2023-11-08 20:35

Copyrighted Image by: Reuters Bitcoin’s liquid supply reached an all-time low on November 8, 2023, according to data from Glassnode. The decrease in freely circulating Bitcoin is attributed to long-term investors amassing record amounts, with over 15.4 million tokens held in wallets showing minimal spending patterns. This illiquid supply, denoting bitcoins in wallets with minimal spending history, hit a record high, increasing by over 71,000 monthly. Today's release underscored that the current price levels are pivotal, as most short-term held coins turned profitable after Bitcoin breached the $30,000 threshold. This has influenced spending behavior among short-term holders and could trigger a coin transfer to new investors, especially if the price descends from the current $35,272 level. The tightening market is reflected in the rising disparity between long-term holders (LTH) and short-term holders (STH). About 68% of Bitcoin has been dormant for over a year, and nearly 30% for more than five years. A stark divergence is forming between the supplies of LTH and STH, with the latter being at an all-time low. LTHs typically distribute their holdings when the market achieves new highs. Notably, the 2021 bull run led to a significant decrease in LTH supply, counterbalanced by an uptick in STH supply and exchange inflow volumes. Investor optimism is being fueled by expectations of Bitcoin breaking previous price records, spurred by potential spot Bitcoin ETF approval and the impending April 2024 halving event. This selling resistance is driving the market, with Bernstein's bullish forecast of Bitcoin hitting $150,000 by mid-2025 adding to the positive market sentiment. Earlier today, Glassnode reported that as the Bitcoin halving event in April 2024 approaches and spot Bitcoin ETF approvals become increasingly likely, self-custodial wallet supply has increased. Investors have moved more than 1.7 million bitcoins from exchanges into custody since May 2021. Bitcoin held for over a year and hit record highs across age bands. Following last year's FTX collapse and consequent 2021 bull market lows, the illiquid supply has grown steadily with coins moving into illiquid wallets. The Hodler Net Position Change indicator confirmed this trend of accumulation by LTHs. Smaller cohorts have also been aggressively accumulating since late October, resulting in a divergence between LTH and STH supplies. The recent price rally led to significant profit-taking by short-term holders as indicated by the Sell-Side Risk Ratio indicator. Bitcoin's price has once again surpassed $35,000, signaling market optimism as reflected in Bitcoin’s Fear and Greed Index. Bitcoin's value increased by 1.3% within 24 hours to $35,272, affirming its status as the world's largest cryptocurrency by market capitalization. The data also revealed impressive rates of coins HODLed and a multi-year period of net gains in illiquid supply. https://www.investing.com/news/cryptocurrency-news/bitcoin-liquid-supply-hits-alltime-low-as-longterm-holders-accumulate-93CH-3227547

2023-11-08 20:31

Copyrighted Image by: Reuters Tether (USDT) achieved a record market capitalization of $86.12 billion on Wednesday, November 8, 2023, amidst intensifying regulatory discussions at D.C. Fintech Week. The surge in USDT's value comes after an impressive rebound since June 2023, following a market cap reduction in late Q4, 2022. The rise of stablecoins like USDT, Circle’s USDC, and MakerDAO’s Dai (DAI) in the crypto ecosystem has prompted increased scrutiny from regulators. Michael Barr of the Federal Reserve called for stronger regulation, citing concerns about the proliferation of unregulated private money backed by the US dollar and potential financial stability risks. These sentiments were echoed by Wyoming Senator Cynthia Lummis, who urged for crypto regulations to be passed early next year. USDT's dominance over competitors like USDC and DAI is notable. While USDC peaked in Q2, 2022, its market cap fell to $24 billion by Q3, 2023 — a drop of nearly 56.3%. DAI currently has a supply of $5.34 billion. Backed primarily by U.S. T-bills with holdings of $72.6 billion, USDT's market cap surpasses the U.S. debt held by countries like the Netherlands and UAE. In addition to its stablecoin operations, Tether has also ventured into Bitcoin mining software. The company's CEO Paolo Ardoino introduced Moria, a new-gen Bitcoin mining orchestration tool, in mid-October 2023. While stablecoins are gaining prominence, Bitcoin (BTC) is also experiencing significant growth. As digital currencies continue to gain traction, the calls for regulatory oversight are likely to intensify further. The proposed regulations are expected to provide more clarity and stability in the rapidly evolving crypto market. https://www.investing.com/news/cryptocurrency-news/tether-achieves-record-market-cap-as-calls-for-regulatory-oversight-intensify-93CH-3227544

2023-11-08 20:30

Ripple Labs, the company behind the XRP cryptocurrency, transferred a substantial amount of XRP to Bitstamp, a cryptocurrency exchange. The transaction took place on November 7 and involved a total of $15,986,066 worth of XRP, according to data from Whale Alert and Bithomp's XRP explorer. On the same day as this significant transfer, Ripple Labs announced a major expansion of Ripple Payments (formerly ODL), extending its reach into more than 70 markets worldwide. The company also revealed a new partnership with Onafriq, a digital platform aimed at facilitating swift and low-cost international transfers. This collaboration will enhance cross-border transactions between Africa, the Gulf Cooperation Council (GCC), the UK, and Australia. However, despite these developments, XRP experienced a market correction on November 8. After reaching a high of $0.72, the digital currency's value dropped by 5.88%, trading at $0.62269. This price adjustment mirrors fluctuations often seen in the volatile cryptocurrency market. The transfer to Bitstamp and the expansion of Ripple Payments indicate Ripple Labs' ongoing efforts to increase the utility and adoption of XRP in global financial transactions. The partnership with Onafriq is expected to further this goal by improving international money transfers in several key regions. https://www.investing.com/news/cryptocurrency-news/ripple-labs-transfers-nearly-16-million-xrp-to-bitstamp-amid-market-correction-93CH-3227541

2023-11-08 20:21

Copyrighted Image by: Reuters. Today, RocketFuel Inc., a purveyor of payment solutions through ACH bank transfers, Bitcoin, Stablecoins, and other cryptocurrencies, announced its partnership with Ripple. As part of the alliance, Ripple Payments will be integrated into RocketFuel's products to cater to the increasing demand for faster and more affordable FIAT payments worldwide. The company's key offerings, including RocketFuel Pay-In Commerce, RocketFuel Mass Pay-Out, and RocketFuel Cross border B2B, will utilize Ripple Payments. Pay-In Commerce enables merchants to accept crypto and ACH payments both in-store and online. Mass Pay-Out simplifies the process of paying multiple customers globally using cryptocurrency or bank transfer. Cross border B2B assists businesses in sending large sums across borders using blockchain technologies and Stablecoins. Peter Jensen, CEO of RocketFuel, is set to discuss these advancements at the Ripple Swell event in Dubai on November 8-9. Jensen believes that blockchain and cryptocurrency technologies can significantly improve cross-border money transfers. By capitalizing on Ripple's innovative payment solutions, RocketFuel aims to transform business transactions by offering superior, faster, and more economical payment experiences. Brendan Berry, Ripple's Head of Payments Product, underscored the shared vision with RocketFuel to revolutionize the global value exchange using Bitcoin, other cryptocurrencies, and blockchain technology. The success of RocketFuel's products is contingent on market acceptance and competition from existing or new products. The company's operations and future success are also subject to current and future government regulations. https://www.investing.com/news/cryptocurrency-news/rocketfuel-integrates-ripple-payments-to-boost-global-fiat-transactions-93CH-3227537

2023-11-08 20:13

Copyrighted Image by: Reuters. Ripple, the company behind the digital currency XRP, has been in a legal battle with the U.S. Securities and Exchange Commission (SEC) since December 2020 when it was accused of illicit trading of XRP tokens as securities. This dispute took a significant turn in July 2023, when Judge Analisa Torres concluded that XRP isn't a security, while institutional token sales could be classified as unregistered securities sales. The SEC's withdrawal from the Ripple case trial in October 2023 further strengthened Ripple's position. This move was seen by many as an acknowledgment of Ripple's dominant position in the XRP security status dispute. Building on this momentum, Ripple's CEO, Brad Garlinghouse, announced on Thursday, Nov 09, 2023 at DC Fintech Week 2023, plans to escalate their SEC lawsuit to the Supreme Court. Garlinghouse cited a biased withdrawal of an out-of-court settlement offer as one of the main reasons for this escalation. While these legal proceedings have been ongoing, Ripple's XRP has seen a substantial increase in price. In November alone, XRP registered a 35% price surge, culminating in an impressive 80% gain since January. This suggests that despite the legal challenges faced by Ripple, investor confidence in XRP remains high. As the legal battle continues to unfold, with Ripple now taking it to the Supreme Court level, it will be interesting to see how this impacts the future of XRP and Ripple as a whole. https://www.investing.com/news/cryptocurrency-news/ripple-to-escalate-sec-legal-contention-over-xrp-to-supreme-court-93CH-3227532

2023-11-08 19:32

Copyrighted Image by: Reuters The Bangladeshi Taka continues to depreciate against the US dollar, leading to heightened financial strain for businesses and economic repercussions. Today, the interbank exchange rate stands at Taka 111 per dollar, with some banks collecting remittances at rates up to Taka 117 per dollar, and open market trading at Taka 121 per dollar. This has resulted in increased import costs and difficulties in acquiring foreign currencies. In an attempt to counteract this trend, on October 22, the Bangladesh Foreign Exchange Dealers Association (BAFEDA) and the Association of Bankers, Bangladesh (ABB (ST:ABB)) permitted a 2.5% higher dollar purchase rate from remitters. However, as the Taka continued to depreciate, these bodies increased the dollar purchase rate from exporters to Tk 110.5 on October 31 and enforced regulatory checks on banks' records. Despite these measures, allegations of inflated rates and dollar shortages led banking bodies to cap the exchange rate at Tk 115 per US dollar for overseas Bangladeshi workers' transactions on November 7. This was enacted despite previous offers of up to Tk 124. The current crisis in the foreign exchange market is further exacerbated by a 4.3% year-on-year decrease in remittance inflow to $6.8 billion in July-October 2023-24, despite government incentives for remitters. Over the past 27 months, the central bank's divestment of over US $25 billion from its reserves in an attempt to stabilize the foreign exchange market has not been able to offset a sluggish inflow of remittances and export earnings, leading to a depletion of foreign exchange reserves. From September 2021 to September 2022, amidst a dollar crisis and disparity in dollar supply and demand, the Taka depreciated from Taka 85.5 per dollar to Taka 96 per dollar. This depreciation escalated debt repayment obligations due to US-denominated foreign debt, leading to further economic repercussions. https://www.investing.com/news/forex-news/taka-depreciation-intensifies-amid-dollar-crisis-and-reduced-remittance-inflow-93CH-3227518