2023-11-04 10:44

In a noteworthy development, October 2023 saw a significant surge in Bitcoin mining revenue, reaching an increase of $131.45 million from the previous month. This positions October as the second highest month for Bitcoin block rewards in 2023, despite a decrease of $5.44 million in fee earnings. The month was marked by the contribution of an impressive 463 EH/s to the Bitcoin blockchain by 43 distinct mining pools. Leading the pack were Foundry USA and Antpool, discovering 28% and 27% of block rewards respectively. Other significant contributors included F2pool and Viabtc, each accounting for about 11% of the total, while Binance Pool (NASDAQ:POOL) found 7.23% of the total blocks. October also saw three successive network difficulty increases, culminating in a record-setting level of 62.46 trillion. This peak represents the most challenging scenario Bitcoin miners have faced to date. The escalating difficulty level is a testament to the increasing competition among miners vying for block rewards. Despite the dip in fee earnings, the substantial increase in mining revenue underscores the robustness of the Bitcoin mining industry. The diverse contributions from multiple mining pools demonstrate the distributed nature of the network and its ability to resist centralization. As we move into November, it remains to be seen how these trends will evolve and what impact they will have on both miners and the broader cryptocurrency market. As always, developments within this dynamic sector warrant close observation. https://www.investing.com/news/cryptocurrency-news/bitcoin-mining-revenue-surges-in-october-despite-fee-earnings-dip-93CH-3222139

2023-11-04 10:33

Copyrighted Image by: Reuters. The cryptocurrency market experienced a significant rally this week, led by Bitcoin, which saw its price approach the $35,000 mark. The rally was spurred in part by speculation surrounding BlackRock (NYSE:BLK)'s spot exchange-traded fund (ETF) application, according to information released on Saturday. This surge in Bitcoin value also sparked a redirection of profits towards altcoins such as Status (SNT), SushiSwap (SUSHI), and Bluzelle (BLZ), reversing their months-long losing streak. Status, SushiSwap, and Bluzelle, all registered substantial gains over the past week, with increases of 108%, 82%, and 39% respectively. This upswing in altcoin performance coincided with the Bitcoin rally, highlighting the interconnectedness of the cryptocurrency market. However, the upward momentum of both Bitcoin and Ethereum paused as the S&P 500 experienced a major rally. This concurrent growth in the stock market and pause in crypto rallies points towards a potential correlation between cryptocurrency and stock market movements. More clarity on this correlation is expected to be provided next week. While the recent cryptocurrency market dynamics have sparked interest among investors, it's important to note that this analysis does not constitute investment advice. The crypto market remains highly volatile and subject to rapid fluctuations, underlining the need for careful consideration before making any investment decisions. https://www.investing.com/news/cryptocurrency-news/bitcoin-rally-fuels-altcoin-surge-as-sp-500-growth-impacts-crypto-momentum-93CH-3222135

2023-11-04 10:31

Copyrighted Image by: Alpha Footage The forthcoming week is set to be pivotal for the cryptocurrency market, with Bitcoin (BTC) and Ethereum (ETH) showing 24-hour gains, according to a recent analysis by Santiment. This comes after a week in which the S&P 500 index experienced a surge of over 6% within four days, while BTC and ETH remained relatively stable. As of today, BTC has seen a 1.12% increase, reaching a value of $34,941.48, while ETH has climbed by 2.03% to $1,835.44. Despite BTC hitting its 24-hour high from a daily low of $34,111.97, its market dominance dipped slightly by 0.20%, indicating that altcoins may have performed better. Currently, BTC represents 52.48% of the total cryptocurrency market cap. Both BTC and ETH have demonstrated positive performance over the past week. The analysis suggests that if cryptocurrencies can disentangle themselves from the influence of the equities market, they could potentially trigger the next bull cycle in the sector. This week's performance will be crucial in determining whether the cryptocurrency market continues its association with the equities market or begins a separate bull run. https://www.investing.com/news/cryptocurrency-news/cryptocurrency-market-poised-for-decisive-week-as-btc-and-eth-make-gains-93CH-3222134

2023-11-04 09:34

Ripple CEO Brad Garlinghouse and SEC Chairman Gary Gensler are slated to be keynote speakers at the upcoming DC Fintech Week, scheduled from November 6-9, 2023. The announcement by the Bank for International Settlements (BIS) has stirred excitement within the cryptocurrency community, given the recent developments in the longstanding legal dispute between Ripple and the SEC. In a surprising turn of events, Ripple's legal battle against the SEC took a favorable turn when the court ruled in July that XRP wasn't a security when sold to the general public, but only when sold to institutional investors. This ruling clarified XRP's status, which had been in question since 2020 when the SEC declared that XRP, which had raised over $1.3 billion via an unregistered security offering in 2013, was a security and not a currency. Following this partial legal victory, the SEC retracted their allegations against Garlinghouse and Ripple's executive chairman Chris Larsen in October. This move has led to heightened expectations for potential discussions on cryptocurrency regulation during DC Fintech Week. The ongoing SEC lawsuit against Ripple for unregistered XRP sales remains a topic of interest within the crypto community. However, Ripple's demonstrated willingness to settle and the recent dropping of charges against its executives have fueled anticipation for a possible confrontation between Garlinghouse and Gensler on stage. In an amusing side note, XRP lawyer John E Deaton has expressed his desire to moderate this anticipated event, promising it would attract a large audience. Garlinghouse is expected to critique the SEC's ambiguous crypto guidelines and discuss the future of cryptocurrency regulation in the US, given Ripple's legal victory against the regulator. These discussions are likely to shape significant conversations on cryptocurrency regulation during DC Fintech Week. https://www.investing.com/news/cryptocurrency-news/ripple-ceo-and-sec-chairman-to-discuss-crypto-regulation-at-dc-fintech-week-93CH-3222123

2023-11-04 09:10

Copyrighted Image by: Reuters. Ripple, a leading cryptocurrency platform, is marking a significant legal victory against the U.S. Securities and Exchange Commission (SEC) in light of the Second Circuit’s ruling in the SEC vs. Govil case. This verdict questions the SEC's power to impose substantial disgorgement without solid proof of investor financial losses. The principle of "no harm, no foul" has become central to Ripple's continuing legal battle with the SEC. Legal analyst Jeremy Hogan has suggested that Ripple's liability hinges on whether XRP investors have truly experienced monetary losses. If an investor bought XRP at a price lower than its current market value, Ripple could avoid responsibility for any financial damages. This scenario places the SEC in a challenging position, potentially leading to a more favorable settlement for Ripple. The SEC's proposed $770 million penalty for institutional sales is under scrutiny if investors haven't been significantly impacted. Lawyer John Deaton has compared this situation to a previous case where the SEC’s initial demand of $23 million was reduced to $130,000, implying that Ripple may be able to successfully negotiate down the fine. Stuart Alderoty, Ripple's Chief Legal Officer, emphasized the importance of this ruling. Pro-XRP lawyer Bill Morgan argued on the X platform that the equitable remedy sought by the SEC should be compensatory rather than punitive. The Second Circuit’s ruling, institutional sales, and the reactions of the XRP community are all crucial elements of this evolving story. The 2nd Circuit court's ruling in the SEC v. Govil case has been welcomed by Ripple's chief lawyer, Stuart Alderoty. The verdict states that the SEC must verify investor losses before demanding disgorgement awards. According to legal analyst Jeremy Hogan, Ripple's liability depends on proven monetary losses by XRP investors. If XRP was purchased at a cost below its current market value, Ripple might avoid damages. The lack of financial losses among the majority of XRP holders could potentially corner the SEC, leading to a favorable settlement for Ripple. Speculations regarding a $770 million fine for institutional sales as Ripple's penalty amount have surfaced. However, levying such a hefty fine could be difficult if investors haven't suffered adverse impacts. https://www.investing.com/news/cryptocurrency-news/ripples-ongoing-sec-lawsuit-influenced-by-recent-court-ruling-93CH-3222118

2023-11-03 21:58

Copyrighted Image by: Reuters Bitcoin experienced a 3% drop in November following a significant 27.9% surge in October, an occurrence that market analysts attribute to traders cashing out gains. This comes shortly after the liquidation of $21.1 million in half a day and a notable decrease from the annual peak trading volume of $14.7 billion last month. The decline in trading volumes suggests an increase in profit-taking activities, with over 81% of Bitcoin investors currently profitable. Despite this, institutional crypto funds have observed their largest weekly inflow in over a year, signaling enduring confidence in Bitcoin among long-term investors. The U.S. Securities and Exchange Commission (SEC) has indicated potential delays in Bitcoin ETF application approvals until 2024. Despite this, there remains strong anticipation for regulatory approval within the crypto community. The Federal Reserve's decision to hold off on interest rate hikes has not had a positive effect on Bitcoin's price as some might have expected. https://www.investing.com/news/cryptocurrency-news/bitcoin-sees-3-decline-after-octobers-surge-amid-profittaking-and-etf-anticipation-93CH-3222070