2023-11-17 01:25

Copyrighted Image by: Reuters NEW YORK - Amid heightened scrutiny from the U.S. Securities and Exchange Commission (SEC) targeting various cryptocurrencies and exchanges, Solana (SOL) has made a significant leap in the market. Despite recent regulatory challenges, including allegations against the Binance exchange and the SEC's classification of SOL as a security, the digital currency has seen a remarkable 386% increase in price. In a striking November rally, Solana's market capitalization soared by 65%, elevating its valuation to nearly that of Ripple (XRP) and positioning it among the top six cryptocurrencies with a market cap of $26.5 billion. This surge is a stark contrast from its June valuation of just $296.5 million. Industry experts attribute Solana's impressive performance to its role as an efficient Layer 1 platform, which is increasingly seen as a strong competitor to Ethereum (ETH). Solana is lauded for its speed, cost-effectiveness, scalability, and web-scale architecture—qualities that are becoming more critical as the crypto space evolves. An advisor from Render Foundation highlighted Solana's robust core infrastructure as a key factor in its success. Additionally, there is a growing trend of users and developers moving away from Ethereum due to its high gas fees, which has likely contributed to Solana's rise. In response to the SEC's claims, the Solana Foundation has defended its platform by underscoring its superior transaction speeds compared to other blockchain networks. The foundation firmly refuted the SEC's classification of SOL as a security, emphasizing its technological advantages and commitment to compliance with regulatory standards. As Solana continues to gain momentum in the cryptocurrency market, it stands out not only for its significant price movement but also for its underlying technology that may redefine efficiency standards within the blockchain industry. https://www.investing.com/news/cryptocurrency-news/solana-jumps-386-now-among-top-six-cryptocurrencies-93CH-3237148

2023-11-16 22:44

Copyrighted Image by: Reuters. Bitcoin's open interest, a measure of the total number of outstanding derivative contracts that have not been settled, has soared to a 19-month high, reaching approximately $17.04 billion. This surge, which represents a 7.89% increase in the last 24 hours, is reminiscent of the situation before the Terra LUNA crash in March 2022. The majority of the current open interest is concentrated on major exchanges such as CME, Binance, and Bybit. This significant rise in open interest could be an indicator of where Bitcoin's price might head next. Historical patterns suggest that an uptick in open interest can lead to a price increase for Bitcoin. In March 2022, for instance, a similar increase in open interest was followed by Bitcoin's price rising from $38,700 to over $47,000 within a month. As of today, Bitcoin is priced at $37,500. If the current trend aligns with the historical precedent set in March 2022, market watchers are anticipating the possibility of Bitcoin's price climbing towards $45,000 by the end of the month. Nevertheless, there is also caution in the air due to past patterns where a peak in open interest led to a subsequent decline in Bitcoin's value. In April 2022, after reaching a high point in open interest, the market experienced a downturn with Bitcoin's price falling to $27,000. Investors and analysts alike are keeping a close eye on these developments as they could signal the next significant move for Bitcoin's price in either direction. With the memory of past volatility still fresh, market participants are weighing the potential for growth against the risk of another downturn. https://www.investing.com/news/cryptocurrency-news/bitcoin-open-interest-hits-19month-peak-eyes-on-potential-price-surge-93CH-3237086

2023-11-16 21:25

Copyrighted Image by: Reuters NEW YORK - Bitcoin (BTC) faced a turbulent trading session today, with its price dropping to $35,774.80, marking a 5.09% fall after fluctuating around the crucial $36,000 support level earlier in the week. The leading cryptocurrency's volatility comes amid ongoing speculation regarding the U.S.'s potential approval of a Bitcoin spot price-based exchange-traded fund (ETF), which has been delayed by regulators. Earlier today, BTC experienced a significant pullback post Wall Street open, falling to $36,470 with a daily loss exceeding $1,000. This pattern echoed previous weekly events where Bitcoin struggled to maintain new highs, resulting in long liquidations. Today's market saw $21 million in BTC longs liquidated, a notable decrease from the $120 million liquidated on Monday. Despite the current pullback and liquidations, some market analysts like CrediBULL Crypto view this as an opportunity for accumulation, suggesting there might be a retest of the local bottom at $34,600. In the last 24 hours, CoinGlass reported market liquidations totaling $217.79 million from over 77,200 traders, with Bitcoin accounting for $61.42 million of this amount. The broader cryptocurrency market has mirrored Bitcoin's downturn. Ethereum (ETH) fell 4.2% to $1,962.13 despite positive sentiment earlier in the week following news of BlackRock (NYSE:BLK) iShares Ethereum Trust's application with the SEC. Other major altcoins including Solana (SOL), Cardano (ADA), and XRP also experienced price declines. Market observers are closely watching for further developments on the U.S.'s first Bitcoin spot price ETF. Material Indicators suggested that another attempt at reaching the $38k - $40k range is plausible despite concerns over a potential market correction. Any news on the ETF could act as a catalyst for Bitcoin's price direction. https://www.investing.com/news/cryptocurrency-news/bitcoin-struggles-near-36000-as-spot-etf-decision-looms-93CH-3237016

2023-11-16 20:06

Copyrighted Image by: Reuters. NEW YORK - The BRC-20 token standard, introduced in April as a part of the Bitcoin Request for Comment (BRC) initiative, has catalyzed the creation of over 37,000 tokens on the Bitcoin network. This development has brought a significant 21% surge in value to the sector, with trac (TRAC), meme (MEME), and nals (NALS) at the forefront of this growth. The listing of ordi (ORDI) on Binance earlier this month has amplified interest in BRC-20 tokens, contributing to a bullish market sentiment. This enthusiasm is further bolstered by expectations surrounding potential exchange-traded fund approvals. The BRC-20 standard allows for the issuance and transferability of tokens on the Bitcoin blockchain, which was previously known for its limited use in decentralized finance (DeFi) applications. In tandem with the rise of BRC-20 tokens, Alpha, a Bitcoin-based social application, launched in-app tokens and introduced 'keys' for closed group chats on Wednesday. This move aims to attract new users and enhance revenue streams while capitalizing on Bitcoin's untapped potential within DeFi spaces. According to @punk3700, Alpha's developer, such innovations are necessary as Bitcoin's capabilities expand beyond simple transactions. Alpha's platform not only offers social networking features but also includes a decentralized exchange and an NFT marketplace. The introduction of these services marks a significant milestone for Bitcoin applications, positioning them as "super apps" with multifunctional capabilities. The rapid expansion of the BRC-20 token sector and the concurrent rise in innovative applications like Alpha underscore a growing trend of diversification within the Bitcoin ecosystem. With more than 37,000 BRC-20 tokens currently being tracked by OrdSpace and increased utility through platforms like Alpha, the sector shows signs of continued growth and innovation. https://www.investing.com/news/cryptocurrency-news/brc20-token-surge-led-by-trac-meme-and-nals-on-bitcoin-network-93CH-3236919

2023-11-16 19:42

Copyrighted Image by: Reuters NEW YORK - Rarible, a community-owned non-fungible token (NFT) marketplace, experienced a 2.1% decline against the dollar on Thursday, with its token closing at $1.32 or the equivalent of 0.00003580 Bitcoin (BTC). Despite the day's dip, the platform's ERC-20 token has seen a notable 22.6% rise over the past week. Founded by Alex Salnikov and Alexei Falin, Rarible operates on the Ethereum blockchain and extends support to Tezos and Flow chains, offering a decentralized environment for NFT trading. The platform's governance model grants its token holders decision-making rights, allowing them to vote on proposed upgrades and changes to the marketplace. The NFT marketplace boasts a total supply of 25 million tokens, with over 23 million currently in circulation. As of today, Rarible holds a market capitalization of approximately $30.48 million and has seen trading volumes around $573,465.58. The broader cryptocurrency market showed diverse movements with several tokens witnessing fluctuations: To engage in trading Rarible, investors typically start by purchasing major cryptocurrencies such as Ethereum or Bitcoin through U.S dollar exchanges like GDAX, Changelly, or Gemini. They can then use these acquired assets to buy Rarible tokens on various exchanges where it is listed. https://www.investing.com/news/cryptocurrency-news/rarible-token-slips-21-as-other-cryptos-show-mixed-performance-93CH-3236917

2023-11-16 19:27

DHAKA - Bangladesh is grappling with a dollar shortage amid the ongoing global economic challenges, with its foreign exchange reserves dipping to $19.6 billion. The country's reserves, which are sufficient to cover just over three months of imports, have been under pressure due to a combination of rising import costs and a decline in exports and remittances. This situation has been further exacerbated by the economic fallout from the Russia-Ukraine conflict, leading to heightened prices for fuel and food. The Central Bank of Bangladesh has attempted several measures to mitigate the crisis, including controlling imports, selling dollars from its reserves, and imposing additional duties on imports. Despite these efforts, the reserves have continued to dwindle from pandemic-boosted levels, with the Central Bank's dollar sales since April failing to stem the deficit. Consequently, the price of dollars has surged from Tk 85 to Tk 107.50 for remittance transactions. Former Bank Asia Managing Director Arfan Ali has cautioned against investments that require heavy dollar spending, highlighting the urgency of preserving foreign exchange reserves. He pointed out that while Bangladesh maintains International Monetary Fund (IMF)-approved reserves adequate for its immediate needs, misuse of loans from these reserves by exporters has led to concerns over forced loans. https://www.investing.com/news/economy/bangladesh-faces-dollar-crisis-as-reserves-fall-to-196-billion-93CH-3236898