of Korbit Research Centre, pointed out that Zhao's departure as CEO introduces additional complexities into the equation. His stepping down could influence how domestic financial overseers view Gopax's approval prospects. The unfolding situation puts Gopax in a challenging position as it navigates through a period of regulatory uncertainty influenced by its association with Binance. The outcome of this scrutiny could have implications for Gopax's operational stability and its role within the broader cryptocurrency market in South Korea. https://www.investing.com/news/cryptocurrency-news/gopax-faces-uncertainty-amid-binances-regulatory-challenges-93CH-3242981