2023-11-17 10:38

Copyrighted Image by: Shutterstock Nigeria's currency, the Naira, experienced a turbulent week with significant fluctuations across different exchange platforms. Amidst ongoing liquidity issues and a lack of intervention from the Central Bank of Nigeria (CBN) since October, the Naira's value has been under considerable pressure. On the official segment of the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira faced a sharp depreciation against the US Dollar. By today, it had weakened to N841.14/$1, a decline of N22.15 or 2.71% from Wednesday. This notable depreciation trend is attributed to a forex liquidity squeeze that has impacted the market. The spot market also displayed volatility during today's session, with exchange rates ranging widely from N600/$1 to N1,140/$1 as offered by customers. Despite these challenges in the official market, the parallel market told a different story, with the Nigerian currency appreciating by N5 to close at N1,130/$1. In contrast to its performance against the US Dollar in the official segment, the Naira gained ground against both the Pound Sterling and Euro, selling at N1,029.74/£1 and closing at N898.45/€1, respectively. The Peer-2-Peer (P2P) window saw the Naira depreciate, settling at N1,114/$1. Meanwhile, despite hitting an all-time low of N1.140/$1 in the official market, it appreciated by 0.88 percent in the black market to close at N1,125/$. The recent adjustments by Nigeria Customs in the foreign exchange rate for clearing imported goods have led to an increase in costs for imported goods nationwide. Business and economy expert Dave Ibemere is closely observing these evolving market conditions. As traders and businesses navigate this period of uncertainty, there are expectations that the CBN will soon have sufficient dollars to meet local forex demands. However, CBN Governor Yemi Cardoso has yet to comment on potential future liquidity injections or establish new trading bands for the Naira. https://www.investing.com/news/forex-news/naira-sees-mixed-performance-amid-nigerias-forex-liquidity-challenges-93CH-3237471

2023-11-17 10:16

A cybersecurity startup named Unciphered has revealed a critical vulnerability in cryptocurrency wallets dating from 2011 to 2015 that were created using BitcoinJS, a software for generating Bitcoin wallets. This security flaw, which could potentially affect billions of dollars in digital assets, was unearthed during an extensive 22-month investigation by the firm. The vulnerability surfaced while Unciphered was assisting a client who could not access their Blockchain.com bitcoin wallet. The issue stems from the SecureRandom function within the JSBN javascript library and is exacerbated by weaknesses found in the Math.random function implementations of major browsers during that period. The SecureRandom function's primary role is to collect entropy to generate random numbers needed for creating secure Bitcoin private keys. However, due to insufficient entropy collection and flaws in the Pseudo Random Number Generator (PRNG), the function did not provide the required 256 bits of randomness. As a result, some wallets are more susceptible to attacks where key material could be retrieved by malicious actors. The risk presented by this flaw has been somewhat reduced over time as new wallets have incorporated additional sources of entropy, enhancing security measures. Nonetheless, the potential impact of this vulnerability is significant, affecting not only bitcoin but also wallets based on dogecoin, litecoin, and zcash. Moreover, any services and projects that derived their code from BitcoinJS during those years might also be at risk. https://www.investing.com/news/cryptocurrency-news/unciphered-identifies-critical-flaw-in-early-bitcoinjs-wallets-93CH-3237427

2023-11-17 10:14

Copyrighted Image by: Reuters. The Bitcoin mining landscape is facing scrutiny as concerns mount over the growing dominance of Antpool and Foundry USA in the network's hashrate. Recent discussions have spotlighted the implications of their combined 56% control, raising questions about the potential centralization of Bitcoin mining and its future regulatory environment. On Wednesday, crypto analyst Chris Blec sounded the alarm over the two mining pools' influence, suggesting that their predominance could pave the way for Bitcoin mining to become a regulated industry, with strict adherence to Know Your Customer (KYC) guidelines. This shift could grant governments significant oversight over a majority of miners, altering the decentralized nature of Bitcoin mining. In response to these concerns, crypto researcher Jon Black argued that the dominance of Antpool and Foundry USA stems from their compliance with existing regulations. He posited that any move away from this compliant behavior would likely result in a redistribution of hashrate to smaller, non-KYC compliant pools. Blec dismissed this view as purely theoretical, opening up further debate on the matter. The conversation also touched on the role of Stratum mining software versions in determining how mining pools operate. Stratum v1, which is currently favored by many miners due to its user-friendly nature, allows pool operators to select transactions for block mining while individual miners contribute computational power without having direct input on transaction selection. In contrast, Stratum v2 introduces "Job Negotiation," giving individual miners more autonomy by enabling them to choose transactions for their block templates. A report from Galaxy.com in 2022 shed light on the division within the industry regarding Stratum software versions. The report underscored a significant divide between ASIC manufacturers and software developers, highlighting concerns about mining centralization. This division raises critical questions about whether current practices within Bitcoin mining pools are sufficient to maintain the decentralized ethos that is central to Bitcoin's philosophy. https://www.investing.com/news/cryptocurrency-news/antpool-and-foundry-usas-bitcoin-hashrate-dominance-sparks-industry-debate-93CH-3237429

2023-11-17 09:40

Copyrighted Image by: Reuters NEW YORK - In a strategic move to bolster security and adapt to the dynamic regulatory landscape, Bakkt has relaunched its digital asset custody platform with enhanced features. The revamped service offers segregated on-chain wallet addresses and advanced security protocols, aiming to provide a more secure and compliant environment for cryptocurrency transactions. The CEO of Bakkt, Gavin Michael, emphasized the significance of robust crypto custody solutions in the wake of recent market upheavals. He highlighted the company's commitment to non-co-mingling of funds and readiness to adapt to regulatory shifts, underscoring the importance of trust in the digital asset space. In addition to bolstering security measures, Bakkt has expanded its cryptocurrency offerings by adding six new digital assets to its platform. Notably, this expansion includes popular memecoins SHIB and DOGE, reflecting the company's strategy to accommodate client fluidity between platforms while maintaining a secure and regulated framework. The inclusion of SHIB and DOGE comes at a time when both cryptocurrencies have experienced notable price increases. SHIB has seen a price jump of about 6% in the last day and an impressive 25% over the past month. DOGE has outpaced this growth with a significant 32% rise over a 30-day period. These surges are attributed to several factors, including SHIB's rapid development cycle and its high-profile partnership with boxing legend Manny Pacquiao. Additionally, Shibarium—a layer-2 blockchain solution associated with SHIB—has achieved substantial progress, recording over 1.5 million total blocks and nearly 4 million transactions. Bakkt's proactive approach in expanding its services and ensuring compliance with evolving regulations positions it as a forward-thinking player in the digital asset custody market. The platform's continued investment in advanced features signals its dedication to fostering a secure ecosystem for cryptocurrency enthusiasts and investors alike. https://www.investing.com/news/cryptocurrency-news/bakkt-enhances-custody-platform-adds-shib-and-doge-amid-price-surges-93CH-3237403

2023-11-17 09:14

Copyrighted Image by: Reuters NEW YORK - In a contrasting move to the broader cryptocurrency market, AVAX and NEAR tokens experienced significant gains today, with AVAX surging 8.2% and NEAR climbing 6%. The uptick for these tokens is attributed to recent developments in the blockchain space, including Avalanche's inclusion in the Monetary Authority of Singapore's (MAS) Project Guardian and encouraging news from the Nearcon conference. Project Guardian, which features contributions from Onyx by J.P. Morgan and Apollo Global, represents a forward-thinking initiative that leverages blockchain technology to innovate asset management. The project demonstrates a blockchain Proof of Concept that echoes Citi’s foreign exchange trade simulation technology. This initiative underscores the growing interest in tokenization and smart contracts as tools to enhance efficiency in financial services, aligning with MAS's strategic focus on FinTech and blockchain applications. While AVAX and NEAR tokens enjoyed their ascent, major cryptocurrencies like Bitcoin and Ether faced downward pressure. Bitcoin saw a decline of 2.5%, falling below the $36,500 mark, while Ether dropped 3.3%, trading under $2,000. These declines have had a tangible impact on traders using leverage, as data from Coinglass indicates substantial liquidations. Leveraged positions in Bitcoin resulted in $48 million being wiped out, alongside $30 million in Ether liquidations. The divergence between the performance of AVAX and NEAR compared to Bitcoin and Ether highlights the heterogeneous nature of the cryptocurrency market where different tokens can react differently to industry-specific developments. The gains for AVAX and NEAR may also point to a keen investor interest in projects that contribute to advancements in blockchain technology and financial services innovation. https://www.investing.com/news/cryptocurrency-news/avalanche-and-near-tokens-rally-amid-broader-crypto-market-slump-93CH-3237381

2023-11-17 08:48

Copyrighted Image by: Reuters. The Bitcoin derivatives market has experienced a significant uptick, echoing the fervent activity last seen during the cryptocurrency's all-time highs in late 2021. The increase in perpetual futures trades and options open interest this year indicates a renewed enthusiasm in Bitcoin speculation, following the cryptocurrency's price recovery from its low point in 2022. This resurgence is largely driven by expectations surrounding the potential approval of the first US spot Bitcoin Exchange-Traded Funds (ETFs). Earlier this week, Deribit, a major digital asset derivatives exchange, revealed that Bitcoin options open interest on their platform had reached an unprecedented $14.9 billion. This figure surpasses the previous record of $14.4 billion set in October 2021. Caroline Mauron of Orbit Markets observed a robust appetite for crypto call options, with investors placing leveraged bets on Bitcoin's price soaring to $100,000 or higher. A critical resistance level at $38,000 is being closely watched by traders. On Thursday, Bitcoin's price neared the $38,000 mark but subsequently retreated to $36,264 by Friday afternoon in Singapore. Analysts are closely monitoring several key trends within the Bitcoin futures and options markets to gauge investor sentiment and market direction. These include the behavior of perpetual futures and curve shifts in addition to insights gleaned from options trading activity. https://www.investing.com/news/cryptocurrency-news/bitcoin-derivatives-trading-soars-nearing-2021-peak-levels-93CH-3237371