2023-11-24 14:34

Copyrighted Image by: Reuters The cryptocurrency market has witnessed a notable recovery with Ethereum leading the charge, soaring past the $2,100 mark today. This rally comes in the wake of leadership changes at Binance and a broader market resurgence that also saw Bitcoin climb back to $37,843 after an earlier dip in the week. The surge in Ethereum's price is supported by significant whale activity, indicating strong investor confidence. Data from IntoTheBlock's IOMAP reveals that over 1.67 million addresses currently hold approximately 38.7 million ETH, successfully breaching the resistance levels between $1,982 and $2,044. Earlier in the week, blockchain analytics highlighted a substantial movement of over half a million ETH to non-custodial wallets during the month, signaling robust investor sentiment and expectations for new yearly highs. On Wednesday, analytics firm Santiment reported that the top 200 Ethereum wallets have increased their holdings by over 30% since last year. These wallets now control more than 50% of all circulating ETH tokens. Despite some technical indicators suggesting potential headwinds, such as a possible double-top pattern on the four-hour chart, RSI indicators lean towards bullish momentum that could propel prices toward or beyond the $2,500 target. Ethereum's network activity further underscores its strength. It continues to dominate the NFT marketplace with single-day volumes reaching $12.6 million. Additionally, its decentralized applications (dApps) have achieved a total value locked (TVL) of $26 billion as of November 23rd—a 5% increase week-over-week—even as dYdX faced security challenges but maintained robust transaction volumes. However, concerns loom over Binance's regulatory settlements and the upcoming expiration of its substantial $2.35 billion ETH derivatives contracts. The market is closely watching how these developments might affect liquidity, especially after withdrawals totaling $1.53 billion were recorded from November 21st to November 23rd. The technical landscape for Ethereum also indicates heightened volatility with Bollinger Bands widening and an RSI persistently below normal levels hinting at bearish pressures. Despite these mixed signals and trading volumes falling by over one-third to just $7.7 billion, Ethereum has shown resilience above the pivotal level of $2,000. After briefly dipping to $1,930 on Tuesday, it ended the week with a price appreciation of 2.5%, boosting its market cap by 0.5%. Investors and market observers alike remain vigilant as these dynamics unfold in the ever-evolving cryptocurrency landscape. https://www.investing.com/news/cryptocurrency-news/ethereum-surpasses-2100-as-market-recovers-93CH-3242821

2023-11-24 13:52

Copyrighted Image by: Reuters. The cryptocurrency market is witnessing a significant shift as the Euler Network (EUL) makes a splash with a $3 million presale on its first day. This impressive feat has caught the attention of investors and crypto enthusiasts alike, who are now closely monitoring the potential impact on established digital currencies like Shiba Inu (SHIB) and Dogecoin (DOGE). The Euler Network's rapid ascent comes on the heels of its recent announcement to target a six-month mainnet launch after surpassing Pi Network's achievements with a $2 million presale milestone. The network is positioning itself as a formidable newcomer in the sector, aiming to rapidly advance the industry and challenge the status quo. Meanwhile, SHIB is leveraging its meme popularity and commitment to decentralization with its strategic "Big Plan from the Shiba State 2024/2025." As SHIB reassesses its competitive edge, DOGE is contemplating strategic responses to address this potential rival or partner. Investor interest seems to be tilting towards fresh market entrants like EUL, leading to speculation about long-term effects on crypto market dynamics. The community is watching attentively for Euler Network's next steps, which could indicate either a fleeting surge or a lasting transformation in the digital currency hierarchy. In other developments, Bitcoin (BTC) is experiencing volatility below $38,000 following an SEC ETF decision delay, adding to the market's uncertainty. Tether (USDT), known for its stability as a fiat-pegged digital currency, continues to play a crucial role in maintaining equilibrium within the market. On another front, Chainlink has been influencing altcoin valuations negatively as investors move towards profit booking. As these events unfold, stakeholders remain vigilant, understanding that Euler Network's disruptive entrance could herald significant changes for both established and emerging players in the cryptocurrency landscape. https://www.investing.com/news/cryptocurrency-news/euler-network-presale-hit-3-million-shakes-up-crypto-market-93CH-3242794

2023-11-24 13:43

Copyrighted Image by: Shutterstock FRANKFURT - European Central Bank President Christine Lagarde has shared a personal anecdote about her son's substantial financial loss in cryptocurrency investments to underline the risks and volatility of digital assets. Speaking at a town hall event in Frankfurt, Lagarde mentioned that her mid-30s son had ignored her advice and suffered a 60% loss, showcasing the speculative nature of cryptocurrencies. Lagarde has been a vocal critic of cryptocurrencies, often highlighting their association with criminal activities such as money laundering and terrorism financing. She reiterated the need for comprehensive global regulation to protect consumers, particularly those who may be unaware of the potential losses they face when investing in such volatile assets. Alongside her warnings, the ECB is actively working on the digital euro project. The central bank is currently in the "preparation phase" of this initiative and is expected to continue its deliberations for another two years before making a final decision on whether to proceed with implementation. The digital euro is intended to provide a regulated and stable alternative to private cryptocurrencies. The ECB's stance reflects a growing consensus among global financial regulators on the need for stricter oversight of the crypto market. As digital currencies become more integrated into the financial system, the emphasis on consumer protection and closing loopholes that facilitate illicit activities has intensified. Lagarde's call for regulation comes at a time when the market is still reeling from multiple incidents of fraud and instability within the cryptocurrency space. Her remarks at the student town hall highlight an urgent push for international collaboration on regulatory frameworks that could mitigate these risks while fostering innovation in the digital economy. https://www.investing.com/news/cryptocurrency-news/ecbs-lagarde-cites-sons-crypto-loss-calls-for-regulation-93CH-3242788

2023-11-24 13:32

CryptoQuant's on-chain analysis has highlighted significant movements in Bitcoin reserves among major cryptocurrency exchanges, coinciding with recent regulatory developments. Binance, one of the world's leading crypto exchanges, saw a reduction of 5,000 BTC in its reserves while Coinbase (NASDAQ:COIN)'s holdings increased by approximately 12,000 BTC. This shift reflects investor preference for compliant platforms, especially following legal challenges faced by Binance. On Friday, the U.S. Department of Justice (DOJ) reached a $4.3 billion settlement with Binance, which includes a $2.5 billion forfeiture due to violations of the Bank Secrecy Act and other infractions. Consequently, Binance's token value dropped by 8%. As part of the settlement terms, Binance is required to exit U.S. operations and pay billions to the Financial Crimes Enforcement Network (FinCEN) and the Office of Foreign Assets Control (OFAC). Additionally, the Commodity Futures Trading Commission (CFTC) has mandated that Binance return $1.35 billion wrongfully acquired funds along with equal fines. Personal penalties have also been levied against executives, including Zhao Changpeng and Yi He. The exchange movements are occurring amidst heightened discussions regarding an imminent Bitcoin spot Exchange-Traded Fund (ETF) and may be influenced by these regulatory actions against Binance. On Thursday, public statements from CryptoQuant revealed shifting exchange reserves amid applications for Bitcoin spot ETFs from asset managers like BlackRock (NYSE:BLK) and Fidelity, who are using Coinbase as their custodian. Crypto analysts pointed out that retail outflows are a factor behind Binance’s reduced Bitcoin reserve. Investors may be moving towards more regulated exchanges such as Coinbase for enhanced security. Despite trailing behind Binance in recent spot volume statistics, Coinbase, under CEO Brian Armstrong's leadership, has excelled in regulatory engagement and is expected to attract more institutional inflows. The resolution of Binance’s compliance issues has introduced new compliance monitoring setups that could potentially sway SEC sentiment in favor of sanctioning a Bitcoin spot ETF soon. This comes as analysts from Bloomberg forecast a near-certain SEC approval for a Bitcoin spot ETF by January next year. The market is witnessing a reshaping of investor trust and regulatory compliance in the crypto space, with significant implications for exchange dynamics and the broader cryptocurrency ecosystem. https://www.investing.com/news/cryptocurrency-news/binance-settles-with-doj-for-43-billion-amid-bitcoin-reserve-shifts-93CH-3242777

2023-11-24 13:14

Copyrighted Image by: Reuters. The US Dollar Index is trading just below a key level of 104 today as investors await the afternoon release of PMI data that could influence the currency's strength. The anticipated reports are expected to reveal a slight downturn in both the Manufacturing and Services sectors, with forecasts predicting figures of 49.8 and 50.4, respectively. A dip below the critical threshold of 50 would mark a contrast to Europe's already sub-50 PMIs and may put additional pressure on the dollar. Global equity markets are showing mixed reactions as trading resumes following the Thanksgiving holiday. In Asia, Japan's stock market rose modestly by half a percent, while China's Hang Seng Index fell sharply, nearing a two percent drop. European stocks are showing uncertainty in mid-session trading, and US futures have held steady, indicating a calm re-entry into market activities after the holiday pause. Market participants are also eyeing significant events slated for next Thursday, which include COP28 in Dubai and OPEC+'s discussions regarding potential oil output cuts. These events could trigger volatility across various markets. https://www.investing.com/news/forex-news/us-dollar-wavers-ahead-of-pmi-data-global-markets-mixed-93CH-3242756

2023-11-24 12:40

Copyrighted Image by: Reuters. The relative tranquility in the Forex markets on Thanksgiving Thursday set the stage for a steady performance in oil prices as traders returned from the holiday. WTI oil has held near $76 per barrel, showing little reaction to the quiet movement in the US Dollar. The market's focus is now turning to a series of significant upcoming events that could introduce volatility. Oil prices have seen a slight increase over the week, with WTI crude stabilizing around $74 after a ceasefire in Gaza eased concerns about potential disruptions in regional energy transport. As traders look ahead, next week's OPEC+ online meeting is garnering particular attention due to contentious production policies, especially opposition from Saudi Arabia regarding output quotas. In addition to OPEC+ discussions, the international community will turn its eyes to the COP28 climate summit starting in Dubai and the LNG Summit scheduled in Athens. These meetings are expected to influence energy markets and potentially affect oil price trajectories. Currently, WTI is trading at $76.62 per barrel, while Brent crude is valued at $81.40. Despite a significant increase in US crude reserves reported by the Energy Information Administration, amounting to 8.701 million barrels, prices have remained relatively stable without major news driving fluctuations. Technical analysis suggests resistance for oil prices at $80, with further selling pressure anticipated around $84, which if breached could lead to revisiting fall peaks near $93. Support is identified at about $74, with potential OPEC+ interventions on the table if prices threaten to dip toward $70 or lower. Later today, markets are bracing for a slight uptick in volatility with the release of the US Purchase Managers Index. The pricing of WTI oil continues to be influenced by a combination of factors including global demand trends, political instabilities affecting supply chains, strategic production decisions by OPEC, and the impact of USD valuation due to oil's dollar-denominated trading nature. Inventory reports from API and EIA also remain critical for guiding market expectations, where decreasing stock levels typically signal rising demand and potentially higher prices. https://www.investing.com/news/commodities-news/wti-oil-stabilizes-near-76-amid-geopolitical-calm-and-market-anticipation-93CH-3242732