2023-11-21 11:31

Copyrighted Image by: Investing.com In recent weeks, the Bitcoin network has experienced a significant uptick in transaction fees, attributed to the growing popularity of NFT-like Ordinal assets and BRC-20 tokens. The surge in activity has culminated in more than 6 million new Ordinal assets being inscribed, generating over $30 million in BTC network fees from October 24 to today. On November 16, Bitcoin fees hit a six-month peak at $18.67. This was followed by a notable investment in the space, with Taproot Wizards securing a seed investment of $7.5 million on November 17. The momentum continued, and by Sunday, Bitcoin's average daily transaction fee had surpassed Ethereum's for the first time in recent memory, reaching $10.34 compared to Ethereum's average of $8.43. The increased interest in these digital assets has also impacted cryptocurrency trading. Following the Binance listing of the ORDI token on November 7, its price saw an increase of over 50%, which further fueled trading activity and contributed to the rise in transaction fees. The trend towards higher fees comes after a period of decreased activity between late September and October, suggesting a renewed vigor within the cryptocurrency community towards innovative uses of blockchain technology such as Ordinals and new token standards like BRC-20. https://www.investing.com/news/cryptocurrency-news/bitcoin-network-fees-surge-as-ordinals-drive-transaction-costs-93CH-3239934

2023-11-21 11:28

Copyrighted Image by: Reuters The global cryptocurrency market capitalization has seen a significant rise of over one percent, reaching an estimated $1.4 trillion. This increase reflects a buoyant investor sentiment, which is currently in the "greedy" zone at seventy-four on the fear and greed index. Additionally, the overall global trading volume has experienced an uplift of nearly four percent, totaling around $40 billion. Bitcoin, the leading cryptocurrency by market cap, has recorded marginal gains today, with its price inching up three-tenths of a percent to $37,200. Despite this slight uptick, Bitcoin's value has decreased over the past week. However, trading activity for Bitcoin has surged with volumes increasing by forty-six percent to $20.7 billion. This jump in trading volume comes amidst indicators of low volatility, as suggested by the close Bollinger bands, and bearish signals from the Relative Strength Index (RSI). Ethereum has also seen minor positive adjustments in its valuation, reaching $2,006 for the day. Over the past week, Ethereum's price has seen a downturn of 2.5 percent. Nonetheless, its market activity is trending upward with a 65 percent increase in trading volumes. BNB (Binance Coin) stands out with substantial growth both on the day at four-point three percent and over the week with a cumulative increase of five-point five percent. Market transactions for BNB have expanded significantly with $1.5 million traded. The RSI levels indicate a bullish dominance for BNB. In other cryptocurrency news, Skale's pricing has experienced a dramatic surge today, soaring by forty-three percent. Its weekly performance has also been impressive, doubling in value. Worldcoin is another cryptocurrency that has displayed heightened volatility and bullish momentum. Both Skale and Worldcoin have RSI readings well above average lines, signaling strong investor interest and potential for further gains. https://www.investing.com/news/cryptocurrency-news/global-crypto-market-cap-rises-over-1-to-14-trillion-amid-investor-optimism-93CH-3239926

2023-11-21 11:24

Copyrighted Image by: Reuters The cryptocurrency market is witnessing the rise of a new player, GameStop (NYSE:GME) Memes (GSM), which has garnered significant investor attention by raising $2 million on its first presale day today. GSM is drawing on the legacy of the GameStop market upheaval, positioning itself as both a symbol of financial rebellion and a promising investment in the meme coin sector. In tandem with GSM's entry, Dogecoin (DOGE), a long-standing favorite within the meme coin community, has recently surged out of a 2.5-year consolidation pattern, achieving a peak transaction volume of $665 million. This breakout underscores the persistent allure and cultural impact of meme coins among crypto enthusiasts. Shiba Memu (SHMU) is another meme coin making strides by incorporating artificial intelligence for proactive marketing strategies and fostering community interaction with a humor-centric approach. Both GSM and SHMU are tapping into the demand for meme coins that not only provide cultural resonance but also hold investment potential. As GSM seeks to lead through innovation and practical utility, it joins established entities like Dogecoin and Uniswap in highlighting the importance of community-driven initiatives in shaping investment landscapes. Uniswap distinguishes itself within decentralized finance (DeFi) through informed token trading and liquidity management strategies. GameStop Memes aims to resonate with investors by evoking the spirit of resistance from the GameStop stock event that highlighted retail investors' power against established financial institutions. It promotes itself as more than just a digital asset; it's a movement advocating for financial democratization while cautioning about the inherent volatility of high-return investments. https://www.investing.com/news/cryptocurrency-news/dogecoin-breaks-free-from-consolidation-as-gamestop-memes-launches-93CH-3239916

2023-11-21 10:59

Copyrighted Image by: Reuters. Amid growing worries about potential hyperinflation, author and financial commentator Robert Kiyosaki has reiterated his support for Bitcoin as a hedge against economic uncertainty. Kiyosaki, known for his book "Rich Dad Poor Dad," has been vocal about the value of decentralized currencies, particularly in times when traditional economic structures face challenges. Recently, Kiyosaki underscored Bitcoin's importance as "People's money," ranking it alongside essential commodities such as food and stable assets like firearms, gold, and silver. His endorsement comes despite his earlier skepticism regarding the future of Bitcoin and the U.S. Dollar, especially after Citibank introduced its blockchain-based tokens for institutional transactions in September. In a past prediction, Kiyosaki suggested that Bitcoin could climb to $100,000 by April. Although this milestone has not been reached, Bitcoin has experienced a modest uptick in its value, currently trading at around $37,600. This continued advocacy for Bitcoin aligns with Kiyosaki's broader investment philosophy that favors assets outside the control of traditional financial systems and governments. His stance reflects a sentiment shared by many cryptocurrency enthusiasts who see decentralized digital currencies as a means to preserve wealth in turbulent economic times. https://www.investing.com/news/cryptocurrency-news/robert-kiyosaki-endorses-bitcoin-amid-economic-concerns-93CH-3239876

2023-11-21 09:15

Copyrighted Image by: Reuters. In recent developments, the cryptocurrency market has shown resilience in the face of potential regulatory actions, as Bitcoin maintained its position above $37,000 despite news on Monday of a looming Department of Justice (DOJ) fine for Binance that could reach up to $5 billion. Concurrently, Ether recovered after nearly falling below the $2,000 mark. The tech industry witnessed significant leadership changes last week, with Sam Altman stepping down from his role as CEO of OpenAI on Friday. By Sunday, Microsoft (NASDAQ:MSFT) had appointed Altman to a new position following OpenAI's board decision against his reinstatement. The beginning of this week marked Emmett Shear's start as interim CEO of OpenAI. On the same day, the Nasdaq Composite saw a 1.3% increase, buoyed by record stock prices from tech behemoths Microsoft and Nvidia (NASDAQ:NVDA), signaling robust investor confidence even amidst disruptions in the AI sector. Data from Kaiko has revealed a notable decline in Bitcoin's correlation with equities, dropping from a high in September to just under 13% in November. This shift suggests that cryptocurrency markets are increasingly influenced by sector-specific events such as exchange-traded fund (ETF) approvals and firm deadlines like Hashdex's recent delay, rather than traditional economic indicators. Microsoft's involvement with OpenAI has become more pronounced, holding nearly half ownership at 49%. In another development within the crypto space, Worldcoin has garnered attention for its innovative eye-scanning mechanism aimed at cryptocurrency distribution. https://www.investing.com/news/cryptocurrency-news/bitcoin-holds-steady-amid-binance-fine-concerns-microsoft-deepens-ties-with-openai-93CH-3239818

2023-11-21 09:11

Copyrighted Image by: Reuters. Investing.com - The U.S. dollar retreated once more in early European trade Tuesday, falling to a more than 2-month low ahead of the release of the minutes from the Federal Reserve’s last meeting. At 04:10 ET (09:10 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, fell 0.2% to 103.135, dropping to levels last seen in late August. Dollar retreats ahead of Fed minutes The dollar index has fallen in seven of the last eight sessions as a string of soft labor market and inflation readings have seen traders speculate that the Federal Reserve has reached the end of its rate-hiking cycle, and cuts are the next logical step. Traders have priced in a 30% chance that the Fed could begin trimming rates by as soon as March 2024. The minutes of the Fed’s October meeting are due later in the session. This was the meeting where the policy makers decided to keep rates on hold, and could provide more cues on monetary policy. “The market seems in the mood to look out for some dovish headlines here, and this can prove a negative dollar event risk,” analysts at ING said, in a note. Euro, sterling rise to 2-month highs In Europe, EUR/USD rose 0.2% to 1.0955, climbing to its highest level since mid-August, even though economic growth in the eurozone remains weak. ECB policy makers have been keen to quash speculation that rate cuts are just around the corner even as inflation retreats sharply in the region. The Governor of the Bank of Spain, Pablo Hernandez de Cos, said on Monday it was "premature" to talk about the possibility of interest rate cuts, while his French equivalent Francois Villeroy de Galhau said rates have reached a plateau where they will likely remain for the next few quarters. ECB President Christine Lagarde is set to speak later in the session, and her comments will be studied carefully for clues over future policy, GBP/USD rose 0.2% to 1.2532, climbing close to a two-month peak, with U.K. inflation remaining among the highest in the developed world even after it recorded the largest fall in the annual CPI rate from one month to the next since April 1992 in October. Bank of England Governor Andrew Bailey has previously said that the British central bank had to "see the job through" on bringing down the inflation rate. Bailey is among a number of BOE officials that are due to speak later in the session. Asian currencies post strong gains In Asia, USD/CNY fell 0.5% to 7.1335, with the yuan hitting an almost four-month high after China's central bank set the midpoint of the yuan's trading band at its strongest since Aug. 7. USD/JPY traded 0.6% lower at 147.47, with the yen at its strongest level in three months versus the dollar, resulting in traders dialing down bets that Japanese authorities will need to intervene in currency markets. https://www.investing.com/news/forex-news/dollar-retreats-ahead-of-minutes-from-feds-october-meeting-3239799