2023-11-13 11:29

Copyrighted Image by: Reuters NEW YORK - Bitcoin, the world's largest cryptocurrency by market capitalization, is currently trading near a critical support level after witnessing its fourth consecutive week of gains. As investors and analysts closely monitor its performance, the digital currency faces a potential turning point that could lead to significant market movements in the coming days. Over the past week, Bitcoin has maintained a positive trajectory, staying above the bull market support band, which is often regarded as an indicator of sustained upward momentum. Despite a minor setback, where its value dipped by 0.50% to $36,987.75, Bitcoin still recorded an overall weekly gain of over 6%. Additionally, trading volumes saw a slight increase of 0.84% in the last 24 hours. As of today, Bitcoin is teetering at the $36,900 support level. Market observers are noting that breaking its recent positive trend line over the last two days has introduced a risk of descending below this threshold. Should Bitcoin fail to maintain this support level, analysts like Daan Crypto suggest that it could face a decline towards $34,000 in the following week. Conversely, if Bitcoin can sustain its position and close above $36,900 within the next two days, there's potential for an upward surge towards the $40,000 mark. This pivotal point in Bitcoin's market movement is being closely watched, as it could dictate short-term market sentiment and influence investor decisions. The cryptocurrency market is known for its volatility and rapid price changes. As such, both traders and long-term investors remain vigilant, ready to adjust their strategies in response to Bitcoin's next move. The outcome of this critical juncture will likely have broader implications for the cryptocurrency market at large. https://www.investing.com/news/cryptocurrency-news/bitcoin-hovers-near-key-support-level-with-potential-for-either-drop-or-rally-93CH-3232089

2023-11-13 10:36

Copyrighted Image by: Reuters. Ripple's CEO Brad Garlinghouse, speaking at the Swell conference in Dubai on Moday, criticized the U.S. Securities and Exchange Commission (SEC) for its regulatory approach, which he believes has lost sight of its investor protection mission. The comments come after a significant legal victory for Ripple earlier this year. In December 2020, Ripple was hit with a lawsuit by the SEC for allegedly conducting a $1.3 billion securities fraud tied to its XRP sales. The case centered on whether XRP should be classified as a security under U.S. law—a classification that comes with stringent regulatory requirements. After a protracted legal battle, U.S. District Judge Analisa Torres ruled in July 2023 that XRP is not a security token, prompting the SEC to drop charges against Garlinghouse and fellow executive Chris Larsen in October. Garlinghouse sees the outcome as a watershed moment for the crypto industry in the United States, paving the way for a more growth-oriented regulatory environment. He anticipates this will not only benefit Ripple but also catalyze broader industry expansion. The Ripple CEO also discussed how the company has adapted its recruitment strategy due to the SEC's regulatory practices. In September 2023, during the Token2049 conference in Singapore, Garlinghouse revealed that Ripple would be hiring 80% of its workforce from countries with crypto-friendly regulations, underscoring his dissatisfaction with the U.S. approach. At the Swell conference held on November 8-9, Garlinghouse shared his perspective on recent legal victories within the crypto space, such as Grayscale's success concerning a spot Bitcoin ETF. These developments, according to Garlinghouse, indicate a shift away from "litigation-driven regulation" towards more concrete federal laws governing digital currencies. https://www.investing.com/news/cryptocurrency-news/ripple-ceo-criticizes-sec-at-dubai-swell-conference-93CH-3232011

2023-11-13 10:35

As the dYdX token unlock event scheduled for November 21 approaches, there has been a notable increase in large transactions and whale activities. Early today, the cryptocurrency's trading volume hit a three-month high, signaling a boost in market interest. On-chain data provided by Santiment indicates that the number of active addresses holding dYdX tokens and the overall trade volume has risen, contributing to short-term price gains. This uptick in activity comes at a critical time just before a significant number of tokens are set to become available for trading. Nevertheless, the upcoming unlock event is also raising concerns about potential selling pressure. According to Token.unlocks.app, approximately $6.69 million worth of dYdX tokens will enter circulation during the event, which could lead to a price correction as market supply increases. This development follows heightened trading activity observed last Sunday when the Network Realized Profit/Loss (NPL) metric surged. The metric suggested that traders were offloading dYdX tokens. Interestingly, this sell-off did not coincide with significant profit-taking by whale accounts, which some investors interpret as a bullish sign for the token's value. Investors and traders are closely monitoring these dynamics as they may influence the dYdX token's price trajectory in the days leading up to and following the unlock event. The balance between increased liquidity from the token release and the current whale activity will likely play a key role in determining market sentiment and price stability for dYdX. https://www.investing.com/news/cryptocurrency-news/dydx-token-sees-surge-in-whale-activity-ahead-of-unlock-event-93CH-3232025

2023-11-13 10:35

Copyrighted Image by: Reuters. Bangladesh is grappling with a widening gap between the official and open market exchange rates for the US dollar, as local banks are mandated to follow the central bank's prescribed rate amidst a severe currency shortage. Despite efforts to stabilize the currency, the open market rate for the dollar has soared, revealing a significant Tk15 discrepancy from the regulated rate. On Thursday, the informal or "kerb" market observed a decline in the US dollar's value, dropping from Tk 127 to Tk 126. By Sunday evening, the price had further decreased to Tk 123, according to AKM Ismail Haq, president of the Money Changers Association of Bangladesh. This decline comes after more than a year and a half of market turbulence caused by persistent dollar shortages. The informal currency market experienced increased activity following reports that some banks were offering Tk 124 per US dollar to encourage transactions through formal channels rather than through unregulated systems like "hundi." In an attempt to regulate the market, on November 8, both the Bangladesh Foreign Exchange Dealers' Association and the Association of Bankers' Bangladesh advised banks not to exceed Tk 115 per dollar for remittance payouts. In response to these recommendations and ongoing issues, Bangladesh Bank has taken a firm stance by directing local banks to strictly adhere to its pre-fixed rate for dollar transactions. The central bank's Executive Director, Mezbaul Haque, warned of severe penalties for banks that fail to comply with this directive and engage in excessive dollar purchases. The central bank's actions include issuing warnings against higher remittance payouts and verbally instructing currency exchangers to purchase US dollars at Tk 117 each while maintaining a maximum commission limit of Tk 1.5 per transaction. As the central bank continues its probe into illegal traders involved in high-rate trading and refrains from commenting on the rate discrepancy, it remains clear that regulatory measures are intensifying in an effort to bring stability to Bangladesh's foreign exchange market. https://www.investing.com/news/forex-news/bangladesh-dollar-crisis-deepens-with-market-deviation-93CH-3232013

2023-11-13 10:01

Copyrighted Image by: Reuters. In a strategic move to expand its reach in the European market, Bybit, the world's third-largest crypto exchange, has introduced a new incentive scheme for its Mastercard (NYSE:MA) service. The initiative includes multiple bonuses aimed at attracting European users, as the company looks to fill the gap left by Binance's recent discontinuation of its Visa (NYSE:V) card services in the region. Bybit's promotional efforts come on the heels of regulatory challenges that have seen competitors scale back their operations. Earlier in October, Binance opted to retire its Visa card in Europe, redirecting residents to its homepage instead of the Crypto Card portal. The decision was influenced by Binance's desire to concentrate on its primary business activities amidst a tightening regulatory landscape. In contrast, Bybit is pressing forward with confidence, having launched its Mastercard service in March 2023. The card facilitates crypto-to-fiat transactions and is accepted at over 90 million merchants worldwide that support Mastercard. VIP members benefit from additional perks such as increased loyalty points and cashback rewards. Bybit announced an incentive program specifically for European customers, featuring a 10 EUR signup bonus, a 5 EUR reward for the first transaction, and an additional 10 EUR for the first deposit made on the platform. This competitive strategy is indicative of Bybit’s commitment to growth in Europe. The firm is not deterred by the stringent Know Your Customer (KYC) and due diligence requirements imposed by the EU's MiCA regulations earlier in July 2023. While Binance has stepped back due to regulatory concerns and a challenging operational environment following new EEA regulations, Bybit is positioning itself as a viable alternative for European crypto investors. The exchange has also announced future plans to integrate its Mastercard service with mobile payment platforms Apple (NASDAQ:AAPL) Pay and Google (NASDAQ:GOOGL) Pay, which will further extend its usability across various merchant locations that accept Mastercard. https://www.investing.com/news/cryptocurrency-news/bybit-ramps-up-european-presence-with-mastercard-incentives-93CH-3231925

2023-11-13 10:00

Copyrighted Image by: Reuters. Ripple's digital currency, XRP, has been experiencing a significant uptick in market sentiment following a series of positive developments and bullish predictions from analysts. Currently trading at $0.65, XRP has recently hit its yearly high of $0.72 and, despite a slight pullback, remains the subject of optimistic projections. On Sunday, the market buzz around XRP was fueled by its impressive 90% surge this year. Analysts drew parallels to the 2017 rally, suggesting a potential 900% increase on the horizon. The currency's momentum is partly attributed to favorable legal decisions and growing partnerships with global banks. These factors have markedly improved market confidence in XRP. Adding to the positive outlook, today, Ripple's increasing adoption by international banking institutions was highlighted as a key driver of its performance. A pivotal U.S. court ruling that prevented XRP from being classified as a security has also played a crucial role in bolstering investor confidence. Swell 2023, Ripple's conference event, is anticipated to further stimulate the market's enthusiasm and potentially elevate XRP's value. EGRAG has outlined a bullish scenario for the cryptocurrency based on its ascending market cap and price trajectory since June 2023, suggesting it could reach a market cap close to $997 billion, translating to an estimated price of $18.6. Analysts continue to share ambitious forecasts for XRP. Dark Defender expects a 30% rise to $0.87 by Friday if the currency can break through the $0.68 resistance level. Cryptoinsightuk goes even further, predicting a surge to $14 within a month under current market conditions and if XRP enters the overbought zone between $0.90 and $1.00. The most striking prediction comes from Shannon Thorp, who envisions XRP reaching an extraordinary $500 in the coming years, which would require an unprecedented market capitalization exceeding $250 trillion. https://www.investing.com/news/cryptocurrency-news/ripples-xrp-sees-bullish-forecasts-after-recent-gains-93CH-3231931