2023-10-31 00:00

Copyrighted Image by: Reuters. The cryptocurrency XRP has demonstrated resilience in the face of market uncertainty, with its price increasing by 1.2% to $0.5537 on Monday. This increase coincides with a significant rise in trading volume, which has surged by 57% to reach $797.9 million, reinforcing XRP's standing in the current market scenario. In addition to these market dynamics, Whale Alert reported two major XRP transactions earlier this week. The first transaction involved the movement of 50 million XRP, equivalent to $27.6 million, from CryptoCom exchange to an anonymous wallet. This outflow could be related to safekeeping or over-the-counter (OTC) transactions that typically go undetected on-chain. The second transaction saw 26.7 million XRP ($14.8 million) transferred from an unknown wallet to the Bitstamp exchange. This inflow could indicate a potential sell-off, as some market observers interpret such moves as warning signs of an impending sell-off. Alternatively, it could be earmarked for passive-earning products available on Bitstamp's platform. Despite the uncertain intentions behind these transactions causing a somewhat bearish outlook among some participants, XRP's price and trading volume have shown strength, indicating a continued interest in this digital asset. https://www.investing.com/news/cryptocurrency-news/xrp-sees-major-transactions-and-price-resilience-amid-market-uncertainty-93CH-3214536

2023-10-30 20:54

Copyrighted Image by: Reuters. In the run-up to the Federal decision on interest rates due on Wednesday, November 1, cryptocurrency Optimism (OP) has been trading within a distinct range. The crypto asset hit a barrier at $1.45 before retreating to a liquidity level of $1.35, according to data from TradingView. The liquidity level between $1.33 and $1.35 has historically served as an attractive entry point for OP bulls, while the barrier range from $1.40 to $1.46 has proven to be a profit-taking zone for short-term investors. The future trajectory of OP's current range trend is closely tied to Bitcoin's ability to breach the $35K threshold prior to the Federal announcement. For OP to successfully break out from its near-term range pattern, it must overcome hurdles at price points of $1.50 and $1.59. Failure to do so could trigger a bearish downturn, directing the digital currency toward its reliable support floor between $1.26 and $1.28. Market indicators such as the Chaikin Money Flow and On-Balance-Volume (OBV) highlight above-average capital inflows and spot market demand for OP. These indicators suggest near-term liquidation of around $1.67M on each side. As investors watch for the Federal decision on interest rates, the performance of OP and other cryptocurrencies may be significantly influenced by these macroeconomic events and market sentiments, underscoring the interplay between traditional financial markets and digital assets. https://www.investing.com/news/cryptocurrency-news/optimisms-trading-range-hinges-on-bitcoin-federal-interest-rate-decision-93CH-3214469

2023-10-30 20:51

Copyrighted Image by: Reuters On Monday, Ethereum (ETH) experienced a significant increase in call options trading, with over 140,000 contracts traded, according to Greeks Live. Investors primarily purchased monthly options in the 1650/1700/1800 range, set to expire on Nov. 24. These trades represent a notional value surpassing $250 million. The trading activities also encompassed an uptick in both put and call sales and buys. This resulted in the closure of previous sell positions and an increase in short-term implied volatility. The latter suggests an anticipation of heightened price volatility in the near future. This bullish trend in Ethereum contrasts with a CoinShares report that indicated $6 million outflows from the second-largest cryptocurrency. This occurred despite an overall optimistic sentiment towards Bitcoin causing inflows into altcoins. In related news, Ethereum co-founder Vitalik Buterin reportedly saw weekly gains of $42 million. At the same time, MATIC, a digital currency, experienced a 4% slide. Polygon, a protocol and a framework for building and connecting Ethereum-compatible blockchain networks, introduced a new token contract on the Ethereum platform. https://www.investing.com/news/cryptocurrency-news/ethereum-call-options-see-bullish-surge-amid-altcoin-inflows-93CH-3214459

2023-10-30 20:18

Copyrighted Image by: Reuters Seychelles-based cryptocurrency exchange, BitMEX, has announced a significant shift in its Bitcoin (BTC) deposit address format. Starting November 1, 2023, BitMEX will implement the pay-to-witness-public-key-hash (P2WPKH) format, also known as native Segregated Witness (SegWit) with a bc1 prefix, for all customer Bitcoin deposit addresses. This change aims to optimize Bitcoin block space usage and minimize withdrawal fees. The new system replaces complex multi-signature transactions with single on-chain signatures. This transition is facilitated by a multi-party computation (MPC-CMP) using a network of secure and geographically distributed private keys. It eliminates the need for three signatures for each spend from a deposit address, even considering the Segregated Witness discount. BitMEX's transition to the P2WPKH Bech32 format, also known as "bc1 addresses," is already applied in the exchange's hot withdrawal processing. The updated signature scheme ensures robust wallet security while aiming to reduce withdrawal fees and enhance Bitcoin block space usage. The exchange has warned that occasional delays in processing deposits or withdrawals may occur due to this transition. Starting January 1, 2024, BitMEX will discontinue real-time crediting of funds sent to old addresses and interact with these addresses periodically. The exchange advises users to update their wallet addresses in other services' address books. This move by BitMEX mirrors similar actions taken by other exchanges such as Binance. Binance disabled old deposit addresses for Ethereum (ETH) and TRON (TRX) as part of an infrastructure upgrade in April 2023. In line with enhancing security measures, Binance also launched BNB Safe, a secure multi-signature wallet solution on the Gnosis Safe protocol for Binance Smart Chain (BSC) and opBNB networks. https://www.investing.com/news/cryptocurrency-news/bitmex-to-shift-customer-bitcoin-deposit-addresses-to-native-segwit-format-93CH-3214376

2023-10-30 18:36

Copyrighted Image by: Reuters. The trajectory of the USD/JPY currency pair is expected to remain largely unchanged, despite key events in Japan this week. This includes the Bank of Japan's (BoJ) meeting and the Ministry of Finance's (MoF) data intervention release, according to Goldman Sachs. The USD/JPY recently crossed the 150 threshold, a significant milestone that has drawn attention from market participants worldwide. The future course of the Japanese Yen (JPY) will be determined by how these participants scrutinize the developments following this week's events. Goldman Sachs predicts that the BoJ may uphold its current policy. This comes amidst media speculations about a possible rise in the rate cap beyond 1%. The bank may potentially adjust its core Consumer Price Index (CPI) for fiscal years 2023 and 2024 in response to these speculations. However, regardless of potential policy changes or an abrupt end to Yield Curve Control (YCC), Goldman Sachs deems major shifts in the USD/JPY trajectory as improbable. The firm's prediction suggests that while these developments may influence the JPY, they are unlikely to result in drastic alterations to its course against the US Dollar (USD). Market participants will closely monitor these events and their potential impact on the JPY's future trajectory. The outcome of these developments could provide valuable insights into Japan's economic outlook and its implications for global currency markets. https://www.investing.com/news/forex-news/usdjpy-trajectory-remains-steady-despite-bojmeeting-and-mof-data-release-93CH-3214266

2023-10-30 18:29

Copyrighted Image by: Reuters. Oil prices experienced a decline on Monday, following a significant increase on Friday due to escalating tensions in the Middle East. The surge in prices was triggered by Israel's cautious ground invasion of Gaza, sparking concerns of the conflict spreading to other nations in the region and potentially disrupting global oil production. The Middle East plays a crucial role in the oil sector, contributing approximately one-third of global production. Despite the ongoing conflict, major players such as Iran and Saudi Arabia have so far refrained from direct involvement. In addition to geopolitical tensions, market participants are also closely monitoring economic indicators. The Federal Reserve's upcoming decision on interest rates is under scrutiny, as are figures related to China's manufacturing and services growth. China's slow recovery from the economic downturn is indicating a potential for weaker energy demand, which could further impact oil prices. As a result of these combined factors, prices of West Texas Intermediate and Brent crude, two essential oil benchmarks, have seen a decline. https://www.investing.com/news/commodities-news/oil-prices-dip-following-last-weeks-spike-due-to-middle-east-conflict-93CH-3214262