2023-11-09 14:49

Copyrighted Image by: Reuters Today, Ethereum (ETH) and Polygon (MATIC) are demonstrating market resilience despite a significant drop in NFT sales during the period from January to September 2023. According to data from OpenSea, ETH saw a slump in NFT sales from $659 million at the beginning of the year to $74 million in September, while MATIC experienced a decrease from $109.12 million to $4.5 million over the same period. However, in October 2023, both cryptocurrencies showed signs of recovery. Ethereum's price rose by 8.7% to $1,810, while Polygon's increased by 14.3% to $0.649. This market resilience was driven by anticipation of Bitcoin Spot ETF approval and new partnerships for both networks. Today, Ethereum saw a further trading volume surge of 7%, with its price increasing from $1,785.51 to $1,912.62. Analysts predict it will reach $2,335.71 by year-end. Simultaneously, Polygon's market cap hit $6.5 billion following a month-long growth of 25.8%. It is projected to retest $0.87 by year-end. Despite the expected continuation of low NFT activity until the end of the year, Ethereum and Polygon's network activity is projected to rise due to the popularity of ETH staking and zkEVM adoption on Polygon. Analysts forecast that ETH could surge by 17.1% to $2,120 and MATIC might climb by 42.2% to $0.923. In related news, Everlodge is launching a web3 marketplace for converting real estate into NFTs via blockchain technology. These NFTs can be traded on platforms that support ERC-20 tokens, providing passive income opportunities. Everlodge's native token, ELDG, priced at $0.023 in stage 6 of the presale, is expected to see growth upon launch. Additionally, NuggetRush (NUGX) has been making headlines with its innovative approach; launching a play-to-earn mining game that allows the conversion of NFTs into real gold, thus offering tangible rewards to mining enthusiasts. https://www.investing.com/news/cryptocurrency-news/ethereum-and-polygon-show-resilience-amid-nft-sales-slump-93CH-3229133

2023-11-09 14:44

Bryan Bishop announced on Thursday the potential discontinuation of the Bitcoin-dev email list by January 2024, a move that could accelerate the ossification of the Bitcoin ecosystem and risk fragmenting its community. Hosted by The Linux Foundation since 2011 and 2015 respectively, these and related spinoff email lists are set to cease by the conclusion of 2023. Members are already preparing for this eventuality by backing up data onto secondary domains such as ozlabs.org. Bishop presented several potential alternatives including forums, private channels, or other hosting platforms like Google (NASDAQ:GOOGL) Groups and Groups.io. However, he expressed reservations about Google's history of service termination, possible Gmail account requirements for list access, concerns over Google's monopolistic behavior, and difficulties in adopting new features or Bitcoin Improvement Proposals (BIPs). As a solution, Bishop suggested a return to forum roots like BitcoinTalk.org or a hybrid approach. He cited successful transitions made by other communities, including Python and Ethereum Research. Despite all the alternatives proposed, Bishop also acknowledged the possibility of doing "literally nothing," which would result in the loss of a group email communication system widely used among developers. https://www.investing.com/news/cryptocurrency-news/bitcoindev-email-list-may-sunset-by-january-community-explores-alternatives-93CH-3229126

2023-11-09 14:32

Copyrighted Image by: Reuters. Bitcoin's value has been on a surge recently, fueled by expectations of the U.S. Securities and Exchange Commission's (SEC) potential approval of twelve spot Bitcoin ETF applications. According to Bloomberg research, there is a window from Today, November 9, to November 17 during which all applications could be approved, with a 90% chance of at least one Bitcoin ETF approval before January 10, 2024. The cryptocurrency is now nearing the $37.3k resistance level and could potentially reach the $40k mark, following a Bullish Pennant pattern and a Golden Cross on the BTC/USD daily price chart at the end of October 2023. This pattern triggered a $3,000 rally in Bitcoin's value. The anticipation for the SEC's approval has also influenced the strategies of new market players. The newly introduced Bitcoin ETF Token (BTCETF), launched its presale on Tuesday, November 7, demonstrating commitment to investors by dedicating 25% of its total coin supply to staking rewards and implementing a burn tax on 5% of every transaction. Furthermore, it will burn 25% of its total supply upon meeting certain roadmap goals. This surge in Bitcoin's value is despite high levels of open interest causing market volatility. On Wednesday, November 8, these open contracts reached a six-month peak but Bitcoin still recorded growth. These contracts could influence future price fluctuations. The influence of BlackRock (NYSE:BLK)'s spot Bitcoin ETF listing on the DTCC website cannot be overlooked - it caused a significant 14% single-day price surge in Bitcoin back on Sunday, October 24. Looking ahead, the approval of spot ETFs could catalyze further growth in Bitcoin's value, especially as it nears its 'halving' event in late April 2024 which will halve the miners' block reward to 3.125 BTC. However, if the ETFs are not approved, Bitcoin might drop to $32.4k, as depicted on TradingView charts. https://www.investing.com/news/cryptocurrency-news/bitcoins-value-surges-on-potential-sec-approval-of-spot-etfs-93CH-3229112

2023-11-09 14:12

The UK government has approved a proposal by the Competition and Markets Authority (CMA) to establish a statutory monitoring body for the road fuel industry. The decision follows a recent study revealing significant price increases in petrol and diesel and potential competition issues among fuel retailers. Between May and October 2023, petrol and diesel prices surged by at least 11.1ppl and 13.9ppl respectively, according to a CMA report. Despite a decrease in wholesale costs in September and October, retail prices remained high. The CMA attributed the price hike primarily to global factors such as crude oil price increases during June, July, and August. The report also highlighted a concerning trend in fuel margins - the difference between the cost of procurement and selling price of fuel - at supermarkets. From May to August 2023, these margins dropped from an average of 11.9ppl to 7.3ppl, a reduction of about 4.5ppl. However, August margins were still higher than those recorded before 2021. In the subsequent months of September and October, the CMA observed significant increases in retail spread for both petrol and diesel - the difference between the average price paid by drivers at the pump and the benchmarked price that retailers purchase fuel at. The retail spread at the end of October was significantly higher than the long-term average of 5-10ppl. Sarah Cardell, the CMA's Chief Executive, expressed concerns over these developments. She emphasized the need for a permanent fuel monitor with powers to demand information from all retailers, highlighting gaps in their analysis due to non-responses from Shell (LON:SHEL) and Moto-Way, two fuel retailers. While legislation consultation for this new regulatory body is planned for autumn 2023, the CMA will manage temporary monitoring using its pre-existing powers. Four-monthly interim reports will outline average pump prices, fuel margins, and price discrepancies among different retailers and supermarkets. However, due to the reliance on voluntary data provision by fuel retailers, potential gaps in the analysis are anticipated. The CMA's temporary pricing data scheme now includes 12 retailers, representing about 40% of UK forecourts and over 60% of fuel sold. Third parties like petrolprices.com and the AA utilize this data to provide transparent pricing information. Since 2017, supermarkets have consistently maintained a pricing gap of around 4-6ppl cheaper than other retailers, showcasing their competitive edge in the market. https://www.investing.com/news/commodities-news/uk-government-approves-new-fuel-market-regulator-following-price-surge-93CH-3229087

2023-11-09 13:42

Copyrighted Image by: Reuters. In a significant development, Ripple, the digital payment protocol company, announced new strategic partnerships at the Swell conference in Dubai. The partnerships include an initiative with Onafriq to expand its remittance solutions across Africa and beyond, and a collaboration with RocketFuel to incorporate Ripple's payment solution into their product suite. The Swell conference, which began on Tuesday, November 8, has been highly praised by Alya Al Zarouni, COO of DIFC, for fostering dialogue within the financial sector. Dubai was chosen as the venue for the conference due to its positive stance towards cryptocurrencies. Ripple has recently established a new office in the Dubai International Financial Centre (DIFC) and received approval for XRP under the Dubai Financial Services Authority's (DFSA) virtual asset regime. This approval allows businesses within the DIFC to integrate XRP into their crypto offerings. The announcements made at Swell showcase Ripple's continued efforts to expand its global footprint and influence within the financial sector. The partnership with Onafriq is expected to extend Ripple's reach in Africa, a region where remittance solutions are in high demand. On the other hand, the collaboration with RocketFuel will allow Ripple's payment solution to be incorporated into a broader range of products. https://www.investing.com/news/cryptocurrency-news/ripple-announces-strategic-partnerships-at-swell-conference-in-dubai-93CH-3229033

2023-11-09 13:26

Copyrighted Image by: Reuters. Today, as the North American trading session commenced, the New Zealand Dollar (NZD) demonstrated strength while the British Pound (GBP) lagged. The U.S. Dollar (USD) exhibited mixed performance against various currencies, with USDJPY rebounding due to the impact of the Federal Open Market Committee (FOMC) decision. China's economic situation continues to be challenging, with deflation persisting due to falling Consumer Price Index (CPI) and Producer Price Index (PPI) inflation in October. This comes amid weak retail spending and a deteriorating manufacturing sector in the country. In commodities, a surge in U.S. crude oil stocks influenced oil prices, leading to crude oil trading up at $75.98. Precious metals saw a drop with gold and silver prices falling to $1945.52 and $22.51 respectively. Meanwhile, Bitcoin reached a high since May 4th, trading at $36,890. In equity markets, U.S. stock market indices NASDAQ and S&P extended their winning streaks. European equity markets registered marginal gains while Asia Pacific indices were mostly lower. In the debt market, U.S. yields rose in anticipation of a 30-year bond auction scheduled for 1 PM ET today. This was paralleled by higher European debt market benchmark 10-year yields. https://www.investing.com/news/forex-news/nzd-strengthens-gbp-lags-as-us-crude-oil-stocks-surge-and-bitcoin-reaches-may-high-93CH-3228976