2023-10-31 21:39

Crypto exchange Binance has been grappling with a series of challenges in recent months, marked by a significant drop in trading volumes, regulatory issues, and the departure of numerous top-level executives. As of October 2023, Binance's trading volumes fell to 50%, down from 74% in December 2022. This decline occurred as Bitcoin's value rose to $34,000 and competitor OKX saw its market share surge over 50%. Adding to the company's woes, several high-ranking executives have left Binance. The list includes Stephanie Cabossioras, Jonathan Farnell, Brian Schroeder, Krishna Juvvadi, Sidney Majalya, Patrick Hillmann, Mayur Kamath, Helen High, Vladimir Smerkis, Gleb Kostarev, Leon Fung, Matthew Price, Stephen Christie, Hong Ng, and Steve Milton. The crypto exchange has also been facing legal problems on multiple fronts. The company lost its licenses in several European countries and faced charges from the United States, France, Brazil, and Great Britain. The allegations include money laundering, trading unregistered securities, and violating international sanctions against Russia. In France specifically, Binance's division is under investigation for operating without a license and is facing aggravated money laundering allegations. These challenges have had a substantial impact on Binance's CEO Changpeng Zhao. His fortune has plummeted from $96.6 billion in January 2023 to $17.2 billion as of October 2023. Despite these setbacks and growing security concerns prompting calls for users to withdraw funds, Binance remains the largest crypto exchange. The company reported a revenue of $7.6 billion in 2023. https://www.investing.com/news/cryptocurrency-news/binance-trading-volumes-slide-as-regulatory-woes-and-executive-exits-mount-93CH-3216081

2023-10-31 21:26

Cryptocurrency exchange Binance is set to expand its futures platform by incorporating Celestia (TIA), a layer 1 blockchain coin. The futures contract, which has a leverage ratio of 50x, is scheduled to launch at 21:00 Turkey time (UTC+3) Today. Celestia was initially distributed via an airdrop and is currently valued at $2.23 per coin, with a market cap of $163 million. There are currently 74 million coins in circulation from a total supply of 1 billion, suggesting a possible market cap of $2.2 billion if fully circulated. Prior to this development, Binance had already introduced TIA as spot in multiple trading pairs, notably alongside the Turkish Lira. This move signals the exchange's continued commitment to diversifying its offerings and providing traders with a wide range of options for investing in digital assets. https://www.investing.com/news/cryptocurrency-news/binance-to-launch-celestia-futures-contract-with-50x-leverage-93CH-3216078

2023-10-31 21:23

Copyrighted Image by: Reuters. Bernstein analysts predict a significant surge in Bitcoin's value, potentially reaching $150,000 by mid-2025 from its current price of $35,000. This bullish prediction surpasses Bitcoin's all-time high of $67,000 and hinges on the potential approval of a Bitcoin exchange-traded fund (ETF) by the Securities and Exchange Commission (SEC) by the first quarter of 2024. The forecast suggests that SEC approval could divert approximately 10% of Bitcoin's circulating supply into ETFs. This would provide traditional investors with direct access to Bitcoin, which Bernstein views as a commodity. Currently, Grayscale's Bitcoin Trust (GBTC), which holds about 3% of all Bitcoin, is the only similar investment option available. Investor optimism remains high despite past SEC resistance to a Bitcoin ETF, bolstered by a key court ruling favoring Grayscale in its lawsuit against the SEC. Further optimism stems from potential ETF involvement by leading asset managers such as BlackRock (NYSE:BLK) and Fidelity. Bernstein also initiated coverage on several Bitcoin mining companies, predicting that the "halving" event in April 2024 will eliminate less efficient miners and enhance gains for the rest. The analysts favor Riot Platforms (NASDAQ:RIOT) and CleanSpark (NASDAQ:CLSK), market share consolidators with "outperform" ratings due to their counter-cyclical investment strategies and continued investment in Bitcoin self-mining capacity. Conversely, Marathon Digital (NASDAQ:MARA), despite being the largest miner, received a "market-perform" rating with an $8.30 price target due to its higher production costs and reliance on hosting partners. However, this optimistic scenario faces potential obstacles including ongoing criticism from SEC Chair Gary Gensler, recent legal complications such as the Binance lawsuit, and the fraud trial of former FTX CEO Sam Bankman-Fried, along with FTX's bankruptcy. Despite these challenges, Bernstein's prediction underlines the potential for significant growth in Bitcoin's value, contingent on regulatory developments and the evolving landscape of cryptocurrency mining. https://www.investing.com/news/cryptocurrency-news/bitcoin-predicted-to-hit-150000-by-2025-boosted-by-potential-etf-approval-93CH-3216072

2023-10-31 21:04

Riding on a wave of positive market sentiment, XRP, the digital token associated with Ripple, has surged past the crucial $0.6 resistance level, marking a 6% growth within a 24-hour period. This uptick has brought XRP back to its mid-August trading levels. The cryptocurrency is on track to conclude October with a 15.27% rise, outperforming the monthly growth figures of other popular digital currencies such as Litecoin and Stellar. This surge has been fueled by several key developments, including the rejection of an appeal request by the U.S. Securities and Exchange Commission (SEC) and the conclusion of a lawsuit implicating Brad Garlinghouse and Chris Larsen in promoting unregistered XRP securities sales. These legal victories have provided much-needed legal clarity for XRP, paving the way for both U.S.-based and international expansions. The bullish trend for XRP appears to be undeterred by bearish indicators. Market sentiment has been further bolstered by the buzz surrounding BlackRock (NYSE:BLK)'s Bitcoin ETF approval by the U.S. SEC. This development, coupled with a substantial triple-digit increase in trading volume to $2.2 billion, has invigorated XRP's rally. Analysts project that if Bitcoin soars due to ETFs, altcoins like XRP are likely to follow suit. The recent events have acted as catalysts for XRP's growth, indicating a potential for sustained momentum in the coming weeks. https://www.investing.com/news/cryptocurrency-news/xrp-outperforms-litecoin-and-stellar-surges-back-to-midaugust-levels-93CH-3216059

2023-10-31 21:02

Litecoin marked its 12th anniversary by reaching an all-time high (ATH) in network hashrate at 1.1 petahashes per second (PH/s), as reported by the Litecoin Foundation today. This achievement demonstrates the robustness of its blockchain security, which has seen consistent growth from 1 terahash per second (TH/s) in August 2014 to over 750 TH/s in August 2023. In addition to this milestone, the network recorded a total of 180 million transactions over its operational years, a clear indication of increased usage and adoption of the cryptocurrency. The on-chain analytics firm Santiment noted a significant uptick in Litecoin's address activity and whale transactions in October, mirroring levels seen in June 2023. Despite these advancements in security and usage, Litecoin's price showed signs of consolidation. It peaked at $72.45 on Sunday, October 24, before falling slightly to $69.44. This price movement underscores the cryptocurrency's performance since August, when it began to show signs of stabilization after a period of volatility. https://www.investing.com/news/cryptocurrency-news/litecoin-records-new-alltime-high-in-network-hashrate-on-12th-anniversary-93CH-3216057

2023-10-31 20:57

Copyrighted Image by: Reuters. Bernstein Research, a division of AllianceBernstein (NYSE:AB), projects the U.S. Securities and Exchange Commission (SEC) will approve the first spot Bitcoin Exchange-Traded Fund (ETF) by January 10, 2024. This prediction follows the SEC's decision not to contest the Grayscale verdict and its ongoing involvement in ETF application dialogues. Neel Maitra, a former SEC official, shares Bernstein's anticipation of a forthcoming spot Bitcoin ETF. Maitra cites the substantial correlation between Bitcoin futures and the spot market as a key factor supporting this expectation. Several prominent entities including BlackRock (NYSE:BLK), ARK Investment Management, Fidelity, Bitwise, VanEck, Wisdomtree, and Invesco have submitted applications for spot Bitcoin ETFs. As of today, the SEC is reviewing eight to ten such proposals. Despite recent price volatility, Bitcoin has maintained a monthly gain of 25.79%. The market demonstrated an optimistic response to unfounded news of a Bitcoin ETF approval, suggesting potential price increases upon actual endorsement. https://www.investing.com/news/cryptocurrency-news/bitcoin-etf-approval-expected-by-early-2024-following-secs-active-discussions-93CH-3216046