2023-11-20 16:23

Copyrighted Image by: Reuters. Luxor Technologies has announced the launch of Luxor Logistics, a new service aimed at supporting cryptocurrency miners in the procurement and global shipping of hardware. This move comes as the industry prepares for the upcoming bitcoin halving event, which is set to reduce mining rewards by half, against a backdrop of increasing regulatory scrutiny and the need for miners to diversify geographically. Luxor Logistics seeks to address the complex challenges associated with international customs, offering streamlined solutions for miners. The timing of this launch is strategic, providing miners with crucial support during a period when the crypto market has been subdued and the importance of efficient operations is heightened. Despite Foundry having previously launched a similar service, Luxor differentiates itself with its extensive experience in global shipping and its ability to secure preferential freight rates from its U.S. base. The company has already facilitated the delivery of over $245 million worth of mining rigs to more than 30 countries worldwide. The introduction of Luxor Logistics complements Luxor's existing services, including its ASIC Trading Desk, which provides industry insights. The company's multifaceted approach aims to bolster miners' operations at a time when the bitcoin network is experiencing record hashrates and increased regulatory attention. https://www.investing.com/news/cryptocurrency-news/luxor-technologies-launches-logistics-arm-ahead-of-bitcoin-halving-93CH-3239297

2023-11-20 16:21

Copyrighted Image by: Reuters. The crypto community is abuzz with the expectation of a Spot Bitcoin ETF potentially going live by January, a development that could unlock a market valued at approximately $100 billion, according to Bloomberg Intelligence. This optimism follows a surge in Bitcoin transaction fees to $18.67 last Friday, amid speculation around the ETF's approval. Financial giants such as BlackRock (NYSE:BLK) and Fidelity are reportedly ready to enter the market once the U.S. Securities and Exchange Commission (SEC) gives the green light. Wealth advisors from Summit Wealth Partners, who manage assets exceeding $550 million, foresee strong institutional interest in the wake of the SEC's endorsement. The proposed ETFs are set to offer a more cost-effective direct investment method into Bitcoin compared to existing futures options. Galaxy Digital, a prominent crypto bank, recently hosted a meeting with around 300 investment professionals to discuss expanding Bitcoin investments. While specific details from the meeting are not public, there's a reported increase in interest from various investor groups. Galaxy Digital projects that the addressable market for a new U.S.-based Bitcoin ETF could hit $14 trillion in its first year, with potential inflows of up to $39 billion by its third year. However, analysts at Galaxy Digital caution that these projections could be affected by unpredictable market performance and other factors. BitGo CEO Mike Belshe highlighted that the SEC's reluctance to approve crypto-based investment products like Bitcoin ETFs is partly due to unresolved issues within the market structure. Despite these challenges, Bloomberg experts anticipate a high likelihood of batch approvals for all applications in January. In related developments, Banco Santander (BME:SAN) has initiated Bitcoin and Ethereum trading services in Switzerland. Meanwhile, Bitcoin's price has seen an uptick to $37,168.96 alongside a significant increase in trading volume. https://www.investing.com/news/cryptocurrency-news/crypto-industry-anticipates-sec-nod-for-bitcoin-etf-93CH-3239295

2023-11-20 16:16

Cryptocurrency markets have noted a slight uptick in Litecoin's (LTC) price today, as it trades at $70.36, marking a 1.36% increase. Analyst Ali Martinez pointed out that LTC's price stability above $70 coincides with a pattern of whale accumulation. This observation comes after a week where the number of large transactions by LTC whales decreased from around 3,000 to just over 2,000, which was accompanied by a dip in LTC's value below $69. Despite facing challenges throughout the year, with only a minor year-to-date (YTD) increase of nearly three percent and an approximate six-month decline of one-fifth of its value, there is an air of optimism surrounding Litecoin. Analysts forecast that if the trend of whale accumulation persists, there could be an improvement in LTC's performance by the end of the year. The correlation between whale activities and price stability suggests that significant holders of Litecoin could play a crucial role in the cryptocurrency's market movements. As the end of the year approaches, investors and analysts alike will be watching closely to see if this pattern continues and what impact it may have on Litecoin's value going forward. https://www.investing.com/news/cryptocurrency-news/litecoin-sees-uptick-as-whale-accumulation-correlates-with-stability-93CH-3239291

2023-11-20 16:05

In a significant crackdown on illicit activities, Tether and cryptocurrency exchange OKX, in collaboration with the US Department of Justice (DOJ), have successfully immobilized $225 million USDT connected to a Southeast Asian human trafficking ring. This operation targeted a "pig butchering" scam, where victims globally were lured through fake romantic endeavors to extract financial assets. The funds were frozen following meticulous blockchain analysis and the use of Chainalysis identification tools, which pinpointed the wallets associated with the criminal network. Tether's CEO Paolo Ardoino highlighted the firm's dedication to ensuring the safety and integrity of its operations. He emphasized Tether's ongoing efforts to maintain transparency and security within the crypto ecosystem. OKX similarly underscored its commitment to fostering public good by strengthening essential partnerships with law enforcement agencies to combat financial crimes. This recent action aligns with previous collaborative efforts in the crypto industry aimed at disrupting illegal operations. Earlier instances include Tether freezing $873,000 USDT suspected of being linked to terrorist financing and Binance imposing account restrictions in response to requests from authorities. These interventions by stablecoin issuers such as Tether showcase their unique capacity to intervene in transactions, a dynamic that sets them apart from decentralized cryptocurrencies like Bitcoin (BTC), where control is exclusively in the hands of individuals holding private keys. The ability to freeze funds reflects the nuanced balance between regulatory oversight and operational autonomy within the digital asset space. https://www.investing.com/news/cryptocurrency-news/tether-and-okx-freeze-225-million-tied-to-trafficking-scam-93CH-3239285

2023-11-20 14:57

Copyrighted Image by: Reuters. The cryptocurrency market has seen a notable upswing, with Bitcoin breaking above the $37,000 mark and Ethereum surpassing $2,000 as of Friday. This surge is attributed to the growing anticipation of a potential U.S. Securities and Exchange Commission (SEC) approval for a Bitcoin exchange-traded fund (ETF), which investors believe could pave the way for greater accessibility to cryptocurrencies through traditional stock exchanges. The rally in digital currencies comes against the backdrop of a broader recovery in the crypto market. Year-to-date figures highlight Bitcoin's impressive climb of 124.8%, while Ethereum has gained 69.1%. Other cryptocurrencies such as Cardano and Dogecoin have also experienced significant growth, with increases of 59% and 15.1%, respectively. This rebound follows a period of volatility spurred by concerns over Federal Reserve rate hikes. In recent months, the mood among crypto investors has improved due to signs of declining inflation rates, which may signal a nearing end to the Fed's cycle of interest rate increases. This renewed optimism is reflected in the positive outlook for companies associated with cryptocurrency. NVIDIA (NASDAQ:NVDA), known for its graphics processing units (GPUs), has forecasted a dramatic earnings jump of 226.1%, bolstered by strong demand for its products within crypto mining activities. Similarly, Interactive Brokers (NASDAQ:IBKR) Group Inc. (NASDAQ: IBKR) expects to see a growth of 41.7% thanks to its offering of crypto futures. Meanwhile, Coinbase (NASDAQ:COIN) Global Inc. (NASDAQ: COIN), which provides essential infrastructure within the crypto sector, is aiming for an increase in earnings of 91.7%. The potential SEC approval for a Bitcoin ETF is seen as a significant step toward integrating cryptocurrencies into mainstream financial services, potentially attracting new investors and boosting overall market confidence. https://www.investing.com/news/cryptocurrency-news/bitcoin-and-ethereum-surge-amid-hopes-for-secs-etf-approval-93CH-3239154

2023-11-20 14:54

Copyrighted Image by: Reuters The iron ore market saw a slight uptick in futures on the Dalian Commodity Exchange (DCE) today, with the benchmark contract I2401 closing at 968 yuan per metric ton, marking a 0.47% increase. This modest gain comes amidst a backdrop of cautious trading activity, driven by steel mills' tempered demand and the market's anticipation of impending regulatory changes. In the Chinese domestic market, prices for iron ore also experienced a lift. In Shandong, the price for PBF (Pilbara Blend Fines) ended the day at 992 yuan per metric ton, which is an increase of 7 yuan. Meanwhile, in Tangshan, transactions were completed within the range of 998 to 1000 yuan per metric ton, showing an increment of 8 to 10 yuan. On a global scale, iron ore shipments for the month witnessed a 7% rise, totaling nearly 31 million tons. This surge was largely fueled by Australia's strong export performance, which included a significant increase in shipments to China reaching 18.28 million tons—an increase of 5.4%. However, Brazil saw a decline in its deliveries to China by 17.9%, amounting to only 266 tons. Chinese ports reported a slight decline in arrivals, down by 4.85% to 22 million tons for the period. This reduction was attributed to less efficient unloading operations due to poor weather conditions. Despite this hiccup, overall low inventory levels at these ports have provided some degree of market stability. Nonetheless, traders and analysts are preparing for potential price fluctuations in the short term as the market remains sensitive to both supply dynamics and policy shifts. https://www.investing.com/news/commodities-news/iron-ore-futures-edge-up-amid-cautious-trading-and-regulatory-anticipation-93CH-3239152