2023-11-10 21:02

Copyrighted Image by: Ink Drop The cryptocurrency market is poised for a significant shift in 2024, with Galaxy Digital's CEO Mike Novogratz predicting that the approval of Bitcoin and Ethereum spot Exchange-Traded Funds (ETFs) will be a catalyst for increased institutional investment. During Galaxy Digital's Q3 earnings call on Wednesday, Novogratz outlined his vision for the coming years, emphasizing the importance of these ETFs in bolstering investor confidence and diversifying portfolios. Galaxy Digital, in partnership with Invesco, submitted applications for Bitcoin and Ethereum spot ETFs to the Securities and Exchange Commission (SEC) in the third quarter of 2023. The firm anticipates that the SEC's approval of these ETFs, particularly those for Bitcoin, could occur as early as January 2024. This forecast aligns with a broader sense of optimism among investors and ETF analysts who are eagerly awaiting regulatory green lights for 12 major Bitcoin spot ETFs. Novogratz projects that following the anticipated approvals, 2025 will witness a surge in institutional investments, specifically targeting tokenization initiatives and wallet technologies. He underscored the critical role of dollar-backed stablecoins within the cryptocurrency ecosystem and advocated for a stablecoin that embodies American values. While discussing Ethereum's future in this evolving landscape, Novogratz cautioned that an Ethereum spot ETF might be less attractive unless it can successfully incorporate staking rewards. He argued that without this feature, such an ETF could be considered inferior to direct ownership and staking of Ethereum. The CEO also highlighted the necessity for blockchains and their tokens to serve distinct purposes and provide practical applications to sustain their value over time. The crypto industry is now looking ahead to the SEC's decisions regarding these ETFs. Should they be approved, it could mark a turning point, leading to an influx of institutional investors and potentially reshaping the trajectory of cryptocurrencies. With a focus on practical utility, innovation, and adherence to regulatory standards, the market is gearing up for what could be substantial growth in the next few years. https://www.investing.com/news/cryptocurrency-news/galaxy-digital-predicts-bitcoin-etfs-to-boost-institutional-crypto-adoption-93CH-3231309

2023-11-10 20:37

Copyrighted Image by: Reuters In a swift response to a high-stakes crypto theft, Binance CEO Changpeng Zhao has managed to freeze $11.8 million of the $12.5 million in USDT stolen from executives of a client company. The incident, which occurred Today, involved a kidnapping in Montenegro that led to the executives' crypto accounts being compromised and the assets being transferred to a Tron wallet. Changpeng Zhao, commonly known as CZ, utilized on-chain monitoring and collaborated with other cryptocurrency exchanges to halt the movement of the stolen funds. This decisive action has reignited discussions within the crypto community regarding the delicate equilibrium between ensuring asset security and maintaining resistance against unauthorized confiscation. CZ addressed the community's concerns by highlighting the inherent tension in cryptocurrency security measures. He pointed out that while digital currencies are designed to offer robust protection against third-party seizures, a system that is completely resistant to freezing could increase the risk of theft. He emphasized that privacy coins such as Monero (XMR) and Bitcoin maintain their unfrozen status unless they are moved through centralized exchanges, which complicates the process of recovering stolen assets. The incident has put a spotlight on the security challenges faced by the cryptocurrency industry and the measures taken by exchange platforms to protect their users' assets while also respecting their privacy and autonomy. https://www.investing.com/news/cryptocurrency-news/binance-ceo-freezes-118-million-after-montenegro-kidnapping-93CH-3231292

2023-11-10 20:20

Copyrighted Image by: Reuters. The Japanese yen's depreciation accelerated today, edging closer to its highest level in 33 years, amid signals from Federal Reserve Chair Jerome Powell that interest rate hikes could continue in the face of persistent inflation concerns. The yen traded at 151.44 to the dollar, a marginal increase of 0.06% from the previous session. On Thursday, Powell reiterated a hawkish stance on interest rates, challenging market expectations that had anticipated rate cuts in 2024. His comments underscored doubts about reaching the Fed's 2% inflation target with the current policy framework, prompting a shift in market predictions for a potential mid-2024 rate cut from June to July. This stance has contributed to the yen's worst performance since August, with a monthly depreciation of 1.42%. The currency's slide has been notable over the past month, hitting a one-year low of 151.72 against the dollar on October 31 and now approaching a peak not seen since 151.96. The yen's sharp decline has caught the attention of Japan's Ministry of Finance (MOF), with growing concerns about the need for intervention in currency markets to stabilize the yen and mitigate potential impacts on Japan's economy. The MOF is closely monitoring these developments as the currency teeters near critical levels that previously prompted official action. https://www.investing.com/news/forex-news/japanese-yen-nears-33year-low-as-powell-signals-continued-rate-hikes-93CH-3231286

2023-11-10 20:11

Investors are channeling more than $1 billion into cryptocurrency asset investment products this year, buoyed by the expectation of a spot Bitcoin exchange-traded fund (ETF) approval, according to CoinShares' James Butterfill. The market has seen a significant uptick in activity, with ProShares’ Bitcoin Strategy ETF (NYSE: BITO) experiencing nearly double the assets over the last month, driven by market appreciation and inflows totaling $240 million. This surge in interest is part of a broader trend that has digital assets on track for their third-highest year of allocations. Investment into products like Grayscale's Bitcoin Trust and Bitwise's 10 Crypto Index Fund has soared to over $1.07 billion, marking a substantial increase from the $847 million reported earlier in the week. This growth comes after a challenging previous year when inflows dwindled to $389 million amid the collapse of several high-profile firms and Bitcoin's price dip to $15,649. Bitcoin-related products have dominated this year's allocations, with over $1 billion in inflows, while Solana has attracted $119 million. Conversely, Ethereum and Tron-related products have experienced outflows of $77 million and $51 million respectively. Amidst this shifting landscape, ProShares’ BITO stands out, with Bloomberg’s Eric Balchunas highlighting its potential to set a new trading volume record this week with about $2 billion traded. The anticipation for a spot Bitcoin ETF has also had a ripple effect on other cryptocurrencies. On Wednesday, Bitcoin’s price surpassed $35,000 due to the ETF expectations, accounting for 96% of this year's allocations into Bitcoin-related products. Ethereum has seen its price jump by 16% over the week to approximately $2,100. Notable developments include filings by BlackRock (NYSE:BLK) and Franklin Templeton with the SEC and NASDAQ for Ethereum-based ETFs and an increase in altcoin activity on Ethereum's network leading it to become deflationary again. https://www.investing.com/news/cryptocurrency-news/crypto-investment-inflows-top-1-billion-on-etf-anticipation-93CH-3231284

2023-11-10 19:09

Copyrighted Image by: Reuters. In a notable financial update, India's foreign exchange (forex) reserves have surged by $4.672 billion, reaching a seven-week peak of $590.783 billion for the week ending on November 3. This increase was highlighted in Mumbai on November 10 by a syndicated news feed and comes after the Reserve Bank of India (RBI) reported a $2.6 billion rise in the week ending October 27. The RBI Governor, Shaktikanta Das, addressed the nation on Wednesday, detailing India's current account deficit as manageable and outlining the central bank's strategy to mitigate risks by boosting forex reserves. The Indian rupee recently hit a record low against the dollar but demonstrated resilience, settling at 83.34 today. The growth in India's forex reserves is attributed to several factors: These developments come amidst fluctuations in the rupee-dollar exchange rate dynamics, with the Indian currency showing signs of stability despite recent pressures. The RBI's proactive measures appear to be supporting the rupee and providing a buffer against global financial volatility. https://www.investing.com/news/forex-news/indias-forex-reserves-climb-to-59078-billion-with-a-467-billion-rise-93CH-3231256

2023-11-10 18:56

Copyrighted Image by: Reuters Today's cryptocurrency market saw a notable surge, led by Solana's impressive 11.93% increase, pushing its price to $50.46. This upward trend was mirrored by several other cryptocurrencies, including Bitcoin, Ethereum, and Dogecoin, each posting gains in their respective values. The ripple effect of the crypto rally extended to stocks of companies associated with digital currencies. Coinbase (NASDAQ:COIN) Global Inc., MicroStrategy Inc., Block Inc., Tesla (NASDAQ:TSLA) Inc., PayPal Holdings Inc (NASDAQ:PYPL)., Ebang International Holdings Inc., NVIDIA Corp (NASDAQ:NVDA)., and Advanced Micro Devices (NASDAQ:AMD) Inc. all enjoyed an uptick in their stock prices. Coinbase Global Inc.'s shares rose to $95.48, while MicroStrategy Inc. reached $504.63, and Advanced Micro Devices Inc. closed at $116.99. Tesla Inc.'s stock also climbed to $212.09. However, not every entity in the crypto space experienced growth; Riot Platforms (NASDAQ:RIOT) Inc. experienced a slight decrease of 0.10%. Additionally, the fund values of Amplify Transformational Data Sharing ETF, Grayscale Bitcoin Trust, and Bitwise Crypto Industry Innovators ETF underwent changes throughout the day. This movement in the cryptocurrency market and related stocks indicates a dynamic environment where investor sentiment can quickly shift, leading to significant price fluctuations across various assets. https://www.investing.com/news/cryptocurrency-news/solana-leads-crypto-market-rally-with-nearly-12-jump-93CH-3231253