2023-11-22 11:15

Copyrighted Image by: Reuters The Root Network, an emerging player in the open metaverse space, has seen its native ROOT token experience a significant surge in value following its listing on cryptocurrency exchanges. The token began trading at 07:00 UTC today on KuCoin, and will later commence trading at 21:00 UTC on other platforms including Bybit, Bitget, and Gate.io. The Root Network is designed to provide a secure experience for users within the metaverse. It utilizes a Modular Development Toolkit to ensure scalability and interconnectability across various applications. By integrating with the XRP Ledger (XRPL) and offering Ethereum Virtual Machine (EVM) compatibility, the network facilitates seamless transactions and interactions within the digital universe. A particularly notable rally occurred on KuCoin where ROOT's value soared by 627% to $0.030288. This impressive performance highlights the market's enthusiasm for new ventures in the rapidly growing metaverse sector. The integration of XRP as the gas token for transactions within The Root Network is a strategic move that not only enhances the utility of Ripple-backed cryptocurrency but also supports its case in the ongoing lawsuit with the Securities and Exchange Commission (SEC). Ripple Labs has consistently argued that XRP functions as a utility token, and its role in The Root Network could help further this claim by demonstrating its practical use in facilitating transactions within the metaverse platform. https://www.investing.com/news/cryptocurrency-news/root-network-token-surges-627-on-kucoin-debut-93CH-3241038

2023-11-22 11:04

Copyrighted Image by: Reuters. The cryptocurrency market is witnessing a notable surge in Ethereum (ETH) activity, with the creation of new wallets and increased holdings by top investors signaling a robust demand for the second-largest blockchain platform by market capitalization. On Tuesday, data from Santiment revealed a significant increase in Ethereum network participation, marked by the registration of 94,700 new wallets as the cryptocurrency price breached the $2,000 mark. This level of activity has not been observed since the price highs of May 2022. Continuing this positive trend into today, analysis from Santiment shows that the top 200 Ethereum wallets have expanded their holdings considerably, amassing over $124 billion worth of ETH. This accumulation comes despite recent market uncertainties and a nearly 20% decrease in ETH held on exchanges over the past six months, reaching its lowest point within this period. The reduction in exchange-held Ethereum coupled with an uptick in active addresses suggests a strong investor conviction in the asset's value. The current enthusiasm around Ethereum also aligns with IntoTheBlock's charts, which corroborate the increase in both active addresses and new wallet creations during this upward trend. As Ethereum's price aims for the $2,200 level—a price point last seen in May 2022—market participants are keenly watching for potential Bitcoin ETF approvals that could further influence sentiment. Despite facing challenges such as Binance CEO Changpeng Zhao's actions that have previously shaken market confidence, heavyweight Ethereum investors have demonstrated their resilience. They have continued to purchase and hold onto their ETH assets since November 21 last year, even as the cryptocurrency experienced a descent to $900 following FTX's downfall. While Ethereum has shown some depreciation recently, it has fared better than Bitcoin, which has seen a more pronounced drop to $36,480. Analyst FieryTrading suggests that Ethereum could be poised for an imminent rise towards $2,350 based on current 'bull-flag' formations observed in trading patterns. https://www.investing.com/news/cryptocurrency-news/ethereum-surpasses-2000-as-wallet-creation-soars-93CH-3241014

2023-11-22 10:56

Copyrighted Image by: Reuters The global cryptocurrency market experienced a minor pullback with its market capitalization decreasing slightly to $1.42 trillion, marking a 1.41% dip from its previous valuation. Despite this setback, the overall market sentiment remains positive, as indicated by a high reading of 74 on the fear and greed index. Global trading volumes have risen by 3.9%, reaching nearly $40 billion. In the midst of these market conditions, Bitcoin has shown resilience, with its value increasing by 2.2% to $36,500. The leading cryptocurrency also saw a significant 33% surge in trade volumes, totaling $27.7 billion. Although volatility metrics stayed compressed, RSI indicators suggested bearish tendencies. Ethereum has faced slight resistance, with its price marginally declining to $1,996, which represents a daily loss of less than 1%. However, it still managed to post a modest weekly gain of 0.81%. Ethereum's trading volumes have increased by 13%, climbing to $14.6 million amidst fluctuating market conditions and bearish technical analysis outlooks. BNB is contending with downward pressure, having dropped in value to $235.8 after a 9% decline over the day. Despite this daily loss, BNB has maintained a weekly gain of 4.4%. Trading volumes for BNB have spiked by 60%, reaching $2.5 million following the announcement that CZ will step down as CEO of Binance. THORChain's RUNE token has also faced intraday depreciation, dropping by 6.8%, yet it has achieved a weekly increase of 1.9%. Its trading volumes have dramatically increased by 83%, hitting $570 million, despite erratic market sentiment and bearish signals from analytical tools like Bollinger bands and RSI. BLUR stands out with its price surging by 15% on the day and registering an 18% increase over the past seven days. The bullish trend for BLUR is supported by a 66% increase in trading volume, which reached $430 million amid substantial volatility but favorable conditions for bulls according to technical analysis indicators such as Bollinger band spreads and RSI positioning above average levels. https://www.investing.com/news/cryptocurrency-news/crypto-market-sees-slight-dip-with-142t-cap-bitcoin-resilient-93CH-3241007

2023-11-22 10:54

Copyrighted Image by: Reuters Dogecoin has cemented its place within the top echelons of the cryptocurrency market, not just due to its meme-inspired beginnings but also thanks to significant celebrity endorsements, including those from tech mogul Elon Musk. Since its inception in December 2013 by software engineers Billy Markus and Jackson Palmer, the digital currency featuring the Shiba Inu emblem has risen to prominence with a strong community and philanthropic efforts bolstering its reputation. The currency's journey has been marked by rapid adoption, driven by its low transaction fees and user-friendly approach. Musk's frequent Twitter commentary has notably swayed Dogecoin's valuation over time, while other celebrities like MicroStrategy CEO Michael Saylor have also shaped public perception of cryptocurrencies. These high-profile influences contribute to Dogecoin's unpredictable financial trajectory, despite it consistently maintaining a position among the top ten cryptocurrencies by market sentiment. In addition to its celebrity-driven popularity, Dogecoin has found practical utility in the online gaming sector. Its efficient processing times and privacy advantages have made it a preferred payment method on many digital gaming platforms. This widespread acceptance underscores Dogecoin's capability for facilitating quick transactions, which is particularly appealing to the online gaming community. Despite potential legislative changes that could affect the broader crypto market and Musk stepping back from actively promoting Dogecoin due to his commitments with SpaceX, historical patterns suggest that Dogecoin might continue to hold its ground within the ranks of leading digital currencies. The robust support from its community and ongoing visibility through celebrity engagement underscore its enduring presence in the volatile landscape of digital finance. https://www.investing.com/news/cryptocurrency-news/dogecoin-retains-top-crypto-status-amid-celebrity-influence-93CH-3241005

2023-11-22 10:41

Copyrighted Image by: Reuters. The GBP/USD currency pair saw a pullback today, trading at 1.2520 amid a strengthening US dollar and as investors anticipate upcoming US economic data releases. The market is closely watching for new figures on jobless claims and consumer sentiments, which could provide further insights into the health of the American economy. This development follows comments made on Tuesday by Bank of England Governor Andrew Bailey, who, during a Treasury Select Committee hearing, highlighted the enduring nature of UK inflation. Bailey also dismissed any expectations of policy easing before June 2024, suggesting that the central bank remains committed to its current monetary stance. Further influencing the pound's movements, the Federal Open Market Committee (FOMC) minutes released hinted at potential rate hikes if necessary to achieve inflation targets while maintaining a tight monetary policy. This stance from the US Federal Reserve underscores a global trend among central banks to tackle inflation even at the risk of slowing economic growth. Investors are also looking ahead to the UK's autumn budget announcement, where Prime Minister Rishi Sunak is expected to outline plans for tax reductions aimed at fighting inflation. Additionally, Chancellor Jeremy Hunt is anticipated to present proposals intended to stimulate economic growth and encourage business investments. These fiscal strategies are being watched by market participants for their potential impact on both the UK's economic outlook and sterling valuations. https://www.investing.com/news/forex-news/sterling-dips-as-dollar-strengthens-ahead-of-us-economic-data-93CH-3240997

2023-11-22 10:39

Copyrighted Image by: Reuters. The U.S. dollar paused its recent slide against the Swiss franc today, stabilizing around 0.8860 in the European trading session. After three days of declines, the currency pair's movement suggests a cautious market response to potential further tightening by the Federal Reserve. Traders are closely monitoring technical levels, with immediate resistance seen at the nine-day Exponential Moving Average (EMA) of 0.8892 and a notable psychological threshold at 0.8900. A break above these levels could prompt a test of the Fibonacci retracement mark at 0.8913, followed by a possible advance towards key resistance at 0.8950. The rebound comes on the heels of the release of the minutes from the Federal Open Market Committee (FOMC), which hinted on Tuesday that the Fed might continue to tighten monetary policy if inflation does not align with its objectives. This has lent some support to the dollar despite bearish technical indicators, such as a Relative Strength Index (RSI) below the midpoint and a Moving Average Convergence Divergence (MACD) lagging behind its signal line. Market participants are also eyeing a critical support level at 0.8850 for USD/CHF. A decisive drop below this point could lead the pair to a three-month low near 0.8795. However, sustained progress in controlling inflation could reinforce the Fed's current stance on firm monetary policy, potentially supporting the dollar's value against the Swiss franc. https://www.investing.com/news/forex-news/dollar-steadies-against-swiss-franc-amid-fed-tightening-signals-93CH-3240989