2023-11-10 07:54
In recent cryptocurrency market activities, Osmosis (OSMO), a governance token for the Osmosis network, dipped slightly by 0.1% against the U.S. dollar to $0.53 or 0.00001439 BTC on major exchanges on Thursday. Despite this minor dip, it recorded a 7.9% increase over the past week. As of Thursday, Osmosis had a market cap of $259.93 million with $12.24 million traded in the last day. Developed by Sunny Aggarwal and Dev Ojha using the Cosmos SDK and Inter-Blockchain Communication (IBC), Osmosis was launched on February 19th, 2021. It has a total supply of 587,378,721 coins and a circulating supply of 492,590,761 coins. The network facilitates cross-chain transactions with DAO-gated dApps under continuous development for a full-service cross-chain exchange. It uses an Automated Market Maker (AMM) protocol and serves as the governance token for the Osmosis network, allowing holders to vote on upgrades and allocate mining rewards. Investors interested in trading Osmosis are advised to first purchase Ethereum or Bitcoin through exchanges such as GDAX, Gemini, or Coinbase (NASDAQ:COIN) before acquiring Osmosis. On the same day, other cryptocurrencies showed mixed performances. KILT Protocol witnessed a significant surge of 27.6%, while Aidi Finance, Zoo Token, and CareCoin fell by 2.2%. OmniaVerse decreased by 13.4%, while Kitty Inu and Hokkaidu Inu increased by 1.9% and 1.2%, respectively. Lego Coin held its value stable; Jeff in Space decreased, and Lumi Credits increased. In addition to its trading activities, Osmosis maintains an active social media presence with its official Twitter account (@osmosiszone), Facebook (NASDAQ:META) page, and official website. https://www.investing.com/news/cryptocurrency-news/osmosis-coin-dips-slightly-kilt-protocol-surges-as-crypto-market-sees-mixed-performance-93CH-3230125
2023-11-10 07:33
Copyrighted Image by: Reuters. Bitcoin and Ethereum experienced a rise in prices and market caps, with Bitcoin seeing a slight increase to $36,707.10 and Ethereum significantly rising by 11.25% to $2,133.67. The cryptocurrency market is currently influenced by the anticipation of Bitcoin ETFs approval and the upcoming halving event. In the broader cryptocurrency market, tokens such as BNB, XRP, Cardano, and Dogecoin showed mixed trends today. Solana, Polka Dot, Shiba Inu, and Polygon registered weekly gains. Among the top gainers were ORDI, Rocket Pool (NASDAQ:POOL), Lido DAO, Huobi Token, and THORChain. Conversely, Conflux, Toncoin, PancakeSwap, Trust Wallet Token, and Bitcoin SV were among the biggest losers. Stablecoins also underwent value changes today. Tether and USD Coin saw a decrease in value while Binance USD experienced an increase. DeFi tokens followed a similar pattern with Chainlink dropping in value while Wrapped Bitcoin and Dai increased. Avalanche and Uniswap also gained. The NFT market showed varied trends with Internet Computer declining while Immutable, Stacks, Theta Network, and Axie Infinity gained in value. The total crypto market volume surged by 85.81% to reach $95 billion today. Concurrently, the global crypto market cap increased by 3.89% to $1.4 trillion. These changes come amidst rising interest rates and potential market declines which are casting uncertainty over Bitcoin's future. https://www.investing.com/news/cryptocurrency-news/bitcoin-and-ethereum-see-price-rise-amid-market-anticipation-for-etfs-93CH-3230081
2023-11-10 07:30
Copyrighted Image by: Mundo Crypto PR In the midst of significant price volatility and a substantial leverage flush out in the crypto market, the Chicago Mercantile Exchange (CME) has surpassed Binance to become the leading Bitcoin futures exchange. On Thursday, CME reported an open interest (OI) of about $4.07 billion, representing a 4% rise in 24 hours and capturing a 24.7% market share. This shift occurred concurrently with a significant drop in aggregate Bitcoin open interest, which fell by $2 billion from $12 billion. This downturn impacted Binance traders more heavily than those on CME, with Binance's OI dropping to $3.8 billion, a 7.8% decrease within the same period. Coinciding with these shifts, Bitcoin's price experienced dramatic fluctuations, soaring to an 18-month peak of nearly $38,000 but subsequently falling back to $36,000. These price movements followed the registration of "iShares Ethereum Trust" in Delaware, reflecting a similar pattern observed when BlackRock (NYSE:BLK) applied for a spot BTC exchange-traded fund (ETF) earlier in June. Throughout 2023, CME's steady growth has been indicative of the escalating institutional demand for Bitcoin futures trading. A study conducted by Bitwise Asset Management in 2020 confirmed that CME's Bitcoin futures consistently outperform the spot market. Industry experts have attributed this recent surge in CME's market share to increasing anticipation around BTC spot ETF applications. FalconX emphasized that CME's predominant usage by large traditional financial institutions signals their growing interest in cryptocurrency. Deutsche Digital Assets also noted that this growth is partly due to the unwinding of bearish positions on offshore exchanges. https://www.investing.com/news/cryptocurrency-news/cme-surpasses-binance-as-leading-bitcoin-futures-exchange-amid-market-volatility-93CH-3230080
2023-11-10 07:30
Copyrighted Image by: Reuters The cryptocurrency Dogecoin is experiencing a period of stability and intensified selling pressure, attributed to the diminishing interest of Tesla (NASDAQ:TSLA) CEO Elon Musk and regulatory pressures. This shift in the market has caused some level of concern within the Dogecoin community regarding its future integration. On Sunday, DOGE miners held 4.47 billion reserves. However, within three days, this number had decreased to 4.41 billion, indicating an increase in selling as prices rose. This trend mirrors the halt in Bitcoin's price and a broader selling trend that has been observed since August 15. In terms of holdings, whales, or large investors who hold between 1 billion to 10 billion DOGE, have reduced their holdings by 0.37% over the past month. In contrast, individual investors, those holding between 10 thousand and 100 thousand DOGE, have increased their holdings by 1.43%. The current price of Dogecoin hovers around $0.071. For the cryptocurrency to target prices of $0.095 and $0.1, it needs to overcome a resistance level at $0.075 and establish it as support. In the short term, the potential approval of BlackRock (NYSE:BLK)'s ETF could sustain positive sentiment in the cryptocurrency market. The impact on Dogecoin remains to be seen as the community continues to navigate through these shifting market dynamics. https://www.investing.com/news/cryptocurrency-news/dogecoin-experiences-selling-pressure-amid-decreasing-interest-from-elon-musk-93CH-3230077
2023-11-10 07:26
Copyrighted Image by: Reuters A substantial surge in transaction fees on Ethereum and Bitcoin networks has reignited discussions about blockchain scalability, according to data from BitInfoCharts on November 10, 2023. The high-priority transactions on Ethereum saw gas fees rise to a record $220, while similar Bitcoin transactions reported $10 fees—a significant increase from the average fee of $1 over the preceding three months. The surge in fees has led users to migrate their assets to cheaper networks such as BNB Chain, and proponents of alternative blockchains like Solana and PulseChain have highlighted their lower transaction costs. Solana reportedly charges a total of $55-60 per minute for all users, compared to Ethereum's high individual transaction fees. Concerns have also been raised about the impact of these high fees on the unbanked and lower-income populations. A test transaction on Uniswap, a decentralized exchange, via an Ethereum hot wallet required a network cost of $45.65 for a $300 transfer, raising questions about its accessibility for these groups. Before this surge, the average transaction cost on Ethereum was around $11.35. The gas fees had previously peaked at $196 on May 1, 2022, and remained consistently above $20 from August 2021 through February 2022. To tackle scalability issues, developers on Bitcoin and Ethereum have prioritized decentralization and security at the base layer, offloading much of the execution environment to layer 2 solutions like Lightning Network for Bitcoin and Arbitrum, Optimism, and Polygon for Ethereum. Critics argue for monolithic blockchain architectures where everything is handled on the base layer. The primary causes for this fee escalation are market demand and network congestion. As the debate continues, it remains to be seen how blockchain networks will address these challenges to ensure accessibility and affordability for all users. https://www.investing.com/news/cryptocurrency-news/ethereum-and-bitcoin-transaction-fees-surge-triggering-scalability-debates-93CH-3230068
2023-11-10 07:26
Copyrighted Image by: Reuters. Gold futures rebounded on Thursday, November 9, 2023, amidst escalating geopolitical tensions in the Middle East and hawkish comments from Federal Reserve Chair Jerome Powell. The most active December contract on the COMEX division of the New York Mercantile Exchange rose by $12 (0.61%) to close at $1,969.80 per ounce. This recovery follows a near $40 drop from last week's peak. The surge in gold prices came despite a rise in the USD to 105.90 and an increase in US Treasury bond yields (4.65% for 10 years and 5% for two years). Gold also managed to maintain a solid support level at $1,950 an ounce, reflecting investor confidence despite market volatility. During the Jacques Polak Annual Research Conference on Thursday, Powell underscored his bias towards tightening monetary policy in response to reduced inflation from a 40-year high in June 2022. The Federal Reserve Chair expressed uncertainty over inflation control despite the FOMC's objective for a restrictive monetary policy to achieve a 2 percent inflation target. Furthermore, Powell hinted that a more stringent monetary policy might be necessary to curb aggregate demand growth and further lower inflation. His sentiment was echoed by Richmond Federal Reserve Bank President Thomas Barkin and Interim St Louis Federal Reserve President Kathleen Paese during discussions about potential rate adjustments. Despite Powell's hawkish stance, gold prices remained steady with December gold futures rising by 0.36% to trade at $1,964.80 an ounce. This resilience in gold prices was also observed during the early Asian trading session on Friday when gold rebounded from a three-day losing streak due to ongoing geopolitical tensions. In addition to monitoring these geopolitical developments, investors are also focusing on upcoming economic indicators such as the Fed's Logan speech, the preliminary US Michigan Consumer Sentiment Index for November, and UoM 5-year Consumer Inflation Expectation to predict gold's future trajectory. Meanwhile, the U.S. Labor Department reported a drop in unemployment benefit claims by 3,000 to a seasonally adjusted 217,000 for the week ending November 4, indicating strong economic growth. As market participants continue to assess these factors, the gold market demonstrates its resilience amidst uncertainty. https://www.investing.com/news/commodities-news/gold-futures-rise-amid-middle-east-tensions-feds-hawkish-stance-93CH-3230069
