2023-11-03 11:53

Copyrighted Image by: Reuters Coinbase (NASDAQ:COIN), a leading US cryptocurrency exchange, has suspended its retail staking services in Maryland, effective from today, Thursday, following a cease and desist order issued by the Maryland Securities Commissioner. The decision impacts staking activities where users earn rewards through network security participation. As reported by @dajuiceboxyears and TheCryptoTengu.eth on Thursday, Maryland users will not be able to stake additional cryptocurrencies, and Coinbase will unstake any post-June 5 crypto balance, including accrued rewards. In addition to these measures, the company is currently engaged in legal proceedings with the Maryland Securities Division over the interpretation of state securities laws as they apply to its retail staking services. Despite disagreeing with Maryland’s stance, Coinbase is considering adapting its services. The company hinted at a potential resumption of these services as the order is not a final adjudication. These funds and related rewards will be moved to users' main accounts. Users still have the option to earn rewards on their remaining staked balance without restaking and can opt for voluntary unstaking at any time through Coinbase's Earn tab, subject to standard unstaking periods. Notably, this case could shape the regulatory approach to cryptocurrency regulation in the US and potentially set a precedent for staking services regulation in other states. The U.S. Securities and Exchange Commission (SEC) has also initiated a broader case against Coinbase. This move follows similar proceedings launched against Coinbase on June 6 by securities agencies in ten states, including Alabama, California, Illinois, Kentucky, New Jersey, South Carolina, Vermont, Washington, and Wisconsin. Unlike previous instances where Coinbase restricted staking in four states, Maryland's measures also impact existing staked funds. https://www.investing.com/news/cryptocurrency-news/coinbase-suspends-staking-services-in-maryland-following-regulatory-order-93CH-3221226

2023-11-03 10:12

Argo Blockchain PLC, a prominent player in climate-positive cryptocurrency mining, reported a significant rise in its revenue and daily production for the month of October. Despite a 7% network difficulty increase, the company's daily production saw a 2% uptick, averaging 4.6 Bitcoin or Bitcoin Equivalents (BTC) per day. This growth was facilitated by minimized economic curtailment at their Helios facility and a steadfast commitment to operational excellence across their large-scale mining operations in Quebec and Texas. The UK-based firm's revenue for October increased by 19% to $4.26 million, up from September's $3.59 million. This surge is notable considering the company's stock price experienced a slight decline of 1.4% to 9.00 pence during the same period. Argo Blockchain's mining operations in October yielded a total of 143 Bitcoins or equivalent, reflecting the 2% increase in daily production. Alongside its robust revenue and production growth, the company maintained a reserve of 21 BTC by the end of October. These figures underscore Argo Blockchain's resilience amid rising network difficulties and fluctuating market conditions, highlighting the company's ability to adapt and maintain efficiency within its operations. The company's focus on minimizing economic curtailment at their Helios facility played a crucial role in achieving this growth, demonstrating the effectiveness of their strategic operational decisions. InvestingPro Insights Delving into the real-time data from InvestingPro, Argo Blockchain PLC has seen a slight increase in its price total return over the past six months, with a 3.02% increase. The company's stock closed at a price of 26.25 USD. Despite the slight decline in the company's stock price in October, the return over the last month is strong, as pointed out in one of the InvestingPro Tips. On the other hand, a couple of InvestingPro Tips suggest potential challenges for Argo Blockchain PLC. The company is noted to operate with a significant debt burden and is quickly burning through cash. Additionally, the company's earnings per share are on a declining trend, and analysts do not anticipate the company will be profitable this year. These factors could impact the company's financial stability and future growth. While the company's recent performance shows resilience and adaptability, potential investors should consider these factors when making investment decisions. For a more comprehensive understanding, it's worth noting that InvestingPro offers numerous other tips for Argo Blockchain PLC to help investors make informed decisions. https://www.investing.com/news/cryptocurrency-news/argo-blockchain-reports-revenue-surge-and-daily-production-increase-in-october-93CH-3220773

2023-11-03 09:25

Copyrighted Image by: Reuters In a surprising turn of events, XRP, a digital currency, is gaining widespread interest across the United States, outpacing both Bitcoin and Ethereum in Google (NASDAQ:GOOGL) Trends data over the past month. Certain regions such as Iowa, West Virginia, Louisiana, Montana, and Delaware have shown high levels of search interest in XRP, indicating its growing appeal. This surge in interest comes despite Bitcoin recently breaking out to over $34,000 for the first time in 15 months. However, more than 90% of Americans are currently favoring XRP over Ethereum. This trend is not limited to the US alone. Globally, countries like Japan, South Africa, the Philippines, the UK, and Australia are also showing a dominant interest in XRP. The increased attention towards XRP could potentially lead to a rise in buying activity and investments. This could subsequently provide a boost to its short-term price. Today, even after a recent price decline of 0.74%, XRP stands at $0.607786, marking an overall increase of 10.17% over the past week. The data suggests that XRP's broad-based appeal might be a significant factor in shaping the future landscape of digital currencies. The growing market for XRP in the US and globally signals a potential shift in cryptocurrency preferences among investors and users alike. https://www.investing.com/news/cryptocurrency-news/xrp-gains-traction-over-bitcoin-and-ethereum-shows-google-trends-data-93CH-3220688

2023-11-03 09:23

Copyrighted Image by: Reuters Bitcoin soared to an 18-month high of $36,000 on Binance today, before settling around $35,300. This upward trend triggered a market-wide rally and resulted in a $160 million liquidation of short positions within a 24-hour timeframe. Consequently, Bitcoin's market dominance climbed to 51%, outperforming most altcoins except for Solana (SOL), Uniswap's UNI, ADA, and DOGE. SOL maintained its bullish trend with a significant 33% surge over the past week and a daily gain of 12%, trading at approximately $43.60. Other altcoins such as UNI, ADA, DOGE, and AAVE also saw substantial gains. AAVE led the top 100 altcoins with a near 16% increase. On the other hand, Rollbit's RLB experienced the highest loss in the market at 10.4%. Despite this downturn for RLB, the overall cryptocurrency market demonstrated significant growth driven primarily by Bitcoin's impressive surge. https://www.investing.com/news/cryptocurrency-news/bitcoin-surges-to-18month-high-leads-marketwide-rally-93CH-3220676

2023-11-03 09:06

Copyrighted Image by: Reuters. U.S. authorities, led by U.S. Attorney Philip R. Sellinger, have seized $54 million worth of Ethereum cryptocurrency from Christopher Castelluzzo, a convicted drug dealer operating out of Lake Hopatcong, New Jersey. The seizure is part of an ongoing civil forfeiture action aimed at dismantling illicit activities financed through cryptocurrencies. The cryptocurrency was confiscated from a narcotics distribution scheme that Castelluzzo and his co-conspirators operated between 2010 and 2015. The network utilized the darknet to exchange drugs for cryptocurrencies, amassing 30,000 ether during Ethereum's 2014 Initial Coin Offering and another 30,000 from Ethereum Classic in 2016. In 2021, while serving concurrent 20-year prison terms, Castelluzzo attempted to launder his ill-gotten gains by moving 30,000 ether out of the U.S., potentially to the Bahamas. However, his efforts were thwarted by the authorities. FBI Special Agent James E. Dennehy underscored this case as an example of how criminals exploit cryptocurrencies on the darknet. The incident highlights increasing concerns about the role of cryptocurrencies in facilitating illegal activities. Reports indicate a rise in crypto-mediated drug trades on Darknet Markets (DNMs) and Cryptocurrency Exchanges (CEXs), especially on Russian-language platforms which accounted for over 80% of the $1.49 billion DNM transactions in 2022. In 2023 alone, $32 million was found in drug dealers' CEX wallets. The U.S. Marshals Service has so far auctioned off $366 million worth of seized cryptocurrency. Despite a slow conversion process and a 450% year-on-year growth in payments, as of today, the U.S. government holds approximately 200,000 Bitcoins valued at $6.69 billion, up from $5.3 billion on October 15. The U.S. government has accumulated approximately 200,000 Bitcoins (valued at about $5 billion) through seizures related to criminal activities, including those perpetrated by cybercriminals and on darknet markets. The Castelluzzo case is just one example of the broader issue of cryptocurrency misuse and the challenges authorities face in tracking and seizing these digital assets. https://www.investing.com/news/cryptocurrency-news/us-authorities-seize-54-million-in-ethereum-from-convicted-drug-dealer-93CH-3220645

2023-11-03 09:05

The NZD/USD currency pair is looking to end a three-week losing streak, with early trading today seeing the pair slightly lower at $0.5890/95, a narrow range below $0.59 due to softer US equity futures. Despite this minor setback, the pair has been extending gains for the third day in a row, nearing a two-week high above 0.5900. The recent surge has been driven by a selling bias in USD and upbeat equity markets. A comfortable breach of the 20-Day EMA ($0.5875) has set bullish traders' targets at the November 2 high ($0.5917) and $0.60 handle, while bears are targeting the 20-Day EMA and $0.58 handle. Market participants are eagerly awaiting the Non-Farm Payrolls (NFP) report, which is expected to significantly influence the Federal Reserve's rate decision and hence, the dynamics of USD. Lower US Treasury bond yields, reflecting the market's rate hike expectations, along with a private-sector survey indicating expansion in China's business activity, are supporting antipodean currencies such as NZD. However, concerns over China's economic slowdown and weak domestic employment figures hinting at an unchanged policy rate by the Reserve Bank of New Zealand (RBNZ) are limiting the rise of NZD/USD. In political news, the NZ Nationals have lost two seats in the final election result, necessitating support from two parties for government formation. Market watchers will be keeping an eye on important data releases next week, which include Q4 Inflation Expectations, October Manufacturing PMI, and Card Spending data. https://www.investing.com/news/forex-news/nzdusd-on-track-to-break-threeweek-losing-streak-eyes-on-nfp-report-93CH-3220653