2023-11-17 19:45

Copyrighted Image by: Reuters NEW YORK - Dogecoin (DOGE), the cryptocurrency that started as a joke but has since garnered a massive following, has recently shown signs of a bullish trend amidst a broader crypto market consolidation. On Friday, the meme coin's performance stood out with a notable 6.87% gain. This surge in value is backed by significant activity on the network, with on-chain analytics platform Santiment reporting DOGE's transaction volume reaching a three-month peak at $665 million. The increased activity is not limited to on-chain metrics. Coinmarketcap has tracked an impressive total volume increase to $1.83 billion over the past day. This robust trading activity is occurring above the critical support level at $0.76, suggesting a strong market interest in Dogecoin. The momentum for Dogecoin began earlier in the week when crypto analyst Rekt Capital identified potential signs of an impending bullish run for DOGE, setting a price target of $0.15. The optimism follows October's rally where Dogecoin lagged behind other cryptocurrencies but has since shown signs of recovery. IntoTheBlock's large on-chain transaction metrics highlighted a surge to $1.37 billion in transaction volume—a significant jump of 69%. This positive sentiment within the Dogecoin community is further fueled by the anticipation of Astrobotic’s upcoming launch, which plans to carry a physical Dogecoin token to the moon. Adding to the fervor, Robinhood’s involvement was noted last week when Whale Alerts tracked significant transactions, including the receipt of an enormous transfer of 250 million DOGE and subsequent movements involving large sums. These transactions indicate active whale participation and have been contributing factors to bullish signals on DOGE’s market behavior seen on Tradingview.com charts. On Thursday, just before the latest rally, Dogecoin's price notably jumped to $0.08 despite a general downturn in the crypto market that day. Analytics indicated an upward momentum for DOGE with a significant surge in on-chain transactions valued at $665 million and one of the year's highest funding rates at 0.079. Furthermore, significant DOGE movement was observed with Whale Alert tracking an $8.23 million transfer between wallets amid the general market decline. Dogecoin's negative adjusted NVT ratio of -66.68 points to an active supply and holders reaching breakeven—a potential early signal of an emerging bull market for this meme cryptocurrency that continues to captivate investors with its unexpected resilience and community-driven initiatives. https://www.investing.com/news/cryptocurrency-news/dogecoin-rallies-with-transaction-volume-hitting-threemonth-high-93CH-3238108

2023-11-17 19:28

Copyrighted Image by: Reuters. NEW DELHI - The Reserve Bank of India (RBI) has reported a decline in India's foreign exchange reserves, with a net decrease of $460 million, bringing the total to $590.32 billion as of the week ending on Thursday. This shift interrupts a previous increase in reserves due to active measures taken by the RBI to support the rupee amidst global economic uncertainties, which had seen gains of $7.3 billion over two weeks. The change in reserves is primarily attributed to the central bank's currency market interventions aimed at managing the volatility in foreign exchange rates. Despite the overall decrease, foreign currency assets experienced a slight increase of $108 million, totaling $522.004 billion. This marginal gain suggests that the RBI's strategic interventions have had a nuanced impact on the composition of the reserves. In contrast, gold reserves saw a significant reduction, dropping by $608 million to stand at $45.515 billion. The decline in gold reserves is a notable factor in the overall decrease in forex reserves. Additionally, there was a modest increase in Special Drawing Rights (SDRs) with the International Monetary Fund (IMF), which rose by $36 million. India's reserve position with the IMF also saw a slight increment of $3 million. The current level of reserves marks a decrease from October 2021 when India's forex reserves peaked at an all-time high of $645 billion. The fluctuation in reserves is reflective of the RBI's ongoing efforts to ensure stability in the financial markets amid shifting global economic dynamics. On Thursday, the rupee hit a historic low of 83.42 against USD but stabilized to close at 83.27 by the end of the week. The RBI released its monthly bulletin on Thursday noting an enduring external sector with slight Current Account Deficit (CAD) and robust capital inflows that contribute to the rupee's minimal weekly movement and status as one of the least volatile currencies internationally. These factors, along with the RBI's strategic interventions, are helping to maintain a level of stability in the face of global economic shifts. https://www.investing.com/news/forex-news/indias-forex-reserves-drop-by-462-million-to-590321-billion-93CH-3238095

2023-11-17 19:17

GLOBAL – Bitcoin transaction costs have seen a notable decrease today from the year's second-highest levels reached yesterday, amid a surge in demand for Ordinal inscriptions that has caused a significant backlog in unconfirmed transactions. On Thursday, users experienced average transaction fees of $18.69, equivalent to 0.00051 BTC, which marked the second-largest fee increase in 2023. The heightened interest in Ordinal inscriptions, a method for embedding data into Bitcoin's blockchain, was the primary driver behind this spike. As of today, despite the fees receding to a median of $11.61 or 0.00032 BTC per transfer, the network is still grappling with nearly 240k transactions awaiting confirmation. According to mempool.space data, high-priority transactions are costing users $4.61, while those with no priority have dropped to $1.64. Miners are currently working through approximately 588 MB of data congestion within the blocks, with an average block time ranging from nine to over ten minutes. This recent activity underscores the dynamic nature of Bitcoin's fee market and the impact of new applications such as Ordinal inscriptions on network congestion and transaction costs. Users are advised to be mindful of the fluctuating fees and potential delays in transaction confirmations as miners address the current backlog. https://www.investing.com/news/cryptocurrency-news/bitcoin-transaction-fees-dip-from-peak-as-backlog-persists-93CH-3238087

2023-11-17 19:13

Copyrighted Image by: Reuters. NEW YORK - Bitcoin witnessed a significant surge in transaction fees on Friday, outshining Ethereum for the first time since late 2020. Data from Cryptofees revealed that Bitcoin's single-day transaction fees reached $11.6 million, surpassing Ethereum's fees of $8.5 million. This spike is attributed to a frenzy of activity in the Bitcoin network, particularly the use of Ordinals inscriptions, which embed media into transactions. Despite this one-day spike, Ethereum maintains a higher weekly average in transaction fees at $9 million, compared to Bitcoin's $5.5 million. This indicates a broader trend where Ethereum generally leads in fee generation, which can have long-term implications for the digital currency landscape. The increase in Bitcoin's transaction fees is part of a larger pattern of growth for the cryptocurrency. On Thursday, Bitcoin's average fee per transaction soared to $18.69, marking a dramatic rise from earlier in the month and reflecting its growing utility beyond its traditional role as a digital currency. The adoption of Bitcoin for non-fungible tokens (NFTs) and the success of Ordinals inscriptions are notable contributors to this trend. This uptick in fees is also bolstering revenue streams for Bitcoin miners at a crucial time. With reduced block rewards and an upcoming halving event—a periodic reduction in the number of new bitcoins created and earned by miners—miners profitability is under pressure. The increased transaction fees serve as a vital support for miners, ensuring the continued health and security of the mining ecosystem. The recent developments underscore Bitcoin's evolving role in the digital asset space and highlight its potential to compete with Ethereum not just as a store of value but also as a platform for innovation and transactions. https://www.investing.com/news/cryptocurrency-news/bitcoin-transaction-fees-soar-eclipsing-ethereum-for-a-day-93CH-3238084

2023-11-17 19:06

NEW YORK - Litecoin (LTC), a peer-to-peer cryptocurrency, has recently made significant strides in its transaction volume, reaching a historic milestone earlier this week. The digital currency saw over one million transactions in a single day, surpassing the transaction volume of Bitcoin. This surge in activity was highlighted by analytics firm IntoTheBlock on Thursday, which noted that Litecoin's transaction peak was more than double that of Bitcoin. The momentum for Litecoin continued today as it nearly matched Bitcoin in terms of daily active addresses, boasting approximately 800,000 users. Additionally, the network has seen a substantial increase in the number of new Ordinals—unique digital assets that can be created and transferred on the Litecoin blockchain. In response to Litecoin's growing prominence and increased user activity, Bakkt, a digital asset management platform, announced today the inclusion of Litecoin in its enhanced custody service offerings. This move is part of Bakkt's broader platform expansion and reflects the company's confidence in Litecoin's potential and robust security features. This development marks a notable shift in the cryptocurrency landscape, with Litecoin emerging as a strong contender in the space traditionally dominated by Bitcoin. The increased adoption and integration into financial services platforms like Bakkt underscore the growing market recognition of alternative cryptocurrencies beyond the leading names. https://www.investing.com/news/cryptocurrency-news/litecoin-transactions-surpass-bitcoin-bakkt-expands-custody-services-to-include-ltc-93CH-3238079

2023-11-17 18:42

Copyrighted Image by: Reuters. NEW YORK - The euro saw a slight uptick against the US dollar today, with the EUR/USD trading pair reaching 1.0883 amid a mix of economic indicators from both regions. The Eurozone's current account results exceeded expectations, which provided some support to the single currency, while the US dollar struggled to gain ground following a set of weaker-than-anticipated economic reports. Earlier today, the EUR/USD pair traded close to a stable level of approximately 1.0850. The subdued demand for the US dollar followed reports of an increase in US jobless claims to around 231,000 and a dip in industrial production by roughly half a percent in October. These figures contributed to declining US Treasury yields, with the benchmark tenure yield falling nearly one percent to about 4.4 percent. Despite positive housing sector data released later in the day, the US dollar's bearish trend persisted. This was largely due to the earlier disappointing economic results which continued to weigh on the currency. On the technical front, the EUR/USD pair's movements were confined within a range marked by 1.0887 and 1.0831 on the H1 chart. The currency pair rebounded from below the ascending pitchfork's lower median line, indicating strong upward pressure. Analysts suggest that if EUR/USD maintains its position above this key technical level, there could be potential for further growth. A rise above today's peak of 1.0892 would further signal bullish momentum for the pair. The overall market mood was cautiously optimistic, with advances in European and US stock indices hinting at a favorable risk climate. The Euro Stoxx 50 Index rose by 0.65 percent and US stock index futures increased by 0.2 percent, potentially contributing to EUR/USD's aggregate weekly gains. Market participants are also looking ahead to upcoming US Housing Starts and Building Permits data; however, broader risk sentiment is expected to continue playing a significant role in determining trading direction. In summary, while short-term movements show a bullish bias for EUR/USD, traders remain vigilant as they navigate through mixed economic signals and await further data that could impact global currency markets. https://www.investing.com/news/forex-news/euro-gains-against-us-dollar-as-economic-data-impacts-currency-markets-93CH-3238065