2023-11-07 12:53

In a series of events this week, the decentralized finance token AAVE saw a significant increase in its price and market capitalization following two substantial withdrawals by a cryptocurrency whale from Binance. The withdrawals led to an initial 8% price surge, followed by a further 16% increase, as reported by Lookonchain. The whale's withdrawal of 140,100 AAVE tokens resulted in a daily high of $102.90 per token, according to data from CoinMarketCap. Concurrently, the 24-hour trading volume escalated to $336,641,183. This activity not only boosted the token's price but also strengthened AAVE's position against Bitcoin by 16.49%, pushing its weekly performance to an impressive +25%. As a result of these developments, the market capitalization of AAVE crossed the $1.5 billion mark, highlighting the significant impact such large-scale transactions can have on the value and standing of a digital asset. Meanwhile, amidst these developments, trading for AAVE was temporarily suspended on Polygon, Arbitrum, and Optimism due to issues with the Aave Protocol. The suspension underscores the inherent risks and volatility associated with digital asset trading and blockchain-based platforms. https://www.investing.com/news/cryptocurrency-news/crypto-whale-withdrawal-drives-aave-token-price-surge-and-market-cap-growth-93CH-3225030

2023-11-07 12:46

Copyrighted Image by: Reuters In a remarkable turn of events, the ORDI token, associated with the Bitcoin Ordinals protocol, experienced a significant price surge of 50% within 24 hours of its Binance listing. The token, which was listed as a "seed" project, saw its price rise to $11 from $7, and trading volumes escalated to nearly $100 million within a single day. The "seed" project tag is assigned by Binance to high-risk and potentially volatile tokens. In line with this classification, Binance issued an announcement advising traders to fully comprehend ORDI's fundamentals and apply risk management before initiating trading activities. The Bitcoin Ordinals protocol allows users to inscribe digital art references into small Bitcoin transactions leveraging the BRC-20 token standard, introduced earlier this year. This novel functionality has triggered a wave of digital artwork and meme tokens on Bitcoin. To date, the protocol has issued 38 million inscriptions, accumulating over $77 million in Bitcoin-based developer fees. In conjunction with the ORDI listing, Binance rolled out spot trading pairs ORDI/BTC, ORDI/USDT, and ORDI/TRY. The exchange also conducted an ORDI Deposits and Withdrawals Activity as part of the listing process. This activity rewarded the first 1,000 users depositing no less than 72 ORDI tokens with a $50 USDT Trading Fee Rebate Voucher. Binance has also made it mandatory for users interested in trading such tokens to pass regular quizzes on their platforms. This measure is designed to ensure that traders understand the risks and unique attributes associated with these types of tokens. https://www.investing.com/news/cryptocurrency-news/bitcoin-ordinals-protocol-token-ordi-sees-50-surge-post-binance-listing-93CH-3225001

2023-11-07 12:26

Copyrighted Image by: Reuters. The Indian rupee's exchange rate fell to 83.2575 against the dollar on Tuesday, reflecting the movements of other Asian currencies. All eyes are on the upcoming speeches from Federal Reserve policymakers this week for indications of future monetary policy direction. The rupee's trading range has been restricted between 83 to 83.30 due to continuous interventions by the Reserve Bank of India (RBI). Asian currencies receded between 0.1% to 0.9%, following a rise in the dollar index, which ascended to 105.57 after hitting a month's low on Monday. This surge was in response to the Fed's decision last week to maintain key interest rates and persist with a dovish stance. https://www.investing.com/news/forex-news/indian-rupee-dips-amid-anticipation-of-fed-policy-direction-93CH-3224924

2023-11-07 11:09

CME Group's (NASDAQ:CME) spot platform, EBS, has reported a significant drop in average daily currency trading volumes, hitting a two-year low last month. The volumes reached $50.8 billion, down from nearly $75 billion at the start of 2021. This decrease in trading activity comes amidst a backdrop of stability in the foreign exchange (FX) market, as indicated by the Bloomberg Dollar Index. The Bloomberg Dollar Index, which moved within a tight 2% band during October, demonstrated the stability of the FX market. This steady performance is largely attributed to the Federal Reserve's policy to maintain stable interest rates following a period of stringent monetary tightening. In addition to these developments, an index tracking one-month implied volatility for major currency pairs experienced a significant decrease. The index plummeted to its lowest point since February 2022, further indicating the stability within the FX market. The decline in trading volumes on the EBS platform and the reduced volatility in major currency pairs underscore the current stability in global currency markets. This comes as central banks around the world continue to navigate their monetary policies amidst ongoing economic uncertainties. https://www.investing.com/news/forex-news/currency-trading-volumes-hit-twoyear-low-on-ebs-platform-93CH-3224679

2023-11-07 10:59

Copyrighted Image by: Reuters Evmos, a part of the Cosmos network, is making a strategic shift towards exclusively supporting Ethereum-based transactions. The network will now cater solely to Ethereum-based wallets and tools such as WalletConnect, Rabby, MetaMask, and hardware wallets like Ledger. This decision comes as the team has been struggling with the complexity of maintaining compatibility between Cosmos and Ethereum clients due to distinct transaction hashes for each ecosystem. By focusing solely on Ethereum transactions that enable interactions with dApps via the Ethereum Virtual Machine on Evmos, they aim to simplify processes and alleviate developers' workload. Today, Evmos announced its plan to complete a phased discontinuation of Cosmos transactions by Q3 2024. This move is projected to streamline the development workflow and enhance Ethereum wallet efficiency on the network. Despite this shift, Evmos will continue supporting core Cosmos functionalities like staking and governance through EVM Extensions, maintaining interoperability, a unique feature of Cosmos. "This decision aims at increasing operational efficiency and delivering value faster," said Evmos founder Kunze Küllmer. As part of this transition, fees from phased-out Cosmos transactions will be burned. Users with Cosmos-only wallets will need to migrate to EVM-compatible clients. In a previous token sale round led by Polychain Capital, Evmos raised $27 million. The company's strategic shift towards an EVM-centric transaction approach marks a significant change in its operations as it seeks to streamline its services and improve efficiency. https://www.investing.com/news/cryptocurrency-news/evmos-shifts-focus-to-ethereum-transactions-plans-to-phase-out-cosmos-support-by-q3-2024-93CH-3224652

2023-11-07 10:46

Copyrighted Image by: Reuters. ARK Invest's CEO Cathie Wood has reiterated her belief in the decentralized digital currency, Bitcoin, as a superior hedge against both inflation and deflation. During her Bloomberg interview, she highlighted the U.S. regional bank crisis in March as a key event that showcased the strength of Bitcoin. The crisis led to the failure of several lenders and a subsequent surge in Bitcoin's price by nearly 50%, reaching $35,000. Wood emphasized Bitcoin's decentralized nature, which eliminates counterparty risk and ensures transparency through public ledgers. She contrasted this with centralized organizations, such as banks, which lack comparable transparency making them riskier investments. In these discussions, Wood compared the performance of Bitcoin to the US stock index benchmark, asserting that Bitcoin had demonstrated superior performance based on historical data. She also warned of the risks associated with investing in centralized financial authorities due to their lack of reliability in times of macroeconomic events. Wood's conviction in Bitcoin's potential is reflected not only in her words but also in her actions. In 2015, she invested $100,000 in Bitcoin when it was valued at about $250 – an investment now worth over $13 million. This investment has yielded a staggering 14,000% profit despite fluctuations in her other stock investments. ARK Invest maintains a bullish outlook on Bitcoin, predicting it could reach $1.48 million by 2030 in a bullish scenario or $682,800 in a base case. The firm emphasizes Bitcoin's strong fundamentals such as decentralization, auditability, and transparency. It has also applied for a Spot Bitcoin ETF currently under review by the SEC. Finally, Wood shared her vision of an optimistic future where AI and Bitcoin intersect leading to organizational transformations, cost reductions, and increased productivity. She anticipates a new era of deflation triggered by technologies like AI, electric vehicles, robotics, genomic sequencing, and blockchain. At present, Bitcoin is valued at $34,848.11 per unit (BTC/USD), with a market cap of $680.74 billion and a 24-hour trading volume of $12.48 billion. https://www.investing.com/news/cryptocurrency-news/bitcoin-as-superior-inflationary-and-deflationary-hedge-asserts-ark-invests-cathie-wood-93CH-3224624