2023-11-10 18:50

Copyrighted Image by: Reuters. In the ongoing legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC), John Deaton, an attorney representing XRP holders, has made a case for Ripple's likely minimal disgorgement. His comments, shared on @CryptoLawUS, suggest that Ripple may only need to pay $20 million or less, a stark contrast to the speculated $770 million. Deaton's argument hinges on the Supreme Court's Morrison ruling, which limits the U.S. jurisdiction over non-U.S. sales. He highlighted that XRP is not considered a security in several countries, including the U.K., Japan, and Switzerland, where it is classified as an exchange or utility token by regulators like the FCA and FSA. This international classification could significantly impact the SEC's attempt to seek disgorgement for sales outside of its jurisdiction. Furthermore, Deaton pointed out that the Ripple lawsuit is not framed as a fraud case; instead, it focuses on whether investors were harmed by Ripple's actions. He noted that most institutional sales of XRP were to accredited investors at prices lower than its current market value, implying that there was no harm done to these investors. Additionally, he mentioned On-Demand Liquidity (ODL) transactions, stating that they do not cause harm due to their swift nature. Deaton also revealed that 75,000 XRP holders have joined the lawsuit against the SEC, accusing the regulatory body of causing harm rather than Ripple itself. With this support and the legal arguments presented, Deaton expressed a confident prediction of a 99.9% win scenario for Ripple in this high-stakes legal confrontation. https://www.investing.com/news/cryptocurrency-news/ripple-likely-to-face-minimal-disgorgement-in-sec-case-says-xrp-holders-lawyer-93CH-3231245

2023-11-10 18:49

Copyrighted Image by: Reuters. In a striking display of market resilience, Bitcoin achieved a yearly high on Thursday, reaching $36,847, the highest price point in one and a half years. This bullish trend persisted even as data from TheMinerMag revealed a significant increase in the liquidation-to-production ratio for Bitcoin in October, surging to 105%. This figure starkly contrasts with the ratios recorded in the previous three months—64% in July, and 77% in both August and September. The recent price escalation of Bitcoin to over $34,000 has led to a notable uptick in sales by miners. Ali, a crypto data analyst on the X platform, noted that during late October and early November, miners sold over 5,000 Bitcoins, amounting to roughly $175 million. This sell-off aligns with broader reports indicating that miners are liquidating more Bitcoins than they are mining. Market observers interpret this wave of sales by miners as a strategic move ahead of the anticipated Bitcoin halving event. This event is expected to slash block rewards by half, potentially influencing miner behavior and Bitcoin's availability on the markets. Despite the substantial sell-off by miners, Bitcoin's value has not only held but soared, underscoring the cryptocurrency's robust demand dynamics. https://www.investing.com/news/cryptocurrency-news/bitcoin-hits-18month-high-despite-increased-miner-sales-93CH-3231248

2023-11-10 18:46

Copyrighted Image by: Reuters. Coinbase (NASDAQ:COIN) has unveiled a new service that allows its users to verify their account and country credentials directly on the blockchain, marking a significant step in the development of decentralized identity (DID) standards for web3. The announcement came on Thursday, with Coinbase Verifications being introduced on the Base network, utilizing the Ethereum Attestation Service (EAS). The service saw immediate traction with over 9,300 verifications occurring on its first day. The initiative by Coinbase aims to address the persistent challenge of identity verification in the digital space by providing a more secure and standardized method of authentication. This move is particularly important for protecting against Sybil attacks, where one user creates many accounts to manipulate a system, which is a common concern in decentralized networks. Coinbase's approach is notable as it leverages a public blockchain for verifications, setting it apart from other entities like Proof of Humanity, Fractal ID, IBM (NYSE:IBM), and Microsoft (NASDAQ:MSFT), which have also been working on solutions for DID. With over 100 million users having access to this new feature, Coinbase is positioning itself at the forefront of driving standardization and security in the emerging web3 ecosystem. InvestingPro Insights Coinbase, represented by the ticker COIN, has seen significant returns over the past week, month, and year, according to InvestingPro data. In the last week, the price total return was 8.23%, while over the past month and year, the returns were 16.63% and 82.36% respectively. This aligns with the InvestingPro Tips, which highlight the company's strong returns over these periods. On the other hand, the company's market capitalization stands at 22.4 billion USD, and the revenue for the last twelve months as of Q3 2023 was 2627.47 million USD. However, the company's profitability is a concern, with analysts not anticipating profitability this year, and the company itself not being profitable over the last twelve months. InvestingPro also provides a fair value estimate of 58.9 USD, which is lower than the closing price of 92.86 USD as of the end of 2023. This suggests that the stock may be overvalued at its current price. In summary, InvestingPro's data and tips provide a comprehensive view of Coinbase's financial performance and market valuation. This information can be valuable for investors considering the company's stock. For more insights and tips, consider exploring InvestingPro's product offerings, which include additional tips for a multitude of companies. https://www.investing.com/news/cryptocurrency-news/coinbase-launches-onchain-verification-service-to-bolster-web3-identity-security-93CH-3231242

2023-11-10 17:55

Copyrighted Image by: Reuters. In the 15 years since its inception, Bitcoin has evolved from a niche digital currency into a significant financial asset with wide-ranging applications. The journey of Bitcoin began amid the global financial crisis (GFC) when Satoshi Nakamoto introduced it in a whitepaper on October 31, 2008. Designed as a decentralized and transparent alternative to traditional banking, Bitcoin officially launched on January 3, 2009, as a trustless financial system in response to the GFC. The first real-world transaction using Bitcoin occurred in the early days between 2010 and 2012 when Laszlo Hanyecz famously traded 10,000 Bitcoins for two pizzas. This period also saw the first Bitcoin halving to regulate its supply, with its value peaking at $16. By 2013, Bitcoin had crossed the $1,000 threshold, drawing institutional investors and reaching a new high of $19,892 in 2017. The currency's third halving happened in 2020, preceding its all-time high of $68,789 in 2021. As of today, Bitcoin is recognized as one of the most valuable assets with numerous real-world use cases. Its principles have not only influenced the financial industry but also inspired various blockchain projects that aim to address its limitations. Alongside Bitcoin's rise, platforms like Quantum (NASDAQ:QMCO) Astral emerged to facilitate individual participation in the market. Despite initial skepticism due to anonymity concerns, technological advancements like the Lightning Network highlighted the potential of blockchain technology. Bitcoin's integration with Decentralized Finance (DeFi) principles offered solutions amid economic uncertainties. The period between 2017 and 2019 was marked by maturation and challenges such as security breaches and market volatility. Despite these issues, enhancements in security led to the emergence of variants like Bitcoin Cash and Bitcoin SV. The past few years have solidified Bitcoin's position as institutions began recognizing it as a hedge against economic uncertainty. Notable milestones include Tesla (NASDAQ:TSLA)'s $1.5 billion investment in Bitcoin and PayPal (NASDAQ:PYPL)'s acceptance of cryptocurrency transactions. Bitcoin's story is a testament to its resilience and adaptability, reflecting a shift toward mainstream acceptance and a reimagining of what constitutes money in the digital age. https://www.investing.com/news/cryptocurrency-news/bitcoins-journey-from-niche-to-mainstream-over-15-years-93CH-3231221

2023-11-10 17:36

Drivers in the United Kingdom are facing increased fuel prices amid concerns over weakening competition in the market, according to recent observations by the Competition and Markets Authority (CMA). Despite a dip in wholesale costs, petrol and diesel pump prices have surged, with petrol prices up by 11.1p per liter and diesel by 13.9p per liter from May to October 2023. The CMA's scrutiny of the road fuel market, which followed their July 2023 report highlighting weakened competition, revealed that global factors, including crude oil prices, were partly to blame for the price hikes. However, even as wholesale costs fell in September and October, retail prices remained elevated. This indicates that fuel retailers have been reaping the benefits without passing on savings to consumers. Supermarkets, traditionally known for offering competitive pricing, also exhibited troubling trends. Although supermarket fuel margins decreased during the summer months and consistently offered discounts compared to other retailers, with Asda often leading the way, these margins have significantly increased since August. The CMA noted that while supermarkets' strong price leadership can be seen as positive, it raises concerns about potentially weakened competition overall. Sarah Cardell, CEO of the CMA, voiced her apprehensions regarding the impact of this lackluster competition on pump prices. In response to these findings, the UK government is set to introduce mandatory legislation for a real-time pricing data scheme, aiming to foster greater transparency and competition with consultations expected later this year. Simon Williams from RAC has been vocal about his criticism of major fuel retailers who he claims are exploiting drivers with excessive profit margins. He pointed out that despite daily price publishing by large retailers, there has been no significant improvement in competition or reduction in prices. The CMA has announced plans to monitor future spreads and margin developments closely and will investigate any evidence of price feathering following peaks in wholesale prices. The authority remains vigilant about significant market volatility and is committed to observing wholesale price trends with keen interest. https://www.investing.com/news/commodities-news/uk-fuel-prices-rise-as-competition-weakens-cma-reports-93CH-3231210

2023-11-10 17:27

Copyrighted Image by: Reuters. As the energy sector grapples with sustainability, Iris Energy is carving a niche by aligning its Bitcoin mining operations with renewable energy sources, particularly in regions like West Texas, where renewable generation outpaces transmission capacity. Daniel Roberts, speaking to The Block Today, highlighted how the company's strategy not only supports decarbonizing energy markets but also aids in balancing supply and demand by utilizing idle renewable assets. The commitment to sustainability is evident in Iris Energy's actions, such as receiving $2.3 million in power credits for voluntarily reducing their energy consumption during peak times at their Childress site this past August. This approach demonstrates a symbiotic relationship between cryptocurrency mining and energy market stability, with Bitcoin mining's ability to quickly adapt to price changes playing a key role in grid management. Beyond its environmental initiatives, Iris Energy has built data centers designed for high-efficiency Bitcoin mining and computationally intensive applications like generative AI. These facilities reportedly offer operational efficiencies superior to traditional data centers thanks to advanced cooling systems and the use of energy-efficient Bitmain S21 Bitcoin miners. Roberts also shared insights into the changing landscape of Bitcoin mining, noting a shift from chip manufacturing dominance to the construction of large-scale infrastructure and tapping into institutional capital. With improved market dynamics compared to last year, Iris Energy is poised to invest further in its core Bitcoin mining business while also expanding services to generative AI customers, indicating a strategic vision that encompasses the future of technology and environmental consciousness. https://www.investing.com/news/cryptocurrency-news/iris-energy-focuses-on-sustainable-bitcoin-mining-and-ai-technology-expansion-93CH-3231202