2023-11-06 18:39

Near Protocol's altcoin, NEAR, has witnessed a significant price surge of 65% over the past two weeks, reaching $1.59. This surge is primarily attributed to the anticipation surrounding the upcoming NEARCON developer conference. The event has sparked renewed growth in the protocol which had been dormant since April. In contrast to broader market trends that have paused their bullish run, NEAR's value has risen from $1.00 to $1.59 in two weeks, with no immediate trend reversal in sight. The Awesome Oscillator (AO) suggests a bullish buying opportunity, as short-term periods are trending higher than long-term periods. However, the Moving Average Convergence Divergence (MACD) displays decreasing green bars, indicating dwindling bullishness and a potential for a bearish crossover if the red signal line crosses over the blue MACD line. In order to maintain its positive momentum, NEAR needs to breach and convert the $1.63 resistance level into support. This could potentially push its price to a six-month high of $1.78. Conversely, a failure to breach this level may trigger a correction down to $1.45, erasing nearly half of NEAR's recent gains and testing the $1.17 support level. The anticipation for NEARCON has not only driven up the price but also increased the daily trading volume and total value locked (TVL) on the protocol, indicating strong investor interest. https://www.investing.com/news/cryptocurrency-news/near-protocol-altcoin-surges-65-ahead-of-nearcon-developer-conference-93CH-3223871

2023-11-06 18:14

Copyrighted Image by: Reuters The financial market rally continued with Bitcoin maintaining a position above $35,000 and major American indices experiencing their best week of the year. This positive trend was supported by an improved market sentiment due to a pullback in the US dollar index, a retreat in bond yields, and an increase in the fear and greed index following the Federal Reserve's decision to keep interest rates unchanged. Ripple's XRP saw a significant surge of 65% from its August low, reaching a high of $0.7320 following the dismissal of a lawsuit by the US Securities and Exchange Commission. This marks a significant recovery for the digital asset, which has been under legal scrutiny for some time. In other cryptocurrency news, Alchemy Pay's token rose to a high of $0.021. The rise was speculated to be triggered by hints of ecosystem news, confirmed via a tweet, that Binance, one of the world's largest cryptocurrency exchanges, had approved it for leveraged trading. Various other digital tokens also witnessed gains amid the risk-on market sentiment. Stellar Lumens (XLM), The Graph (GRT), Injective, and Gala all experienced growth. Exchange tokens such as KuCoin Token (KCS), which rose by 58%, OKB, Uniswap (UNI), and Cronos (CRO) also saw increases during this period. The ongoing rally in the financial markets and the positive performance of various cryptocurrencies highlight the current optimistic outlook among investors. With key indices performing well and digital assets gaining traction, market participants will be closely watching future developments. https://www.investing.com/news/cryptocurrency-news/bitcoin-holds-above-35000-as-major-american-indices-rally-93CH-3223864

2023-11-06 18:04

Copyrighted Image by: Reuters. Major cryptocurrencies experienced a mixed day of trading on Monday, with Ripple (XRPUSD) leading the pack with a 9.07% increase. Other notable digital currencies such as Uniswap (UNIUSD), Dogecoin (DOGEUSD), Polygon (MATICUSD), Polkadot (DOTUSD), Cardano (ADAUSD), Ethereum (ETHUSD), and Bitcoin (BTCUSD) also saw gains. On the other hand, Solana (SOLUSD) dipped by 1.04%. Crypto-related stocks had a similar day of varied performances. Shares of Coinbase (NASDAQ:COIN) Global Inc., MicroStrategy Inc., Marathon Digital (NASDAQ:MARA) Holdings Inc., Tesla (NASDAQ:TSLA) Inc., and NVIDIA Corp (NASDAQ:NVDA). all experienced increases, with Coinbase Global 's shares gaining 1.03%. Conversely, Riot Platforms (NASDAQ:RIOT) Inc., PayPal Holdings Inc (NASDAQ:PYPL)., Advanced Micro Devices (NASDAQ:AMD) Inc., Block Inc., and Ebang International Holdings Inc. saw their shares decline. In the ETF sector, there were also mixed results. The Bitwise Crypto Industry Innovators ETF and the Grayscale Bitcoin Trust both reported growth, while the Amplify Transformational Data Sharing ETF saw a slight decrease. The performance of these cryptocurrencies and related stocks reflects the continued volatility and diversity of the crypto market. https://www.investing.com/news/cryptocurrency-news/cryptocurrencies-and-related-stocks-see-mixed-results-with-ripple-leading-gains-93CH-3223862

2023-11-06 17:57

Copyrighted Image by: Reuters Binance, the world's largest crypto exchange, has seen a significant decrease in its market share over the past year, according to a report by 0xScope published on Monday. The exchange's spot trading market share fell to 40% in late 2023 from 62%, possibly linked to its listing strategy that led to most popular coins slumping post-listing. In contrast, Upbit's share rose significantly from 5% to 15.3% during the same period. Despite still leading with a total crypto trading volume share of 51.2% as of October 2023, Binance's lead over competitors such as OKX is diminishing. OKX has emerged as the second-largest spot and derivative trading exchange, surpassing Bybit, Bitget, and MEXC with support from OKX Ventures. The report also highlighted Binance's decreasing social media presence. The number of Binance's Twitter followers decreased by 5% over the past year, while OKX's followers surged over 200%. This downward trend on social media for Binance contrasts with its increased followers on platform X. Binance founder CZ saw his fortune slashed by $12 billion, while SBF's remains at $0. This financial setback occurred alongside a 10% trading volume drop over the past year and quarter amidst regulatory scrutiny and key executive departures. Meanwhile, other exchanges such as Huobi, Kucoin, and Gate form the third tier of exchanges. Despite similar deposit address activity between Binance and OKX, Coinbase (NASDAQ:COIN)'s historical addresses remain largely unused. In October 2022, Binance had an overall market share of 54.6%, indicating a decrease in its dominance over the past year. The evolving landscape of cryptocurrency exchanges suggests a shift in market dynamics with competitors like OKX gaining momentum. https://www.investing.com/news/cryptocurrency-news/binance-market-share-drops-while-okx-gains-momentum-93CH-3223850

2023-11-06 17:55

Copyrighted Image by: Reuters. The Swiss National Bank (SNB) is progressing with its groundbreaking Helvetia Phase III pilot program, marking a significant shift from the testing to the actual implementation of a central bank digital currency (CBDC). This initiative, led by SNB Chairman Thomas Jordan and SIX Digital Exchange, will enable real bond transactions to be settled using the digital currency via a distributed ledger technology (DLT) platform. From December 2023 to June 2024, six banks including Banque Cantonale Vaudoise, Basler Kantonalbank, Commerzbank (ETR:CBKG), Hypothekarbank Lenzburg, UBS, and Zürcher Kantonalbank will facilitate these bond transactions for issuers and investors. The bonds will be tokenized and settled against wholesale CBDC on a delivery-versus-payment basis via SDX, a regulated DLT-based infrastructure hosting the pilot. This innovative project builds upon the findings of Project Helvetia by BIS Innovation Hub, SNB, and SIX. It aims to securely and efficiently settle transactions with tokenized assets using real wholesale CBDC on a regulated DLT platform. The SIC and SIX SIS infrastructures will be utilized for the tokenization of central bank money and integration with traditional bond settlement infrastructure respectively. In addition to bond transactions, the pilot will also explore trading and settlement of repo transactions with wholesale CBDC initiated on the CO:RE trading platform. These transactions, collateralized by digital bonds eligible for SNB repo transactions, will be settled on SDX in wCBDC, managed by the Triparty Agent of SIX SIS. Jos Dijsselhof, CEO of SIX, has hailed this pilot as a pioneering leap in tokenized central bank money operation. https://www.investing.com/news/forex-news/swiss-national-bank-advances-with-phase-iii-of-helvetia-cbdc-pilot-program-93CH-3223848

2023-11-06 17:17

Warren Buffett, despite his well-known skepticism towards cryptocurrencies, has seen significant profits from his investment in Nubank, a leading South American fintech firm offering a range of crypto services. These services include trading platforms for Bitcoin and Ethereum, a Bitcoin ETF product, and a Nubank loyalty token on the Polygon blockchain. The firm serves more than 1.35 million customers across Brazil, Colombia, and Mexico. In 2021, Buffett's Berkshire Hathaway (NYSE:BRKa) invested $750 million in Nu Holdings, Nubank's parent company, acquiring 107 million shares. Since then, Nu's share price has surged by 106%, leading to an estimated $250 million in paper profits for Buffett. This investment represents about 0.1015% of Berkshire Hathaway's market capitalization of $767 billion as of November 2, 2023. Buffett's stance on cryptocurrencies remains skeptical. In a May 2022 interview on CNBC's Squawk Box, he stated that cryptocurrencies "basically have no value and they don't produce anything." Despite this view, his profitable venture with Nu Holdings underscores the expanding influence and acceptance of fintech firms and cryptocurrencies within the global finance landscape. Buffett's criticism of cryptocurrencies was highlighted when he declined to purchase Bitcoin even when offered all of it for $25 during the same CNBC interview. His investment in Nu Holdings, however, which is backed by Kevin O'Leary, has proven profitable. This reflects the changing dynamics within traditional finance and the rise of fintech firms and cryptocurrencies. InvestingPro Insights According to InvestingPro, the parent company of Nubank, Nu Holdings, has been showing promising growth. The company has a market cap of $40.22 billion and has shown a revenue growth of 109.89% over the last twelve months as of Q2 2023. The company's P/E ratio stands at a high of 508.81, indicating investor expectations of future earnings growth. InvestingPro Tips suggests that the company has consistently increased earnings per share and net income is expected to grow this year. Furthermore, the company's stock is trading near its 52-week high, indicating strong investor confidence. However, the company's stock is in overbought territory according to the RSI, which could suggest a potential price correction in the near term. InvestingPro offers additional insights and tips for Nu Holdings and other companies. For instance, there are 14 more InvestingPro Tips available for Nu Holdings, providing a comprehensive view of the company's financial health and performance. These insights underscore the importance of detailed financial data and expert tips in making informed investment decisions. https://www.investing.com/news/cryptocurrency-news/buffett-reaps-250-million-profit-from-cryptolinked-fintech-firm-nu-holdings-93CH-3223826