2023-11-23 10:47

Copyrighted Image by: Reuters Jesse Powell, CEO of the cryptocurrency exchange Kraken, has recently highlighted the importance of self-regulation in the crypto industry, following the significant legal developments involving major players like Binance and regulatory actions by the U.S. Securities and Exchange Commission (SEC). Powell's comments come at a time when the industry is facing increased scrutiny and legal challenges. On Sunday, Kraken found itself in the crosshairs of the SEC, which initiated a lawsuit against the company for alleged misuse of customer funds and operating without necessary registrations as a securities entity under U.S. law. The SEC's suit identifies certain crypto assets as securities contracts and accuses Kraken of unregistered operations in various financial service roles. Kraken has contested these claims, expressing concerns about potential stifling of innovation and harm to American consumers resulting from such regulatory actions. In light of these events, Powell took to social media today to discuss the outcome of Binance's recent investigation and settlement with the U.S. Department of Justice (DOJ), where Binance agreed to pay $4.3 billion and its CEO Changpeng Zhao stepped down. Powell commended the long-term visionaries in the crypto sector for their role in shaping the future and pointed out legal issues at Binance, including anti-money laundering breaches. He also addressed shareholders' questions regarding competitors' rapid growth. Amidst these discussions, Powell underscored the need for Know Your Customer (KYC) measures to integrate users appropriately into the cryptocurrency space. He stressed that while self-regulation is essential to enhance the industry's reputation, it also helps create a fairer environment for all market participants. Following Zhao's resignation, Binance's new CEO Richard Teng has assured stakeholders of the exchange's financial health. Meanwhile, analysts from Matrixport predict that competition will intensify by 2026 for crypto exchange giants like Binance. Powell's remarks reflect a broader conversation on how cryptocurrency exchanges can navigate an evolving regulatory landscape while fostering innovation and ensuring consumer protection. https://www.investing.com/news/cryptocurrency-news/krakens-powell-champions-selfregulation-amid-crypto-industry-challenges-93CH-3242043

2023-11-23 10:31

Copyrighted Image by: Reuters The cryptocurrency sector is witnessing a surge in innovative applications, with Everlodge (ELDG) emerging as a notable player aiming to revolutionize the hospitality industry. The platform offers fractional vacation home ownership through non-fungible tokens (NFTs), providing passive income opportunities for its investors. This approach utilizes smart contracts for property management, highlighting the practical use of ELDG tokens beyond the typical cryptocurrency market. Everlodge has progressed to its Presale Phase 7, with the ELDG token priced at $0.025. The project's real estate marketplace is built on Web3 technology and leverages NFTs to democratize access to high-value properties. Metadata storage on the blockchain ensures transparency and security for investors, distinguishing Everlodge from other crypto assets. In related developments within the crypto space, Dogecoin (DOGE) has recently garnered attention due to its partnership with a space robotics company, setting the stage for a lunar mission that has positively influenced its market sentiment. A Dogecoin community-funded project plans to send a physical DOGE token to the moon aboard Astrobotic's Peregrine spacecraft on December 23, using ULA's Vulcan Centaur rocket. Meanwhile, PepeCoin (PEPE) has been actively engaging its user base by strategically moving billions of tokens to Binance's wallet in preparation for reward campaigns. PepeCoin distributed 418 billion PEPE tokens through Binance Earn on November 20, signaling an effort to bolster user participation and investment in their platform. https://www.investing.com/news/cryptocurrency-news/cryptos-everlodge-attracts-investors-with-nftbased-property-shares-pepe-and-dogecoin-in-focus-93CH-3242027

2023-11-23 10:30

Copyrighted Image by: Reuters. In the evolving landscape of cryptocurrency markets, two prominent analysts have offered divergent outlooks for Bitcoin's future. Credible Crypto, with over 353,400 followers on platform X, has suggested that Bitcoin is positioned for an uptick from its current re-accumulation zone, which lies between $38,000 and $34,800. This perspective was shared after Bitcoin touched down into what he refers to as the "demand zone," with expectations of a rise to $40,000 if the support level holds. On the other hand, Capo, another influential voice in the crypto community with a following of 764,900 on the same social media platform X, has sounded alarm bells. On Thursday morning, he warned of a potential "massive capitulation event" that could see Bitcoin plummeting to $12,000, echoing the lows seen in October 2020. This stark prediction surfaces as Bitcoin shows resilience, recovering to $37,369 from its weekly nadir. Adding to the complexity of market sentiment is the recent admission of guilt by Changpeng Zhao, the ex-CEO of Binance, in U.S. federal court. This development has cast a shadow over the industry and could be a contributing factor to Capo's bearish forecast. He also highlighted that altcoins might experience more severe corrections than Bitcoin and pointed out that current bullish trends do not align with the broader economic scenario and are accompanied by shrinking trade volumes. Investors are now faced with contrasting analyses: one viewing recent dips as potential buying opportunities with expectations for growth, and another predicting a sharp downturn influenced by recent legal challenges in the crypto space. As these predictions unfold against a backdrop of legal uncertainties and market corrections, participants in the cryptocurrency markets remain vigilant. https://www.investing.com/news/cryptocurrency-news/bitcoin-analysts-predict-contrasting-market-movements-amid-binance-turmoil-93CH-3242028

2023-11-23 09:57

Copyrighted Image by: Reuters. The cryptocurrency market has shown signs of recovery following a significant downturn earlier this week, with Bitcoin (BTC) maintaining bullish momentum and Ethereum (ETH) targeting key resistance levels. The rebound comes after the crypto markets experienced a sharp loss on Tuesday, with a plunge that erased $65.01 billion in value, raising concerns over Binance's liquidity. However, Binance managed to stabilize its position by fulfilling withdrawal requests, although its native token, BNB, has not fully recovered from the dip. Boosting market confidence was SEC Commissioner Hester Peirce's supportive comments on Bitcoin. Following her remarks, Coinbase (NASDAQ:COIN)'s stock saw an over three percent increase on Wednesday amid speculations that it might benefit from Binance's recent troubles. The insights were shared by John E. Deaton, reflecting a sentiment that Coinbase could gain an edge in the current market scenario. In addition to the market movements, there is growing anticipation for the forthcoming SEC v Coinbase hearing scheduled for January. The case will address whether Coinbase has been operating unlawfully as an exchange or broker, which has significant implications for cryptocurrency regulation and offerings. Further influencing the market is Grayscale's updated Bitcoin-spot ETF filing, which now includes an in-kind redemption process that appears to align with Blackrock (NYSE:BLK)'s preferences. This detail was highlighted by Bloomberg Intelligence ETF Analyst James Seyffart during their recent discussions with the SEC. Technical indicators suggest that BTC remains bullish above pivotal exponential moving averages (EMAs), with eyes on breaking past the $37k threshold. Similarly, ETH has maintained strong support and is aiming for resistance levels around $2k. These developments mark a notable shift in the cryptocurrency landscape as both investors and regulatory bodies continue to navigate the evolving digital asset space. https://www.investing.com/news/cryptocurrency-news/crypto-market-rebounds-as-sec-commissioner-backs-btc-coinbase-shares-surge-93CH-3241995

2023-11-23 09:26

Copyrighted Image by: Reuters. The US dollar experienced a second consecutive day of decline against the Mexican peso, trading around 17.18, as investors weighed a mix of US economic data. Treasury bond yields climbed following an increase in US one-year inflation expectations to 4.5%, according to the University of Michigan (UoM) report, which kept its five-year forecasts stable at 3.2%. In contrast, the market digested a significant drop in US Durable Goods Orders, which fell by more than expected at -5.4%, and a lower-than-anticipated Jobless Claims figure of 209,000. The economic outlook for Mexico showed signs of moderation as Retail Sales growth slowed to 2.3% year-on-year in September, amidst the Bank of Mexico's (Banxico) aggressive interest rate policy, which stands at 11.25%. This tightening of monetary policy is aimed at controlling inflation but may also be dampening consumer spending. As US markets remain closed for Thanksgiving today, attention shifts to Mexico's economic indicators. Analysts are eyeing October's growth estimates, which are expected to remain robust at 2.9%. Additionally, the upcoming November inflation figures from Mexico will be closely watched. Investors are also looking ahead to Friday when the US is scheduled to release its S&P Global Manufacturing and Services PMI numbers. There is an anticipation that these indices might show potential decreases, reflecting broader economic trends and possibly influencing market dynamics further. https://www.investing.com/news/forex-news/us-dollar-dips-against-mexican-peso-amid-mixed-economic-signals-93CH-3241967

2023-11-23 09:13

Copyrighted Image by: Reuters. Traders and voters question the potential positive impact of new Tory fiscal policies on the British pound, despite intentions for lower taxes and reduced public spending outlined by Chancellor Jeremy Hunt. The recent Autumn Statement by Chancellor Jeremy Hunt, which proposed lower taxes and reduced public spending, was designed to appeal to Conservative constituents. However, this announcement has been met with skepticism from both FX traders and a large segment of voters today. They doubt whether these plans will truly act as a positive factor for the British pound (GBP), questioning the effectiveness of the Laffer curve—a concept used to illustrate the relationship between tax rates and tax revenue. The current sentiment in the market is reflecting this skepticism, as it's influencing GBP exchange rate trends more than any tangible financial outcomes from the newly announced fiscal measures. The Laffer curve suggests that there is an optimal tax rate that maximizes government revenue without discouraging economic activity. But the application of this theory in the current UK economic context is under scrutiny. Economists from Commerzbank (ETR:CBKG) have weighed in on the statement, highlighting that while the tax plans might resonate with Tory supporters, the broader market remains unconvinced about their capacity to bolster GBP value. This lack of confidence is evident as traders continue to navigate through a period of uncertainty for Sterling, which has seen fluctuations in response to both domestic and global economic cues. As the UK government attempts to balance growth with fiscal responsibility, it remains to be seen how these policies will unfold and what impact they will have on the economy and the currency in the long term. For now, skepticism prevails, keeping investors cautious and GBP under close watch. https://www.investing.com/news/forex-news/sterling-under-pressure-as-skepticism-overshadows-uk-tax-plans-93CH-3241957