2023-11-17 14:26

Copyrighted Image by: Reuters. NEW YORK - Bitcoin has reached an 18-month high, marking a significant 120% gain year-to-date, yet the expected widespread Fear of Missing Out (FOMO) typically seen in bull markets has not fully materialized. Analysis from Look into Bitcoin reveals that while there's been an increase in activity among smaller wallets, the re-engagement of short-term traders within the network is still minimal. Recent insights show that younger bitcoins are beginning to move more frequently on-chain, suggesting a shift in market dynamics. Philip Swift of Look Into Bitcoin used the realized cap HODL waves to demonstrate a subtle rise in lower timeframe waves, indicating that despite the price surge, the market is not experiencing the usual FOMO as newer coins are being transacted. The data also sheds light on the current state of holders' profits. According to the Net Unrealized Profit/Loss (NUPL) metric, most Bitcoin owners are seeing profits. However, those who invested around the peak of late 2021 are closely watching for a potential break-even point of $39,000 to realize gains. Further data from CryptQuant indicates that only a small fraction, about 11.6%, of Unspent Transaction Outputs (UTXOs) are underwater at present. This suggests that most investors are currently in profit. Despite this optimistic sign for many holders, caution remains due to recent selling activity by large-scale investors, commonly known as whales. This behavior underscores the unpredictable nature of cryptocurrency markets and highlights the importance of thorough research before making investment decisions. The RHODL Waves metric also points to a budding increase in coin circulation that could signal an early-stage bull market. However, it's worth noting that despite most UTXO age bands being profitable, those held for 18 months to three years have not yet seen profits. As Bitcoin maintains its momentum above its previous bear market trading range, market participants continue to watch for signs of increased speculative interest which could drive further price movements. The current landscape presents a mixed picture: significant price recovery juxtaposed with cautious investor sentiment and a notable absence of widespread speculative trading. https://www.investing.com/news/cryptocurrency-news/bitcoin-hits-18month-peak-with-120-annual-gain-fomo-still-muted-93CH-3237871

2023-11-17 14:10

Copyrighted Image by: Reuters. GLOBAL MARKETS - The cryptocurrency market presented a mixed bag of results today, with Cronos (CRO), the digital asset launched by Crypto.com's co-founders Bobby Bao, Gary Or, Kris Marszalek, and Rafael Melo on November 14th, 2019, witnessing a decline in value against the dollar. Despite a 3.9% decrease within the last day to a current price of $0.0962 per coin, Cronos has recorded an unspecified weekly gain. The coin's market capitalization stands at billion dollars with a daily trading volume in the millions. In broader market movements, there has been a variety of performance among different cryptocurrencies: Meanwhile, KAVA, Theta Fuel (TFUEL), and Akash Network (AKT) each faced minor losses in their valuations. Cronos boasts a total supply exceeding 30 billion coins, information that can be found on various official platforms. The coin underwent rebranding in 2018 from a domain previously owned by Matt Blaze and is now accessible for trade on its official site and through indirect purchases using USD by first acquiring Bitcoin or Ethereum on exchanges like Coinbase (NASDAQ:COIN). The cryptocurrency market continues to show volatility with some assets experiencing gains while others face declines. Cronos' performance this week illustrates the unpredictable nature of digital currencies, even as it maintains a significant market presence with its large supply and accessibility for investors. https://www.investing.com/news/cryptocurrency-news/cronos-coin-value-dips-despite-weekly-gains-crypto-market-shows-mixed-results-93CH-3237844

2023-11-17 12:52

Copyrighted Image by: Reuters. NEW YORK - Binance, the world's leading cryptocurrency exchange, is set to remove several spot trading pairs involving the Russian Ruble (RUB), including ADA/RUB and BNB/RUB, amid regulatory challenges and liquidity issues. The company announced today its decision to exit the Russian market through a sale to CommEX, coupled with the cessation of Russian Ruble deposits. In a strategic move that will unfold over the coming months, Binance also revealed plans to discontinue its BUSD stablecoin pairs by February 2024. This decision will affect liquidity pools for major cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH). Additionally, margin trading pairs that include Cardano (ADA) and Bitcoin Cash (BCH) in BUSD are set to be removed from the platform. The review of ADA/RUB and ALGO/RUB spot trading pairs commenced today due to concerns over their liquidity and volume. By Sunday, November 20, 2023, these specific Russian Ruble pairs will be delisted from Binance's Spot market. However, asset trading on Binance will continue with other currency pairs, ensuring that traders have access to alternative options for their transactions. The latest developments reflect Binance's efforts to adapt to the evolving regulatory landscape and maintain robust liquidity for its users. As the exchange phases out certain operations, it remains committed to providing a diverse range of trading opportunities through its global platform. https://www.investing.com/news/forex-news/binance-to-halt-russian-ruble-trading-pairs-and-exit-market-93CH-3237735

2023-11-17 11:36

Ripple Labs has announced a strategic initiative to incorporate Automated Market Makers (AMMs) into the Ledger, aiming to enhance liquidity and trading efficiency within its ecosystem. This development, announced today, has generated mixed reactions across the crypto community. Key advocates like Panos, co-founder of Anodos Finance, have voiced strong support for the integration of AMMs, predicting that it would increase buying pressure and liquidity for XRP. Panos argues that these changes will not only attract more traders but also bolster XRP's utility in various use cases. He maintains that despite the new addition, XRP's core characteristics as the native currency of the Ledger will not be altered, ensuring its continued vitality. On the other hand, some members of the crypto community have raised concerns over how this move might affect XRP's price stability. The debate has been particularly active on platform X (formerly Twitter), where influential voices like Digital Perspectives PermaBull have questioned whether these developments could potentially transform XRP into a stablecoin or classify it as a Group 1b Asset under the Prudential Treatment requirements from the Bank for International Settlements (BIS). Despite these concerns, Ripple Labs is unwavering in its commitment to digital payments innovation. The company regards the integration of AMMs as a significant step forward in reshaping the landscape of digital payments. https://www.investing.com/news/cryptocurrency-news/ripple-labs-to-integrate-amms-into-xrp-ledger-spurring-debate-93CH-3237560

2023-11-17 10:50

Copyrighted Image by: REUTERS South Africans may see a decrease in fuel prices starting December 6, 2023, as the Automobile Association (AA) and the Central Energy Fund (CEF) have reported expected reductions due to a combination of eased international product prices and a stronger Rand against the US Dollar. This anticipated relief comes just in time for the end-of-year holiday season, potentially easing consumer struggles and making travel more affordable. The AA announced today that motorists can expect the price of ULP 95 inland to drop to approximately R22.17 per liter, with coastal prices even lower at R22.05 per liter, marking the lowest rate since February. Diesel is projected to decrease to R22.15 per liter, which is less expensive than September's R23.05 per liter but still above August's rate of R20.21 per liter. Similarly, data from CEF released yesterday indicates that ULP 93 will see a reduction of R1.05 per liter, while illuminating paraffin is set to decrease by R1.75 (USD1 = ZAR18.2773) per liter. These adjustments are attributed to stable oil prices alongside the aforementioned stronger local currency and softer international product prices. In light of these upcoming changes, both organizations advise South Africans to ensure their vehicles are in good condition for long journeys typically undertaken during the holiday period. The AA emphasizes the importance of complete vehicle checks before embarking on trips, adherence to road safety practices, and mental preparedness for sharing busy roads during this time. The reduced fuel prices are expected to provide some respite for consumers and aid those planning to travel over the holidays, with new rates effective from the first Wednesday in December. https://www.investing.com/news/commodities-news/south-africa-set-for-fuel-price-drop-in-december-93CH-3237489

2023-11-17 10:45

Ripple's Chief Legal Officer, Stuart Alderoty, has publicly criticized Securities and Exchange Commission (SEC) Chair Gary Gensler for his approach towards the cryptocurrency industry, particularly in light of the SEC's legal battle with Ripple. Alderoty's comments came as a response to Gensler's recent speech at the Securities Enforcement Forum. In his address last month, Gensler quoted Joseph P. Kennedy's philosophy of not prejudging but investigating. Yet, Alderoty contends that the SEC did not follow this principle in Ripple's case. He accused the SEC and its chair of having a preconceived bias against the crypto industry, which he believes has influenced their legal actions without thorough investigation. The controversy stems from December 2020 when the SEC charged Ripple with securities law violations linked to its sales of XRP, the digital asset associated with the company. The SEC faced a setback when Judge Analisa Torres ruled that XRP is not a security. She found that Ripple's programmatic sales were legal, except for specific past and direct sales to institutional clients. This ruling was a significant win for Ripple, challenging the SEC's stance on the regulatory status of cryptocurrencies. While Ripple has faced its legal hurdles, the SEC continues to engage in lawsuits against other crypto entities such as Coinbase (NASDAQ:COIN) and Binance. Despite these ongoing cases, Gensler has maintained that Bitcoin is the sole cryptocurrency that falls outside of the SEC's regulatory perimeter. https://www.investing.com/news/cryptocurrency-news/ripple-clo-criticizes-sec-chairs-approach-to-crypto-regulation-93CH-3237476