2023-11-23 13:14

Copyrighted Image by: Reuters The cryptocurrency market has seen a notable uptick in buying activity today, with Bitcoin (BTC) approaching the $38,000 mark on the Binance spot market. After a period of uncertainty and significant liquidations earlier in the week due to legal challenges faced by Binance and a substantial fine, the leading digital currency surged to a peak of $37,870 before steadying around $37,500. Investor confidence has been bolstered by the anticipation of a U.S.-sanctioned Bitcoin spot price Exchange-Traded Fund (ETF), which is expected to launch in less than two months. This development has led to speculation about long-term traditional finance (tradfi) investments transitioning into crypto assets. Updates from Grayscale regarding their ETF application have added to the positive sentiment, hinting at favorable regulatory shifts on the horizon. Analysts are linking the current buying trends directly to the expectations surrounding the ETF. Notable voices in the industry like Ninja and Pentoshi have connected these patterns to the potential approval of the ETF. Samson Mow from Jan3 has even predicted a dramatic rise to $1 million per Bitcoin, citing the possibility of significant institutional funds entering the market once the ETF goes live. Technical analysis also supports a bullish outlook for Bitcoin and other major cryptocurrencies such as Ether (ETH). Cold Blooded Shiller highlighted that the Relative Strength Index (RSI) has 'reset,' which typically precedes upward trends in asset prices. This suggests that the recent correction phase might be over, and a new wave of growth could be on its way, further fueled by institutional investment products. Traders are closely watching resistance levels, particularly around the $38K mark. The presence of significant buy walls on Binance indicates strong bullish momentum building up. Discussions on social media by influencers like Daan Crypto Trades emphasize the critical nature of these levels and how surpassing them could reinforce an ongoing recovery trend. Overall, market optimism seems to be gaining ground as investors look forward to transformative developments in institutional crypto investment vehicles like ETFs. With technical indicators aligning and social media buzz growing around potential regulatory approvals, the crypto market appears poised for a possible new phase of growth and stability. https://www.investing.com/news/cryptocurrency-news/bitcoin-nears-38000-as-etf-optimism-lifts-market-sentiment-93CH-3242113

2023-11-23 13:12

Whale transactions on the XRP ledger have spiked significantly, as reported by Whale Alert, with notable transfers including 25.5 million XRP to Bitstamp and an anonymous exchange of 85 million XRP between wallets. Ripple itself moved 90 million XRP to an unknown wallet, contributing to a total transfer volume of 200 million XRP today. The reasons behind these large movements remain undisclosed. In light of these developments, analysts are expressing a bullish outlook on XRP's future. A technical analysis indicates that if XRP breaks above a crucial trendline, its value could potentially climb towards $1.35 due to increased open interest levels. This optimism is echoed by predictions from Changelly's blog, suggesting that the price of XRP could soar as high as $6.75 by January 2030. Adding to the whale activity, an unknown wallet transferred a substantial 43.80 million XRP to two major exchanges: Bitso in Mexico City received 18.10 million XRP, while Bitstamp in Luxembourg City got 25.70 million XRP. Despite concerns that such large transfers to exchanges might lead to a supply surge and subsequent price drop, the market has reacted positively with the price of XRP climbing by 2.82% to $0.6075, even as trading volumes fell by over a quarter. Contrary to typical market trends where increased supply on exchanges can depress prices, yesterday saw XRP rebound sharply after dipping below the $0.6 mark. Crypto analysts have forecasted that Ripple Labs-backed XRP will maintain its upward momentum, setting short-term price targets at $1.05 and $1.88 amidst the current unpredictable market activities. InvestingPro Insights As the XRP ledger experiences a surge in whale transactions, investors and analysts are closely monitoring Ripple's market performance. InvestingPro provides real-time data and analytics that can offer a deeper understanding of the company's financial health and stock potential. InvestingPro Data shows a robust Revenue Growth for Ripple in the last twelve months as of Q3 2023, at 10.32%. This growth is slightly higher when looking at the quarterly figure, which stands at 12.57% for Q3 2023. Such consistent growth in revenue is a positive signal for investors, indicating that the company's core business is expanding. Another key metric, the Gross Profit Margin, was reported at 46.24% in the same period. This high margin reflects Ripple's ability to manage its production and service costs effectively, which is crucial for sustaining profitability. InvestingPro Tips suggest keeping an eye on the company's PEG Ratio, which is currently at 1.02. A PEG ratio around 1 can imply that the company's stock price is in line with the market's expectations of earnings growth. Given Ripple's substantial revenue growth, the PEG ratio may provide insights into the potential for future stock price movement. Furthermore, with the Black Friday sale, InvestingPro subscription is now more accessible with a discount of up to 55%, offering an excellent opportunity for investors to access additional tips. Currently, InvestingPro lists several more tips for investors looking to dive deeper into Ripple's financials and stock potential. In conclusion, the financial data and insights from InvestingPro could be particularly valuable for those interested in Ripple's market activity, especially in light of the recent whale transactions and analysts' bullish outlook on XRP. https://www.investing.com/news/cryptocurrency-news/xrp-sees-whale-activity-surge-with-optimistic-growth-projections-93CH-3242114

2023-11-23 11:39

Copyrighted Image by: Reuters The cryptocurrency market is witnessing a bullish trend today, with investors' attention turning to Galaxy Fox ($GFOX), a new entrant in the meme coin space. Galaxy Fox, associated with a Web3 runner game, is drawing interest during its presale phase due to its unique tokenomics and rewards system. $GFOX aims to outshine established players like Shiba Inu by introducing a presale that has already seen a 28% price increase due to a pricing-demand dynamic. The project's design focuses on creating scarcity through token burns while rewarding players in its Web3 game, where top performers can earn prizes. Additionally, the Stargate module within the game provides opportunities for residual income. The ecosystem of Galaxy Fox is sustained by a 6% transaction tax that is distributed among staking rewards, the project's treasury, and a liquidity pool. This structure encourages early investment, with the presale offering escalating token prices across ten stages. Investors participating in the first stage could potentially see profits soar by 450%. The newfound enthusiasm for $GFOX comes amidst rising Bitcoin prices, which have surpassed $37,000. The end of the prolonged crypto winter seems imminent as expectations grow around U.S. SEC ETF approvals, signaling a broader market recovery. Altcoins like $GFOX are benefiting from this shift in sentiment as investors look for cryptocurrencies with strong fundamentals and significant growth potential. Analysts are optimistic about the future of Galaxy Fox, predicting that $GFOX could surge by up to 4,200% post-launch in 2024. This prediction is buoyed by plans for aggressive ecosystem expansion through reinvestment strategies involving merchandise sales and transaction taxes. The resignation of CZ from Binance has also removed a key bearish concern from the market, further fueling positive sentiment towards small caps like Galaxy Fox. With its colorful-cosmic aesthetic appeal and strategic initiatives, Galaxy Fox stands out as an attractive investment opportunity for those who stake early and participate in its vibrant ecosystem. https://www.investing.com/news/cryptocurrency-news/galaxy-fox-meme-coin-gains-traction-as-crypto-sentiment-improves-93CH-3242075

2023-11-23 11:20

Copyrighted Image by: Reuters. The cryptocurrency market is poised for significant changes, with Morgan Stanley projecting a Bitcoin (BTC) rally after the anticipated halving event in early 2024. Currently, there are approximately 137.1K BTC left to mine before reaching this milestone, expected to occur within the next 150 days. The recent USA-Binance agreement has been a catalyst for optimism, setting the stage for a new era in crypto. Following this development, Bitcoin has found strong support between $31K and $32K after breaking out from a macro-ascending triangle pattern. The growing institutional interest in Bitcoin is seen as a driving force behind its potential to reach a market capitalization exceeding $3 trillion by mid-2025. Historical patterns indicate that halving events, which reduce miner rewards, often trigger bull runs. Analysts project that Bitcoin's price could soar above $100K after the next halving due to increased investment and advancements in regulatory frameworks like the EU's Markets in Crypto-Assets (MiCA) and potential U.S. cryptocurrency regulations. Cathie Wood of Ark Investment has an even more optimistic view, predicting that Bitcoin could climb to between $650K and $1.5 million by 2025. This bullish outlook is underpinned by an expected wave of FOMO (fear of missing out) among investors seeking quality assets. The anticipation around these developments suggests that the cryptocurrency landscape is evolving rapidly, with significant implications for investors and the broader financial market. https://www.investing.com/news/cryptocurrency-news/morgan-stanley-sees-bitcoin-surge-postapril-2024-halving-93CH-3242065

2023-11-23 11:02

Copyrighted Image by: Reuters. Raiffeisen Bank International, a major banking institution based in Vienna with $215 billion in assets, is set to introduce cryptocurrency trading services to its vast customer base across the European Union and Eastern Europe. The service, which is scheduled for launch by January 2024, is a result of the bank's partnership with Bitpanda, a platform regulated by Austria's Financial Market Authority and Germany's Federal Financial Supervisory Authority. The bank, which caters to 17.8 billion customers, aims to meet the needs of the digitally literate demographic looking for secure and diverse investment options. The collaboration with Bitpanda will allow Raiffeisen Bank's clients to trade cryptocurrencies directly through the bank's app. The interface is designed to be user-friendly, making the process as simple as traditional bank transfers. Curt Chadha, a representative from Raiffeisen Bank, emphasized that the service would come with robust security measures that customers are already accustomed to. This move comes as digital assets continue to gain traction among retail investors who are diversifying their portfolios beyond traditional stocks, bonds, and precious metals. The initial rollout of the service will begin in Vienna, where Raiffeisen Bank is headquartered. Bitpanda's platform not only supports cryptocurrency trades but also offers trading in stocks, ETFs, and precious metals, thus providing a comprehensive suite of digital asset investments for interested clients. https://www.investing.com/news/cryptocurrency-news/raiffeisen-bank-to-offer-crypto-trading-services-in-eu-and-eastern-europe-93CH-3242055

2023-11-23 10:49

Copyrighted Image by: Reuters. KYIV - The European Bank for Reconstruction and Development (EBRD) has signed a deal to provide Ukrainian state energy company Naftogaz with a €200 million loan aimed at preparing the country's gas reserves for the winter season. This agreement, taking place in Kyiv today, follows an earlier €300 million loan and includes financial contributions from Norway as part of a comprehensive aid package. The latest funding from EBRD, led by President Odile Renaud-Basso and Managing Director Matteo Patrone, alongside Naftogaz CEO Oleksiy Chernyshov, is part of a sustained effort to bolster Ukraine's energy provisions amidst ongoing conflict-related challenges. Matteo Patrone praised Naftogaz for its governance improvements and successful bond restructuring efforts. This financial support stems from an accord reached at the Ukraine Recovery Conference held in London back in June 2023. The conference was a pivotal moment where Prime Minister Denys Shmygal and EBRD officials agreed on measures to enhance Ukraine's energy security. Norwegian Foreign Affairs Minister Espen Barth Eide announced in November 2023 that Norway would donate €54 million toward Ukraine's energy stability through the EBRD. This contribution is part of Norway’s larger commitment of €300 million for the year, which underscores the country's support for Ukraine's energy security and infrastructure development. The EBRD has been a significant investor in Ukraine, having injected nearly €3 billion into various projects since the onset of the conflict. With an eye on future reconstruction efforts post-conflict, the bank is also considering a proposal for a substantial capital increase that could provide an additional €4 billion in support. https://www.investing.com/news/commodities-news/ebrd-boosts-naftogaz-with-200-million-loan-for-gas-reserves-93CH-3242044