2023-11-19 19:03

Copyrighted Image by: Reuters. NEW YORK - Dogecoin, the cryptocurrency that began as a joke in December 2013, has maintained its position as the ninth most valuable digital currency with a market capitalization surpassing $10 billion. Created by Jackson Palmer and Billy Markus, Dogecoin has grown from a playful critique of crypto speculation into a widely accepted form of payment across various sectors, including technology and hospitality. The influence of Elon Musk on Dogecoin’s market dynamics has been significant. His interactions with the cryptocurrency, including changing Twitter's logo to a Shiba Inu and referring to himself as the 'Dogefather,' have repeatedly led to surges in its value. Notably, a tweet from Musk in December 2020 simply stating "One Word: Doge" resulted in a substantial increase in trading volumes. Tesla (NASDAQ:TSLA)'s adoption of Dogecoin for payments on select merchandise between December 2021 and January 2022 also resulted in more than a 20% rise in its price. This uptick continued with an additional surge of up to 15% when Musk confirmed that these payments were operational. The community-driven model of Dogecoin sets it apart from traditional cryptocurrencies. It boasts fast transaction times, typically under one minute, and empowers users to participate in its development while maintaining low entry barriers. Despite having no cap on supply, which introduces inflationary pressure, Dogecoin has managed to defy expectations by funding unique initiatives such as a Moon mission rideshare in May 2021. Elon Musk's social media activity underscores the significant impact that influencers can have on cryptocurrency valuations. Early adopters and investors have witnessed their investments grow exponentially thanks to strategic moves and despite concerns over market volatility and security issues. As Dogecoin continues to thrive, it prompts broader considerations for an evolving market landscape that now includes new niche cryptocurrencies. The global financial community is also closely watching as governments deliberate clearer regulatory frameworks to manage these novel financial tools. https://www.investing.com/news/cryptocurrency-news/dogecoin-maintains-top-10-crypto-ranking-with-musks-influence-93CH-3238420

2023-11-19 18:38

Copyrighted Image by: Reuters WORLDWIDE - Amidst an evolving cryptocurrency landscape, Bitcoin has seen its transaction fees outpace those of Ethereum by more than $3 million. This development comes as investors adjust strategies in response to dynamic market conditions and the anticipated Bitcoin halving event. The crypto market has been a buzz with activity, particularly noticeable in the behavior of Bitcoin wallet holders. On Thursday, there was a significant surge in smaller wallets holding less than 1 BTC, attributed to increased interest from everyday investors and the general market buzz. This contrasts with the stability observed in mid-tier wallets containing between 1 to 100 BTC. Interestingly, the largest Bitcoin wallets, those holding over 100 BTC, have slightly decreased in number. This trend suggests that seasoned investors are engaging in profit-taking strategies amidst the current market shifts. These movements reflect the ongoing adjustments by various investor classes as they navigate through the complexities of the crypto economy. The upcoming Bitcoin halving event is also influencing investment approaches. Historically, halving events, which reduce the reward for mining new blocks by half, have had significant impacts on Bitcoin's price and market dynamics. Investors are likely factoring in potential outcomes of the halving as they tweak their investment strategies accordingly. The increase in transaction fees for Bitcoin over Ethereum is just one of many indicators that highlight the fluid nature of cryptocurrency markets and the need for investors to stay informed and adaptable. https://www.investing.com/news/cryptocurrency-news/bitcoin-transaction-fees-surpass-ethereum-by-3-million-as-market-adjusts-93CH-3238419

2023-11-19 12:25

NEW YORK - In a week of fluctuating fortunes for cryptocurrencies, Bitcoin and Ethereum saw modest gains today, despite experiencing losses over the past week. Bitcoin inched up 0.57% to $36,563.73, while Ethereum climbed 1.34% to $1,959.81. However, their weekly performance showed a decline of 1.14% and 4.23%, respectively. The overall crypto market presented a mixed picture with several altcoins registering varied movements. BNB rose by 1.27% to $244.81, and XRP made slight gains, increasing to $0.66 (up 0.85%). Cardano stood out with a notable increase of 4.09% to $0.33. In contrast, Dogecoin fell by 6.08% to $0.077. Solana displayed resilience over the week with a positive momentum of 2.18%, trading at $58.44. Polka Dot and Shiba Inu were among the cryptocurrencies that faced weekly declines, with Polka Dot down by 4.08%. The top gainers included Render, Arweave, FTX Token, KuCoin Token, and Oasis Network, each posting significant returns within the last day. Stablecoins such as Tether and USD Coin managed to stay close to their pegged values, while Binance USD experienced a slight decrease. The DeFi sector witnessed fluctuations with tokens like Avalanche and Chainlink seeing decreases in value, whereas Wrapped Bitcoin saw a marginal uptick. NFT assets generally faced downturns with Internet Computer and Immutable experiencing notable declines. Despite these mixed performances across various cryptocurrencies and sectors, the global crypto market cap held steady at $1.39 trillion with a daily volume surge indicating robust trading activity. Polygon's nearly four percent increase over the week contrasted with the losses seen by other tokens, highlighting the unpredictable nature of cryptocurrency markets. Investors continue to navigate through the volatility inherent in digital assets as they assess market dynamics and potential opportunities within this diverse financial landscape. https://www.investing.com/news/cryptocurrency-news/crypto-market-shows-mixed-weekly-results-bitcoin-and-ethereum-see-minor-gains-today-93CH-3238386

2023-11-19 12:02

NEW YORK - The ongoing legal tussle between the U.S. Securities and Exchange Commission (SEC) and Ripple Labs continues to cast a shadow over the cryptocurrency market, with recent events contributing to heightened investor uncertainty. On Sunday, the denial of an interlocutory appeal by the SEC was seen as bolstering Ripple's position in the case, potentially diminishing the likelihood of the SEC's success in any post-trial appeals. The legal proceedings have entered a remedies-focused stage of discovery, with Ripple gearing up to defend against possible punitive measures from the SEC due by April next year. The court has set a February deadline for this phase. Legal experts suggest that precedents may limit disgorgement related to XRP's institutional sales within U.S. jurisdiction. Amidst these developments, XRP's value experienced volatility. It dipped to $0.6107 on Saturday, reflecting investor reactions to the ongoing case; however, no new information emerged that day regarding the Bill Hinman speech documents, which have been a point of contention in the lawsuit. As the market digests the implications of Judge Analisa Torres' recent decisions, attention is also turning to another significant legal confrontation: the upcoming court hearing between the SEC and Coinbase (NASDAQ:COIN) on January 17. The outcome of this hearing could reshape the regulatory landscape for digital assets in the United States. Coinbase has gained notable support from Senator Cynthia Lummis, who submitted an amicus curiae brief advocating against the SEC's regulatory claims. From a technical perspective, despite short-term bearish sentiment, XRP is maintaining its position above critical Exponential Moving Averages (EMAs), which some traders interpret as a sign of long-term bullishness. Resistance and support levels are currently pegged at $0.6354 and $0.5835 respectively. Meanwhile, Relative Strength Index (RSI) indicators suggest that XRP could approach oversold conditions if it touches key trend lines. Investors and market observers alike are closely monitoring these legal developments, understanding that their outcomes could have far-reaching implications for cryptocurrency regulation and enforcement in the United States. https://www.investing.com/news/cryptocurrency-news/xrp-holds-above-key-levels-amid-secripple-legal-battle-93CH-3238379

2023-11-19 11:55

Copyrighted Image by: Reuters. NEW YORK - Bitcoin (BTC), the world's leading cryptocurrency by market capitalization, has marked a new milestone by mining block number 817,062, valued at $35,810. This achievement comes as the crypto community looks toward the next halving event expected in April 2024, which will reduce mining rewards from 6.35 BTC to 3.175 BTC per block. Despite facing a weekly decline of 1.42%, BTC's price showed resilience today with a modest daily increase of 0.66%, trading at $36,612.18. The currency continues to hold its dominant position in the market, experiencing a slight decrease in dominance rate by 0.19% to settle at 51.45%. Historically, Bitcoin has seen significant price fluctuations around its halving events, which occur approximately every four years and reduce the rate at which new bitcoins are generated by miners. The halving mechanism is designed to create scarcity and potentially drive up the value of the cryptocurrency over time. Previous lows witnessed during these periods include $176 on January 14, 2015, $3,185 in December 2018, and $15,758 in November 2022. Investors and enthusiasts are closely observing these patterns as they prepare for the upcoming halving in April 2024. It is speculated that this event might have an impact on Bitcoin's price dynamics similar to past occurrences. Crypto Tea, the source reporting on Bitcoin's latest milestone, concluded its article with a standard advisory disclaimer. It emphasized that the content provided should not be considered financial advice and encouraged readers to exercise caution when engaging with cryptocurrency markets. https://www.investing.com/news/cryptocurrency-news/btc-maintains-lead-with-block-817062-hit-at-35810-amid-halving-anticipation-93CH-3238374

2023-11-19 11:39

Copyrighted Image by: Reuters. NEW YORK - The cryptocurrency market is abuzz with speculation as Bitcoin struggles to overcome the $38k resistance level, while a range of altcoins show signs of strength. Investors are closely monitoring the potential impact of the U.S. Securities and Exchange Commission's (SEC) anticipated approval of a Bitcoin spot Exchange-Traded Fund (ETF), which could serve as a significant catalyst for the market. Bitcoin has recently outperformed Ethereum in network transactions for the first time in three years, yet it remains confined within a narrow trading band between $36.8k and $35.9k. Market watchers suggest that if Bitcoin cannot sustain upward momentum, it may test the support zone around $34k. In contrast, several altcoins are demonstrating resilience amidst the broader market uncertainty. XRP is preparing for further gains after favorable outcomes in its legal battles against the SEC, though it currently faces resistance near $0.75 and finds support at $0.6. ThorChain's native token RUNE is capitalizing on high decentralized exchange (DEX) activity through ThorSwap, having surged more than eightfold from its yearly lows and now targeting an $8 resistance break. Dogecoin (DOGE) remains steady above critical support levels, with price formations indicating a potential uptick. Render Token (RNDR) is riding the wave of AI-driven interest in crypto, and newcomer TIA has seen exponential growth since its introduction to the market. The performance of these altcoins could be further bolstered if the total market capitalization for altcoins can breach the key resistance at the 50-day Exponential Moving Average (EMA), currently around a $680 billion valuation. Investors and traders alike are poised to see how these dynamics will unfold, especially with the possibility of a new Bitcoin spot ETF on the horizon, which could attract a fresh influx of institutional investment into the crypto space. https://www.investing.com/news/cryptocurrency-news/bitcoin-faces-resistance-altcoins-show-strength-amid-market-watch-for-etf-approval-93CH-3238370