2023-11-20 11:34

Copyrighted Image by: Reuters. A recent study by Johannes Gutenberg University Mainz researchers revealed a significant link between Twitter influencers and Bitcoin price fluctuations. The study, which analyzed over 115 million tweets from 2009 to 2023, created an Opinion Leader Index to identify key opinion leaders (BOLs) in the cryptocurrency space, including well-known figures like Michael Saylor and Anthony Pompliano. The researchers categorized these BOLs into eight distinct archetypes, such as Bitcoin Maximalists and Crypto All-Stars, using the Linguistic Inquiry and Word Count (LIWC) Software. This analysis highlighted distinct communication styles among the influencer groups and showed a noteworthy correlation between their tweet activities and Bitcoin price movements. Public engagement metrics further underscored the high interaction rates with these influencer accounts. These findings not only elucidate the role of decentralized systems in shaping digital markets but also emphasize the growing importance of blockchain technology in academic research related to market management. The insights from this comprehensive study are set to be presented at the upcoming Hawaii International Conference on System Sciences as part of the Management and Digital Transformation group's examination of how management interfaces with digital technologies like blockchain. https://www.investing.com/news/cryptocurrency-news/study-finds-twitter-influencers-impact-bitcoin-prices-93CH-3238834

2023-11-20 11:10

Copyrighted Image by: Reuters The global cryptocurrency market is witnessing a bullish trend today, with the total market capitalization climbing 0.7% to reach $2.5 trillion. This upswing occurs despite a backdrop of lower global trading volumes, which currently stand at $58 billion. The prevailing market mood is indicated by the fear and greed index, which stands at a greedy level. Leading the charge, Bitcoin (BTC) saw its value increase by 1.3% today, touching $60,000, even though it experienced a minor weekly decline of 0.2%. Bitcoin's trading activity is also showing signs of life with volumes up by 10%, recorded at $35 billion, despite bearish signals from the Relative Strength Index (RSI) amidst a low volatility environment. Ethereum (ETH), the second-largest cryptocurrency by market cap, also posted gains today, rising 2.1% to hit $4,000. However, it wasn't immune to the week's bearish sentiment, having faced a 1.8% decrease over the past seven days. ETH's trading volumes have edged higher by 5%, marked at $25 million, despite facing higher volatility and bearish RSI cues. Lido DAO (LDO) is another token that has seen positive price action today, with its price increasing by 3.2% to reach $3, counteracting its 4.6% loss over the week. LDO's trading activity took a slight dip of 0.4% but still maintained robust figures at over $50 million, with an RSI indicating bullish trends. Immutable (IMX) exhibited strong performance, soaring 7.5%, and moving up to $5 despite experiencing a week-on-week downturn of 2.6%. Trading volumes for IMX skyrocketed by 150%, amounting to almost $10 million, reflecting heightened volatility and bullishness as per market indicators. The Graph (GRT), another player in the crypto space, saw its valuation improve by 2.3%, reaching $0.5 today, bouncing back from its 3.8% weekly depreciation. Trading volumes for GRT surged by 40%, totaling approximately $10 million as signs point towards growing bull strength given its near-overbought RSI position. The mixed signals from various cryptocurrencies—ranging from Bitcoin's and Ethereum's gains amid bearish technical indicators to Lido DAO's and Immutable's strong performances—paint a complex picture of the crypto market dynamics as traders navigate through varying levels of volatility and sentiment indicators. https://www.investing.com/news/cryptocurrency-news/global-crypto-market-cap-rises-to-25t-amid-mixed-signals-93CH-3238786

2023-11-20 11:05

Copyrighted Image by: Reuters Analysts project a bright future for Bitcoin, with its market capitalization expected to reach a staggering $3 trillion by mid-2025. Bernstein analysts highlighted strong fundamentals in the cryptocurrency, citing a significant portion of Bitcoin supply having remained dormant for over a year. This forecast comes as the crypto community anticipates the next Bitcoin halving event, scheduled for April or May 2024, which is predicted to reduce the amount of Bitcoin sold by miners from today's $1 billion to less than $500 million if prices remain around the current $37,000 mark. The Financial Accounting Standards Board (FASB) has introduced new guidelines that may further bolster corporate interest in Bitcoin. These guidelines allow for mark-to-market gains, which are expected to make Bitcoin an attractive option for corporate treasury assets. The potential approval of a U.S.-listed spot bitcoin ETF in early 2024 is also on the horizon, which would provide investors and companies with easier access to the cryptocurrency. This optimistic outlook is framed against concerns of economic slowdown and debt monetization challenges anticipated in early 2024. In this context, Bitcoin's role as an inflation hedge appears likely to become more pronounced. The combination of these factors—dormant supply, halving events reducing miner sell-off, favorable accounting standards, and the potential for an ETF—paints a picture of increasing corporate and investor interest in Bitcoin as a strategic asset in the face of macroeconomic uncertainties. https://www.investing.com/news/cryptocurrency-news/bernstein-predicts-bitcoin-market-cap-to-hit-3-trillion-by-2025-93CH-3238780

2023-11-20 09:32

Copyrighted Image by: Reuters. Investing.com - The U.S. dollar fell to a more than two-month low in early European trade Monday, adding to last week’s sharp losses on increased expectations that the Federal Reserve has completed its rate-hiking cycle. At 03:20 ET (07:20 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, fell 0.3% to 103.505, just above its lowest level since late August, extending its nearly 2% decline from last week - the sharpest weekly fall since July. Dollar on back foot The dollar has been on the back foot for the majority of the last week, after a string of soft labor market and inflation readings saw traders pricing in an even greater chance that the Fed was done raising interest rates, and that the central bank could begin trimming rates by as soon as March next year. “The dollar's decline has been broad-based, meaning that even the unloved Japanese yen has found a few friends,” said analysts at ING, in a note. The focus is now largely on the minutes of the Fed’s late-October meeting for more cues on monetary policy, due for release on Tuesday. “This was the meeting where the Fed retained its tightening bias but included an acknowledgement that tighter financial conditions were doing some of the Fed's work,” ING added. “The market seems in the mood to look out for some dovish headlines here, and this can prove a negative dollar event risk.” Euro gains despite falling German producer prices In Europe, EUR/USD rose 0.2% to 1.0926, benefiting from the weak dollar even after German producer prices fell 11.0% on an annual basis in October, helped by a 27.9% yearly fall in energy prices. This followed on from eurozone consumer prices being confirmed at 2.9% on an annual basis last week, down from 4.3% the previous month. Yet a number of ECB policymakers have been keen to emphasise the need to keep interest rates at relatively elevated levels as inflation remains high. "It would be unwise to start cutting interest rates too soon," Bundesbank President Joachim Nagel said in a speech on Friday. "We must not loosen policy until we are absolutely certain of returning to price stability on a lasting basis." GBP/USD rose 0.3% to 1.2492, near a two-month peak, with Bank of England Governor Andrew Bailey set to speak later in the session. U.K. CPI plunged to 4.6% on an annual basis in October, from 6.7% in September, the largest fall in the annual CPI rate from one month to the next since April 1992. However, U.K. inflation remains among the highest in the developed world, and the Bank of England has sought to stress that it is nowhere near cutting interest rates. Yuan, yen benefit from dollar weakness In Asia, USD/CNY fell 0.6% to 7.1712, with the yuan climbing to its strongest level against the dollar since early-August. The People’s Bank of China held its benchmark loan prime rate near record lows on Monday, while also injecting about 80 billion yuan of liquidity into the economy. Separately, Chinese officials vowed more policy support for the country’s beleaguered property sector - a move that helped shore up confidence over one of China’s biggest industries. USD/JPY traded 0.8% lower at 148.41, strengthening below the 150 level to the dollar for the first time in nearly three weeks, with traders becoming less fearful of more U.S. rate hikes. https://www.investing.com/news/forex-news/dollar-falls-to-twomonth-lows-fed-minutes-loom-large-3238680

2023-11-20 09:15

Copyrighted Image by: Reuters. XRP has experienced a notable increase in value over the weekend, buoyed by investor optimism surrounding the ongoing SEC v Ripple legal case. After a minor dip on Saturday, XRP rallied on Sunday, closing at $0.6262. This uptick comes despite the absence of new developments in the case over the weekend. Investors are currently weighing the potential outcomes of the case, with many hoping for a favorable resolution that could further boost XRP's price. Technical indicators suggest that XRP is positioned above critical exponential moving averages (EMAs), and with a relative strength index (RSI) that is not in the overbought territory, hinting at room for further price ascension. Should XRP breach the $0.63 mark, it may aim for higher resistance levels. However, concerns loom over possible legal maneuvers by the SEC, including an interlocutory appeal that could cap gains for XRP. Despite these worries, there is a building buying pressure around support levels, indicating that investors might be preparing for any potential downward movements to snap up the cryptocurrency at lower prices. The market's sentiment is a mix of cautious optimism and vigilance as both technical signals and speculations about the case's outcome continue to influence XRP's valuation. The cryptocurrency community is closely monitoring for any signs of an amicable settlement or further legal complications that could impact XRP's future trajectory. https://www.investing.com/news/cryptocurrency-news/xrp-gains-amid-optimism-for-sec-v-ripple-case-outcome-93CH-3238669

2023-11-20 07:10

Copyrighted Image by: Reuters The cryptocurrency market started today on an upbeat note, with Bitcoin and Ethereum registering notable gains amid a broader industry uptrend. Bitcoin's price jumped to $37,241, marking a 1.60% increase, while Ethereum followed closely, rising by 2.25% to reach a valuation of $1,997. Investor sentiment has been positively influenced by the recent presidential election outcome in Argentina, where the pro-Bitcoin Javier Milei secured a win. This political shift is perceived as favorable for the cryptocurrency space, contributing to the optimistic market outlook. The overall market capitalization of cryptocurrencies reflected this positive trend, surging by 2.04% to reach $1.41 trillion. This buoyancy is also attributed to Fidelity's announcement of plans to launch an Ethereum Exchange-Traded Fund (ETF), echoing similar strategic moves by other financial behemoths like BlackRock (NYSE:BLK). Despite the Securities and Exchange Commission's postponement of reviewing spot bitcoin ETF proposals until early 2024, the market's response indicates high expectations for the eventual introduction of such investment products. Today’s gains extended across various digital currencies, with Binance Coin (BNB) and Ripple (XRP) among those advancing. BNB was modestly up, trading at $246.59, while XRP climbed to $0.66. Other cryptocurrencies like Cardano reached $0.33, and Dogecoin appreciated slightly to around $0.088. Noteworthy is Solana's performance, which saw impressive weekly growth of 4.54%, reaching a new value of $60.1. On the other hand, some assets experienced declines; Tether notably dipped in value amidst the general market upswing. The DeFi sector showcased positive momentum as well, with tokens such as Chainlink trading near $15 and Avalanche close to $23. NFT-centric tokens also participated in the rally; Internet Computer gained traction trading around $4, and Flow saw an uptick hovering near $0.77. Stablecoins like Tether and USD Coin maintained stability around their pegged values of one dollar, providing a counterbalance within the volatile crypto environment. This sustained growth in the cryptocurrency market mirrors its impressive performance over time; just one month ago, the overall market capitalization stood at around one trillion dollars and has maintained that benchmark since. https://www.investing.com/news/cryptocurrency-news/bitcoin-and-ethereum-lead-cryptocurrency-market-surge-as-investors-eye-etf-prospects-93CH-3238562