2023-11-10 14:26

Chainlink's recent announcement of Staking v0.2 under its Chainlink Economics 2.0 initiative appears to be fostering a positive market response for its native token, LINK. Despite experiencing a near 3% price dip on the day of the announcement in August 2023, LINK has demonstrated a strong recovery with a weekly gain of 31%, trading at $14.44 on Binance. The updated staking program aims to bolster network security by allowing node operators and community members to stake their LINK tokens in an expanded pool. The new pool increases capacity from the initial 25 million to 45 million tokens, enhancing support for oracle services performance. Chainlink has outlined a phased launch for the staking update, beginning with Priority Migration for existing v0.1 stakers on Tuesday, November 28, 2023, at 12 PM ET. This will be followed by Early Access starting on Thursday, December 7, 2023, and eventually opening up to General Access on Monday, December 11, 2023. The positive market reaction suggests investor confidence in the token's potential growth, buoyed by the anticipated rewards for community stakers and node operators participating in the new staking pool. With the price of LINK already doubling over the past month, market watchers are keenly observing its trajectory as the beta upgrade aims to progressively expand access to more participants. https://www.investing.com/news/cryptocurrency-news/chainlink-staking-update-sparks-link-token-recovery-93CH-3230997

2023-11-10 14:13

Copyrighted Image by: Reuters In a significant expansion of its financial offerings, Coinbase (NASDAQ:COIN) has received regulatory approval to provide crypto futures in the United States and has announced the rollout of a global derivative exchange. This move marks a strategic pivot for the cryptocurrency exchange platform, which has faced financial challenges in recent years. Following a record $1.6 billion profit in Q2 of Spring 2021 after its IPO, Coinbase experienced a substantial loss of $1 billion in Q2 of 2022 due to a market downturn commonly referred to as the crypto winter. The company's heavy reliance on transaction fees was identified as a key factor contributing to its vulnerability during this period. In response to these setbacks, Coinbase has undertaken several initiatives to stabilize and diversify its revenue streams. Among these efforts is the launch of its own blockchain, Base, and the development of income sources through staking, subscription rewards, custodial fees, and earnings from its partnership with USDC. The company also embarked on a strategy dubbed "Go Broad, Go Deep," which led to its expansion into several international markets, including Germany, the U.K., Ireland, Canada, Brazil, and Singapore during the Summer of 2023. This global push is part of Coinbase's broader aim to increase its presence and customer base outside of the United States. To further mitigate risks and reduce operational costs, Coinbase implemented cost-cutting measures that resulted in over one-third reduction in expenses. These measures included workforce reductions, increased process automation, data infrastructure restructuring, and scaling back their real estate footprint. The approval to offer crypto futures in the U.S., along with establishing a global derivative exchange this November 2023, represents a forward-looking step for Coinbase as it seeks to broaden its product portfolio and attract a wider array of investors seeking exposure to cryptocurrency markets. https://www.investing.com/news/cryptocurrency-news/coinbase-gains-us-approval-for-crypto-futures-launches-global-derivative-exchange-93CH-3230954

2023-11-10 14:07

Copyrighted Image by: Reuters. In a notable rebound from its previous downturn, Chainlink, a decentralized oracle network built on the Ethereum platform, has seen its native cryptocurrency, LINK, surge over 35% in the past month. The network, which facilitates secure data transfer between off-chain and on-chain systems through smart contracts, was co-founded by Sergey Nazarov and Steve Ellis in 2017. LINK, which started with an initial coin offering (ICO) price of just $0.11, reached an all-time high of $52.88 on May 9, 2021. Despite currently trading around $12, down nearly 78% from its peak, the token has exhibited signs of revival with a significant growth of 43% in October 2023 alone. This recent growth spurt for LINK hinted that, on the last day of October, an ascending triangle pattern on the hourly chart spotted a potential price breakout. Although LINK experienced a roughly 5% drop the subsequent day, it quickly regained momentum and crossed the $10 mark. The current circulating supply of LINK stands at $556.8 million with a fully diluted market cap of $10.8 billion. The increasing interest in Chainlink is also reflected in Google (NASDAQ:GOOGL) Trends data, hinting at a sustained potential for future growth. For the token to achieve the investor goal of $50, it would require approximately a fivefold increase from its current value—a target that might take years to accomplish given the current market conditions. https://www.investing.com/news/cryptocurrency-news/chainlinks-link-token-surges-over-35-in-recent-rally-93CH-3230948

2023-11-10 13:43

Following a significant 50% increase in value since the market upturn on October 18, Aptos (APT) is gearing up for a substantial token unlock event scheduled for Sunday. This event will release 24.48 million APT tokens, valued at roughly $181.35 million, into circulation, involving various stakeholders including the foundation, core contributors, investors, and community members. The impending influx of tokens has the potential to greatly influence Aptos' market price. Analysts are closely monitoring key indicators such as the Relative Strength Index (RSI) and Awesome Oscillator (AO), which currently show a balance of power between optimistic and pessimistic market participants. The outcome of this token release could swing the price in either direction. Should the unlock lead to increased selling as stakeholders take profits, the price of Aptos could potentially fall to around $7.00 or even to a support level of $6.22 in extreme scenarios. On the flip side, if the market responds with strong buying activity, there's a possibility that Aptos' value could soar past the $8.00 mark and approach its June peak of $9.00. Investors and market watchers are advised to keep a close eye on Aptos as this significant event unfolds, which may set the tone for its short-term price trajectory in an already volatile cryptocurrency landscape. https://www.investing.com/news/cryptocurrency-news/aptos-braces-for-token-unlock-after-50-price-surge-93CH-3230937

2023-11-10 13:40

Copyrighted Image by: Reuters. In a recent advancement in the ongoing legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC), Ripple CEO Brad Garlinghouse announced the company's intention to contest a substantial disgorgement claim from the SEC. During a CNBC interview Today, Garlinghouse disclosed Ripple's strategy to challenge the SEC’s demand for $770 million tied to institutional sales of XRP, following an agreed-upon briefing schedule for Section 5 remedies. The decision to push back comes after Ripple achieved three consecutive legal victories that bolstered their position. On July 13, Judge Torres delivered a pivotal ruling stating that XRP does not qualify as a security. This significant win for Ripple led to XRP being relisted on cryptocurrency exchanges, which in turn spurred a price surge past $0.80. Compounding this momentum, Judge Torres rejected the SEC's interlocutory appeal request and dismissed charges against Ripple executives. Garlinghouse criticized the SEC for what he perceives as repetitive and inconsistent regulatory actions, drawing parallels with Grayscale's Bitcoin ETF victory to underscore his point. He accused the SEC of deviating from its core mission of protecting investors and expressed approval of the judge’s focus on investor protection and adherence to securities laws for institutional investors. Looking ahead, Garlinghouse outlined several factors that he believes will drive growth within the cryptocurrency industry, including regulatory clarity, utility, and scalability in addressing large-scale problems. He also suggested that macroeconomic influences would persist in shaping the industry's trajectory. The market has responded positively to Ripple's legal milestones and broader industry trends, with XRP currently trading at $0.65. This price reflects a notable 32% increase over the past month and an impressive 85% rise over the past year, signaling investor confidence amidst ongoing regulatory challenges. https://www.investing.com/news/cryptocurrency-news/ripple-to-challenge-secs-770-million-claim-following-legal-victories-93CH-3230916

2023-11-10 11:37

Copyrighted Image by: Reuters In a strategic shift away from the Russian market, Binance, the world's leading cryptocurrency exchange, has announced it will stop accepting deposits in Russian rubles (RUB) starting November 15, 2023. The platform has provided users with a timeline for its full exit from Russia, finalizing RUB withdrawals by January 31, 2024. This decision comes after Binance sold its Russian operations to CommEX, a new digital asset exchange that emerged in September 2023. Users holding RUB on Binance are encouraged to transfer their funds to CommEX without incurring any transaction fees. CommEX has offered zero-fee withdrawals for RUB as part of its acquisition deal. Additionally, users can still utilize Binance’s fiat partners to withdraw their funds through the Convert tool or trade RUB on the Binance Spot Market until the January deadline. However, the fees for these services have not been disclosed. The sale of Binance's Russian division sparked controversy amid concerns that CommEX might be a rebranded version of Binance aiming to bypass Western sanctions imposed on Russia. These suspicions were heightened due to the hiring of former Binance executives by CommEX and the absence of clear information regarding the deal's size or the identities of CommEX's founders. Despite these claims, Binance has firmly denied any ongoing relationship with CommEX and has stated that it does not intend to re-enter the Russian market. In related developments within the crypto space, there was notable activity involving Ripple (XRP), as large amounts of the cryptocurrency were moved among major holders. This occurred alongside rumors about a potential initial public offering (IPO) for Ripple. Furthermore, a coalition consisting of 50 countries has committed to swiftly implement a new cryptocurrency reporting framework, signaling a growing global effort to regulate digital assets. https://www.investing.com/news/cryptocurrency-news/binance-to-halt-russian-ruble-deposits-plans-full-exit-by-january-2024-93CH-3230520