2023-11-20 14:02

Copyrighted Image by: Reuters Nineteen North American and European banks have reported significant investments in cryptocurrencies, totaling €9.4 billion ($10.27 billion), according to the latest findings from the Basel Committee on Banking Supervision (BCBS). The disclosures come as part of a supervisory initiative to monitor crypto-asset exposures within the financial system. The BCBS, after implementing a new crypto data collection template over the past five years, has revealed the extent of cryptocurrency engagement among its member banks. North American banks are leading with ten entities disclosing their investments, while seven European banks have also reported their exposures. The investments span various digital currencies, with Bitcoin and Ethereum being the most prominent in these portfolios, accounting for 31% and 22%, respectively. Notably, related investment instruments for Bitcoin and Ethereum constitute an additional 25% and 10%. XRP, another major cryptocurrency, represents €188 million or 2% of the total investment, with two banks holding over half of this exposure and four others nearly 40%. The banks' portfolios are diversified across several other cryptocurrencies including Polkadot (DOT), Cardano (ADA), Solana (SOL), Litecoin (LTC), and Stellar Lumens (XLM). Stablecoins and tokenized assets are also featured, making up nearly 90% of the reported exposures by these institutions. In a significant development for cryptocurrency adoption within traditional banking systems, Banco Santander (BME:SAN) has started facilitating transactions in Bitcoin and Ethereum for clients in Switzerland. This move signals a growing acceptance of digital currencies as legitimate financial instruments among established financial entities. https://www.investing.com/news/cryptocurrency-news/banks-report-1027-billion-investment-in-cryptocurrencies-93CH-3239065

2023-11-20 13:41

Copyrighted Image by: Reuters. The dollar showed signs of weakness today, with the USD/JPY pair falling from a high of 148.70 in Asia to a low of 148.10 in Europe, even as U.S. Treasury yields edged up nearly four basis points to 4.480%. This divergence occurred amidst a mixed performance in European equities and stable S&P futures, suggesting a neutral market sentiment. Commodities experienced some volatility with gold prices slipping by 0.4% to $1,972.10 an ounce, while WTI crude oil climbed 1.5% to $77.05 per barrel. In the cryptocurrency space, Bitcoin saw a gain of two percent, closing at $37,160 amid these broader market movements. The euro and British pound both made modest gains against the softer dollar, with EUR/USD reaching approximately 1.0930 and GBP/USD slightly higher at around 1.2470. The Antipodean currencies also benefited from the dollar's dip; AUD/USD rose to .6555, and NZD/USD strengthened to .6022, largely due to the appreciating Chinese yuan which provided support across the region’s currencies. https://www.investing.com/news/forex-news/dollar-weakens-as-us-treasury-yields-rise-commodities-and-currencies-fluctuate-93CH-3239028

2023-11-20 12:07

Investors are navigating a turbulent period for XRP, the cryptocurrency native to the Ripple network, as its price experiences significant fluctuations. In a recent development, attorney John Deaton offered guidance to investors amidst the volatility, particularly highlighting the impact of social media on market movements. Deaton pointed out that news involving large asset managers like BlackRock (NYSE:BLK) can often arrive too late for investors to take profitable action. He noted that by the time such information hits social media, insiders may have already acted, leaving others behind. This statement came in response to XRP's price changes following falsely reported news about a BlackRock exchange-traded fund (ETF). Reflecting on Ripple's ongoing legal battle with the Securities and Exchange Commission (SEC), Deaton drew parallels with past events where early investors benefited. He referenced Ripple's legal victory under Judge Analisa Torres, which led to a surge in XRP's price to $0.91. With the SEC case nearing its conclusion, Deaton advised investors to consider a strategic approach. He suggested that buying during quieter times and selling during periods of high interest—often fueled by a fear of missing out—could yield substantial returns. Deaton implied that investing before such news becomes widely known to the public could be advantageous. As the Ripple case progresses, market watchers will likely keep a close eye on developments and their potential impact on XRP prices. https://www.investing.com/news/cryptocurrency-news/xrp-price-swings-on-false-blackrock-etf-rumors-legal-case-updates-93CH-3238899

2023-11-20 11:53

Copyrighted Image by: Reuters. Cryptocurrency markets have seen a significant surge in options trading, with Deribit's Bitcoin (BTC) options reaching an unprecedented $15 billion last week. The platform has cemented its dominance, commanding an 87% market share in the BTC options space. This milestone comes amid increased strategic trading activities and a rise in implied volatility. The uptick in options trading volume has now surpassed that of futures, marking a notable shift in trader preference. According to Paradigm, there has been aggressive positioning for bullish outcomes, while Amberdata highlighted large block trades and the execution of straddle strategies. These strategies aim to capitalize on premium gains during periods of heightened volatility, such as those experienced in the summer months. Despite the record-setting pace, open interest—a measure of active contracts—saw a slight dip to $13.8 billion on Friday. This decline came even as Bitcoin's price made a substantial leap from $25,000 to $38,000. Market optimism seems to be buoyed by the anticipation of approval for a spot bitcoin ETF, contributing to the bullish sentiment. Ether (ETH) options also experienced growth in open interest, reaching $6.83 billion. While this is a significant increase, it has not yet surpassed the record levels seen following Ethereum's transition to a proof-of-stake protocol. https://www.investing.com/news/cryptocurrency-news/deribit-leads-with-87-share-as-btc-options-hit-15-billion-high-93CH-3238867

2023-11-20 11:42

The cryptocurrency market is witnessing renewed interest in XRP, a digital asset that has shown a strong foundation for growth despite previous challenges. Jeremy Hogan, a well-known crypto advocate and attorney, has recently shared his optimistic outlook for XRP's future performance. Hogan has experienced a significant increase of over 60% in his XRP holdings over the years, even amidst setbacks from the Ripple Labs lawsuit and subsequent exchange delistings. Hogan's confidence in cryptocurrencies like XRP extends to his personal investment strategy. He is considering restructuring his portfolio by moving assets into an LLC-held Wyoming Trust, a move reflecting the broader sentiment of the crypto community towards the potential for substantial returns from smart investments in digital currencies. Despite facing volatility due to the SEC lawsuit which impacted XRP's credibility and led to delistings, the asset's recovery post-lawsuit suggests a robust platform for future appreciation. The crypto community remains buoyant, with analysts predicting an increase in XRP's value to $1.35. This projection is based on improving on-chain data and positive technical indicators that highlight the currency's continued resilience and potential for substantial gains. A pivotal moment for XRP came on July 13, when a court decision led to an optimistic shift in perception, resulting in an 81% rise year-to-date (YTD). This surge contributed significantly to Hogan's portfolio growth and bolstered his belief in the retirement possibilities through strategic cryptocurrency investments. With anticipation building around another bull market cycle and predictions of XRP reaching $1, Hogan and many others in the crypto space are positioning themselves to capitalize on future market movements. https://www.investing.com/news/cryptocurrency-news/xrp-shows-resilience-with-potential-growth-to-135-93CH-3238856

2023-11-20 11:40

The digital currency XRP is currently positioned at a pivotal moment, with potential to achieve a significant price increase according to projections by EGRAG. As of today, XRP is valued at $0.6220 and is facing a critical juncture that could either propel it to unprecedented heights or see it retreat into a bearish zone. EGRAG's analysis suggests that if XRP can secure a bullish closure above the crucial Fibonacci level of 0.5, priced at $0.6069, it may soar to as much as $27. This scenario would represent a stark contrast to previous market highs, such as the December 2017 peak and the April 2021 bull run, and would necessitate an uptrend monthly candle formation to confirm the optimistic outlook. Achieving this ambitious target implies an extraordinary rally of approximately 4,240% for XRP. However, there are significant challenges ahead for XRP to reach such a valuation. A failure to close above the mentioned Fib level could lead to the formation of a bearish candle pattern, pushing XRP into what EGRAG refers to as "yellow triangle territory" below $0.60—a bearish signal for investors. Moreover, even if the bullish scenario begins to unfold, XRP will encounter substantial resistance along its path, notably at the formidable Fib 1 resistance point situated at $3.3258. Surpassing this barrier would be essential for sustaining a long-term upward trajectory towards the projected price target. https://www.investing.com/news/cryptocurrency-news/xrp-could-surge-to-27-on-bullish-market-trend-egrag-forecasts-93CH-3238850