2023-10-31 17:25

Copyrighted Image by: Reuters Stratis' native token, STRAX, has been demonstrating a significant performance in the cryptocurrency market, with a growth trajectory that surpasses Bitcoin, Ethereum, and Binance Coin. Data from CoinMarketCap highlights the impressive gains of STRAX, with a 24-hour increase over 24% and a seven-day surge of 75%. The trading volume also experienced a substantial boost, spiking nearly 150% to more than $139 million. On an annual basis, STRAX's growth trajectory has soared by 102.26%, and its performance over the past 30 days indicates an increase of over 122.60%. This robust performance stands in stark contrast to other major cryptocurrencies. Bitcoin's annual growth is around 60%, while Ethereum's is only 13.63%. In the meantime, Binance Coin has seen a decline of more than 26% to $226.88 from $326 last year. STRAX's price has made a significant leap from $0.4728 to $1.08, reflecting its sustained bullish trend throughout the year. The success of STRAX is largely attributed to the Stratis' Blockchain as a Service (BaaS) platform. This platform facilitates the development and deployment of blockchain applications, contributing to the strong performance of STRAX in the crypto market. https://www.investing.com/news/cryptocurrency-news/stratis-strax-token-outpaces-bitcoin-ethereum-and-binance-coin-93CH-3215827

2023-10-31 17:25

Copyrighted Image by: Reuters Polygon (MATIC) has witnessed a notable 22% increase in the past month, despite a minor 0.3% price dip recently, placing its current price at $0.64 and its market cap at $5.95 billion. The cryptocurrency's trading volume saw a significant rise, with an increase of 38% reaching the $275 million mark in just one day. Despite the overall positive market performance, Santiment data revealed a substantial decline in MATIC's whale activity and social volume by 86.5% and 63% respectively over the past week. This drop comes as an unexpected development given the recent uptick in trading volume. In an interesting turn of events, Polygon's open interest has risen from $135 million to $170 million in the span of two weeks. This indicates an increased interest in derivative contracts among investors. In parallel to these market dynamics, a member of the Lido Finance community proposed a halt to Polygon staking due to its low defi Total Value Locked (TVL), identifying it as a "potential risk." This proposal was made amidst the backdrop of fluctuating market activity surrounding Polygon. On another front, the Polygon team has launched the POL token on the Ethereum network, marking a significant step forward for the cryptocurrency. The introduction of the POL token signals ongoing development and potential growth opportunities within the Polygon ecosystem. https://www.investing.com/news/cryptocurrency-news/polygon-sees-22-monthly-gain-and-introduces-pol-token-on-ethereum-network-93CH-3215838

2023-10-31 16:25

Copyrighted Image by: Reuters. On Tuesday, Bitcoin's mining difficulty surged by 6.47% to a record 61.03T hashes per block, driven by the impending Bitcoin halving event, potential energy cost spikes, and global uncertainties impacting Bitcoin's value and miner profitability. As miners ramp up their efforts in anticipation of the halving event that will cut block payouts from 6.25 to 3.125 BTC, concerns about network centralization have been amplified due to the consolidation of power by larger operations. To mitigate this, miners are forming pools to share resources and profits. In response to these challenges, miners are maximizing returns before the halving event by investing in energy-efficient hardware like Application-Specific Integrated Circuits (ASICs) and optimizing energy usage. This increased difficulty could lead to further centralization of the Bitcoin network, triggering debates about its decentralization principles. On Friday, Bitcoin's mining hashrate hit a record high of 543 EH/s, indicating a secure network ahead of the April 2024 halving event. CoinMarketCap data shows Bitcoin trading above $34,000 with a week-on-week increase of 12% and a year-to-date gain exceeding 100%. Bullish predictions are tied to the potential approval of a spot Bitcoin ETF by the US SEC. Financial analyst CryptoCon posted on Twitter forecasting Bitcoin reaching $45,000 in November. Despite trading 50% below its all-time high, 80% of Bitcoin addresses are profitable at $34,000 according to Glassnode. A record 39.1 million addresses were in profit on Saturday, surpassing the November 2021 peak of 38.1 million, despite the FTX meltdown in December 2022 causing peak losses for over 20 million addresses. The total non-zero balance addresses have now reached 48.3 million, indicating a growing interest and participation in the Bitcoin network. https://www.investing.com/news/cryptocurrency-news/bitcoin-mining-difficulty-hits-record-high-amid-bullish-predictions-and-upcoming-halving-event-93CH-3215775

2023-10-31 16:23

Cryptoinsightuk, a crypto market educator, has predicted a significant price surge for the digital currency XRP, in light of recent regulatory shifts and historical price trends. Today, the analyst emphasized that XRP, once labeled an unregistered security by the Securities and Exchange Commission (SEC), is now a non-security. This change follows a lawsuit by the SEC against Ripple, which initially resulted in a 68% price drop for XRP. Cryptoinsightuk argued that this regulatory hurdle had previously impeded XRP's potential breakout. In contrast to XRP's previous struggles, Bitcoin and Ethereum witnessed a 94% rally and 120% increase respectively. Despite this disparity, the crypto educator anticipates XRP to lead the next market cycle. He predicts a target price range of $4.10 to $5.50 for XRP as Bitcoin and Ethereum begin their new market cycle at $35,000 and $1,800 respectively. The optimistic forecast for XRP comes despite the digital currency still being 1,187% away from its all-time high. According to Cryptoinsightuk, this scenario is supported by data analysis and he sees no significant barriers to a substantial price increase now that the regulatory issues have been resolved. https://www.investing.com/news/cryptocurrency-news/crypto-analyst-foresees-xrp-price-surge-amid-easing-regulatory-concerns-93CH-3215777

2023-10-31 16:07

The US Dollar to Canadian Dollar (USD/CAD) exchange rate has reached a one-year high, following an underwhelming performance of Canada's economy in the third quarter of 2023. The flat Q3 GDP comes on the heels of a slight dip in Q2, falling short of the Bank of Canada's growth projection of +0.8%. Goods-producing industries, predominantly agriculture, have been on a downward trend for five consecutive months due to drought conditions in Western Canada. This downturn was further exacerbated by early quarter disruptions from fire and strikes, a decline in retail sales, and a stall in the post-pandemic recovery of food and accommodation services. CIBC warns that this downturn may undervalue the actual economic strength. Despite the current economic climate, Canada has experienced robust population growth and many homeowners have yet to feel the impact of higher interest rates. In response to these factors and in an effort to prevent further economic decline, CIBC forecasts that the Bank of Canada will transition from rate hikes to cuts next year. This prediction is based on the expectation that a rate reduction will stimulate economic activity and counterbalance the challenges currently facing goods-producing sectors. https://www.investing.com/news/forex-news/flat-q3-gdp-pushes-usdcad-to-oneyear-peak-amid-forecasted-rate-reduction-93CH-3215762

2023-10-31 15:52

Copyrighted Image by: Reuters. The U.S. Securities and Exchange Commission (SEC), under the leadership of Chairman Gary Gensler, is currently reviewing several spot Bitcoin Exchange Traded Fund (ETF) filings, including those from Valkyrie and Grayscale. This follows a trend of amendments to applications by various crypto entities such as Bitwise, BlackRock Inc (NYSE:BLK)., Fidelity Investments, Grayscale Investments, VanEck, and ARK Invest. Today, Valkyrie Investments announced an update to its spot Bitcoin ETF filing, following a delay in the SEC's decision. The revised form S-1 registration statement allows investors to purchase common shares backed by Bitcoin, which are traded under the ticker "BRRR" on Nasdaq. This move mirrors similar changes made by other firms in the crypto space. According to ETF analysts at Bloomberg, these amendments suggest there is ongoing backstage activity and progress within the industry. Despite the trend, some firms including WisdomTree, Invesco & Galaxy, Global X, Hashdex, and Franklin Templeton have not yet updated their filings. The SEC is currently evaluating eight to ten additional potential spot Bitcoin ETF applications. In addition to reviewing Valkyrie's amended prospectus, the SEC has authorized it to convert its Bitcoin futures ETF into a combined investment vehicle that involves both Bitcoin and Ether futures contracts. Furthermore, the SEC is due to hold a pivotal closed-door meeting on November 2nd to discuss Grayscale's application as per a U.S. Court of Appeals mandate. These unfolding events hold significant potential for the future of cryptocurrency investments and are being closely observed by the crypto community. InvestingPro Insights In light of the recent developments in the crypto space, let's take a moment to examine some InvestingPro data and tips that could further illuminate the investment landscape. InvestingPro data shows a strong return for BTF over the last year, with a 63.62% total price return. This robust performance has continued into the shorter term, with a 26.25% return over the last month and a 15.48% return over the last three months. This data aligns with the InvestingPro tip that BTF has demonstrated strong returns over various periods. Moreover, BTF is trading near its 52-week high, with the price being 98.92% of the 52-week high. This is consistent with the InvestingPro tip that the company is trading near its 52-week high, which may be an indicator of its strong market sentiment. However, potential investors should also take note of a couple of InvestingPro tips that highlight some challenges. BTF suffers from weak gross profit margins, and its valuation implies a poor free cash flow yield. These are important factors to consider in the context of the broader market trends and the specific dynamics of the crypto industry. For those interested in gaining more insights like these, InvestingPro offers a wealth of additional tips to help navigate the complex world of investing. https://www.investing.com/news/cryptocurrency-news/valkyrie-modifies-bitcoin-etf-filing-sec-to-review-grayscales-application-93CH-3215742