2023-11-14 11:42

XRP, the cryptocurrency developed by Ripple Labs, has been experiencing significant price fluctuations following a series of large token transfers and the circulation of false information regarding a potential exchange-traded fund (ETF). Whale Alert, a service tracking major cryptocurrency transactions, brought attention to these movements, which have contributed to market speculation and price volatility. On Sunday, Whale Alert reported a substantial transfer of approximately 447 million XRP tokens. The movement involved two separate wallets: one associated with Ripple and another unidentified wallet that had previously been active. The first batch of around 424 million tokens, worth close to $281 million, was moved from the unknown wallet, with some tokens sent to Bitvavo, hinting at a possible sell-off. The second batch of transactions occurred on Monday when roughly 23 million tokens, valued at about $15 million, were shifted within a wallet connected to Ripple to an address based at Bitstamp. This type of transfer is characteristic of those conducted by Ripple's On-Demand Liquidity (ODL) partners. Amid these transfers, XRP's price experienced a sharp 16% increase due to erroneous reports claiming BlackRock (NYSE:BLK) had filed for an XRP spot ETF. The price reached $0.75 before correcting after Bloomberg's ETF analyst Eric Balchunas dismissed the report as false. Today, XRP's trading value has seen a downturn by 1.84%, with the cryptocurrency changing hands at $0.6562 and its overall market capitalization dropping to $35 billion according to CoinMarketCap data. This decrease in value comes after an unusual 15% surge in price following a significant transaction where an unknown wallet transferred 24 million XRP tokens ($15.61 million) to Bitstamp. The subsequent increase in token circulation led some investors to anticipate a potential sell-off. The recent price surge was also influenced by the spread of false rumors about an XRP spot ETF purportedly backed by BlackRock and listed on Delaware's investment trusts registration website. BlackRock later confirmed that the trust filing was fraudulent. The ongoing lawsuit between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) has added to the uncertainty affecting XRP's price. Judge Torres recently announced scheduling for remedies discovery and briefing in the case, which has been closely watched by investors for potential impacts on XRP's valuation. In the past 24 hours leading up to November 14, XRP saw a marginal increase of 1.85% in its price to $0.6645 but registered a decline of 3.99% over the previous week. Trading volume during this period surged by an astounding 221.99%, reflecting heightened investor interest and market activity around these developments. https://www.investing.com/news/cryptocurrency-news/xrp-sees-volatility-amid-large-transfers-and-false-etf-rumors-93CH-3233562

2023-11-14 10:54

Copyrighted Image by: Reuters. The cryptocurrency market has been displaying a diverse range of performances with Bitcoin and major altcoins experiencing resistance, while smaller-cap and meme coins have gained traction among traders. Bitcoin saw a decline of 3% dropping to $36,600, and Ethereum has been fluctuating between $2,000 and $2,136. This market behavior comes in the wake of BlackRock Inc (NYSE:BLK)'s filing for a spot Bitcoin exchange-traded fund (ETF), which has the crypto community speculating on the potential impact of such a product. Despite significant liquidations among FTX assets, Solana has shown resilience after hitting a yearly high near $63. Today, it saw a decrease of 5% to $55 but still boasts an impressive 150% gain over the past month. This contrasts with the overall market where Bitcoin is expected to range from $34,000 to $38,000 in the upcoming two months according to Captain Faibik. This prediction suggests that altcoins might find room to grow, with Uniswap currently retesting a key resistance level and others like Filecoin, Polygon, Cosmos, VeChain, Litecoin, Dogecoin, Shiba Inu, and Floli also gaining attention. The spotlight on spot exchange-traded funds for Bitcoin and Ether has not overshadowed the surge in meme coins' popularity. Their daily traded volume skyrocketed by 121%, reaching approximately $3.2 billion. Meanwhile, altcoins such as XRP and Solana have been capturing the interest of institutional investors. XRP notably increased by 11% following its announcement of new deals including the adoption of its CBDC platform by the Bank of Georgia. Ethereum's price stands at $2,063 with a slight weekly increase of over 4%, even amid investors pulling out from Ethereum-based products after the launch of multiple futures ETFs. Despite these exits, Ethereum's potential remains bolstered by its staking features and growing volume in decentralized applications. Institutional investors are also showing a preference for Solana, which is echoed by Chainlink's recent inflows totaling $2 million. https://www.investing.com/news/cryptocurrency-news/bitcoin-and-altcoins-see-varied-performance-as-traders-pivot-to-smaller-coins-93CH-3233484

2023-11-14 09:56

NEW YORK - FalconX, a prominent player in the institutional cryptocurrency market, has recently made a substantial investment in various altcoins, signaling its confidence in the projects Immutable X, Lido, and Polygon. Over the past week, the company has acquired a significant number of tokens from these projects through Binance, one of the world's leading cryptocurrency exchanges. The investments include 10 million IMX tokens valued at $12.14 million, 3.4 million LDO tokens worth $7.4 million, and 4.23 million MATIC tokens totaling $3.86 million. These strategic acquisitions are part of FalconX's long-term investment strategy and its efforts to diversify its portfolio. The impact of this move has been noticeable in the cryptocurrency market, particularly for Polygon (MATIC), which experienced a price surge of 28%. Immutable X (IMX) also saw a significant increase in its price by 41%. Meanwhile, the price of Lido (LDO) has remained stable despite the considerable investment. The decision by FalconX to invest heavily in these altcoins from Binance underscores the growing interest and trust in the potential of these blockchain projects within the institutional investment community. This move reflects a broader trend of institutional investors increasingly engaging with the cryptocurrency sector as they seek to capitalize on its growth and diversification opportunities. The market dynamics have been notably influenced by FalconX's investments, as seen in the appreciable price movements of IMX and MATIC following the acquisition. These developments indicate a robust confidence in the underlying technology and future prospects of the involved crypto projects. As institutional players like FalconX continue to invest in digital assets, their actions may provide additional momentum to the cryptocurrency market at large. https://www.investing.com/news/cryptocurrency-news/falconx-invests-over-23-million-in-crypto-assets-from-binance-93CH-3233398

2023-11-14 09:27

NEW YORK - The cryptocurrency market is on high alert as the U.S. Securities and Exchange Commission (SEC) nears its November 17 decision deadline on a slew of Bitcoin ETF applications, marking a potential turning point for digital asset investment. Industry experts and investors are closely monitoring the situation, with some predicting that the SEC's approval could catalyze a significant shift in how cryptocurrencies are integrated into traditional investment portfolios. The anticipation builds upon Monday's sentiment, where Grayscale Investments CEO Michael Sonnenshein reflected on a decade-long "dress rehearsal" for Bitcoin's entry into the mainstream financial world. This view aligns with ETF Store President Nate Geraci's Tuesday comments, referencing analyst James Seyffart's predictions of forthcoming SEC approval orders for Bitcoin ETF listings. Despite hints of possible January delays, the groundwork appears to be set for these transformative financial products. Amidst this regulatory backdrop, Bitcoin has seen its price stabilize around $37,000, while CoinShares reported a substantial increase in investments into digital asset products. However, the market experienced a slight dip on Tuesday, with Bitcoin's price falling to $36,400 after it erased weekend gains. The SEC's upcoming decision could further influence Bitcoin prices, with some analysts remaining optimistic about future rallies despite JPMorgan's caution regarding the rally's sustainability. Adding to the anticipation is Nasdaq's recent filing of a 19b-4 form for BlackRock (NYSE:BLK)'s proposed iShares Ethereum Trust ETF, indicating the asset management giant's move to diversify into Ethereum-based products. This filing places BlackRock among other prominent firms such as VanEck, ARK 21Shares, Invesco, Grayscale, and Hashdex, all vying for SEC approval for their respective Ethereum ETFs. As the deadline approaches, nine issuers have updated their prospectuses in line with the SEC's approval process involving two divisions. Seyffart has even floated the possibility of simultaneous approvals for all Bitcoin ETFs, which would be an unprecedented move by the regulatory body. The crypto market is now poised at what could be a historic juncture. If approved, these ETFs would not only offer regulated exposure to Bitcoin and potentially Ethereum but also signify a broader acceptance of digital assets within the realm of conventional finance. As such, both investors and industry players await the SEC's decision with eager anticipation. https://www.investing.com/news/cryptocurrency-news/bitcoin-and-ethereum-etf-approvals-loom-as-sec-deadline-nears-93CH-3233371

2023-11-14 08:35

Copyrighted Image by: Reuters A U.S. Court has recently granted a protective order in the Securities and Exchange Commission's (SEC) ongoing lawsuit against Binance and its CEO Changpeng Zhao (CZ). This legal development follows Binance's move to limit the SEC's access to sensitive company information, which it had previously criticized as overly intrusive. The court's decision allows parties involved in the case to classify certain discovery materials as confidential. This includes a wide range of nonpublic information such as trade secrets, proprietary business details, financial data, and specifics about private company ownership. The ruling aims to balance the protection of sensitive corporate information with the legal processes of discovery. Binance.US had previously expressed concerns over what it termed an unjustified "fishing expedition" by the SEC. The cryptocurrency exchange argued that the regulator was seeking unrestricted access to all documents related to customer assets. Binance took issue with the SEC's interpretation of a June order, which it believed gave the commission excessive power to examine Binance.US's asset custody practices. The legal battle is part of a broader crackdown by the SEC under Chair Gary Gensler, who has ramped up actions against digital-asset market players by 50% since 2022, continuing through 2023. The U.S. Chamber of Digital Commerce has voiced opposition to these regulatory efforts, describing them as "opaque and hostile," and warned that such actions could push crypto businesses out of the U.S. CZ has been steering Binance through various regulatory challenges in key markets around the world since its inception, with the exchange achieving status as the largest global cryptocurrency platform. His approach has focused on proactive compliance with regulatory requirements. The implications of this protective order are significant for both Binance and the wider crypto industry. It limits public access to certain documents and data, ensuring controlled disclosure of sensitive information. How this will impact transparency and investor perceptions remains to be seen. In any eventuality, Judge Jackson will have the authority to override this protective order if another is entered concerning their pending Joint Motion. https://www.investing.com/news/cryptocurrency-news/binance-secures-protective-order-in-sec-lawsuit-93CH-3233308

2023-11-14 08:28

The legal tussle between the U.S. Securities and Exchange Commission (SEC) and Ripple Labs has reached a critical stage as Judge Analisa Torres outlined a detailed schedule for the remedies discovery and briefing process. This development follows the dismissal of charges against individual Ripple executives, narrowing the case solely to Ripple as the defendant. The timeline set by Judge Torres on Monday, November 13, 2023, marks February 12, 2024, as the commencement of a comprehensive examination of Ripple's alleged offenses. The SEC will then present its brief on potential remedies for Section 5 violations by March 13, 2024. Ripple Labs is expected to submit its opposition to the SEC's propositions by April 12, with the SEC's final response due by April 29, 2024. This sequence of filings will conclude the remedies phase of the litigation. Both parties have agreed to a 90-day discovery period for all issues pertaining to the remedies. With a previous ruling in July 2023 deeming Ripple's institutional sales of XRP as an investment contract, Ripple now potentially faces a significant fine that could reach up to $770 million. The legal proceedings have cast uncertainty over XRP's market position and price dynamics. Recently, XRP encountered resistance at the $0.68 price level and there are speculations about a possible 10% decline if it falls below the $0.59 support level. In a separate but related incident, XRP experienced a temporary price surge reaching $0.66 following a deceptive BlackRock (NYSE:BLK) XRP Trust filing that led to a dramatic 250% increase in trading volume. The outcome of this legal battle is highly anticipated within the cryptocurrency community and could have far-reaching implications for the industry. It comes at a time when regulatory scrutiny of digital assets is intensifying globally. The final judgment, in this case, is expected in July 2024, coinciding closely with the Wave of Innovation 2024 XRP Gold Coast Conference scheduled for April, where attorney John Deaton is set to discuss the intricacies of this high-profile case. https://www.investing.com/news/cryptocurrency-news/sec-sets-remedies-phase-timeline-in-ripple-case-xrp-faces-market-scrutiny-93CH-3233299