2023-11-24 18:29

Copyrighted Image by: Reuters. The New Zealand dollar (NZD) saw an uptick today, approaching a key resistance level as global markets reacted to a mix of economic signals and political changes. The currency edged closer to the 200-day Simple Moving Average (SMA) benchmark of 0.6100, buoyed by a decline in oil prices and the formation of a new center-right government in Wellington. Investors' mood was lifted by the news of anticipated OPEC+ production cuts alongside an increase in US oil stockpiles, leading to lower oil prices. Additionally, the successful conclusion of coalition negotiations that ushered in the new government in New Zealand, ending nearly six years of Labour administration, appeared to provide further impetus to the NZD's strength. The performance of the NZD was also influenced by mixed economic data from the United States. While Services Purchasing Managers' Index (PMI) figures outperformed expectations, indicating robustness in the service sector, Manufacturing PMI fell short, highlighting a more complex economic landscape. In China, concerns were raised due to Zhongzhi's insolvency, which could impact financial stability. However, these concerns were somewhat alleviated by strong PMI figures from the Eurozone that suggested resilience in European economies. This helped mitigate fears of economic contagion and supported investor confidence. https://www.investing.com/news/forex-news/new-zealand-dollar-rises-amid-global-market-gains-and-oil-price-drop-93CH-3242975

2023-11-24 17:32

HONG KONG - The virtual asset landscape in Hong Kong is witnessing significant growth as two major financial institutions, Interactive Brokers (NASDAQ:IBKR) and Victory Securities, have obtained regulatory approvals to offer cryptocurrency trading services. This development comes amid the city's ongoing efforts to establish a robust regulatory framework for digital assets, following recent investor losses due to fraudulent activities in the sector. Interactive Brokers Hong Kong's Managing Director, David Friedland, took to LinkedIn today to announce that the firm has secured a license to provide Bitcoin and Ethereum trading options for retail clients. This move positions Interactive Brokers as one of the key players in Hong Kong's expanding crypto market. Victory Securities also disclosed their milestone achievement of receiving approval from the Securities and Futures Commission (SFC) in Hong Kong. They are now authorized to offer virtual asset trading and advisory services, setting a new benchmark for local firms in the industry. These developments are indicative of Hong Kong's proactive stance towards integrating cryptocurrencies into its financial services sector. The SFC has been updating its regulatory framework, especially after the JPEX incident earlier this year, which resulted in substantial investor losses. A survey by the Investor and Financial Education Council (IFEC) highlighted that there is only a 47% level of awareness among retail investors about virtual asset regulations, signaling a need for increased educational efforts. The groundwork for these advancements was laid earlier in August when Hashkey became the first licensed crypto exchange to cater directly to retail investors in Hong Kong. This pioneering step by Hashkey paved the way for other firms like Interactive Brokers and Victory Securities to join the burgeoning market. These licenses are part of Hong Kong's broader strategy to become a global hub for fintech innovation while ensuring investor protection through enhanced regulatory measures. As more firms receive authorization to operate within this space, retail investors will likely have greater access to virtual asset markets, coupled with the security of a regulated environment. https://www.investing.com/news/cryptocurrency-news/interactive-brokers-and-victory-securities-secure-licenses-for-crypto-trading-in-hong-kong-93CH-3242957

2023-11-24 17:21

Copyrighted Image by: Shutterstock Cryptocurrency exchange Binance has confirmed ongoing issues with card withdrawals, particularly affecting Visa (NYSE:V) transactions for euros and the stablecoin USDT. Following a series of undisclosed charges by the Department of Justice that resulted in guilty pleas from Binance and its CEO, Changpeng Zhao (CZ), the platform was hit with a $4.4 billion fine since last Friday. The financial penalties have led to severed ties with some of Binance's financial partners, which in turn caused the withdrawal problems customers are currently facing. Binance's customer support team has been actively responding to user concerns today, acknowledging the service interruptions and suggesting that clients use alternative withdrawal methods. The company is actively working on resolving the situation, but no clear timeline has been provided for when normal services will resume. The hefty fine imposed on Binance and CZ indicates a significant crackdown on compliance issues within the cryptocurrency industry. This development underscores the heightened scrutiny that crypto exchanges are facing from regulatory bodies worldwide. As Binance navigates through these challenges, customers are advised to stay informed about updates and alternative options for their transaction needs. https://www.investing.com/news/cryptocurrency-news/binance-confirms-card-withdrawal-disruptions-advises-alternative-methods-93CH-3242954

2023-11-24 17:12

The digital currency XRP is at the center of discussions about revolutionizing the global finance system, with Edward Farina from XRP Healthcare suggesting the coin could see an unprecedented rise in value if it captures even a fraction of the market currently dominated by SWIFT. Farina highlighted XRP's potential during today's conversations, citing its transactional efficiency and scalability as key factors that could see it become a major player in international finance. Farina pointed out that XRP's current trading price stands at $0.6177, a figure dwarfed in comparison to the speculated $10,000 value should the cryptocurrency gain traction among financial institutions worldwide. The rapid 3-second settlement time of XRP transactions and an average fee of just $0.0002 were contrasted with the slower and more costly services provided by SWIFT, suggesting a significant competitive edge. RippleNet, the blockchain network behind XRP, is seen as a viable contender to take over a substantial portion of SWIFT's transaction volume. This shift could lead to a dramatic increase in demand for XRP. Farina's theory is supported by Crypto Eri's highlighting of Ripple CTO David Schwartz's remarks on how higher liquidity can lead to increased asset prices and make high-value transfers more economical using XRP. The optimism around XRP is further bolstered by Grayscale’s report, which identifies the cryptocurrency as a strong competitor for fast and cost-effective international payments. Moreover, with upcoming European Exchange-Traded Products (ETPs) and strategic partnerships such as Metaco/HSBC for security token custody and the National Bank of Georgia for Central Bank Digital Currency (CBDC) initiatives, there is potential for significant growth in XRP’s value. XRP also boasts impressive technical capabilities with a reported throughput of 3,400 transactions per second (TPS), outperforming Bitcoin (BTC) and Ethereum (ETH) in terms of scalability. This advantage is crucial as XRP vies to transform cross-border payments and challenge the established financial messaging service SWIFT. https://www.investing.com/news/cryptocurrency-news/xrp-predicted-to-challenge-swift-could-surge-to-10000-93CH-3242952

2023-11-24 17:05

Today: In a significant development in the cryptocurrency industry, Changpeng Zhao (CZ), the CEO of Binance, has stepped down from his position following a substantial $4.3 billion fine imposed by U.S. authorities. The penalty is related to the platform's involvement in enabling antagonistic markets. Cardano's founder, Charles Hoskinson, delivered a heartfelt tribute to CZ during a livestream, acknowledging his considerable influence on the crypto sector. Hoskinson highlighted CZ's role in transforming the landscape from its early days of Bitcoin trading to establishing sophisticated platforms like Binance, which became a behemoth in the industry. While addressing the situation, Hoskinson made a distinction between Binance's regulatory challenges and the recent scandal involving FTX's fraudulent activities. He criticized the regulatory environment in the U.S., which he believes has entangled Binance in geopolitical strife rather than for direct wrongdoing. Nonetheless, Hoskinson expressed optimism about the continued innovation within the cryptocurrency space and offered words of encouragement for CZ's future endeavors beyond his role at Binance. https://www.investing.com/news/cryptocurrency-news/binance-ceo-steps-down-amid-43-billion-us-fine-hoskinson-pays-tribute-93CH-3242949

2023-11-24 16:26

Copyrighted Image by: Reuters Crypto markets are witnessing a notable increase in Dogecoin activity, as analytics firms and analysts report a surge in transactions and investor interest. Crypto analyst Ali Martínez highlighted significant transactions exceeding $100,000, pointing to increased on-chain activity and attention from major investors today. ITB analytics added that active Dogecoin addresses have reached their highest level since April, with over 106.1k addresses and new addresses hitting a six-month peak at over 61k. This spike in Dogecoin activity coincides with reports from Santiment, an on-chain analytics firm, which observed considerable movement of dormant Dogecoin as well as the creation of 121 new wallets each holding over one million DOGE today. This is seen as a sign of rising investor interest, drawing parallels to the search interest spike in April 2021 following a major price rally. Earlier this week, Carl Eric Reinsch of 'Conquest' fame reportedly invested $4 million from the show's budget into Dogecoin and netted a return of $27 million. This investment showcases the potential high returns that can be achieved within the volatile crypto market. Despite Dogecoin's modest year-to-date increase of about 8%, compared to Bitcoin’s impressive gain of nearly 125%, the open interest in Dogecoin futures contracts surged by around 40%. Crypto analyst Crypto Tony predicted an upswing in DOGE value to approximately $0.085 per token amid bullish sentiment toward meme cryptocurrencies. The recent philanthropic initiatives, such as funding Jamaica's bobsleigh team for the Sochi Olympics with over $25,000 worth of DOGE, have also contributed to the positive sentiment surrounding Dogecoin. The meme cryptocurrency continues to attract both retail and large investors, signaling a growing confidence in its value proposition within the broader crypto ecosystem. https://www.investing.com/news/cryptocurrency-news/dogecoin-sees-heightened-activity-with-new-investor-interest-and-transfers-93CH-3242933