2023-11-16 17:50
NEW YORK - In a notable shift within the cryptocurrency market, MATIC, the native token of Polygon, has recently outpaced Binance Coin (BNB) in terms of price performance. Over the past week, MATIC experienced an impressive 11% increase in value, while Binance Coin saw a 1% decline. This divergence in performance comes as Polygon overtakes Binance Smart Chain in the total number of network projects, particularly marking its growth in the Infrastructure, NFT, and SocialFi sectors. Polygon's rise has been significant enough to rank it as the second-largest chain by project count, now only behind Ethereum, which hosts over 2,050 projects. Despite Binance Smart Chain's continued dominance in Total Value Locked (TVL), holding a substantial $5.3 billion compared to Polygon's $1.2 billion, it has fallen behind in other key areas of blockchain development. The price movement of MATIC has been closely watched by investors and traders alike. Last week's rally saw MATIC's price soar by 14.23%, bringing it close to the crucial support line of $0.884. Market analysts are keeping a keen eye on whether MATIC can maintain its momentum and rebound from this support line to potentially reach or even surpass the $1.000 mark. The bullish Moving Average Convergence Divergence (MACD) indicator suggests that there could be further upward movement on the horizon for MATIC. However, should MATIC break below the $0.884 support level, there is concern that it might fall to lower support levels at $0.800 or even down to $0.742. The cryptocurrency market is known for its volatility, and such movements could have significant implications for investor sentiment and market dynamics. Polygon's advancements in sectors where Binance has less presence could be a driving factor behind MATIC's recent price surge as investors may be recognizing its growing ecosystem and potential for increased adoption. As the landscape of blockchain projects continues to evolve, both Polygon and Binance Smart Chain are likely to remain key players in defining the future trajectory of decentralized applications and digital assets. https://www.investing.com/news/cryptocurrency-news/matic-outperforms-binance-coin-with-11-weekly-surge-93CH-3236834
2023-11-16 17:21
Copyrighted Image by: Reuters. LONDON - The British pound experienced a notable surge earlier this week, reaching a two-month high against the weakening US dollar, only to see some of those gains diminish in subsequent days. The initial rally was prompted by a softer-than-expected US inflation report, which sent the pound soaring by 1.8%. However, as of today, the currency has given up nearly half of its gains, trading down by 0.11% at 1.2401. The pound's performance comes amid a broader context of economic indicators and market movements. On Wednesday, the Bank of England reported a significant drop in UK inflation to 4.6%, marking the lowest level since October 2021 and coming in below the anticipated 4.8%. Despite this positive news, the Bank emphasized that the fight against inflation is ongoing. In contrast, the US economy showed signs of cooling, with a substantial decline in producer prices by 0.5% in October – the largest drop since April 2020 – driven by falling gasoline prices. This was accompanied by an end to six months of retail sales growth, indicating a dip of 0.1%. Looking ahead to Friday's projected report, UK retail sales for September showed a -0.9% drop due to unusually warm weather and consumer economic pessimism; however, they are forecasted to rebound with growth of 0.3% in October. In technical terms, the GBP/USD pair is currently testing support at 1.2374, with additional support at 1.2312 and resistance levels at 1.2476 and 1.2522. Following the rally to 1.2449 and a minor pullback, analysts attribute the pair's position to the Dollar Index crash and consequent USD weakness. Unfavorable US economic data released today contributed to the USD's slide, with Unemployment Claims reaching 231K against an expected 221K, Industrial Production declining by 0.6% versus a forecasted drop of 0.4%, and Capacity Utilization Rate at 78.9% compared to the predicted rate of 79.4%. The GBP/USD pair concluded its correction at the Fibonacci retracement level of 38.2% (1.2383) and broke out from a bullish flag pattern. It has now surpassed the 23.6% retracement level (1.2429), challenging the former high of 1.2452. A move beyond this level could present a buying opportunity for traders, and surpassing the psychological threshold of 1.2500 might signal further upward momentum for the pound. https://www.investing.com/news/forex-news/pound-fluctuates-after-hitting-twomonth-high-against-dollar-93CH-3236807
2023-11-16 17:17
NEW YORK - BlackRock (NYSE:BLK), the world's largest asset manager, has taken a significant step towards embracing cryptocurrencies by initiating paperwork for an Ether-tracking Exchange-Traded Fund (E.T.F.) last week, signaling increased optimism in the digital asset sector. The move comes as Bitcoin's price recently surged to $35,000, its highest point since the 2022 market downturn. The cryptocurrency industry has been abuzz with activity following several key developments. In the last week of October 2023, Ether's value rose by 10% to approximately $2,100, leading some investors to speculate that the prolonged "crypto winter" might be coming to an end. This renewed enthusiasm was further bolstered by BlackRock's recent filing for an E.T.F. that would track the price of XRP, issued by Ripple. This filing suggests a growing confidence among traditional financial institutions in the potential of cryptocurrencies. The backdrop for these filings includes a series of interactions between the crypto industry and regulatory bodies. In August 2023, Grayscale Investments won a legal battle against the Securities and Exchange Commission (S.E.C.), which had been criticized for its "arbitrary and capricious" actions regarding cryptocurrency E.T.F. applications. This victory was seen as a positive sign for the industry, with hope that a Bitcoin E.T.F. might soon be tradable on conventional stock exchanges. In contrast to Grayscale's win, the S.E.C.'s stance over the years has been cautious. From mid-2021 to August 2022, while it approved E.T.F.s betting on Bitcoin's future prices, it rejected applications for E.T.F.s directly linked to Bitcoin's current price. This distinction is crucial as it allows investors to gain exposure to Bitcoin without needing digital wallets, by owning shares in a fund containing the cryptocurrency. Following Grayscale's legal challenge and subsequent win in June 2022 against the S.E.C.'s earlier decision, two offices within the S.E.C. have since started working with firms to create Bitcoin E.T.F.s. This collaboration indicates a more advanced stage in the approval process Despite this progress and BlackRock's recent moves, not all financial analysts are optimistic. Last week, analysts labeled the recent surge in cryptocurrency prices as "overdone." They argued that the approval of cryptocurrency E.T.F.s would likely just redistribute existing capital rather than attract new investments into the space. Moreover, Fidelity Investments is also waiting in the wings with a pending application for a Bitcoin fund. The interest from major financial institutions like BlackRock and Fidelity in cryptocurrency-based E.T.F.s reflects a changing tide in investment strategies and underlines the growing importance of digital assets in mainstream finance. As regulatory clarity improves and traditional financial entities continue to enter the crypto space, market participants will closely watch for further developments that could shape the landscape of investment products tied to digital currencies. https://www.investing.com/news/cryptocurrency-news/blackrock-files-for-ether-and-xrp-etfs-amid-crypto-rally-93CH-3236802
2023-11-16 17:00
NEW YORK - Cardano's (ADA) value witnessed a significant surge today, reaching a peak of $0.4100, the highest since April earlier this year. This growth represents an over 66% increase from its lowest valuation this year, propelling its market capitalization to surpass the $13 billion mark. The rally in ADA's price reflects a broader uptrend in the cryptocurrency market, with Bitcoin achieving an eighteen-month high of more than $37,500 and other digital currencies such as Avalanche, Solana, and Tron also experiencing notable gains. The DeFi ecosystem within Cardano has flourished, with its Total Value Locked (TVL) in ADA exceeding 688 million coins, translating to over $260 million. The past month has seen substantial growth for DeFi dApps on the Cardano network, with many reporting double-digit rises in TVL. Indigo stands out with a 66% jump in TVL to over $64 million, while Minswap, Liqwid, Optim Finance, and Astarter each have seen increases of over 60%. The futures market for ADA is indicating bullish sentiment as well. Open interest has been on an upward trajectory since hitting a low of $89 million in September. It peaked today at $162 million, suggesting a growing demand for ADA. https://www.investing.com/news/cryptocurrency-news/cardanos-ada-price-hits-high-since-april-market-cap-tops-13-billion-93CH-3236784
2023-11-16 16:54
Copyrighted Image by: Reuters ISTANBUL - Blockchain solutions firm zkLink has unveiled Nexus, a Layer-3 platform built on Ethereum's Layer-2 Rollups. The announcement was made today during Devconnect in Istanbul. Nexus is designed to enhance scalability and unify liquidity for DeFi developers, aiming to address the challenges of liquidity fragmentation within various zk-Rollup Layer-2 ecosystems. Nexus acts as a critical infrastructure layer, providing a unified trading layer that integrates seamlessly with prominent Layer-2 solutions such as zkSync, StarkNet, and Polygon zkEVM. This integration is crucial for developers who can now deploy decentralized applications (dApps) across these protocols without the need for individual rollup builds. By doing so, Nexus offers unique features that are set to benefit the Ethereum ecosystem significantly: Vince Yang, co-founder of zkLink, highlighted Nexus' potential as a game-changer for multiple Layer-2 protocols. The platform's APIs allow for efficient transactions between rollups while maintaining Ethereum's high security standards. Moreover, Nexus' cross-L3 composability for token transfers presents new opportunities for interaction within the Ethereum network. The public unveiling of Nexus marks the beginning of a series of Layer-3 Summits that will coincide with major Ethereum community events. These summits are expected to further the discussion and development of Layer-3 platforms like Nexus. With its cost-effective and speedy solutions powered by efficient proof systems without a trusted setup, Nexus positions itself as a pivotal player in bridging the gap among diverse Layer-2 ecosystems. As the demand for efficient and customizable dApp solutions grows, Nexus is anticipated to play a significant role in facilitating this next wave of blockchain innovation. https://www.investing.com/news/cryptocurrency-news/zklink-launches-nexus-to-bridge-liquidity-across-ethereums-layer2-protocols-93CH-3236779
2023-11-16 16:43
Copyrighted Image by: Reuters. LAYTON - In a groundbreaking initiative to reduce the environmental impact of Bitcoin mining, Marathon Digital (NASDAQ:MARA) Holdings has teamed up with Nodal Power to utilize landfill gas as an innovative energy source. The project, located at the Davis landfill in Layton, owned by the Wasatch Integrated Waste Management (NYSE:WM) District, harnesses methane from organic waste decomposition to power Bitcoin miners. The pilot site near Hill Air Force Base is a testament to the companies' commitment to sustainability and cost-efficiency. By fully burning landfill gas for electricity generation, the site manages to destroy more methane per month than traditional flaring methods. This not only provides Marathon with its cheapest energy source but also significantly reduces annual CO2 emissions associated with Bitcoin mining. This partnership between Marathon Digital Holdings and Nodal Power dates back to a previous off-grid project in Price, where they initially used natural gas to power a Bitcoin mine. However, facing stiff competition from larger firms, Nodal Power shifted its focus towards addressing methane mitigation from landfills across the United States. Methane is a significant contributor to global warming, accounting for 14.3% of all methane emissions in the country. Despite Environmental Protection Agency (EPA) regulations on landfill gas collection and flaring, a study conducted in 2022 suggested that the conversion rate through flaring was only 91%, contradicting the EPA's claim of 99%. The current project at Davis landfill not only challenges these figures but also enhances methane destruction efficiency. The success of this sustainable endeavor has encouraged both Marathon Digital Holdings and Nodal Power to consider expanding their efforts. They aim to replicate this model across hundreds of landfills in the US and globally, particularly those lacking proper infrastructure. Utah has been actively pursuing methane mitigation efforts. An oil field near Moab ceased flaring natural gas during oil production and began using it for Bitcoin mining. Additionally, a facility in North Salt Lake is converting food waste into natural gas and fertilizer. These initiatives are crucial given that Utah squandered approximately $48 million worth of natural gas in 2019, exacerbating air quality and climate issues. As these two companies share revenues from their innovative project with location-agnostic Bitcoin miners, they demonstrate a viable path forward for integrating renewable energy solutions into cryptocurrency mining operations. https://www.investing.com/news/cryptocurrency-news/marathon-digital-and-nodal-power-tap-landfill-gas-for-bitcoin-mining-93CH-3236773
