2023-11-06 11:53

Copyrighted Image by: Reuters. The second-largest cryptocurrency, Ethereum (ETH), is nearing the $1900 mark, following a weekly increase of 5.85% and a four-week surge of 15.17%. This price rise has sparked speculation in the crypto market after a notable Ethereum investor, known as "whale 0xb15", purchased 8,698 ETH ($15.94 million) from Binance this week, according to data from Lookonchain. Whale 0xb15 is recognized for their successful trading strategy of buying low and selling high. With an impressive 87.5% win rate, this investor has garnered a total profit of $13 million from eight transactions since February 12. On Thursday, they deposited $45 million worth of ETH on Binance after purchasing 24,548 ETH valued at $39.8 million, yielding a profit margin of around $5.47 million. Despite Ethereum's daily trading volume decreasing by 11.485 and being valued at $6.02 billion according to the ETH/USDT chart on Tradingview.com, the cryptocurrency witnessed an uptick in its value. At the time of writing, Ethereum was trading at $1890.95 with a daily gain of 2.61%. However, Ethereum's Relative Strength Index (RSI) currently stands at 71.43, which indicates overbought conditions and suggests a potential trend reversal risk. Data from IntotheBlock shows that centralized exchanges (CEXs) recorded an outflow of $210 million worth of Ether in the past week, marking the largest outflow since August. This decrease in supply on exchanges suggests increased purchasing activity and reflects a bullish sentiment among investors. With a market capitalization of $227.4 billion, Ethereum continues to hold its position as the second-largest cryptocurrency in the global market. https://www.investing.com/news/cryptocurrency-news/ethereum-nears-1900-mark-following-significant-trading-activity-and-bullish-sentiment-93CH-3223102

2023-11-06 11:33

Hong Kong-based virtual asset exchange, HashKey, has announced the addition of a new trading pair, UNI/USD, exclusively for professional investors. The move is part of the firm's ongoing efforts to support Hong Kong's aspiration to become a leading cryptocurrency hub. The announcement was made on Monday, with the commencement of trading set for Thursday, November 9, 2023, at 16:00 (UTC+8). Deposit and withdrawal facilities for the UNI/USD pair are already operational. This latest addition extends HashKey's existing offerings which include USD pairs for Bitcoin, Ethereum, USDT, and Avalanche. Following the announcement, there was a noticeable impact on Uniswap's price. The cryptocurrency experienced a 7% surge, reaching a high of $5.108 before settling at a current trading price of $5.04. The inclusion of Uniswap (UNI) in HashKey's trading pairs marks an important milestone in its operations as it continues to expand its services and cater to the evolving needs of professional investors in the cryptocurrency market. https://www.investing.com/news/cryptocurrency-news/hong-kongs-hashkey-adds-uniswap-to-its-trading-pairs-93CH-3223034

2023-11-06 11:20

The Bank of England and the Financial Conduct Authority (FCA) are working on regulations for stablecoins, digital assets designed to maintain value stability, with the aim of enhancing transaction speed and cost-effectiveness for UK consumers and retailers. The FCA's Sheldon Mills sees stablecoins as a tool for improving "payment efficiency," while Sarah Breeden from the Bank of England emphasizes the importance of robust, transparent regulation. In collaboration with HM Treasury, the Bank of England is implementing regulations for systemic payment systems using stablecoins and related service providers. These measures specifically target sterling-denominated stablecoins used in daily transactions. At the same time, the FCA is developing regulatory approaches for stablecoin issuers and custodians and is seeking industry feedback on these proposals. Both organizations have released discussion papers on potential rules for issuing and holding stablecoins tied to fiat currency values. The Bank's paper contemplates regulation of 'systemic payment system operators' using stablecoins, while the FCA investigates similar rules. They have requested 'public and industry feedback' until February 6, 2024. In addition to these initiatives, the Prudential Regulatory Authority (PRA) has issued a 'Dear CEO letter', outlining 'risk management expectations' for 'digital money issuers'. A 'cross-authority roadmap paper' addressing 'financial innovation' has also been published. This move follows a global trend towards digital assets. For instance, the Swiss National Bank is preparing to trial its first cryptocurrency with six commercial banks. The framework set by the Bank of England underscores secure payment innovations, particularly in retail uses. https://www.investing.com/news/cryptocurrency-news/bank-of-england-and-fca-to-regulate-stablecoins-for-improved-payment-efficiency-93CH-3223013

2023-11-06 11:12

Copyrighted Image by: Reuters. Legal expert Jeremy Hogan has offered a proposal that could significantly reduce the anticipated $770 million fine against Ripple by the U.S. Securities and Exchange Commission (SEC). Speaking on the X social media platform, Hogan suggested that Ripple's penalty should be calculated based on its net profits, taking into account business expense deductions. This approach, he argued, could considerably lower the total amount of the fine. Hogan further noted that only transactions linked to the U.S. are subject to SEC scrutiny, which could potentially limit the scope of any financial penalty. His comments come in the wake of a landmark court ruling in SEC v. Govil, which stipulated that the SEC must demonstrate actual financial harm to investors before demanding significant disgorgement. Ripple's chief counsel Stuart Alderoty applauded the ruling, aligning with Hogan's view that Ripple's contingent liability may hinge on whether XRP investors suffered losses. This perspective suggests that the SEC's "disgorgement" should be drawn from Ripple's net profits rather than gross sales. This comes after the SEC recently moved to dismiss charges against top Ripple executives Brad Garlinghouse and Chris Larsen. Alderoty referred to this move as a "surrender," indicating a potential shift in the ongoing legal battle between Ripple and the regulatory body. Hogan's strategic arguments are rooted in recent case law and the unique circumstances surrounding XRP sales. These factors could play a crucial role in deciding Ripple's financial liability in this high-stakes legal dispute with the SEC. https://www.investing.com/news/cryptocurrency-news/ripple-could-significantly-cut-expected-770m-sec-fine-legal-expert-suggests-93CH-3223007

2023-11-06 10:58

Ethereum, the world's second-largest cryptocurrency, has seen a significant uptick in value, trading at $1,877 with a 24-hour range of $1,863 to $1,911. The trading volume has experienced a substantial 42% surge in the past day. The growth trend aligns with the bullish trend in Bitcoin-influenced assets, reflecting a 5.85% weekly increase and a 16% monthly gain. Ethereum's ascent towards $1900 marks the first time since August that it has reached such heights. The rise in Ethereum's value is fueled by speculation following a significant transaction by an ETH 'smart' whale known as “0xb15”. According to Lookonchain, "0xb15", known for an 87.5% win rate and $13 million in profits, purchased 8,698 ETH from Binance for $15.94 million, depositing 31.8 million USDT. This action, along with the recent sale of 24,495 ETH by the whale, has triggered trader vigilance and belief in Ether’s price surge within the week. Despite this optimistic sentiment, there are indications of potential price volatility. Analyst Maartunn noted a recent $600m+ boost in Ethereum's Open Interest (OI), but an abrupt $400 million loss could instigate a price pullback or correction. Large-scale transfers of Ethereum to exchanges by whales could also sway the price. CoinGape Markets forecasted a bearish breakdown channel pattern that might trigger a 16% decline. However, Ethereum maintains its strong position with a market cap of $227.4 billion and a trading volume of $6.02 billion. Despite Ether's Relative Strength Index (RSI) at 71.43 signaling overbought conditions suggesting potential for a trend reversal, IntotheBlock data shows that Centralized Exchanges (CEXs) have seen a massive ETH outflow of $210 million over the past week. This indicates aggressive purchasing activity by investors and reduced token supply on exchanges. Credible Crypto anticipates Ethereum won't plunge below $1500 again and foresees it reaching $1700 before escalating to $2000. https://www.investing.com/news/cryptocurrency-news/ethereums-value-climbs-amid-speculation-and-whale-activity-93CH-3222942

2023-11-06 10:13

Copyrighted Image by: Reuters In a series of allegations that have sparked debates within the cryptocurrency community, Steven Nerayoff, a former advisor to Ethereum, has publicly accused Ethereum's co-founders Vitalik Buterin and Joseph Lubin of fraudulent activities on social platform X. The accusations, made Sunday, suggest that the scale of the alleged fraud exceeds even that of the notorious FTX scandal involving $8 billion misappropriation. Nerayoff previously implicated the Ethereum co-founders in a character assassination plot tied to an Ethereum Initial Coin Offering (ICO). He now describes Ethereum as an "elephant in the room," implying that the issues surrounding it are a larger concern than the FTX scandal. The ex-advisor also suggests secret dealings between Ethereum and high-ranking U.S. officials like SEC Chairman Gary Gensler and former SEC Chairperson Jay Clayton. These claims, while currently unverified, have raised concerns within the cryptocurrency community. The accusations against Buterin and Lubin come in the wake of Sam Bankman-Fried's fraud at his crypto exchange FTX and Alameda Research. Bankman-Fried now faces a potential 110-year prison sentence for his publicly exposed fraudulent activities. If proven true, these allegations could significantly undermine Ethereum's credibility and legality. However, it is important to note that these claims remain unsubstantiated at this time. https://www.investing.com/news/cryptocurrency-news/ethereum-founders-accused-of-fraud-surpassing-ftx-scandal-93CH-3222837