2023-11-09 07:37

In an effort to safeguard national security intelligence and the private data of American citizens, U.S. Representatives Zach Nunn and Abigail Spanberger introduced the CLARITY Act on November 8. The legislation specifically targets China-based blockchain entities including iFinex, the parent company of Tether, The Spartan Network, The Conflux Network, and Red Date Technology Co., a significant contributor to China's national blockchain project and digital yuan. The CLARITY Act is designed to halt federal business with Chinese blockchain firms like iFinex, which oversees Tether, the issuer of the USDT stablecoin. This move forms part of broader cryptocurrency regulation measures, as reported by CoinDesk. On the same day, U.S. legislators recommended a bill to limit business interactions with iFinex. This recommendation is part of an extensive U.S. government crackdown on Chinese blockchain firms. The move was driven by earlier concerns about potential unethical conduct by Tether. The legislation comes in response to the substantial investment made by China in blockchain technology and aims to shield American citizens' private and national security information from "enemies", identifying China's substantial blockchain investment as a potential danger. It also prohibits transactions with The Conflux Network, The Spartan Network, and Red Date Technology Co. Key officials including the U.S. Secretary of the Treasury, Secretary of State, and the Director of National Intelligence are tasked with formulating a strategy to mitigate threats from foreign adversaries' advancements in blockchain technology. This legislative action follows a previous security-driven TikTok ban for government employees due to allegations that the Chinese Communist Party used ByteDance's secret "backdoor" for surveillance of Hong Kong activists' locations and messages in 2018. https://www.investing.com/news/cryptocurrency-news/us-legislators-push-for-restrictions-on-chinese-blockchain-firms-93CH-3228112

2023-11-09 06:26

Today, the global cryptocurrency market experienced a significant surge, led by Bitcoin and a host of altcoins including Cardano, Dogecoin, Chainlink, Polygon, Polkadot, and Shiba Inu. Bitcoin rose by 3.87% to $36,739.46, bringing its weekly increase to 3.58%. This surge contributed to a 3.26% rise in the total global crypto market cap in just 24 hours, reaching nearly $1.37 trillion. Bitcoin's market dominance stood at 52.09%, with its market cap surging to $717 billion and a 24-hour trading volume increase of 23.4%. Trading above $36,000, the crypto market is eagerly awaiting the SEC's decision on the 12 Bitcoin Spot ETF applications. If not approved within the eight-day period starting today, the wait might extend till 2024, according to Mudrex CEO Edul Patel. Bitcoin has grown over 115% since the year's start and could target between $39,500 and $40,000 if it remains above $36,000, as suggested by CoinDCX Research Team. Giottus Crypto Platform CEO Vikram Subburaj noted Bitcoin's breakthrough of the $35,500 resistance level and potential target of $38,000 amidst key stock indices gains and marginal decline in gold and treasury yields. Ethereum also saw growth, climbing by 2% to $1,924.37 and marking a 3.91% weekly rise. Other cryptocurrencies experienced price increases over the past two days as well. Meme currencies fluctuated; Dogecoin rose by 2.89% with a market cap of $10.81 billion, Shiba Inu increased by 2.78% with a market cap of $4.99 billion. Other altcoins such as Ripple's XRP (+0.67% at $0.6913), Cardano (+3.35%, $0.365), Solana (+2% at $43.86), and Polkadot (+4.62%, $5.11) also experienced gains. The day's top gainers were Mina, Sui, Arweave, Chainlink, and Bitcoin SV while the biggest losers were Trust Wallet Token, Tether Gold, Injective, and PAX Gold. Stablecoins Tether and USD Coin remained steady while Binance USD dropped. DeFi tokens Chainlink and Wrapped Bitcoin gained while Dai lost value. Among NFT tokens, Stacks and Axie Infinity gained while Internet Computer and Render lost value. The recent upswing in the cryptocurrency market marks an improvement from last month's market valuation of $1.09 trillion and three months ago valuation of $1.18 trillion. The consistent growth in the global cryptocurrency market is indicative of the increasing interest and investment in digital assets. ETMarkets WhatsApp channel is now open for subscription. https://www.investing.com/news/cryptocurrency-news/bitcoin-and-ethereum-drive-global-crypto-market-rally-93CH-3228025

2023-11-09 05:27

Today, at the DC Fintech Week conference, Ripple CEO Brad Garlinghouse expressed his concerns over the regulatory hurdles plaguing the US cryptocurrency industry. Despite Ripple's recent legal victory against the Securities and Exchange Commission (SEC), Garlinghouse emphasized that US banks remain hesitant to engage with cryptocurrencies due to ongoing regulatory uncertainties surrounding digital assets like XRP. Garlinghouse criticized SEC Chairman Gary Gensler's portrayal of the crypto market as a “Wild West”. He warned that without clear regulations akin to those in crypto-friendly countries, the US risks losing its market share in the burgeoning crypto industry. Garlinghouse contrasted the US situation with other nations that have clear policies and are welcoming crypto-related investments. He further accused Gensler of promoting a political agenda that stifles growth in the crypto industry. This sentiment was not alleviated by the court ruling that Ripple's token isn't always classified as a security. To counter these challenges, Ripple is focusing on global expansion, with 80% of its new hires this year coming from outside the US. This strategic move is a response to what Garlinghouse perceives as a hostile regulatory climate in the country. Despite court victories, Ripple continues to face obstacles due to perceived hostility and unclear policies. Garlinghouse expressed willingness to escalate Ripple's legal battle with the SEC to the Supreme Court if necessary, underlining their commitment to resolving these uncertainties. Garlinghouse is hopeful of a shift towards a more supportive regulatory environment for cryptocurrencies within the US in the next decade. Until such changes occur, Ripple is committed to creating a conducive environment for innovation and growth globally. In line with its global expansion strategy, Ripple plans to increase international hiring. Today, XRP traded at $0.6902, marking a 13% gain over a 14-day period. https://www.investing.com/news/cryptocurrency-news/ripple-ceo-pushes-for-regulatory-clarity-amid-global-expansion-93CH-3227977

2023-11-09 04:57

Copyrighted Image by: Reuters. Bitcoin's price soared to $36,000 during Asian trading hours on Thursday, marking a significant growth of around 30% over the past month and 93% year-on-year. Ether also followed suit with a 20% rise in the previous month, according to data from CoinDesk Indices. Matt Hougan, CIO of Bitwise Asset Management, shed light on these trends during a recent interview. He suggested that the current Bitcoin price does not reflect the potential influence of an anticipated Bitcoin Exchange Traded Fund (ETF) approval. The majority of financial advisors, who manage a substantial 80% of U.S. wealth, do not foresee its approval until 2025 or later. This indicates a potential new audience for the Bitcoin ETF. Hougan drew parallels with the impact of a spot gold ETF approval in 2004, which led to years of consistent gold price increases, suggesting a similar trajectory for Bitcoin. He emphasized that ETFs could significantly broaden the cryptocurrency investor base, particularly among financial advisors. At present, only 20% of self-directed retail investors have invested in crypto. Financial advisors and institutions controlling the remaining 80% of American wealth require an ETF to access crypto markets. Hougan also noted how BlackRock (NYSE:BLK)'s Bitcoin ETF filing in June positively affected market sentiment by dispelling the negative aftermath from the FTX collapse. He referred to this phenomenon as the "ghosts of Sam Bankman-Fried." https://www.investing.com/news/cryptocurrency-news/bitcoin-surges-to-36000-amid-etf-anticipation-says-bitwise-cio-93CH-3227967

2023-11-09 04:52

Copyrighted Image by: Reuters. Investing.com-- Gold prices fell to a more-than three-week low on Thursday, extending a rash of recent losses after several Federal Reserve officials warned against bets that the central bank was done raising interest rates. The yellow metal was headed for a fourth straight day in red, amid continued pressure from a rebound in the dollar and Treasury yields. Waning safe haven demand for gold also dented prices, as markets priced in a much lower risk premium from the Israel-Hamas war. Spot gold fell 0.1% to $1,949.38 an ounce, while gold futures expiring in December fell 0.2% to $1,954.30 an ounce by 23:41 ET (04:41 GMT). Both instruments were trading down over 2% each this week. Fed uncertainty persists, Powell speech awaited A string of Fed officials warned this week that U.S. interest rates will remain higher for longer, and that markets should be wary of betting on any early rate cuts. Sticky inflation and resilience in the U.S. economy could also attract more rate hikes this year. Their comments somewhat offset recent bets that the Fed’s rate hike cycle was over, and saw traders pivot back into rate-exposed assets such as the dollar and Treasuries. Adding to the uncertainty, Fed Chair Jerome Powell offered little cues on monetary policy during an address on Wednesday. But the Chair is now set to speak at a separate event later on Thursday. While markets have interpreted his comments as less hawkish, Powell has largely maintained his rhetoric that U.S. rates will remain higher for longer, and that more work was needed to bring down inflation. Such a scenario bodes poorly for gold, given that higher interest rates push up the opportunity cost of investing in bullion, which offers no yields. This notion has limited any major gains in gold this year, keeping the yellow metal well below the coveted $2,000 an ounce level. But gold is still trading up about 8% so far in 2023. Copper hit by China disinflation shock Among industrial metals, copper prices retreated on Thursday, extending recent losses following more signs of economic weakness in top importer China. Copper futures fell 0.3% to $3.6258 a pound. Chinese government data showed that both consumer and producer inflation shrank in October, putting the country in disinflation for the second time this year. The readings came after several other negative indicators for October, including disappointing trade data and a decline in manufacturing activity. Signs of persistent economic weakness in the world’s largest copper importer pushed up concerns over slowing demand for the red metal- which has been a recurring trend this year. But while Chinese copper demand has remained relatively stable, demand in other parts of the world has slowed substantially, amid worsening economic conditions. https://www.investing.com/news/commodities-news/gold-prices-hit-threeweek-low-as-fed-uncertainty-persists-3227964

2023-11-09 04:47

Copyrighted Image by: Reuters. Today, Marathon Digital (NASDAQ:MARA) Holdings unveiled its Q3 financial results, showcasing a significant year-on-year revenue increase of 670% and a net income of $64.1 million. The company's Bitcoin production also saw a fivefold growth, accompanied by a 403% boost in hashrate, which was largely attributed to the operation of a new 27-megawatt hydro-powered mining facility in Paraguay. In preparation for the upcoming Bitcoin halving event in April 2024, Marathon Digital took strategic steps to strengthen its balance sheet. The company managed to reduce its long-term debt by 56%, facilitated by a successful $417 million note exchange conducted in September. This substantial debt reduction resulted in savings exceeding $100 million for shareholders. As a consequence, Marathon's combined Bitcoin and cash holdings have surpassed its debt for the first time in two years at the end of Q3/2023. Despite this robust financial performance, Marathon Digital's share price experienced a 6.9% decline on the day the results were announced. However, the shares recovered somewhat during after-hours trading with a rise of 4.3%. https://www.investing.com/news/cryptocurrency-news/marathon-digital-reports-670-revenue-surge-amid-bitcoin-production-growth-93CH-3227963