2023-11-13 09:32

In a strategic pivot following the recent collapse of FTX, Coinbase (NASDAQ:COIN) Global has announced its plan to list Solana (SOL) and Avalanche (AVAX) futures. The new offerings, SOL-PERP and AVAX-PERP, are scheduled to go live on Tuesday, targeting institutional clients outside the United States. This decision marks a significant shift for the cryptocurrency exchange as it seeks to diversify revenue streams beyond spot trading and navigate the regulatory landscape more effectively. Coinbase's introduction of these futures markets is a direct response to the changing dynamics in the crypto industry precipitated by the downfall of FTX. By expanding into derivatives trading with SOL-PERP and AVAX-PERP futures, Coinbase is positioning itself to capture demand from institutional investors looking for regulated venues to trade digital asset derivatives. The launch of these futures contracts is contingent upon liquidity conditions and is part of a broader strategy by Coinbase to reduce its dependence on spot trading revenue. This move also reflects an effort to mitigate regulatory risks, as the company adapts to an environment where oversight of crypto assets is becoming increasingly stringent. The decision by Coinbase underscores the ongoing shifts in the cryptocurrency market, where exchanges are rapidly adapting their business models in the wake of high-profile disruptions. By offering futures contracts for Solana and Avalanche, Coinbase aims to provide institutional users with more tools for risk management and investment, signaling a maturation of the crypto derivatives space. https://www.investing.com/news/cryptocurrency-news/coinbase-to-launch-solana-and-avalanche-futures-amid-ftx-fallout-93CH-3231906

2023-11-13 09:09

Copyrighted Image by: Reuters The global cryptocurrency market sustained its momentum today, maintaining a market capitalization of $1.41 trillion. Bitcoin, the leading digital currency, surpassed the $37,000 mark for the first time since May 2022, a significant recovery attributed to various factors including the conviction of FTX founder Sam Bankman-Fried and the anticipation surrounding potential Bitcoin ETFs. Bitcoin was trading at $37,032.91 with a slight 24-hour gain of 0.16 percent. Despite a minor retreat in Ethereum's price by 0.31 percent to $2,045.40, the overall market sentiment remains bullish. Other major cryptocurrencies displayed mixed performance; Dogecoin fell by 0.41 percent to $0.07759, while Litecoin edged up by 0.23 percent to $74.52. Solana saw a 0.60 percent increase to $57.58. The past day's top gainers included the 0x Protocol (ZRX) token, THORChain (RUNE), Avalanche (AVAX), Celestia (TIA), and Huobi Token (HT). On the other side of the spectrum, FTX Token (FTT) and several others experienced declines. Edul Patel, CEO and co-founder of Mudrex, remarked on Bitcoin's steady performance above $37,000 over the weekend and its four consecutive weeks of gains. He also highlighted Ethereum's robust weekly gains and resilience in staying above the $2,000 level, bolstered by Blackrock (NYSE:BLK)'s spot ETF filing. The cryptocurrency landscape saw major digital assets like Bitcoin and Ethereum trade lower today with Bitcoin at $36,933 and a market dominance of 51.20%. The trading volume for Bitcoin showed a slight uptick to $13.04 billion. Investors are closely watching as Bitcoin has maintained its position above $37,000 for four weeks straight with a recent surge of 40%, inciting predictions of continued upward movement into 2024. Ethereum's performance also suggests growing confidence in smart contract platforms following positive developments like Blackrock's ETF filing. With resistance anticipated at the psychological level of $40k for Bitcoin, market participants are considering potential profit-booking scenarios while also keeping an eye on strong support levels at $36k and $32k. This comes after Bitcoin's breakout from a previous range between $25k-$28.5k and its rally up to $37,972. The rise in altcoins alongside these developments is stirring expectations for an upcoming altcoin season among investors and market observers alike. https://www.investing.com/news/cryptocurrency-news/global-cryptocurrency-market-cap-holds-at-141-trillion-as-bitcoin-crosses-37000-93CH-3231859

2023-11-13 08:36

Copyrighted Image by: Reuters. XRP, the cryptocurrency associated with Ripple, experienced a slight decline of 0.26% to $0.6609 on Sunday, remaining in a holding pattern as investors await further developments in the ongoing legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC). This minor dip follows a modest 0.50% increase on Saturday, reflecting the market's anticipation for the court's forthcoming decisions. Investors are particularly focused on the expected court order regarding remedy-related discoveries, which is due within a 90-day timeline. This period of suspense comes after Ripple scored three significant legal victories, one of which was the Programmatic Sales ruling. The ruling declared that XRP is not considered a security when sold programmatically. Although this decision could be subject to an appeal by the SEC, Ripple CEO Brad Garlinghouse has expressed confidence, citing recent Supreme Court decisions that have not favored regulators. The potential for the Programmatic Sales ruling to be upheld is seen as a positive development for XRP and could have broader implications for the cryptocurrency market as a whole. In the meantime, XRP has maintained its position above both the 50-day and 200-day Exponential Moving Averages (EMAs), signaling a bullish sentiment among traders. Technical analysis suggests that if XRP were to surge past $0.68, it might challenge the resistance level at $0.7047. Conversely, a drop below $0.65 could see the digital currency testing support at $0.6354. As the legal proceedings continue to unfold, market participants remain watchful for any changes that could impact XRP's trajectory and the wider crypto landscape. https://www.investing.com/news/cryptocurrency-news/xrp-holds-steady-amid-ongoing-sec-lawsuit-uncertainty-93CH-3231842

2023-11-13 08:18

Copyrighted Image by: Reuters Investing.com - The U.S. dollar edged lower in early European trade Monday, with traders wary ahead of the release of key U.S. inflation data that could offer further clues on future Federal Reserve policies. At 03:20 ET (07:20 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, edged 0.1% lower to 105.627. U.S. consumer price data looms large The new week has started with the dollar on the backfoot as traders await the release, on Tuesday, of the U.S. consumer price data for October, for an update on the Fed’s progress in its battle to keep lowering inflation from last year’s multi-decade highs. Inflation is expected to have risen 0.1% on a monthly basis. September's CPI rose 0.4% on a surprise surge in rental costs, but also showed a moderation in underlying inflation pressures. A sharper cooling could fan the peak rate talk, fuelled by October's employment report, which pointed to easing conditions in the labor market. However, Fed Chair Jerome Powell last week hinted that the battle against inflation may not be over yet, and a further interest rate hike was possible - a view that was largely backed up by a series of his colleagues throughout the week. “If we look at the Fed Funds future curve, it is clear that markets remain highly doubtful another hike will be delivered at all, but Powell’s remarks probably represent the culmination of a pushback against the recent dovish repricing,” said analyst at ING, in a note. More Fed speakers are lined up this week and are likely to echo Chair Powell in leaving the door open for further hikes, which could support the dollar, particularly if the inflation data suggests prices remain sticky. Euro, sterling edge higher EUR/USD rose 0.1% to 1.0692, bouncing after losses last week, with European Central Bank official Luis de Guindos scheduled to speak later today, giving the keynote speech to kick off Euro Finance Week. ECB President Christine Lagarde last week said that rates will stay restrictive at least for several quarters as inflation remains elevated, but the economic outlook within the region remains weak. GBP/USD rose 0.1% to 1.2237, ahead of the U.K. monthly employment report on Tuesday, which includes average monthly earnings data, and a CPI reading on Wednesday, after GDP data last week showed the economy failed to grow. Yen slumps to one-year low In Asia, USD/JPY rose 0.2% to 151.78, with the yen hitting a fresh one-year low against the dollar after Japanese data showed wholesale inflation slowed below 1% for the first time in just over 2-1/2-years, offering little reason for the Bank of Japan to abandon its very dovish monetary stance. USD/CNY rose 0.1% to 7.2948, with the yuan remaining weak after China's Singles Day recorded only limited growth, indicating that the country’s consumers still lack confidence. https://www.investing.com/news/forex-news/dollar-edges-lower-ahead-of-key-us-inflation-release-3231827

2023-11-13 08:15

Copyrighted Image by: Reuters The recent withdrawal of a substantial amount of OP tokens by Amber Group from Binance has led to a notable price rally and an increase in trading volume for the Optimism network. This strategic move has also contributed to a significant rise in the total value locked (TVL) within the Optimism ecosystem, as various segments of OP token holders have expanded their investments. The activity surrounding the OP token has further strengthened its performance over the past week. Market observers reported Monday that Amber Group's hefty withdrawal of OP tokens from Binance was a catalyst for both the price surge and volumetric expansion seen in the Optimism network. The maneuver by Amber Group, a prominent player in the cryptocurrency space, has drawn attention to the growing interest in Optimism's offerings. As a result of this heightened activity, there has been a notable increase in Optimism's TVL, indicating that more assets are being staked or locked within the network's protocols. This uptick is reflective of a broader trend of investor confidence in the platform, which has been gaining traction among diverse groups of OP holders who are actively increasing their stakes. The impact on OP's market performance has been positive, with weekly gains signaling robust momentum for the token. The actions taken by investors like Amber Group underscore the dynamic nature of cryptocurrency markets, where strategic transactions can have immediate and significant effects on asset valuations and investor sentiment. https://www.investing.com/news/cryptocurrency-news/amber-groups-op-token-withdrawal-from-binance-boosts-optimisms-tvl-93CH-3231826

2023-11-13 08:13

Copyrighted Image by: Reuters A cryptocurrency wallet associated with the exchange giant Binance has been compromised, resulting in the theft of $27 million worth of Tether (USDT). The breach, which was exposed by online investigator ZachXBT on Sunday, involved the illicit transfer of funds to Ethereum (ETH) and subsequently to Bitcoin (BTC) through various exchanges and blockchain bridges. The security lapse came to light when ZachXBT reported that the stolen USDT was quickly converted to ETH using FixedFloat and ChangeNow services. The funds were then moved to Bitcoin using THORChain. This revelation followed a withdrawal of the same amount from Binance to the now-vulnerable wallet on Saturday. Further scrutiny by Etherscan showed that in May 2019, this particular wallet had received an influx of funds from a deployer address linked to Binance's smart contract system. The recent event adds to a troubling quarter for the crypto industry, which has seen losses surpass $699 million across 184 security incidents. Notably, the Lazarus Group was responsible for a loss of $291 million through social engineering schemes, and private key compromises accounted for a $204 million deficit. Additionally, incidents involving Mixin and Multichain have resulted in a combined loss of $325 million, with Web3 personnel frequently targeted by malicious actors. As of today, Binance has not issued a statement regarding the security breach. https://www.investing.com/news/cryptocurrency-news/binancelinked-wallet-hacked-27-million-in-usdt-stolen-93CH-3231824