2023-11-14 08:28

WASHINGTON - Ripple CEO Brad Garlinghouse has conveyed the company's preparedness to escalate its ongoing legal struggle with the Securities and Exchange Commission (SEC) to the Supreme Court if necessary. This statement comes amid a costly defense effort that has reportedly reached $150 million due to allegations of securities registration violations. The legal confrontation dates back to December 2020 when the SEC filed a lawsuit against Ripple and its executives, alleging that they engaged in the sale of XRP as unregistered securities through programmatic sales. The case has seen several developments, including a notable moment in July 2023, when Judge Analisa Torres ruled in favor of Ripple. She stated that their past sales did not constitute investment contracts, which temporarily boosted XRP's value and marked one of Ripple's partial victories against the SEC. Despite this win and the subsequent dismissal of the SEC's appeal and watchdog charges against Ripple's executives, the case is far from over. A major trial is on the horizon, scheduled for April, with procedures for remedies-related discovery and briefing already set. As the legal proceedings continue to unfold, market analysts such as EGRAG CRYPTO and Dark Defender have speculated on a potential rally for XRP. They predict that its value may surpass a consolidation zone resistance level. Garlinghouse shared his expectations for the Supreme Court's perspective during his appearance at the DC Fintech Week event. Meanwhile, there is a broader debate within the crypto community regarding the applicability of traditional securities regulations to digital assets like XRP. Many argue that these assets do not align with securities laws as defined by a 1946 Supreme Court case, suggesting that existing frameworks are ill-suited for modern digital currencies. The outcome of Ripple's legal battle could have significant implications for the cryptocurrency industry, potentially setting a precedent for how digital assets are classified and regulated in the United States. https://www.investing.com/news/cryptocurrency-news/ripple-gears-up-for-potential-supreme-court-battle-with-sec-93CH-3233298

2023-11-14 08:06

Copyrighted Image by: Reuters. Investing.com - The U.S. dollar traded largely unchanged in early European trade Tuesday ahead of the latest inflation data that could determine the path of U.S. monetary policy, while sterling gained as U.K. workers continued to receive healthy wage increases. At 03:10 ET (08:10 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, traded largely flat at 105.516. U.S. CPI to drive trading sentiment Trading has been largely range bound Tuesday as traders warily await the release later in the session of the October U.S. consumer price index, a number that is likely to drive trading sentiment ahead of the December Federal Reserve meeting. Analysts expect the yearly gain for the top line number to rise 3.3% from the prior year, a drop for 3.7% in September, while it is expected to rise 0.1% for the months below the 0.4% rise seen the prior month. Several Fed officials, including Chairman Jerome Powell, have warned that sticky inflation could see the central bank hike rates even further, and any signs that prices are proving harder than expected to fall are likely to ramp up bets on more rate hikes by the U.S. central bank - a scenario that bodes well for the dollar. U.K. wage growth remains strong In Europe, GBP/USD rose 0.2% to 1.2296 after data released earlier Tuesday showed that British wages grew slightly less fast in the three months to September but remained close to their record pace. Earnings excluding bonuses were 7.7% higher than a year earlier in the third quarter, a small drop from 7.9% the prior month, but still enough to cause the Bank of England concern as it tries to battle inflation still at elevated levels. The unemployment rate remained at 4.2% in September, suggesting the U.K. labor market remained healthy even after a series of interest rate hikes. EUR/USD rose 0.1% to 1.0707 ahead of the release of the latest quarterly eurozone growth numbers, which should illustrate the impact of the European Central Bank prolonged rate-hiking cycle. Third-quarter eurozone GDP is expected to fall 0.1% on the quarter, a meager 0.1% rise on an annual basis. That said, ECB President Christine Lagarde last week said that rates will stay restrictive at least for several quarters as inflation remains elevated. Yen nears lowest level in three decades In Asia, USD/JPY edged lower to 151.64, with the Japanese yen hovering around its weakest level in a year against the greenback, although further losses in the currency were stifled by Japanese authorities once again warning that they will intervene in foreign exchange markets. The pair hit a one-year low of 151.92 on Monday, and a break below this level would mark a fresh 33-year low for the yen. Japanese authorities in September last year intervened in the currency market to boost the yen for the first time since 1998. USD/CNY rose 0.1% to 7.2942, with the yuan remaining weak after data showed a further slowdown in lending activity in the country through October. https://www.investing.com/news/forex-news/dollar-subdued-ahead-of-key-inflation-data-sterling-gains-on-wage-growth-3233275

2023-11-14 07:48

Copyrighted Image by: Reuters. As the cryptocurrency market anticipates the fourth Bitcoin halving in about 157 days, a significant tightening of Bitcoin's available supply has been reported by Glassnode. The analytics firm's latest findings reveal that the 'supply storage' rates are currently 2.4 times greater than the rate of new Bitcoin issuance, indicating a historic low in the 'available supply' of the digital asset. The Glassnode report breaks down the Bitcoin market into three distinct phases: In light of these developments, trading expert Plan B suggests that active trading during halving cycles could potentially result in substantial gains. Historical data indicates that most Bitcoin price surges have occurred around past halving events, with Plan B estimating possible trader returns of up to 2,500%. https://www.investing.com/news/cryptocurrency-news/bitcoin-supply-hits-record-low-ahead-of-fourth-halving--glassnode-93CH-3233251

2023-11-14 07:26

Copyrighted Image by: Reuters NEW YORK - Amid the rapid evolution of digital currencies, Altrix Sync is pioneering the integration of Bitcoin into the payment systems of coffee shops, leveraging the cryptocurrency's rise since its 2009 inception by the enigmatic Satoshi Nakamoto. As coffee shops transform into multifunctional spaces serving as cultural hubs, workspaces, and social venues, payment methods have similarly evolved, expanding from traditional barter systems to fiat currencies, credit cards, and now digital payments including Bitcoin. The adoption of Bitcoin by urban coffee shops reflects a broader trend towards decentralized financial solutions that offer privacy for customers and reduce intermediaries for shop owners. The cryptocurrency's advantages are particularly pronounced in international transactions where it can offer faster processing times and lower fees compared to conventional banking systems. This transition is not without its challenges. Price volatility remains a concern, and some customers may be hesitant to adopt this new form of payment. However, early adopters like Room 77 in Berlin have experienced an increase in clientele after becoming the first establishment to accept Bitcoin. Moreover, select Starbucks (NASDAQ:SBUX) locations are experimenting with Bitcoin payments under a pilot program. To facilitate these transactions, coffee shops are utilizing point-of-sale (POS) systems that are compatible with Bitcoin. These systems generate a QR code for each transaction which requires a secure and stable Internet connection for processing. Education is crucial in this shift; both staff and customers need to understand how Bitcoin transactions work to ensure smooth operations. Bitcoin's influence extends beyond its practical applications as a payment method; it has also made its mark on pop culture and is reshaping the way social media platforms like Steem reward users. As digital currencies continue to grow in prominence, financial literacy becomes increasingly important for individuals to navigate this decentralized landscape effectively. https://www.investing.com/news/cryptocurrency-news/altrix-sync-brings-bitcoin-payments-to-coffee-shops-93CH-3233227

2023-11-14 07:02

Dogecoin, the popular meme-based cryptocurrency, experienced a 5% price decline after encountering resistance at the $0.07862 mark. However, current on-chain metrics indicate a possible 10% rebound in value. The cryptocurrency has been on an upward trajectory since October 18, with its price climbing from a support level of $0.05694. Technical analyses, including the Relative Strength Index (RSI) and Awesome Oscillator (AO), along with an increase in daily active addresses and a rise in both Tether (USDT) market capitalization and active stablecoin deposits, are signaling a bullish trend for Dogecoin. These positive signs suggest that Dogecoin could soon test the $0.08153 resistance level. In an optimistic scenario, it might even surpass the $0.08500 mark and aim for the $0.09000 psychological threshold. The IOMAP (In/Out of the Money Around Price) metric reveals strong support at lower price levels, with significant clusters of investors who have previously bought DOGE ranging between $0.070518 and $0.074543. This robust support may help sustain Dogecoin's price above these levels. Despite these bullish indicators, there is still potential for increased selling pressure that could push Dogecoin's price down to test the $0.07000 psychological level or even drop to the $0.05694 support floor if it falls below the crucial $0.06756 support level. However, a growing volume of total open interest in USD for Dogecoin futures and a surge in large transactions by whales—addresses moving more than $1 million and $100,000 USD worth of DOGE—point to a continued upward trend. Moreover, around 377,620 addresses collectively holding nearly 58.02 billion DOGE could provide substantial buying pressure to counteract any downward movements. The number of unique or new addresses involved in daily DOGE transactions is also increasing, which is typically a sign of growing network activity and interest in the asset. https://www.investing.com/news/cryptocurrency-news/dogecoin-shows-potential-for-recovery-despite-recent-dip-93CH-3233220

2023-11-14 06:48

Copyrighted Image by: Reuters Bitcoin experienced a pullback on Tuesday, settling at $36,400 after erasing its gains from the weekend. The cryptocurrency market is currently on edge as investors await two major forthcoming announcements: the release of the US Consumer Price Index (CPI) data for October and the Securities and Exchange Commission's (SEC) decision on a dozen spot Bitcoin Exchange-Traded Fund (ETF) applications, expected between November 9 and November 17. The outcome of these events is anticipated to be significant for Bitcoin's trajectory. Approval of the ETFs could spark institutional interest and potentially drive up Bitcoin's price. On the other hand, a recent report from JPMorgan has tempered expectations, suggesting that the potential approval of Bitcoin ETFs might not attract substantial investor interest as previously thought. Despite this cautious stance from JPMorgan, some crypto analysts remain optimistic about Bitcoin's prospects. Analysts Faibik and @el_crypto_prof have projected that Bitcoin could surge to $50,000 if it manages to maintain its position within the $34,000 to $38,000 range over the next two months. Both analysts anticipate that Bitcoin could reach an all-time high by 2024. Specifically, @el_crypto_prof has identified the $48,000 to $50,000 area as a critical threshold for the digital currency. https://www.investing.com/news/cryptocurrency-news/bitcoin-retreats-to-36400-as-market-anticipates-us-cpi-data-and-sec-etf-decisions-93CH-3233214