2023-11-23 09:10

Copyrighted Image by: Reuters. The cryptocurrency market is witnessing Ripple's XRP token grappling with a 6% decline over the past week, currently priced at $0.6105. This downturn comes amidst ongoing legal uncertainties due to the U.S. Securities and Exchange Commission's (SEC) lawsuit against Ripple. However, there is a glimmer of hope for Ripple as a closed meeting scheduled for November 30 may indicate potential settlement discussions with the SEC. Attorney John Deaton has hinted that if negotiations are successful, Ripple might face fines around $20 million. Market analysts have observed a shift in XRP holdings, with larger investors reducing their stakes over the last quarter, while smaller traders appear to be accumulating more tokens. This trend is based on data from Santiment. Despite the recent decline, if XRP manages to hold above a crucial technical level—the 50-day Exponential Moving Average (EMA), which stands at $0.5918—there could be potential for an upward movement towards $0.6809. In the broader context of the crypto market, Bitcoin continues to maintain its position as the leading cryptocurrency by market capitalization, with other altcoins trailing in both variety and value. Ethereum often stands out from other altcoins due to its unique blockchain protocol that differs significantly from Bitcoin's. The metric known as Bitcoin Dominance remains an important indicator, measuring Bitcoin’s market share in comparison to the combined value of all other cryptocurrencies. https://www.investing.com/news/cryptocurrency-news/xrp-faces-6-weekly-drop-amid-sec-lawsuit-and-settlement-speculations-93CH-3241956

2023-11-23 09:08

Copyrighted Image by: Reuters. The anticipation for a U.S. Securities and Exchange Commission (SEC) decision on the approval of a Bitcoin spot exchange-traded fund (ETF) has been heightened by Tom Farley, former New York Stock Exchange president and current CEO of Bullish. During a CNBC interview, Farley expressed confidence in Bitcoin's future, emphasizing its potential to attract substantial institutional investment if the SEC grants approval for a spot ETF. Farley's commentary comes as the crypto industry awaits the SEC's verdict on an application by Ark Invest and 21Shares, expected by January 10. A spot ETF, unlike its futures-based counterparts, would provide investors with direct exposure to Bitcoin. This development is eagerly anticipated as it could lead to significant capital inflows into the cryptocurrency market. Bullish, under Farley's leadership, has recently acquired CoinDesk and operates with a strict compliance focus, trading only 25 regulator-approved coins. This approach marks a clear distinction from other exchanges that have faced legal challenges over alleged regulatory breaches. Farley underscored the importance of trust in compliant platforms for their survival in the evolving digital asset landscape. The crypto community regards Farley's seasoned financial background as adding credibility to the sector. His recent statements have sparked discussions about Bitcoin's role as an innovative store of value that should not be simply categorized as a security. As the market awaits the SEC's decision, there's growing optimism that a positive outcome could unlock new levels of investment into Bitcoin. https://www.investing.com/news/cryptocurrency-news/tom-farley-projects-optimism-for-us-bitcoin-etf-approval-93CH-3241951

2023-11-23 09:07

Copyrighted Image by: Reuters The USD Index, which measures the greenback against a basket of other currencies, has faced selling pressure after recently surpassing the 104.00 level. It is now encountering resistance around 104.20, which aligns with the 100-day Simple Moving Average (SMA). This comes amid growing market speculation that the Federal Reserve may consider rate cuts in response to signs of economic deceleration. Today, as the United States observes Thanksgiving Day, trading conditions are anticipated to be quieter. The DXY, another name for the USD Index, is nearing support at November's low of 103.17. This movement reflects the US economy's resilience despite hawkish comments from Federal Reserve officials. Looking ahead to Friday, investors will shift their attention to the release of S&P Global Flash Manufacturing and Services PMIs data. The market is poised for potential breakouts if the data surpasses recent benchmarks like October 26's weekly high or if it maintains levels above significant psychological thresholds, such as the DXY's round figure at 100.00. These indicators come against a backdrop of a gradually cooling labor market and anticipation of interest rate cuts, which could influence currency valuations and investor strategies in the coming sessions. https://www.investing.com/news/forex-news/dollar-index-faces-resistance-markets-eye-manufacturing-data-93CH-3241950

2023-11-23 09:01

Copyrighted Image by: Reuters. Investing.com - The U.S. dollar retreated in thin holiday-impacted trade Thursday, with traders digesting recent economic data and what it potentially means for the Federal Reserve’s interest rate policy. At 03:00 ET (08:00 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, fell 0.3% to 103.510, just above the 2-1/2-month low of 103.17 seen earlier this week. Dollar slips lower in thin volumes The dollar received a minor boost on Wednesday after the weekly jobless claims data showed the number of Americans filing new claims fell more than expected last week, pointing to a still healthy labor market. Additionally, the University of Michigan’s inflation expectations were revised higher, but this was countered by data showing orders for long-lasting U.S. manufactured goods fell more than expected in October. That positive tone hasn’t lasted long, although trading volumes are limited with both Japan and the U.S. on holiday, the latter celebrating Thanksgiving. “Part of the rebound in the dollar observed over the past two sessions … may well be related to some profit-taking on risk-on trades and more defensive positioning ahead of Thanksgiving,” said analysts at ING, in a note. The index is down about 2.5% so far in November and on course for its worst monthly performance in a year, with the market fully expecting the Fed to stand still on rates in December before starting to cut some time next year. Euro gains ahead of ECB minutes; German PMIs less weak In Europe, EUR/USD rose 0.3% to 1.0922, ahead of the release of the minutes from the European Central Bank’s October policy meeting, the gathering that saw the ECB snap an unprecedented streak of 10 consecutive rate hikes. Helping the euro has been the release of the region’s business activity data for November. While French business activity contracted in November, there was some good news from Germany, the eurozone’s dominant economy. Germany's manufacturing and services activity both fell more slowly than in previous months, raising hopes that a recession might be shallower than expected. The surprise win of far-right candidate Geert Wilders in the Dutch elections has not had a noticeable market impact on the euro so far. GBP/USD rose 0.2% to 1.2521, with the pound rebounding a touch after falling on Wednesday in the wake of Chancellor Jeremy Hunt’s Autumn Statement. While he unveiled a series of measures in an attempt to boost growth before next year’s election, he also disappointed with a forecast for very sluggish economic growth. Japanese CPI due Friday In Asia, USD/JPY traded 0.2% lower at 149.17, with the yen recovering from steep overnight losses as the dollar recovered. Consumer inflation data for October is due on Friday, and is expected to provide more cues on the Bank of Japan’s plans for its ultra-dovish monetary policy. AUD/USD rose 0.4% to 0.6567 as Reserve Bank Governor Michele Bullock reiterated her warning over sticky inflation, which could potentially invite more interest rate hikes from the central bank in the coming months. USD/CNY fell 0.2% to 7.1377, with the focus now on Chinese purchasing managers index data for November, due next week, for more cues on the economy after a string of weak readings for October. https://www.investing.com/news/forex-news/dollar-retreats-in-holidayimpacted-trading-euro-helped-by-german-pmis-3241946

2023-11-23 09:01

Copyrighted Image by: Reuters. Global markets are closely watching developments in the cryptocurrency regulatory landscape as Binance, one of the world's largest cryptocurrency exchanges, has reached a significant $4.3 billion settlement with U.S. enforcement agencies. This agreement, announced today, mandates stringent Anti-Money Laundering (AML) compliance over the next five years. The settlement is widely viewed as a positive step that could clear hurdles for the U.S. Securities and Exchange Commission (SEC) to approve spot Bitcoin Exchange-Traded Funds (ETFs). This development follows recent discussions between investment giants BlackRock (NYSE:BLK) and Grayscale with the SEC regarding their respective proposals for Bitcoin investment products. On Thursday, it was revealed that BlackRock has proposed an iShares Bitcoin Trust ETF, with aspirations for it to make its debut in January. Despite facing regulatory challenges, this product aims to simplify cryptocurrency investments for a broader audience. The SEC's cautious approach to evaluating these ETFs may stem from concerns about Bitcoin's decentralized nature or potential biases. The involvement of major investment firms like BlackRock and Vanguard in cryptocurrency exchanges such as Coinbase (NASDAQ:COIN) has also raised questions about conflicts of interest. Galaxy Digital's CEO Mike Novogratz has commented on the situation, expressing optimism that the Binance settlement signals a bullish future for the crypto industry. His sentiments echo those of Travis Kling from Ikigai Asset Management, who had previously suggested that any SEC approval of a Bitcoin ETF would likely necessitate a reduction in Binance's market dominance. As Grayscale continues its engagement with the SEC, the outcome of these deliberations stands to significantly influence investor sentiment and the direction of cryptocurrency investment strategies. The crypto community is now waiting to see if these regulatory discussions will indeed result in the long-awaited approval of a spot Bitcoin ETF, which could mark a pivotal moment for the industry. https://www.investing.com/news/cryptocurrency-news/binance-settlement-paves-way-for-potential-bitcoin-etf-approval-93CH-3241947

2023-11-23 08:57

Coinbase (NASDAQ:COIN) has taken a proactive stance in the ongoing debate over cryptocurrency regulations. On Wednesday, the leading digital currency exchange filed a legal brief with the Third Circuit Court, calling for clearer guidelines in the wake of the Securities and Exchange Commission's (SEC) recent actions against fellow exchange Kraken. Coinbase is leveraging the SEC's case to demand a mandamus order—an extraordinary court mandate that directs an official to perform a duty correctly. This move comes after the SEC charged Kraken on Monday with operating without proper registration and putting client assets at risk by misusing funds. The regulator also classified several cryptocurrencies, including ADA and SOL, as securities—a decision that has significant implications for how these assets are regulated and traded. Coinbase CEO Brian Armstrong has been vocal about his company's commitment to regulatory compliance. On Sunday, he highlighted Coinbase's adherence to money transmitter laws, contrasting it with Binance's legal troubles. Armstrong emphasized the importance of stability over growth in times of regulatory uncertainty and criticized the U.S.'s lack of clear guidelines, which he believes pushes crypto transactions offshore. In response to the SEC's charges, Kraken has agreed to a $30 million civil penalty for its crypto asset staking services. The SEC is seeking further injunctive relief, conduct-based injunctions, and disgorgement of ill-gotten gains with interest due to poor internal controls and recordkeeping issues identified since at least September 2018. Meanwhile, Bittrex Global is taking preemptive measures by advising its clients to convert their U.S. dollars into euros or cryptocurrencies, presumably in anticipation of potential SEC enforcement actions similar to those faced by Kraken. As the industry awaits a status report from the SEC by December 15, Coinbase's push for clarity could mark a pivotal moment in shaping the future regulatory landscape for cryptocurrencies in the United States. https://www.investing.com/news/cryptocurrency-news/coinbase-seeks-clarity-in-crypto-regulations-leveraging-secs-kraken-case-93CH-3241936