2023-11-18 16:58

NEW YORK - Bitcoin has demonstrated remarkable strength in the face of what many traders anticipated would be a bearish market turn. Despite a bearish TD9 sell setup on the weekly chart, the cryptocurrency has maintained its value above significant price levels, sparking discussions of an impending bullish momentum. Technical analysis of Bitcoin's recent activity shows a failure of the TD Sequential indicator's sell signal, which typically suggests trend exhaustion. This scenario is reminiscent of the pattern observed in 2020 when a similar disregard for the bearish signal preceded a substantial increase in Bitcoin's value. The current market dynamics suggest that Bitcoin could potentially climb to $85,000 by the end of December and may even extend towards a staggering $200K per coin thereafter. The market's confidence is further bolstered by the adjustment of the market timing tool, which now reflects stronger support at $25,000, up from the previous $10,000 level. This revision reduces the likelihood of future price dips below this new threshold. The technical discrepancy and the failure of an ascending triangle pattern often lead to an unwinding of long positions, contributing to an uptrend momentum. Social media platforms are abuzz with optimistic sentiments as evidenced by discussions tagged with #Bitcoin. These conversations reflect a collective bullish outlook within the cryptocurrency community following these market events. As investors and traders watch closely, the reinforced support levels and historical patterns provide a foundation for expectations of Bitcoin's potential growth in the coming months. https://www.investing.com/news/cryptocurrency-news/bitcoins-resilience-hints-at-potential-surge-to-85k-by-december-93CH-3238295

2023-11-18 16:45

NEW YORK - The future of XRP's value has become a hot topic on Crypto Crossfire, a segment on Ben Armstrong's channel. On today, a panelist known as AJ sparked a discussion by favoring the introduction of an exchange-traded fund (ETF) over Ripple's initial public offering (IPO) as a more effective catalyst for driving XRP's price to the speculated target of $25. AJ pointed to the historical market reactions to similar events in the cryptocurrency space, such as the boost experienced by Bitcoin following the launch of its futures ETF. He referenced the decline in Coinbase (NASDAQ:COIN)'s valuation post-IPO to support his argument that public offerings have a limited direct impact on cryptocurrency prices. Instead, he suggested that an ETF could lead to more substantial gains for XRP. Countering AJ's perspective, Armstrong emphasized the unpredictable nature of the cryptocurrency market. He argued that an IPO could still positively influence digital asset prices. Armstrong focused on the benefits to shareholders that typically accompany such events, despite any temporary declines in stock prices following an IPO. The debate comes at a time when XRP is trading at $0.6468, which marks a considerable distance from the ambitious $25 mark that is being speculated. The discussions shed light on different strategic approaches that could potentially influence the cryptocurrency's value trajectory in the future. https://www.investing.com/news/cryptocurrency-news/xrp-debate-highlights-etf-potential-over-ripple-ipo-for-price-surge-93CH-3238299

2023-11-18 16:42

NEW YORK - Amid the ongoing financial turmoil surrounding the cryptocurrency exchange FTX, on-the-chain analytics firm Lookonchain has reported substantial asset liquidation activities. FTX has been transferring significant quantities of Tron (TRX) to Binance, with 75 million TRX moved recently and a total of 161 million over the past three days. Despite these actions potentially exerting downward pressure on TRX's value, the digital currency has demonstrated remarkable price stability in the current volatile market. TRX is currently trading at $0.1047, showing an uptick of 1.50% today and amassing gains of over 5% for the week. This resilience is noteworthy as FTX continues to hold a sizeable amount of TRX, totaling approximately 279.8 million coins. The cryptocurrency's ability to maintain its value comes after a rebound from its support level of $0.10155 yesterday. Market participants are now watching to see if TRX can surpass the resistance point at $0.10550, which could pave the way for further gains, potentially reaching up to $0.11050. Market analysts are keeping a close eye on technical indicators for TRX, with particular attention given to the daily Moving Average Convergence Divergence (MACD). As it approaches the signal line, there is a possibility of a bearish crossover that could confirm a downtrend for TRX's value. However, so far, the cryptocurrency has managed to withstand sell-off pressures and maintain its ground despite challenging market conditions. https://www.investing.com/news/cryptocurrency-news/ftx-liquidates-tron-assets-trx-price-remains-stable-amid-market-scrutiny-93CH-3238293

2023-11-18 16:23

Copyrighted Image by: Reuters NEW YORK - Coinbase (NASDAQ:COIN), a prominent cryptocurrency exchange, has increased its USDC interest offering from an initial 2% to an impressive 6% APY for balances up to $250,000. For amounts exceeding this limit, the APY is slightly reduced to 5%. This move places Coinbase at the forefront of competitive interest offerings, especially when compared to riskier on-chain alternatives. However, not all users are experiencing these high yields, with some reporting APYs as low as 0.58%, according to MV Capital's The surge in interest rates comes at a tumultuous time for Coinbase as it faces litigation from the SEC. The commission's ongoing case against the exchange raises questions about the legality of its USDC rewards program under federal regulations. This legal challenge arrives amidst a notable decline in USDC's supply, which has recently fallen below 25 billion for the first time since early last year. The dip in supply can be attributed in part to a temporary devaluation of USDC to $0.87 and a continued decrease in market share following Circle's admission of holding reserves in the now-bankrupt Silicon Valley Bank. Coinbase's decision to escalate interest rates is seen as a strategic move to attract and retain customers in an increasingly competitive market. However, it also underscores the dynamic and often unpredictable nature of the crypto industry, where regulatory pressures and market fluctuations can significantly impact business operations and consumer confidence. InvestingPro Insights In line with the recent developments in Coinbase, InvestingPro data and tips provide some insightful perspectives. With a market cap of $23.7B and a volatile stock price movement, Coinbase has shown a strong return over the last three months and a significant price uptick over the last six months. The company's revenue stands at $2627.47M, as of Q3 2023, which is a noteworthy figure despite the -47.88% revenue growth during the same period. InvestingPro Tips highlights that three analysts have revised their earnings upwards for the upcoming period, which could be a positive sign for potential investors. However, it's important to note that the company has not been profitable over the last twelve months, and analysts do not anticipate it will be profitable this year. For those interested in further insights and tips, InvestingPro offers a wide range of additional tips, including over ten more specifically for Coinbase. This Black Friday, InvestingPro subscriptions are available at a discount of up to 55%, providing an excellent opportunity for investors to gain access to a wealth of valuable financial insights. https://www.investing.com/news/cryptocurrency-news/coinbase-boosts-usdc-interest-rates-amid-sec-scrutiny-and-declining-supply-93CH-3238290

2023-11-18 16:19

Copyrighted Image by: Reuters. NEW YORK - Binance, the world's leading cryptocurrency exchange, has announced its decision to delist 15 Russian Ruble (RUB) trading pairs, including those with XRP, ADA, and SOL. The move is set to take effect on November 20 as the company shifts its focus away from the Russian market due to security concerns and low liquidity. The announcement, made earlier today, follows Binance's strategy to comply with international regulatory standards and aligns with its recent agreement to sell its Russia-based operations to CommEX. Noah Perlman highlighted the importance of compliance as a key factor in their decision to exit the Russian market. Following the news, immediate market reactions were observed, with XRP experiencing a 5% decrease, ADA a 6% drop, and SOL seeing a sharp 10% fall. Despite these short-term market corrections, investor sentiment towards the Web3 industry remains optimistic. Experts continue to forecast significant growth for cryptocurrencies, with predictions such as SOL potentially reaching a price of $1,000. For those looking to understand ADA's future movements better, Binance has provided an informative video resource aimed at cryptocurrency enthusiasts. As the exchange turns its attention towards global markets that are more supportive of Web3 industry growth, it remains to be seen how this strategic pivot will influence the broader cryptocurrency landscape. https://www.investing.com/news/cryptocurrency-news/binance-to-delist-rub-crypto-pairs-amid-russian-market-exit-93CH-3238292

2023-11-18 16:16

NEW YORK - Ripple's Chief Technology Officer, David Schwartz, has recently highlighted the company's strategic shift to capitalize on the burgeoning asset tokenization market using its XRP Ledger (XRPL). In a move to challenge traditional financial institutions, Ripple is setting its sights on the real estate sector, which is projected to reach a valuation of $30 trillion by 2030. During an interview today, Schwartz emphasized XRPL's strengths over its native cryptocurrency XRP as a gas token. He praised the ledger for being an innovative layer-1 blockchain with the potential to transform how enterprises adopt blockchain technology. This pivot comes as Ripple seeks to extend XRPL’s original design, which was focused on facilitating cross-border payments without relying on Bitcoin’s technological lineage. Schwartz underscored XRPL's ability to reshape the real estate industry through the process of tokenization. By representing physical assets like real estate as digital tokens on a blockchain, tokenization offers a way to fractionalize ownership and potentially increase liquidity in markets that are traditionally illiquid. Ripple aims to leverage XRPL’s low transaction fees and robust technological foundation to position itself as a leading platform in asset tokenization. This initiative is expected to not only enhance cross-border payments but also broaden enterprise finance solutions, competing with financial giants that are exploring similar avenues. The excitement around XRPL’s role in asset tokenization is not new within Ripple. Back in July, a Ripple advisor discussed the potential for revolutionizing the real estate industry through such initiatives. With this strategic direction, Ripple plans to support enterprise-level asset tokenization efforts, including projects like Floki that aim to utilize XRPL’s capabilities. This development represents a significant step for Ripple as it seeks to diversify its offerings and tap into new markets. The company's focus on real-world applications for blockchain technology demonstrates an ongoing commitment to innovation and enterprise adoption. https://www.investing.com/news/cryptocurrency-news/ripple-targets-30-trillion-real-estate-market-with-xrpl-tokenization-expansion-93CH-3238289