2023-11-16 07:19
Investing.com - Cardano was trading at $0.5492 by 16:44 (21:44 GMT) on the Investing.com Index on Wednesday, up 10.42% on the day. It was the largest one-day percentage gain since December 13, 2023. The move upwards pushed Cardano's market cap up to $19.1755B, or 1.11% of the total cryptocurrency market cap. At its highest, Cardano's market cap was $94.8001B. Cardano had traded in a range of $0.4898 to $0.5492 in the previous twenty-four hours. Over the past seven days, Cardano has seen a drop in value, as it lost 3.56%. The volume of Cardano traded in the twenty-four hours to time of writing was $777.1197M or 0.75% of the total volume of all cryptocurrencies. It has traded in a range of $0.4648 to $0.5779 in the past 7 days. At its current price, Cardano is still down 82.28% from its all-time high of $3.10 set on September 2, 2021. Elsewhere in cryptocurrency trading Bitcoin was last at $45,461.2 on the Investing.com Index, down 2.50% on the day. Ethereum was trading at $2,510.64 on the Investing.com Index, a gain of 8.29%. Bitcoin's market cap was last at $889.6917B or 51.60% of the total cryptocurrency market cap, while Ethereum's market cap totaled $301.0487B or 17.46% of the total cryptocurrency market value. https://www.investing.com/news/cryptocurrency-news/cardano-climbs-10-in-rally-3271852
2023-11-16 06:47
NEW YORK - Ethereum has successfully reclaimed its $2,000 support level amid a turbulent market environment. This recovery comes even as broader market signals suggested a potential decline to $1,900 or lower. The cryptocurrency's resilience was tested as the U.S. Securities and Exchange Commission (SEC) postponed its decision on Grayscale's application for an Ethereum exchange-traded fund (ETF). The delay in the SEC's ruling on Grayscale’s ETHE ETF application contributed to the uncertainty in the market. However, Ethereum managed to withstand these pressures, trading at $2,041. Grayscale is strategically advocating for a decision on an ETH futures ETF under rule 19b-4, which they hope could set a favorable precedent for the approval of spot ETH ETFs. This move by Grayscale could be setting the stage for a legal confrontation similar to what was experienced with their Bitcoin Trust ($GBTC). Investors and market watchers are closely monitoring these developments, as the outcome could have significant implications for the future of cryptocurrency ETFs and the broader digital asset market. The tenacity of Ethereum's price amidst such challenges reflects the dynamic nature of the crypto markets and investor sentiment surrounding key regulatory decisions. https://www.investing.com/news/cryptocurrency-news/ethereum-rebounds-to-2000-despite-market-volatility-and-sec-delays-93CH-3235910
2023-11-16 06:44
Copyrighted Image by: Reuters. The Indian Rupee has seen an ascent against the dollar, driven by softening US currency in response to a decrease in the United States' key Consumer Price Index (CPI) figures. This development has sparked speculation among investors about a potential Federal Reserve interest rate cut by May next year. ICICI Direct observed on Wednesday that the Rupee's rise comes amid a broader dollar correction, as declining US CPI and Producer Price Index (PPI) numbers suggest an approaching end to the Federal Reserve's cycle of interest rate hikes. The weakening of crude oil prices, coupled with the increasing likelihood of a Fed rate cut in May, has added pressure on the dollar. Market analysts anticipate that if the USD/INR exchange rate sustains below 83.30, it could reverse towards 83.00, and possibly further down to 82.80. This outlook is based on the recent economic indicators that are influencing currency valuations. https://www.investing.com/news/forex-news/rupee-strengthens-on-us-cpi-data-fed-rate-cut-expectations-93CH-3235908
2023-11-16 06:43
Copyrighted Image by: Reuters South Korea's National Pension Service (NPS) has realized a substantial profit from its recent foray into the cryptocurrency space, securing a 40% gain on its investment in Coinbase (NASDAQ:COIN) shares within a single quarter. The state-run pension fund, which faced scrutiny over its indirect investments in virtual assets in 2021, purchased 282,673 shares of the Nasdaq-listed cryptocurrency exchange at an average price of $70.5 each, amounting to nearly 26 billion Korean won (₩), or approximately $20 million. The strategic investment by NPS comes as digital assets continue to gain acceptance among institutional investors as a means of diversification. A recent Pensions Age survey highlighted the growing recognition of digital assets' importance in investment portfolios. This sentiment is reflected in the performance of Coinbase's stock, which has witnessed a significant uptick this year, with shares rising by 4% in Q3 and 177% overall. The timing of NPS's investment coincided with a surge in Bitcoin value, which reached an 18-month peak on November 9, contributing to a 5.14% rise in Coinbase's stock that closed at $92.86. With the closing price of Coinbase reaching $98.15 recently, the value of NPS's stake in the company has appreciated to approximately $27.74 million. This successful investment outcome showcases NPS's ability to navigate the volatile cryptocurrency market and capitalize on timely market movements. The pension fund's entry into digital asset investing, despite earlier criticisms from South Korea's National Assembly concerning the cashless nature of virtual assets and their dependency on subsequent investors for returns, has proven profitable in the short term. https://www.investing.com/news/cryptocurrency-news/south-koreas-nps-nets-40-gain-on-coinbase-investment-in-q3-93CH-3235907
2023-11-16 06:33
Copyrighted Image by: Reuters. Bitcoin has surged past the $38,000 threshold for the first time in 17 months, marking a significant 5% gain within the last week. The cryptocurrency's rally comes amid heightened anticipation that the U.S. Securities and Exchange Commission (SEC) may soon approve a spot Bitcoin exchange-traded fund (ETF), which has been a long-awaited milestone for crypto enthusiasts. Despite recent setbacks, such as the SEC delaying decisions on the ETF applications from Hashdex and Grayscale, Bitcoin's value has shown resilience. These delays have not dampened market optimism, as evidenced by the continued upward trajectory of Bitcoin's price. Investors are also closely watching Franklin Templeton's Bitcoin ETF application, which faces an impending deadline today. While this decision is on the horizon, other spot ETF filings are looking at January 2024 deadlines. Analysts at Bloomberg Intelligence have projected that approvals for these spot ETFs could come as early as the first week of January 2024, potentially making it easier for both institutional and retail traders to gain exposure to Bitcoin. The potential for increased institutional demand is a significant factor in the bullish outlook for Bitcoin. The approval of spot BTC ETFs is anticipated to simplify the process for investors to add Bitcoin to their portfolios, which could lead to further price increases due to heightened demand. Adding to the positive sentiment is data from BTCDirect indicating that a substantial portion of Bitcoin's supply remains unmoved. Specifically, 69% of the total supply has not seen any movement over the past year, contributing to a decrease in circulation volume and selling pressure. This static supply is recognized as a key support for Bitcoin's recent price appreciation. https://www.investing.com/news/cryptocurrency-news/bitcoin-price-soars-past-38000-amid-etf-anticipation-93CH-3235905
2023-11-16 05:44
In a significant move for the cryptocurrency industry in Thailand, Binance, one of the world's leading cryptocurrency exchanges, is set to launch a new digital asset platform through its joint venture with Thai billionaire Sarath Ratanavadi's Gulf Energy. The collaboration, known as Gulf Binance, is advancing toward introducing a secure and regulatory-compliant exchange and brokerage service for cryptocurrencies and digital tokens in the country. The foundation for this venture was laid back in 2022 when Binance and Gulf Energy Development Public Company Limited announced their partnership. The recent developments were disclosed in a filing to the Stock Exchange of Thailand on Wednesday by Gulf Energy Development. This filing revealed that Gulf Binance, which operates under Gulf Innova, has successfully obtained the status of a digital asset operator from Thailand's Ministry of Finance as of May. Adding to this progress, the Securities and Exchange Commission (SEC) of Thailand has now granted approval for Gulf Binance to operate a crypto exchange. This regulatory green light is crucial, as it ensures that the upcoming platform adheres to stringent security measures and compliance standards set by the SEC. Gulf Binance is gearing up for an initial phase where access to the platform will be by invitation only. This approach aims to refine user experience and ensure seamless functionality before opening its doors to the broader public. The company has outlined plans for the exchange to become publicly accessible in early 2024, marking a new chapter in Thailand's digital asset market. While anticipation builds around this development, Binance has not yet released an official statement regarding the joint venture's latest milestone. https://www.investing.com/news/cryptocurrency-news/binance-and-gulf-energy-to-launch-seccompliant-crypto-exchange-in-thailand-93CH-3235877
