2023-11-15 13:46

Copyrighted Image by: Reuters Bitcoin's recent rally has seen a significant uptick in market activity, with the cryptocurrency's options market nearing a record valuation. As of today, Bitcoin options were valued at $17.5 billion, just shy of the $18.05 billion peak reached during the November 10 bull run. This comes alongside a notable surge in Bitcoin's price, which has climbed by 24.76 percent over the past three months to $35,684.89. The optimism around Bitcoin is also reflected in the performance of altcoins such as Solana and Avalanche, which have seen their own price increases. Solana grew by 7 percent to $59.37, while Avalanche experienced an 8.82 percent increase within 24 hours, buoyed by speculation around a potential spot Bitcoin ETF approval this year, seen as 75 percent probable by investors. Amidst this bullish trend, Bitcoin's current price stands at $37,000, marking a significant recovery from last year's 65% drop and a robust 122% rally this year. Despite this strong performance and positive predictions for the future, including forecasts that Bitcoin could reach $150,000 by 2025 due to factors such as the upcoming halving event and potential ETF approval, some analysts express caution. Concerns about a market correction persist amidst fears of overheating. Will Clemente mentioned on X platform that there could be a potential dip, eliciting mixed reactions among investors. Looking ahead to 2024, expectations are building around the expected SEC approval of Bitcoin spot ETFs in Q1. This development could attract substantial institutional investment into Bitcoin and potentially boost its price considerably if these investors allocate even a small portion of their portfolios to these ETFs. Analysts are predicting that this influx of institutional money could propel Bitcoin beyond its all-time high of $69,000 towards $100,000 or more. However, institutions like JPMorgan Chase (NYSE:JPM) caution that the impact may be less dramatic than anticipated as investors might simply shift their existing Bitcoin holdings into these new ETFs. Another factor contributing to optimistic price projections is the scheduled Bitcoin halving event in April 2024. This event will cut miners' rewards by half and historically has created a scarcity effect leading to price increases. Despite these bullish indicators, some market observers suggest caution. The efficient market hypothesis posits that events like the spot Bitcoin ETF approval and the halving should already be reflected in Bitcoin's current price. Both JPMorgan Chase and Coinbase (NASDAQ:COIN) Global have indicated that much of the anticipated ETF impact might already be priced in. https://www.investing.com/news/cryptocurrency-news/bitcoin-options-soar-as-price-surges-to-37000-93CH-3235190

2023-11-15 13:19

NEW YORK - Dogecoin, the meme-inspired cryptocurrency, is witnessing a tug-of-war between bullish and bearish sentiments as traders navigate the market's volatility. Following a three-month peak on November 8, with Dogecoin reaching $0.082, the digital currency encountered resistance and entered a consolidation phase. Over the next week, its value decreased by 10% to $0.074. Despite this decline, trading activity remained robust. On November 8, daily transactions soared to 307,810 and continued to exceed 100,000 over the subsequent ten days. As of Today, bullish traders are fiercely defending the $0.07 support level with high demand for Dogecoin in the market. On-chain analysis from multiple crypto exchanges reveals that buy orders are currently outstripping sell orders by approximately 48.5 million coins beyond the 710 million DOGE listed for sale. This indicates a strong interest among traders to "buy the dip." The Global In/Out of the Money (GIOM) data further underscores this sentiment, showing a substantial support base around the $0.07 price level where 385,090 holders have purchased 52.3 billion DOGE at this average price. Should these holders maintain their positions, there is potential for a price rebound for Dogecoin. Conversely, if bearish traders manage to push past this support level, DOGE's price could decline to $0.06. On the flip side, an ascent toward $0.1 might encounter resistance due to 266,430 holders who have acquired 18.01 billion DOGE at a minimum of $0.081, potentially creating a sell wall at this threshold. Dogecoin's market cap currently stands at $10.20 billion, ranking it #10 among cryptocurrencies. The recent price movements have been accompanied by a slight increase in circulating supply to 141.83 billion coins and a reduction in trading volume by 17% over the past week. As the market continues to fluctuate, Bitcoinworld. co. recommends investors proceed with caution and conduct thorough independent research before making investment decisions. https://www.investing.com/news/cryptocurrency-news/dogecoin-defends-007-support-amid-high-buy-orders-93CH-3235098

2023-11-15 12:44

CHICAGO - Cboe Digital, a prominent player in the cryptocurrency exchange space, is set to become the first U.S.-regulated platform offering both spot and leveraged derivatives trading. This groundbreaking move will be marked by the introduction of margined Bitcoin (BTC) and Ether (ETH) futures trading, scheduled to commence on January 11, 2024. The decision follows the U.S. Commodity Futures Trading Commission's (CFTC) approval in June 2023, which recognized Cboe Digital's compliance with traditional futures market structures. The upcoming launch is backed by significant players in the industry, including Jump Trading, Wedbush, and Cumberland DRW. On Monday, Cboe Digital announced its ambition to integrate margin trading into its platform. This feature allows traders to borrow capital for asset purchases and is particularly appealing to institutional investors. The exchange currently supports spot trading for a variety of cryptocurrencies and has plans to expand its offerings to include physically delivered products, subject to regulatory green lights. John Palmer, President of Cboe Digital, emphasized the significance of the upcoming margin futures launch on Tuesday. He expressed that this development is a milestone for Cboe Digital and will contribute to creating a more trusted and transparent market for cryptocurrencies. This initiative comes amid a broader expansion in crypto derivatives offerings. For instance, Coinbase (NASDAQ:COIN) Advanced introduced perpetual futures trading for key cryptocurrencies in October 2023 and recently added Solana (SOL) and Avalanche (AVAX) perpetual futures contracts to its platform. The crypto community has responded positively to these developments. Michaël van de Poppe, a well-known figure in the space, highlighted the potential positive impact on market liquidity through a tweet. As the crypto market anticipates this significant advancement, several firms have already pledged their support for Cboe Digital's new capabilities. An incentive program aimed at bolstering liquidity is expected to be implemented by November 17. This strategic move could enhance trading efficiency and deepen liquidity across the cryptocurrency markets. https://www.investing.com/news/cryptocurrency-news/cboe-digital-to-launch-first-usregulated-margin-futures-in-crypto-93CH-3235011

2023-11-15 12:36

FRANKFURT - In a significant move for the banking industry, Commerzbank (ETR:CBKG) has obtained a crypto custody license under the German Banking Act (KWG), setting the stage for the institution to expand its services into the digital assets space. This development was announced today, marking Commerzbank as the first full-service German bank to secure such a license. The news was confirmed by CoinJournal and further emphasizes the bank's commitment to adopting emerging technologies. The license, secured from BaFin, allows Commerzbank to venture into new territory by offering comprehensive digital asset services and creating a robust digital asset custody platform. Dr. Jörg Oliveri del Castillo-Schulz, COO of Commerzbank, hailed this as a crucial step in the bank's efforts to integrate cutting-edge technologies and innovations into their service offerings. With this strategic initiative, Commerzbank aims to cater to its substantial client base, which includes around 26,000 corporate client groups and nearly 11 million private and small-business customers in Germany. Notably, the bank is now equipped to serve a broader clientele, including those from the burgeoning blockchain technology industry. The bank's initial strategy focuses on establishing a robust platform that ensures the safekeeping of crypto assets for its clientele. As Commerzbank embraces this progressive direction, there is also a growing call for stringent financial oversight of banks' cryptocurrency businesses. This is to ensure that financial integrity is upheld amidst the expansion of digital asset services in the banking sector. The license acquisition by Commerzbank represents not only an advancement for the bank but also underscores the evolving regulatory landscape surrounding cryptocurrencies in Germany and beyond. This milestone follows Deutsche Bank's September announcement of their partnership with Swiss-based crypto firm Taurus to offer custody solutions for digital assets and tokenized financial instruments, underscoring an increasing trend among traditional banks towards embracing digital asset services. https://www.investing.com/news/cryptocurrency-news/commerzbank-secures-german-crypto-custody-license-93CH-3234988

2023-11-15 11:40

Ripple's digital currency XRP is increasingly being discussed in the context of global financial systems and its potential role in cross-border transactions. On Tuesday, scientist Horace Drew highlighted a unique perspective on XRP, suggesting that its utility extends beyond mere wealth generation—it could serve as a tool to resist the "Great Reset" proposed by Klaus Schwab and the World Economic Forum (WEF), which some believe aims at increasing control over individuals. The community response to Drew's comments has been mixed. While some see parallels between XRP's wealth generation capabilities and traditional fiat currencies, others are skeptical about XRP's ability to counter what they perceive as the WEF's agenda. Critics cite XRP's centralized nature and its competition with established financial messaging services like SWIFT as limitations to its disruptive potential. Furthermore, Ripple's connections with a corporation associated with the WEF have raised questions about its independence and alignment with the goals of resisting such agendas. Despite these debates, XRP continues to be favored for its transactional benefits. Known for its speed and cost-effectiveness, XRP is viewed as a potential game-changer in the payments industry, particularly when it comes to cross-border money transfers where it can offer significant advantages over traditional methods. The digital currency's role in this sector is being closely monitored by both supporters and critics as it gains prominence in discussions about the future of financial systems. https://www.investing.com/news/cryptocurrency-news/xrp-gains-attention-as-potential-disruptor-in-global-payments-93CH-3234870

2023-11-15 11:29

Copyrighted Image by: Reuters. Hive Digital, a prominent player in the cryptocurrency mining sector, is ramping up its preparations for the anticipated Bitcoin reward halving event slated for April 2024. The company has recently announced the acquisition of 4,800 Bitmain S19k Antminer rigs, which are recognized for their high efficiency and low energy consumption. This move comes as part of a broader strategy that has seen Hive acquire 29,000 ASIC machines since November 2022. The newly acquired Antminer s19k Pro machines, which utilize the SHA256 algorithm and boast an impressive hash rate of 120 terahashes per second (TH/s), are expected to significantly enhance Hive's mining capabilities. The company aims to have these units operational within the next 30 days, well ahead of the halving event which will reduce miners' block rewards from 6.25 BTC to 3.125 BTC. Despite a recent uptick in operating costs—now averaging $22,000 per BTC mined, a 21.2% increase from the previous quarter—Hive has maintained a strong year-to-date performance with its stock value surging by 86.27% against the U.S. dollar. This growth comes even as Hive's share price has fallen by about 50% since July, marking one of its lowest points in three years. The company contributes approximately 1% to the total Bitcoin network hashrate, mining around 9 BTC daily with a total hashrate of about 4.1 exahash per second (EH/s). Despite the current challenges facing miners, including a potential loss of revenue per hardware piece post-halving if Bitcoin's price remains unchanged, Hive remains optimistic about Bitcoin's medium-term price performance. This bullish outlook is further bolstered by Bitcoin's recent price increase of 27% over the past month, with its current value standing at $35,600. Hive and other mining companies are betting on a significant rise in Bitcoin's value as the halving event approaches, which they believe will help offset their increased operating expenses. Currently, miners earn approximately $0.08 per TH/s per day from block rewards and transaction fees. The new Antminer s19k Pro consumes about $2,000 annually in power costs. If Bitcoin's price holds steady after the halving, revenue per TH/s could drop to $0.04, but Hive is counting on a market upswing to sustain profitability in this critical period for cryptocurrency miners. https://www.investing.com/news/cryptocurrency-news/hive-digital-gears-up-for-bitcoin-halving-with-new-antminer-rigs-93CH-3234833