2023-11-03 18:07

Copyrighted Image by: Reuters. John E. Deaton, a lawyer supporting Ripple and its associated cryptocurrency XRP, has recently addressed concerns about Ripple's commitment to XRP on social media platform X (formerly Twitter). These concerns arose despite Ripple's recent expansion into Dubai, which was approved by the Dubai Financial Services Authority (DFSA), and a partnership with the National Bank of Georgia. Deaton highlighted Ripple's substantial financial investment in XRP, which he believes makes it unlikely for the company to abandon the token. According to Deaton, Ripple currently owns between $48 billion to $50 billion worth of XRP. If the price of the token were to reach $2, Ripple's asset value would surge to an estimated $100 billion. The lawyer also traced Ripple's financial growth over the years through various funding rounds. Starting from a valuation of $128 million in Series A funding in 2015, the company reached a valuation of $410 million in Series B. Finally, it culminated in a massive $10 billion valuation in Series C. Notably, during its Series C round last year, Ripple repurchased its shares at a price 50% higher than its original value. Deaton's comments come amidst concerns from some community members about the stagnant price of XRP. These concerns persist even as Ripple achieves significant milestones, such as partnerships with international banks and expansion into new markets. Some attribute this stagnation to Ripple's ongoing lawsuits with the Securities and Exchange Commission (SEC), while others believe that XRP can only demonstrate its true potential once all legal issues are resolved. In addition to highlighting Ripple's commitment to XRP, Deaton also mentioned the company's On-Demand Liquidity Services (NASDAQ:LQDT) (ODL). This service recently collaborated with Al Maryah Community Bank and LuLu Exchange in the United Arab Emirates for real-time international payments. This collaboration is likely to bolster the use of XRP in global financial transactions. Despite the legal challenges and market concerns, Ripple's XRP has shown a bullish pattern recently. Since September 2023, the price of the token has increased by 32%. This increase, coupled with Ripple's recent expansion and partnerships, suggests a promising future for both Ripple and XRP. https://www.investing.com/news/cryptocurrency-news/ripple-maintains-commitment-to-xrp-amidst-expansion-and-legal-challenges-93CH-3221944

2023-11-03 17:48

Copyrighted Image by: Reuters. Today, the cryptocurrency market experienced a mixed trend with Solana (SOLUSD) leading the losses, falling by 3.35% to $39.50. This marked the largest decline among cryptocurrencies during Friday's trading. Bitcoin (BTCUSD) also reported a loss, falling by 1.01%. Other cryptocurrencies such as Polkadot (DOTUSD), Dogecoin (DOGEUSD), Uniswap (UNIUSD), and Cardano (ADAUSD) followed suit with losses. On the other hand, Polygon (MATICUSD) led the gains with a 1.14% rise to 66 cents. Ripple (XRPUSD) and Ethereum (ETHUSD) also reported increases, standing out in an otherwise bearish day for the crypto market. In relation to crypto-related companies, Block Inc.'s shares surged significantly by 15.21%, marking a notable increase in today's trading. Coinbase (NASDAQ:COIN) Global Inc.'s shares climbed by 2.15%, while Riot Platforms (NASDAQ:RIOT) Inc., Overstock.com (NASDAQ:OSTK) Inc., and Tesla (NASDAQ:TSLA) Inc.'s shares also reported gains. However, not all companies enjoyed a positive day, with MicroStrategy Inc., Marathon Digital (NASDAQ:MARA) Holdings Inc., and Ebang International Holdings Inc.'s shares falling, with Ebang notably dropping by 1.13%. In the tech sector, shares of PayPal Holdings Inc (NASDAQ:PYPL)., NVIDIA Corp (NASDAQ:NVDA)., and Advanced Micro Devices (NASDAQ:AMD) Inc. increased, with NVIDIA leading the pack with a climb of 1.71%. Turning to the fund sector, both Amplify Transformational Data Sharing ETF and Bitwise Crypto Industry Innovators ETF posted gains today. Amplify climbed notably by 1.49%, while Bitwise saw an increase of 0.47%. However, Grayscale Bitcoin Trust witnessed a slight decrease in its value. https://www.investing.com/news/cryptocurrency-news/solana-leads-crypto-downturn-as-block-inc-shares-surge-93CH-3221921

2023-11-03 17:02

Copyrighted Image by: Reuters BitMEX co-founder Arthur Hayes continues to uphold his bold prediction of Bitcoin reaching a seven-figure milestone, driven by the global central bank's yield curve control (YCC) mechanisms. His forecast is based on the current monetary policy environment, which includes the Federal Reserve's decision to tighten policy and China's monetary easing. Today, Hayes reiterated his forecast that Bitcoin's value will surge by 2,738% to hit $1 million, primarily due to the extensive purchases of long-term bonds by central banks aimed at restricting long-term interest rates. He emphasized the role of the U.S.'s loose monetary policy in this surge, despite the Federal Reserve's recent tightening actions. Hayes initially proposed this significant Bitcoin valuation in an essay published in March, linking it to China's relaxed monetary policy. He argued that the Federal Reserve's recent freeze on interest rate hikes marks a phase for financial asset growth. This development is predicted to trigger a global easing of monetary policies among other central banks. In anticipation of widespread stimulus measures from China, Europe, and Japan, Hayes plans to expedite his shift from treasury bills into Bitcoin and other cryptocurrencies. At present, Bitcoin trades at $35,230. The BitMEX co-founder further predicts a policy easing trend among other central banks, which he believes will further encourage cryptocurrency growth. This comes on the back of his previous projection of this Bitcoin milestone earlier this year. https://www.investing.com/news/cryptocurrency-news/bitcoin-to-hit-1-million-mark-predicts-bitmex-cofounder-93CH-3221900

2023-11-03 15:39

Copyrighted Image by: Reuters. India's foreign exchange reserves saw a significant increase, despite a notable foreign investor pullout, ending the week of October 27 with a total of $586.111 billion, a surge of $2.579 billion according to the Reserve Bank of India (RBI). This considerable rise was largely attributed to the maturity and reversal of a $5 billion dollar-rupee swap agreement between RBI and various banks that had been in place for one-and-a-half years, resulting in a seamless transfer from banks' accounts to RBI's account. The Indian rupee depreciated by 5 paise against the US dollar, closing Friday at an exchange rate of 83.29. Despite these dynamics and the foreign investor pullout of Rs 17,875 crore, stability in foreign currency assets was maintained through RBI's regular spot interventions and fluctuations in asset values. Meanwhile, on Friday, Pakistan's forex market operated from 9 am to 5 pm setting fluctuating exchange rates for several currencies including USD, SAR, GBP, AED, and EUR. These rates not only influenced interbank transactions but also retail ones differently and set the tone for the next day's opening rates. In relation to the Indian rupee, the Pakistani rupee concluded Friday with an exchange rate of 3.41. The fluctuations in exchange rates between these two neighboring nations are closely watched by traders and economists due to their interconnected economies. In Indian stock market news, the benchmark Sensex rose by 0.44 percent or 283 points to close at 64,363.78 on Friday. The performance of this index often reflects investor sentiment towards the overall health of the Indian economy and can impact forex reserves and currency exchange rates. https://www.investing.com/news/forex-news/rupee-exchange-rates-fluctuate-as-indias-forex-reserves-surge-93CH-3221831

2023-11-03 15:33

Copyrighted Image by: Reuters Dogecoin (DOGE) could experience a 30% surge by 2024, potentially reaching $0.090, if it maintains the $0.069 weekly support zone, according to a recent analysis. This prediction was based on the cryptocurrency's breakout from a multi-year descending triangle and a buy signal from the TD Sequential indicator. Analysts remain optimistic about Dogecoin's future despite its recent fall below the Channel Top following a +31% rally from the Channel Bottom. Rekt Capital, however, has cautioned investors about potential risks if Dogecoin fails to reclaim its position. Rekt Capital further highlighted Dogecoin's potential breakout from its year-long descending channel pattern, which has been in place since last year's peak. The pattern has faced five upper trendline rejections over the past year. Despite this, traders' "buy-the-dip" behavior has provided relief under key resistance. The firm identified a decisive breakout signal as a weekly close above the channel’s top, which could herald a bullish trend. Price targets based on Fibonacci retracement levels and Exponential Moving Averages (EMAs) are concentrated in the $0.0660 to $0.0684 bracket. If Dogecoin successfully breaks out of this pattern, it will target an initial major price level of $0.0785. Subsequent targets include $0.0938, $0.1062, $0.1186, and $0.1363, with the ultimate aim to surpass the November 1 high of $0.1588. These trends and predictions will be further discussed at Benzinga's Future of Digital Assets event. https://www.investing.com/news/cryptocurrency-news/dogecoin-eyes-30-surge-with-potential-breakout-from-yearlong-descending-channel-93CH-3221826

2023-11-03 14:59

In an ongoing effort to improve user trading experience, Bitfinex, a prominent cryptocurrency exchange, announced its decision to delist eight altcoins: BTSE, CLO, DGB, MOB, ONE, PLANETS, RBTC, and LAI. This decision followed a comprehensive review and continuous monitoring of project listings. The halt on deposits and trading for these altcoins will commence from November 9, 2023. Following this date, any open orders that remain uncanceled will be automatically terminated by the platform. Despite the trading suspension, users will have the opportunity to initiate token withdrawals until January 2, 2024. To avoid potential complications with the upcoming changes, Bitfinex has strongly recommended that users withdraw these tokens as early as possible. The move is part of the exchange's commitment to maintaining a robust and efficient trading environment for its users. https://www.investing.com/news/cryptocurrency-news/bitfinex-to-delist-eight-altcoins-following-comprehensive-review-93CH-3221804