2023-10-31 11:19

Crypto asset XRP recorded an 11.3% surge in October, reaching a price of $0.58 per token, according to data from CryptoRank. The increase marks a positive end to the month for the digital currency, but its future performance remains uncertain due to the market's inherent volatility. Historical data reveals that XRP's performance in November has been inconsistent. The average return for this month is 77.3%, however, the median return stands at -10.2%. This disparity underscores the unpredictable nature of the crypto market and the potential for significant fluctuations in the value of digital assets. As we approach November, two potential outcomes are projected for XRP. The token could either see a rise to $1 or experience a decline to $0.52. This wide range of possible outcomes further illustrates the volatile nature of the cryptocurrency market. Notably, November 2020 witnessed an exceptional gain of 178.3% for XRP. This past performance adds to the anticipation surrounding the upcoming month and creates intrigue around whether similar gains can be replicated. https://www.investing.com/news/cryptocurrency-news/xrp-sees-october-surge-faces-uncertain-november-93CH-3215241

2023-10-31 11:08

Copyrighted Image by: Reuters. In a recent online discussion, Changpeng 'CZ' Zhao, the CEO of Binance, challenged the prevailing narrative within the crypto community. He expressed his belief that traditional fiat currencies will continue to hold their significance even as cryptocurrencies gain traction. This viewpoint stands in contrast with many of his peers in the crypto industry who advocate for a total transition to digital assets. Zhao used an unusual analogy to illustrate his argument, comparing the relationship between fiat and cryptocurrencies to that of napkins and ties. Just as napkins did not render ties obsolete, he believes cryptocurrencies will not entirely phase out fiat currencies. His comments sparked a debate on the platform, with some users offering counterarguments focusing on the rapid devaluation of fiat currencies. The volatile nature of the cryptocurrency market was underscored by Zhao's own financial situation. His net worth has seen a significant reduction from $96 billion in January 2022 to $17.2 billion, highlighting the inherent risks and fluctuations within this emerging marketplace. Despite this personal financial shift and the ongoing debate between fiat and crypto, Zhao maintains that traditional financial instruments like fiat currencies will persist and coexist with cryptocurrencies as part of the evolving financial sector. https://www.investing.com/news/cryptocurrency-news/binance-ceo-affirms-fiat-currencies-relevance-amidst-crypto-volatility-93CH-3215216

2023-10-31 11:03

Copyrighted Image by: Reuters. XRP Climbs 10% As Investors Gain Confidence Investing.com - XRP was trading at $0.61536 by 07:02 (11:02 GMT) on the Investing.com Index on Tuesday, up 10.28% on the day. It was the largest one-day percentage gain since July 13. The move upwards pushed XRP's market cap up to $31.70138B, or 2.48% of the total cryptocurrency market cap. At its highest, XRP's market cap was $83.44071B. XRP had traded in a range of $0.56302 to $0.61536 in the previous twenty-four hours. Over the past seven days, XRP has seen a rise in value, as it gained 7.19%. The volume of XRP traded in the twenty-four hours to time of writing was $1.72639B or 4.39% of the total volume of all cryptocurrencies. It has traded in a range of $0.5384 to $0.6154 in the past 7 days. At its current price, XRP is still down 81.30% from its all-time high of $3.29 set on January 4, 2018. Elsewhere in cryptocurrency trading Bitcoin was last at $34,445.2 on the Investing.com Index, down 0.29% on the day. Ethereum was trading at $1,801.52 on the Investing.com Index, a loss of 0.68%. Bitcoin's market cap was last at $672.88050B or 52.73% of the total cryptocurrency market cap, while Ethereum's market cap totaled $216.85373B or 16.99% of the total cryptocurrency market value. https://www.investing.com/news/cryptocurrency-news/xrp-climbs-10-as-investors-gain-confidence-3215184

2023-10-31 10:55

Copyrighted Image by: Reuters Bitcoin's recent surge to $35,000 can be attributed to four key factors: volume, implied volatility, market depth, and funding rates, according to data from the digital assets platform Kaiko. Amid a summer trading slowdown and reduced volatility, the market structure experienced a shift following rumors of a fake approval of a Bitcoin spot ETF tied to BlackRock (NYSE:BLK). Despite increased trading activity, Bitcoin liquidity has remained stable, with order books within 1% of the mid-price remaining steady. Kaiko anticipates near-term volatility to be minimal in the absence of a significant catalyst until December. However, an announcement from the Securities and Exchange Commission (SEC) regarding a spot Bitcoin ETF in January could spur market activity. The digital asset has displayed negative correlation with equities like the Nasdaq 100 since July, as it was influenced by geopolitical events. Bitcoin recently climbed to its highest level since May 2022. https://www.investing.com/news/cryptocurrency-news/bitcoin-surges-to-35000-amidst-rumors-and-market-shifts-93CH-3215199

2023-10-31 10:44

Copyrighted Image by: Reuters. Investors in the cryptocurrency market are closely watching the developments surrounding the Bitcoin (BTC) spot Exchange-Traded Fund (ETF), which is currently trending sideways as it awaits approval from the U.S. Securities and Exchange Commission (SEC). Valkyrie Funds has recently filed an amendment prospectus, indicating active backstage movements, according to Bloomberg analysts. The SEC is scheduled to hold a closed-door meeting on November 2, its first since the Bitcoin Investment Trust (BITCO) launch leaks and following the deadline for Grayscale's appeal. The meeting will address several critical issues, including litigation matters, as noted by Attorney Scott Johnsson. One of the key points of discussion is expected to be the SEC's case against Ripple, considering Ripple's leverage with documents related to a speech by former SEC official William Hinman. The court's impending deadline for a briefing schedule proposal on remaining charges against Ripple also adds significance to this matter. The SEC may have to make a decision on settlement terms related to the Programmatic Sales ruling that could potentially restrict an appeal. Other topics that might be discussed include the SEC's case against Coinbase (NASDAQ:COIN) and the review process for the BTC-spot ETF. https://www.investing.com/news/cryptocurrency-news/crypto-markets-eye-sec-meeting-as-btcspot-etf-awaits-approval-93CH-3215101

2023-10-31 10:30

Copyrighted Image by: Reuters. UBS and PwC emerged as leading advisers in the power sector's M&A landscape for Q1-Q3 2023, according to data released by GlobalData. UBS advised on deals worth $17.1 billion, securing its position through key roles such as the $15 billion Toshiba (OTC:TOSYY) acquisition by TBJH. In terms of volume, PwC led with 14 transactions, a significant rise from its 11th place in Q1-Q3 2022. Other notable advisers included Goldman Sachs with $11.3 billion worth of advised deals, followed by Bank of America, Barclays, and Citi with $9.5 billion, $8.7 billion and $8.5 billion, respectively. On the other hand, in the oil and gas sector's M&A landscape for the same period, Morgan Stanley and RBC Capital Markets were identified as leading advisers. Morgan Stanley led by value with $53.7 billion in deals, including one mega-deal over $10 billion, while RBC Capital Markets led by volume with 29 deals that included 10 billion-dollar deals. Goldman Sachs, Bank of America, and Perella Weinberg Partners followed in terms of value with $43.9 billion, $34.4 billion, and $30.9 billion, respectively. In terms of volume in the oil and gas sector, JP Morgan was second with 16 deals, followed by Evercore, Citi, and Barclays. GlobalData highlighted Morgan Stanley's achievement of surpassing $50 billion in deal value and underscored the significant role these financial advisers play in their respective sectors' M&A landscapes. In terms of volume in the power sector after PwC's lead with 14 deals, KPMG was the second most active adviser with 12 deals, followed by Rothschild & Co and Ernst & Young each with 11 deals, and UBS with eight. https://www.investing.com/news/commodities-news/morgan-stanley-ubs-lead-in-oil-and-gas-power-sector-ma-advising-93CH-3215045