2023-11-16 01:28

Copyrighted Image by: Reuters Cryptocurrencies experienced a significant rally led by Bitcoin, which saw a 6% increase on Wednesday. This wave of gains also boosted altcoins, with Dogecoin climbing by 4.9%, Shiba Inu by 5.6%, Algorand rising over 11%, and Lido DAO up by 5.5%. The surge came despite a lack of major news but coincided with a regulatory announcement regarding spot crypto ETFs. The uptick in cryptocurrency values aligns with the broader positive momentum observed in global equity markets, including those in the US, Germany, and Asia. Investors may be reacting to the latest developments from the Securities and Exchange Commission (SEC), which postponed decisions on key crypto investment vehicles. The SEC is considering Hashdex's proposal to convert its Bitcoin futures ETF into a spot ETF, as well as Grayscale's Ethereum vehicle, keeping the door open for direct crypto investments. Supporting the shift towards cryptocurrencies is October's Consumer Price Index (CPI) data, which indicated slowing inflation. This could signal a potential shift in the Federal Reserve's aggressive interest rate hike policy. With lower expectations for rate hikes, investors might find cryptocurrencies more attractive compared to traditional treasury notes. The market movement reflects a growing sentiment that regulatory clarity and macroeconomic factors are increasingly influential in investment decisions within the cryptocurrency space. As the SEC deliberates on the conversion of cryptocurrency-based ETFs and inflation trends become clearer, market participants seem to be adjusting their strategies accordingly. https://www.investing.com/news/cryptocurrency-news/bitcoin-and-altcoins-surge-amid-regulatory-developments-and-slowing-inflation-93CH-3235786

2023-11-16 01:26

Copyrighted Image by: Reuters. NEW YORK - Bitcoin's price jumped to $37,700 as traders liquidated leveraged short positions and engaged in aggressive buying, fueled by expectations of potential U.S. spot Bitcoin ETF approvals. This surge comes after a significant dip on Tuesday when the cryptocurrency's price fell to $35,000, prompting the liquidation of leveraged longs worth approximately $300 million. The optimistic sentiment in the crypto market is partly due to macroeconomic shifts. Indications that the Federal Reserve might move from its tightening cycle to a rate-cutting cycle have played a favorable role for Bitcoin. This transition occurs against a backdrop of declining stock prices, bond yields, and a weaker dollar value. Geopolitical tensions also influence the market dynamics as investors seek safe-haven assets amid Israel's actions in Gaza and broader Middle East unrest. Larry Fink of investment giant BlackRock (NYSE:BLK) has referred to Bitcoin as "digitizing gold," underscoring its growing appeal as a safe-haven asset. If Bitcoin can breach the $38,000 threshold, market watchers suggest it may set its sights on the psychologically significant $40,000 level. Meanwhile, the broader cryptocurrency market is showing signs of vigor, with Ether [ETH] climbing over 3% to surpass $2,000 once more. Altcoins like Solana [SOL] and Avalanche [AVAX] are leading the charge with substantial gains attributed to reduced concerns around FTX and increased institutional interest for SOL, while AVAX benefits from its involvement in a tokenization proof of concept with JPMorgan and Apollo. The CoinDesk Market Index (CMI) reflected this positive trend with a 5% increase. Analysts from ByteTree emphasized Bitcoin's robust performance relative to traditional assets such as U.S. equity indexes and gold. They noted the strengthening altcoin trend following two years of crypto winter and pointed out that the ByteTree Crypto Average (BCA) signaled a four-star rating, indicating broad market strength and recommending greater exposure to cryptocurrencies. "The good times are here," said the analysts, highlighting the market's buoyancy. https://www.investing.com/news/cryptocurrency-news/bitcoin-surges-amid-etf-hopes-and-safehaven-demand-93CH-3235783

2023-11-15 21:48

A class-action lawsuit against Tether and Bitfinex has concluded after the plaintiff decided against appealing the final court decision. The lawsuit, initiated by Shawn Dolifka and Matthew Anderson, centered on accusations that Tether misrepresented its stablecoin, USDT, as being fully backed by U.S. dollars. These claims were ultimately dismissed by the U.S. District Court for the Southern District of New York. In a significant development leading up to this conclusion, Tether had disclosed in its third-quarter attestation report that an unprecedented 85.7% of its total reserves were in cash or cash equivalents. This disclosure highlighted that a significant amount of Tether's reserves was allocated to U.S. Treasury Bills, amounting to an exposure of $72.6 billion. The lawsuit's termination marks an end to one of the legal challenges faced by Tether, a company at the forefront of the cryptocurrency market with its widely used stablecoin. The outcome provides some relief to Tether and Bitfinex amidst ongoing scrutiny over the transparency and backing of digital assets tied to traditional currencies. https://www.investing.com/news/cryptocurrency-news/tether-lawsuit-ends-as-plaintiff-opts-not-to-appeal-court-ruling-93CH-3235711

2023-11-15 19:08

NEW YORK - Binance has implemented a series of upgrades to its cryptocurrency trading platform, following a comprehensive review of user feedback. The recent enhancements, which aim to streamline the trading experience and bolster security, are part of the company's ongoing efforts to respond to community input. The improvements include a more intuitive user dashboard and advanced security measures, reflecting Binance's dedication to addressing customer needs. In the latest development today, Binance rolled out several new features: These updates follow the platform's recent integration of a copy trading module on October 9, 2023, allowing users to emulate the strategies of seasoned "master traders." Copy traders have also gained the ability to view their funding fees directly on the Copy Trading Overview page. Last Friday, Binance announced via Twitter that they had processed 649 suggestions from the #BinanceBuild Sep/Oct 2023: Feedback Roundup through their Feature Request & Feedback Board. This initiative underscores their commitment to incorporating user suggestions into their development process. The September overhaul simplified the platform's dashboard and reinforced security protocols. In October, along with the copy trading feature, Binance added PNL analysis graphs to its Futures dashboard for a detailed visual representation of asset summary and growth. These updates are indicative of Binance's strategy to evolve with the dynamic cryptocurrency market by prioritizing user experience and security. https://www.investing.com/news/cryptocurrency-news/binance-updates-platform-with-userdriven-features-and-security-boosts-93CH-3235557

2023-11-15 18:45

Copyrighted Image by: Ink Drop SAN FRANCISCO - Block, formerly known as Square, has seen a remarkable 400% increase in Bitcoin's price since it first allowed Bitcoin transactions on its Cash app back in 2017. This growth has not only been a boon for the company but also transformed its CEO, Jack Dorsey, into a leading Bitcoin proponent. Today, Block is deeply entrenched in the cryptocurrency space with several Bitcoin-related projects underway. Six years ago, on November 14, 2017, amid the contentious Block Size wars that roiled the cryptocurrency community, Block began a trial that enabled users to conduct Bitcoin transactions via its Square Cash app. This move was a significant pivot from its core business of facilitating money transfers and marked the beginning of its journey into the world of digital currencies. The company's foray into Bitcoin has proven to be prescient as the cryptocurrency's value has soared by 400% since then. This surge has not only benefited Block's bottom line but also solidified Dorsey's position as an outspoken advocate for Bitcoin. His belief in the potential of cryptocurrencies to empower people financially has been a driving force behind the company's strategic direction. Under Dorsey's leadership, Block has expanded its cryptocurrency endeavors. The firm is currently developing a commercial Bitcoin hardware wallet and is also working on a decentralized exchange. These initiatives are part of a broader effort to position Block as a key player in the global financial ecosystem. With billions in quarterly Bitcoin sales, Block's commitment to integrating cryptocurrency into its services is clear. The success of Block's cryptocurrency projects underscores the growing acceptance of digital currencies in mainstream finance and their potential to reshape how transactions are conducted worldwide. As Block continues to innovate and expand its presence in this dynamic field, it contributes to the broader narrative of cryptocurrencies' increasing influence on global financial systems and practices. https://www.investing.com/news/cryptocurrency-news/block-sees-400-bitcoin-price-surge-over-six-years-expands-crypto-projects-93CH-3235536

2023-11-15 18:42

Copyrighted Image by: Reuters. NEW YORK - Leading cryptocurrency exchange Binance is set to remove certain trading pairs involving the BUSD stablecoin, starting with XRP/BUSD and BNB/BUSD margin trading pairs on November 23. This decision is part of a broader move by Binance to gradually end support for the BUSD stablecoin following Paxos's cessation of minting new tokens earlier this year. Users who are currently trading with the affected pairs on Binance's margin platform are advised to proactively manage their positions. The exchange will automatically settle any outstanding trades and cancel pending orders when the delisting takes effect. Traders have the option to close their positions or transfer them before the delisting date to avoid automatic settlement. It is important to note that other XRP trading pairs on Binance, such as XRP/USDT, which accounts for a significant portion of daily trading volume, will not be impacted by this change. The USDT pair remains active and continues to facilitate trades without disruption. Binance has been transparent in communicating the upcoming changes, emphasizing the need for users holding BUSD tokens to consider converting their assets into alternative cryptocurrencies before February of next year. This advance notice provides ample time for users to make informed decisions regarding their holdings and adjust their investment strategies accordingly. The phased discontinuation of BUSD is a strategic shift for Binance as the crypto market landscape evolves. As one of the largest platforms in the industry, Binance's adjustments in its stablecoin offerings are closely watched by investors and could influence broader market dynamics. https://www.investing.com/news/cryptocurrency-news/binance-to-phase-out-busd-stablecoin-support-starting-with-xrp-and-bnb-pairs-93CH-3235534