2023-11-06 12:22
Copyrighted Image by: Reuters Cryptocurrencies have rallied over the past week, with Bitcoin reaching a peak of $35,200 and the total crypto market cap surpassing $1.32 trillion. This surge coincides with a strong performance in the stock market, as indicated by the Dow Jones, Nasdaq 100, and S&P 500 indices. The Federal Reserve's decision to maintain steady interest rates, despite weak US Non-Farm Payrolls data, has played a significant role in this uptick. The central bank's decision hints at a potential interest rate cut in 2024 due to expectations of a slowdown in the American economy. Concurrently, the US dollar index, bond yields, and crude oil prices have been on a downward trend. In the midst of these market movements, meme coins have experienced significant growth. Memecoin reached a $200 million market cap, with Pepe and Taboo Token also seeing considerable increases in their market caps. Investors are increasingly drawn towards emerging meme coins like Shiba Memu. The presale of Shiba Memu has raised over $4.36 million and has been extended due to high demand. The dovish stance of the Federal Reserve, combined with the upcoming Bitcoin halving period in 2024, points towards a promising future for Shiba Memu and other meme coins. https://www.investing.com/news/cryptocurrency-news/meme-coins-surge-amid-stable-interest-rates-and-anticipated-bitcoin-halving-93CH-3223221
2023-11-06 12:22
Layer-1 blockchain token Cardano (ADA) has experienced a significant price surge of nearly 20% on Binance in early November. The rise is backed by optimistic on-chain metrics, including a three-month high in transaction volumes and an increase in profitable trades. The transaction volume for Cardano peaked at 332.08 million on Monday, marking the highest level seen in the past three months. This increase indicates a bullish trend for ADA's price, supported by the Net Realized Profit/Loss metric. The metric shows that most of the Cardano tokens traded this November were profitable, further cementing the positive market sentiment. Another notable trend observed from November 2 to early Monday is the significant uptick in whale transactions—trades over $1 million. This suggests that large wallet investors are accumulating Cardano, potentially driving an ADA price rally. Together, these key factors - rising transaction volume, increased profitable trades, and heightened whale transactions - provide a bullish outlook for Cardano. The accumulation of these factors contributes to ADA's positive price trend in early November. https://www.investing.com/news/cryptocurrency-news/cardano-sees-bullish-trend-with-20-price-surge-and-high-transaction-volumes-93CH-3223223
2023-11-06 12:17
Copyrighted Image by: Reuters Yat Siu, the founder of Animoca Brands, has linked the recent surge in Bitcoin prices and the potential introduction of a Bitcoin exchange-traded fund (ETF) to renewed interest in GameFi, as he spoke at Hong Kong Fintech Week. Siu underscored that token values are about more than just financial gain, but also serve as a symbol of 'user and utility' confidence. Siu argued that observing on-chain activity is a better measure of investor confidence in GameFi than merely tracking a project's token price. For this, he cited increased transaction activity and trading volume for Axie Infinity, Animoca's leading blockchain-based game. The founder of Animoca Brands emphasized the central role Bitcoin plays in the 'gold standard financial ecosystem', where it acts as the 'reserve currency of Web3'. This significantly adds to the overall value of the crypto ecosystem. Siu expressed positivity about a potential Bitcoin ETF legitimizing the sector and drawing investment from traditional financial institutions. Siu also projected that the crypto sector would eventually evolve beyond its dependence on Bitcoin, similar to how economies transitioned away from the gold standard. Despite Web3's $1 trillion valuation, Siu pointed out that it only involves a small fraction of the global population. He attributed this to a lack of 'market maturity' and a need for diverse 'economic inputs'. In conclusion, Siu's comments highlighted the impact of Bitcoin's market value inflation on blockchain games and the potential influence of a Bitcoin ETF on investor confidence in the Web3.0 gaming market. He emphasized that token values not only serve as financial assets but also as trust builders for users, thereby extending their utility beyond mere financial profit. https://www.investing.com/news/cryptocurrency-news/bitcoin-etf-prospects-stoke-gamefi-enthusiasm-says-animoca-brands-founder-93CH-3223218
2023-11-06 12:16
Copyrighted Image by: Reuters. Despite the usual end-of-year softening, the strength of the dollar, bolstered by US macro outperformance and a hawkish stance from the Federal Reserve, is predicted to continue. The dollar has remained unaffected by a sell-off in Treasuries and increases in long-end curve rates. High US rates and an unorganized rise in US yields are viewed as factors that could further reinforce the dollar. Factors that might lead to a weaker dollar include softer US macro data, a slowdown in the US economy, or a recession in the eurozone. However, these potential weaknesses are not expected to result from re-ratings of Chinese or European growth prospects. High US rates could potentially disrupt the financial sector, which would initially boost the dollar due to tighter dollar funding conditions. Looking forward to 2024, the short end of the US curve is anticipated to dip ahead of Federal Reserve easing, which could potentially weaken the dollar. It's worth noting that past Federal Reserve rate cuts did not lead to a rise in EUR/USD. Nevertheless, forecasts project EUR/USD reaching 1.10 next summer and 1.15 by the end of 2024. https://www.investing.com/news/forex-news/dollar-strength-anticipated-to-continue-despite-potential-headwinds-93CH-3223199
2023-11-06 12:12
Copyrighted Image by: Reuters Digital asset miner Hut 8 Mining Corp. has reported a substantial increase in its Bitcoin reserves and outlined plans for expansion through asset acquisitions, according to recent reports. The North American firm mined an average of 3.6 Bitcoins daily in October 2023, accumulating a total of 112 Bitcoins for the month. By the end of October, Hut 8's Bitcoin reserve had reached 9,113, with 7,016 unencumbered. Throughout the same period, the company sold 365 Bitcoins, earning CAD$14.6 million (USD1 = CAD1.3642) at an average price of CAD$39,980 per Bitcoin. The mining operations were conducted at the firm's Alberta facilities, which boasted an installed ASIC hashrate capacity of 2.6 EH/s and achieved a production efficiency of 43.1 BTC/EH. In addition to its mining activities, Hut 8 is also eyeing expansion through strategic acquisitions. The company has received approval from the Ontario Superior Court of Justice for its stalking horse bid to acquire four natural gas power plants in Ontario and a Bitcoin mine in North Bay from Validus Power Corp. If this acquisition is successful, Hut 8 will establish a new Ontario subsidiary to manage these assets. Macquarie Equipment Finance Ltd is expected to hold a minority equity interest of about 20% in this new subsidiary. CEO Jaime Leverton has expressed the company's commitment toward building an infrastructure-first operation that diversifies its revenue streams. This includes a proposed merger with US Bitcoin Corp and the development of computing infrastructure across their seven-site portfolio. These sites power not only Bitcoin mining but also high-performance computing data centers and traditional data centers. They also support emerging technologies such as artificial intelligence and machine learning. Hut 8 is known for its unique treasury strategy and holds one of the largest inventories of self-mined Bitcoin among publicly traded companies. The company operates five high-performance computing data centers across British Columbia and Ontario and two Bitcoin mining sites in Alberta. https://www.investing.com/news/cryptocurrency-news/hut-8-increases-bitcoin-reserves-eyes-expansion-with-acquisition-bid-93CH-3223190
2023-11-06 12:09
Copyrighted Image by: Reuters Data from Blockware Solutions and Glassnode reveals that the number of blockchain addresses holding at least $1,000 (0.028 BTC) in Bitcoin has reached a record 8 million, indicating significant purchasing power and signaling exponential growth as Bitcoin monetizes non-revenue assets. This trend is mirrored by increased activity among Bitcoin whales or high-value investors, suggesting a rising participation from both retail and institutional investors. Bitcoin's value has seen a near 25% increase in the past month, spurred by bullish sentiment and anticipation of the U.S. Securities and Exchange Commission (SEC) potentially greenlighting bitcoin exchange-traded funds (ETFs). This surge in value, coupled with the increase in address count, further consolidates Bitcoin's position as a prominent asset class. The optimistic climate surrounding the potential approval of these funds has stimulated intensified trading activities among bitcoin whales. The possible approval of these ETFs could introduce more regulated investment channels, potentially boosting market participation even further. https://www.investing.com/news/cryptocurrency-news/record-8-million-blockchain-addresses-hold-over-1000-in-bitcoin-93CH-3223191
