2023-11-20 18:37

Cryptocurrency exchange Binance has initiated a rewards program to encourage trading in select artificial intelligence (AI)-related tokens. The campaign, which began today, includes tokens such as AGIX and Cortex's CTXC, with the latter geared towards integrating AI into blockchain smart contracts. In a bid to attract both new users and reactivate dormant accounts, Binance is offering an incentive pool of $10,000 in USDT vouchers. Eligible participants are newcomers or existing members who have not engaged with Binance Spot trading in the last three months. This promotional offer is set to run until November 27. The AI token market has recently experienced notable activity, drawing attention to tokens like WLD, which saw significant fluctuations. This interest was partly attributed to Sam Altman, the former CEO of OpenAI, and a hefty deposit of nearly $4.5 million worth of WLD into exchanges by GSR. Furthermore, Render (RNDR) led a substantial increase in trade volumes within the AI sector. According to Kaiko research, the sector's trade volumes reached $2 billion. Concurrently, other AI tokens like MDT recorded a price increase of over 7% coupled with a volume surge exceeding 150%. Similarly, OCEAN's price climbed by more than 11%, with its trade volume also doubling during the same timeframe. The movement in the AI token market reflects growing investor interest in cryptocurrencies linked to emerging technologies like artificial intelligence, which are becoming increasingly relevant across various industries. https://www.investing.com/news/cryptocurrency-news/binance-launches-ai-token-rewards-campaign-sees-sector-trade-surge-93CH-3239372

2023-11-20 18:34

The Avalanche network has witnessed a significant surge in activity and value, with its native token, AVAX, leading the Layer 1 blockchain tokens with an impressive 130% increase over the past month. CoinGecko data highlights this remarkable growth, which has also seen other prominent tokens such as Solana and Near protocol enjoy gains surpassing 100%. This surge in value coincides with a peak in network activity for Avalanche, reaching a record of 1.68 million transactions in a single day. The increased interest and usage of Avalanche's platform may be attributed to its recent partnership with JPMorgan. Last week, the banking giant collaborated with Avalanche to explore blockchain interoperability for Project Guardian in Singapore. The partnership has brought attention to Avalanche's attributes, including high transaction throughput and cost-efficiency, as noted by Sei Labs co-founder Jeff Feng. While AVAX has shown remarkable performance, caution that the token might be overbought, referencing its Relative Strength Index (RSI) readings. Despite this, the broader altcoin market is trending upwards, with Ethereum maintaining its status as the top choice among institutional investors due to its well-established ecosystem and pioneering role in the space. The collective momentum of Layer 1 blockchain tokens, including AVAX, reflects a growing interest and confidence in the potential of these platforms to offer scalable and efficient alternatives within the cryptocurrency market. https://www.investing.com/news/cryptocurrency-news/avax-leads-layer-1-tokens-with-a-130-monthly-surge-93CH-3239368

2023-11-20 17:44

Copyrighted Image by: Reuters. The cryptocurrency market has experienced a significant upturn, with Bitcoin (BTC-USD) breaking through a crucial resistance level and surpassing $37,250 today. This rally is partly driven by growing optimism around exchange-traded funds (ETFs) and the broader crypto market's positive reaction to the presidential election results in Argentina. Since early October, Bitcoin has seen a remarkable rise of over 30%, suggesting the onset of a bull market and providing a stark contrast to the subdued trading that followed the downturn in May 2022. The recent surge in Bitcoin's value also reflects heightened anticipation for pro-crypto policies after Javier Milei's victory in Argentina's presidential race. This political shift has had a ripple effect across related stocks and the entire crypto market capitalization, which expanded by 1.7% to reach $1.42 trillion. The bullish trend extends beyond Bitcoin, as Ethereum (ETH-USD) also climbed significantly by 2.5% to $2.02K. Major companies linked to cryptocurrencies have likewise benefited from the market's positive momentum. Notable gains were observed in MicroStrategy (+3.1%), Coinbase (NASDAQ:COIN) (+4.4%), Bakkt (+18.5%), Core Scientific (+8.5%), Riot Platforms (NASDAQ:RIOT) (+4.4%), and Marathon Digital (NASDAQ:MARA) (+2.6%). Investors and enthusiasts are closely monitoring these developments as they signal a potential shift in the crypto landscape, with the market responding favorably to both regulatory prospects and political changes that could shape the future of digital currencies. https://www.investing.com/news/cryptocurrency-news/bitcoin-value-soars-past-37250-amid-etf-optimism-and-election-results-93CH-3239341

2023-11-20 17:32

Copyrighted Image by: Reuters The New York State Department of Financial Services (DFS) has updated its regulatory framework for virtual currency (VC) businesses, introducing stringent measures that venture capital firms must follow when transacting with digital coins. This move aims to enhance governance and compliance within the industry. In addition to these requirements, as of today, entities like Gemini and Robinhood (NASDAQ:HOOD) are obligated to have DFS-approved procedures for cryptocurrency listings and delistings. These procedures should include safety protocols and customer protection measures tailored to each entity's unique business model. A comprehensive coin review process is required, taking into account the specific features of each coin. This update follows the Prior Guidance issued by DFS on June 24, 2020, which outlined the initial expectations for virtual currency businesses. Until the final approval of their delisting policies, VC entities are limited to listing only a select few tokens from the greenlist—which has been reduced from over twenty tokens to just eight, including Bitcoin. This restriction underscores the DFS's commitment to maintaining a secure and compliant virtual currency market in New York State. https://www.investing.com/news/cryptocurrency-news/nydfs-tightens-virtual-currency-regulations-for-vc-firms-93CH-3239339

2023-11-20 16:38

A substantial transfer of 25 million XRP, valued at approximately $15.5 million, was tracked moving into the cryptocurrency exchange Bitstamp today. This movement was highlighted by Whale Alert, a service that monitors large cryptocurrency transactions. The sender of this significant amount of XRP has been linked to Ripple's On-Demand Liquidity (ODL) service, according to comments from the Twitter account @XRPwallets and data provided by Bithomp. Bitstamp is known to support Ripple Payments, which was previously referred to as ODL. This service is utilized for facilitating international money transfers across over 70 markets. Over the preceding weekend, John Deaton, the founder of Crypto-Law.US, shared his perspective on the timing for investing in XRP. His insights came against the backdrop of market excitement, which included reactions to a now-debunked rumor about a BlackRock (NYSE:BLK) ETF and a July ruling by Judge Analisa Torres that favored Ripple regarding the legality of its XRP sales. Deaton advised investors to consider acquiring XRP before potential FOMO-induced price surges occur, suggesting a strategic approach to investment in the cryptocurrency. https://www.investing.com/news/cryptocurrency-news/whale-alert-tracks-155-million-xrp-transfer-to-bitstamp-93CH-3239312

2023-11-20 16:29

Ripple, a prominent player in the cryptocurrency space, is making strides with its Central Bank Digital Currencies (CBDCs) initiatives aimed at fostering financial inclusion and enhancing payment systems globally. James Wallis from Ripple highlighted the potential of CBDCs to provide affordable financial services to individuals who are either low-income or unbanked, addressing a gap left by traditional banks due to their profit-oriented operations. The Pacific island nation of Palau recently achieved a milestone by completing its first domestic CBDC transaction on Ripple’s XRP Ledger (XRPL), which is notable for its fast settlement capabilities even in regions with unstable internet conditions. This ledger also celebrated an important growth milestone, having completed its 84 millionth ledger. Wallis, leveraging his experience from leading Ripple's Global Sales Strategy & Operations and founding blockchain consultancy 7e4 LLC, spoke about the broader implications of CBDCs on "Crypto in One Minute." He emphasized how these digital currencies can reduce transaction costs and speed up payment processes while remaining under the oversight of central banks. Furthermore, Wallis discussed the role of programmable money in shaping monetary policy and targeted financial interventions, as well as the importance of addressing cybersecurity threats. Ripple is currently advancing its technology through live collaborations on CBDC projects with countries such as Bhutan and Montenegro and maintains active engagements with central banks in over twenty nations, including Colombia and Hong Kong. Cryptocurrency analysts are closely watching Ripple's progress with CBDCs, as some speculate that the integration of XRP in global CBDC operations could significantly increase its valuation. https://www.investing.com/news/cryptocurrency-news/ripples-cbdc-projects-pave-way-for-financial-inclusion-and-programmable-money-93CH-3239303