2023-11-18 16:11

Copyrighted Image by: Reuters NEW YORK - In the wake of recent market turmoil, significant Bitcoin holders, often referred to as "whales," have increased their holdings to a yearly high. Analytics from IntoTheBlock revealed that addresses with over 1,000 BTC reached a peak of 7.67 million BTC on Thursday, following the collapse of FTX-related Alameda Research and Genesis. Continuing this trend, on Friday, IntoTheBlock's data indicated that both the balances of these whale accounts and Bitcoin held by long-term investors, known as holders, have soared to new highs. Such movements are typically interpreted by market analysts as indicators of strategic buying during bear markets or as early signs of a potential bull market. Today, the cryptocurrency's price reflects the optimism seen in the market. Bitcoin approached the $38,000 mark but experienced a slight pullback, stabilizing at around $36,459. Despite this retraction, U.S. traders remain bullish. Their positions in futures markets and the optimistic December call options on Deribit suggest they anticipate Bitcoin's value could climb to between $40,000 and $45,000. This accumulation by whales and positive sentiment from traders come at a critical time for the cryptocurrency market, which has been rocked by recent collapses and liquidity crises affecting major industry players. As the market navigates through these challenges, the actions of large-scale investors and the broader trading community will be closely watched for indications of Bitcoin's future trajectory. https://www.investing.com/news/cryptocurrency-news/bitcoin-whales-accumulate-amid-market-uncertainty-eyeing-40k45k-rise-93CH-3238288

2023-11-18 15:28

Copyrighted Image by: Reuters NEW YORK - Recent data from CryptoQuant Pro indicates a significant behavioral shift among Bitcoin investors, who are increasingly moving their holdings from exchanges to self-custody wallets. This trend, which became noticeable after 2020, suggests a growing preference for holding Bitcoin overselling it. The change stands in stark contrast to the consistent rise in Bitcoin reserves on exchanges observed from 2013 to 2020. As of today, the amount of Bitcoin held in exchange wallets totals approximately 2.04 million BTC, valued at about $73.3 billion. This figure represents over one-tenth of Bitcoin's total circulating supply and is significantly lower by one-third from its peak in 2020. The decline in exchange-held Bitcoin points to a potential shift in market dynamics. Future bull markets may be driven by lower buyer activity, as investors' preference for holding onto their assets could lessen the amount of Bitcoin available for purchase on exchanges. Moreover, this trend towards self-custody also implies a decrease in custodial risk. Investors have become more cautious about where they store their digital assets following high-profile incidents like the FTX collapse. Despite the large speculative supply that historically characterized exchange reserves, Bitcoin's price soared to record highs in 2021 amid exceptional demand, underscoring the cryptocurrency's resilience and investor confidence even in the face of reduced exchange liquidity. https://www.investing.com/news/cryptocurrency-news/bitcoin-investors-show-preference-for-selfcustody-post2020-shift-93CH-3238287

2023-11-18 15:07

NEW YORK - In a day of mixed fortunes for cryptocurrencies, the digital asset market experienced notable fluctuations. Kitty Inu emerged as a standout performer, with its value soaring to $95.84, while several other tokens faced declines. On the flip side, KILT Protocol sharply fell to $0.40, and both Aidi Finance and Zoo Token saw their values dip by 2.2%, with Zoo Token trading at $0.0652 and Aidi Finance's price becoming negligible. CareCoin, OmniaVerse, and Lumi Credits were not immune to the downward trend, with CareCoin dropping to $0.0809, OmniaVerse to $0.0008, and Lumi Credits to $0.0085. Meanwhile, Hokkaido Inu experienced a slight increase to $0.0004, and Lego Coin managed to hold its ground at $0.0049. Jeff in Space also registered a decline, landing at $2.75. In contrast to these movements, MagnetGold (MTG) enjoyed a positive uplift of 3.5%, reaching approximately $0.19 or 0.00000532 BTC, despite a nearly 5% fall over the week. The cryptocurrency has a market capitalization close to $53 million and saw exchange trades amounting to around $951 in the last day. MagnetGold continues to maintain a strong presence in the market with about 272.6 million of its 700 million total token supply in circulation. The digital currency supports user engagement and updates through its official website (mtggold.com/indexmain.html) and is active on social media platforms such as Twitter under the handle @ymagnetgold. Today's crypto market activity underscores the volatile nature of digital assets, with some tokens experiencing significant gains while others navigate through losses. The diversity in performance highlights the unpredictable dynamics that investors and enthusiasts face in the cryptocurrency landscape. https://www.investing.com/news/cryptocurrency-news/cryptocurrency-market-sees-mixed-movements-kitty-inu-soars-while-others-falter-93CH-3238281

2023-11-18 14:43

NEW YORK - In the dynamic world of cryptocurrency, Saturday witnessed a mixed bag of performances among various digital currencies. While some tokens experienced a downturn, others managed to hold steady or even record gains. MAP Protocol, a notable player in the realm of cross-chain interoperability, saw its valuation dip marginally by 0.5% to approximately $0.0079. Despite this slight decrease, the protocol maintains a robust market capitalization of over $60 million and recorded daily trades close to $0.6 million. Established on November 8th, 2019, MAP Protocol has already circulated over seven billion of its ten billion total token supply. Co-founded by James Cheng, the protocol aims to facilitate secure blockchain communication across different platforms and integrates with the Bitcoin network for enhanced security measures. The cryptocurrency landscape on Saturday showed the following movements: MAP Protocol's active engagement with its community is evident through its Reddit community /r/MarcoPoloProtocol and accessible Github account for developers interested in their codebase. The official website and Twitter handle @mapprotocol highlight its commitment as a Bitcoin layer-2 solution that ensures secure peer-to-peer interactions within the crypto ecosystem. As investors navigate the volatile cryptocurrency market, MAP Protocol stands out for its strategic focus on security and interoperability between blockchain systems, positioning itself as a key infrastructure component in this rapidly evolving industry. https://www.investing.com/news/cryptocurrency-news/cryptocurrency-market-sees-mixed-results-with-map-protocol-slightly-down-93CH-3238274

2023-11-17 21:39

NEW YORK - The controversial class-action lawsuit against cryptocurrency firms Tether and Bitfinex has reached a conclusion without an appeal from the plaintiffs. The legal battle, which has been ongoing since 2019, was centered around accusations of financial misconduct and market manipulation, with claims that the companies' actions caused over $1.4 trillion in damages. The lawsuit was initially brought forth by Jason Leibowitz, Co-founder and CEO, accusing Tether and its affiliate Bitfinex, alongside Crypto Capital, of bank fraud and money laundering. However, these allegations were dismissed by U.S. District Court Chief Judge Laura Taylor Swain earlier in August. On Friday, plaintiff Shawn Dolifka agreed to cease his appeal following the dismissal, with his legal representation recognizing the claims as unsubstantiated and opting not to pursue further litigation against Tether. This legal outcome follows a previous order in 2022 by Judge Katherine Polk Failla, which compelled Tether and Bitfinex to provide financial records related to the reserve backing of USDT, Tether's digital currency pegged to the U.S. dollar. The order was part of a separate accusation that the companies inflated the market, an allegation Bitfinex labeled "frivolous." In response to the initial lawsuit, Tether published a blog post condemning the claims as meritless and expressing their position against what they saw as opportunistic litigation. The company referred to the accusations as part of a "sophisticated scheme" that contributed to what was described as "the biggest bubble in human history." The resolution of this case marks a significant moment for Tether and Bitfinex, as it clears a cloud of legal uncertainty that had been hanging over the companies for years. With the plaintiffs withdrawing their appeal, Tether and Bitfinex can now move forward without this particular legal challenge impeding their operations. https://www.investing.com/news/cryptocurrency-news/tether-lawsuit-ends-as-plaintiffs-drop-appeal-after-court-dismissal-93CH-3238169

2023-11-17 20:55

Copyrighted Image by: Reuters. CHICAGO - In early trading today on the Chicago Board of Trade (CBOT), agricultural commodities experienced mixed movements with Dec wheat rising to $5.50 per bushel and Dec corn climbing to $4.70 per bushel. However, as the day progressed, prices shifted. Corn for December delivery fell by 1.4% to $4.68 a bushel, influenced by favorable weather prospects in Brazil that could benefit crop conditions. Soybeans followed a similar trend, dropping to $13.44 per bushel. While wheat initially saw an increase during early trading, it slightly decreased later in the day to $5.52 1/2 per bushel. The dip in wheat prices comes amid an improved global supply outlook, as better yields in Europe and Australia were noted by Commerzbank (ETR:CBKG). In contrast, the livestock market showed divergent trends at the Chicago Mercantile Exchange where Dec live cattle dropped by 1.45 cents to $1.7480/pound, pointing towards a weaker beef market. On the flip side, Dec lean hogs rose by .88 cent to $.7115/pound, indicating stronger pork values. The U.S. Drought Monitor has reported severe drought conditions in Louisiana, posing a threat to cotton-crop plantings which could extend its impact to corn and soybean acreage come spring. Looking ahead, market participants are gearing up for key reports that could influence commodity prices further. On Monday, the USDA is set to release grains export inspections at 4 p.m. and crop progress at 9 p.m. UTC. Additionally, Wednesday will bring the EIA's ethanol production figures at 3:30 p.m., followed by USDA's Cold Storage report at 8 p.m., events that traders will be watching closely for potential impacts on market dynamics. https://www.investing.com/news/commodities-news/corn-and-soybean-prices-dip-on-brazilian-weather-outlook-wheat-edges-lower-93CH-3238136