2023-10-26 15:46

Copyrighted Image by: Reuters. The cryptocurrency market has been witnessing a significant surge in the past week, with meme coins such as Shiba Inu, Dogecoin, Pepe Coin, and Floki Inu making more notable strides compared to Bitcoin and Ether. According to data from CoinDesk and Benzinga Pro, these meme coins have recorded growth rates of 8%, 7%, 92%, and 76% respectively, outpacing the weekly gains of Bitcoin and Ether at 22% and 16.5%. The industry's anticipation around the US Securities and Exchange Commission (SEC) potentially approving BlackRock’s Bitcoin ETF application is considered a driving factor behind this meme coin surge. Additionally, actions such as the PEPE team's token burn of nearly 7 trillion tokens, which has decreased supply and possibly enhanced value, might also be contributing to this trend. In the backdrop of Bitcoin's surge, altcoins typically rally after Bitcoin's significant price increases, a trend that is evident in the current market scenario. For instance, open interest in Dogecoin futures surged by 50%, indicating expected volatility. Dogecoin's value has risen over 23% in the past week and nearly 8% in the last 24 hours. Despite being below its all-time high of approximately 74 cents, Dogecoin trends among top tickers on platforms like Stocktwits. Anthony Pompliano of Pomp Investments shared his optimistic outlook for Bitcoin with CNBC. He expects Bitcoin to rally "hundreds of percent" above its old highs, potentially leading to larger gains for riskier altcoins like Dogecoin and Ethereum, which recently topped $1,800. He noted that investors are "buying these assets at suppressed prices", suggesting a positive sentiment among crypto investors. Despite the potential for high returns due to their extreme volatility, it's important to note that meme coins present substantial risks as many lack practical applications. This surge in meme coins comes amid broader optimism in the crypto market, as firms like Grayscale aim to convert their Bitcoin trust into a spot Bitcoin ETF, and JPMorgan anticipates SEC approval soon. However, the specific timeline for these approvals remains uncertain. https://www.investing.com/news/cryptocurrency-news/crypto-market-sees-surge-as-memecoins-outpace-bitcoin-and-ether-93CH-3210585

2023-10-26 13:47

Solana (SOL), a potential rival to Ethereum, has been gaining significant momentum due to its affordable transaction costs and strategic marketing directed toward Indian developers. Recognizing the immense potential of developers in India's robust IT sector, Solana's growth trajectory has seen a sharp uptick, particularly since late 2023. Especially during bullish market cycles, when Ethereum's fees tend to surge, Solana's cost-effectiveness is appealing to value-driven decision-making among Indian developers. This strategy has contributed to the crypto platform's substantial growth. The last quarter of 2023 witnessed a remarkable surge in Solana's growth, indicating promising return on investment prospects. This consistent rise suggests that Solana is not merely a temporary trend but a sustainable force within the cryptocurrency realm. As such, the platform has attracted the attention of investors worldwide. https://www.investing.com/news/cryptocurrency-news/solana-gains-traction-with-costeffective-transactions-and-strategic-indian-market-focus-93CH-3210343

2023-10-26 13:19

Copyrighted Image by: Reuters. The U.S. Securities and Exchange Commission (SEC) has demanded a $770 million settlement from Ripple Labs, alleging violations of Federal Securities Laws related to the company's institutional sales of its cryptocurrency, XRP. This development was shared by John Deaton, the legal representative for XRP holders, during a discussion on CryptoLawUS TV. Deaton anticipates an extensive negotiation process that will entail the examination of multiple documents and transactions before the penalty fee is finalized. Ripple's key figures, identified as @bgarlinghouse and @chrislarsensf, are projected to challenge this fee, possibly prolonging the case until late summer next year. In spite of a previous denial for an interlocutory appeal, there is conjecture about a potential appeal by the SEC, under the leadership of Gary Gensler. This speculation arises in the aftermath of Judge Analisa Torres' final verdict and is fueled by the SEC's refusal to appeal in a similar lawsuit involving Grayscale. https://www.investing.com/news/cryptocurrency-news/ripple-labs-faces-770-million-sec-settlement-over-xrp-sales-93CH-3210317

2023-10-26 12:31

Polygon Labs has made significant strides in its journey towards building an ecosystem of zero-knowledge-based Layer 2 chains, launching its Polygon Ecosystem Token (POL) contract on the Ethereum mainnet on Tuesday. This development is part of the upcoming Polygon 2.0 era, with plans for POL to replace MATIC by 2024. The announcement of this transition has not impacted MATIC's bullish trend. The token has seen a near 3% daily increase and a 27.22% weekly surge, currently trading at $0.6460 on Binance, where it is used for gas fees and staking. The Polygon 2.0 roadmap includes milestones such as introducing a new staking layer, transitioning from Polygon proof-of-stake (PoS) to zkRollup within the Ethereum Virtual Machine (zkEVM), and implementing shared liquidity and interoperability across all Layer 2 projects. Polygon's co-founder, Mihailo Bjelic, announced the successful launch of POL contracts on the Ethereum mainnet via Twitter. As POL takes over MATIC's role, token holders will not be required to swap their assets. The future of Polygon-based protocols and Layer 2 projects will be determined by the POL token contracts and the Polygon Protocol Council. https://www.investing.com/news/cryptocurrency-news/polygon-labs-launches-ecosystem-token-matic-remains-bullish-93CH-3210177

2023-10-26 05:19

Copyrighted Image by: Reuters. Investing.com-- Gold prices firmed in Asian trade on Thursday, with futures testing key levels as demand for traditional safe havens helped the yellow metal largely disregard a resurgence in the dollar and yields. Fears of a potential escalation in the Israel-Hamas war remained in play as missile strikes on Gaza continued, while Israel reiterated its commitment to a ground assault on the region. This kept safe haven demand for gold upbeat, even as the dollar and Treasury yields spiked in overnight trade. Spot gold rose 0.5% to $1,988.85 an ounce, while gold futures expiring in December rose 0.2% to $1,999.20 an ounce by 00:53 ET (04:53 GMT). US GDP, Fed meeting present gold risks But while gold was enjoying some safe-haven demand, it still remained at risk from upcoming U.S. economic readings. Third-quarter U.S. gross domestic product data, due later on Thursday, is expected to show a sharp pick-up in growth. While signs of strength in the U.S. economy are expected to improve risk appetite, they are also expected to give the Federal Reserve more headroom to keep interest rates higher for longer. PCE inflation data for September- the Fed's preferred inflation gauge- is also due on Friday. The central bank is set to keep rates on hold when it meets next week. But Fed officials have left the door open for at least one more hike this year, and have signaled that rates will remain higher for longer amid sticky inflation and a strong economy. This scenario bodes poorly for gold, given that higher rates push up the opportunity cost of investing in bullion. Any potential deescalation in the Israel-Hamas war could also potentially dent safe haven demand for gold. Before the Fed, the European Central Bank is set to meet later on Thursday, and is widely expected to keep rates on hold. But the ECB is also expected to signal higher-for-longer rates, despite signs of a looming euro zone recession. Copper on hold in anticipation of more US, China cues Among industrial metals, copper prices steadied from recent losses on Thursday, with traders remaining focused squarely on the upcoming U.S. GDP reading. Copper futures rose 0.1% to $3.5903 a pound. Copper prices had taken little support from more Chinese stimulus measures this week, as signs of a looming euro zone recession pushed up concerns over slowing copper demand in the coming months. https://www.investing.com/news/commodities-news/gold-tests-2000-as-middle-east-concerns-offset-rate-hike-jitters-3209375

2023-10-26 04:30

Investing.com-- Most Asian currencies fell on Thursday as concerns over higher U.S. interest rates pushed up the dollar and Treasury yields, with traders now watching for any Japanese government intervention after the yen slid to a one-year low. Dollar at near two-week high amid Fed jitters The dollar index and dollar index futures both rose 0.2% in Asian trade, hitting a near two-week high as markets hunkered down before a Federal Reserve meeting next week. While the central bank is widely expected to keep rates on hold, Fed officials have still left the door open for at least one more hike this year. Recent signs of resilience in the U.S. economy also give the Fed more headroom to keep rates higher for longer. Third-quarter gross domestic product data, due later on Thursday, is expected to show a strong pick-up in economic growth. The prospect of higher for longer U.S. rates weighed on most Asian currencies, given that it diminishes the appeal of risk-driven assets. Regional units were nursing steep losses for the year, following a sharp rise in U.S. rates. Japanese yen breaches 150; govt intervention, BOJ moves in focus The yen broke past the key 150 level for the second time this month, ramping up bets that the Japanese government will intervene in currency markets to stem further weakness. The yen hit a one-year low of 150.41 to the dollar. The currency had briefly broken past 150 on October 3, before rebounding sharply from the level. This spurred speculation that the government had already intervened in currency markets. Before October 22, the yen had last broken past 150 during the onset of the lost decade in 1990. Weakness in the yen, coupled with a spike in Japanese government bond yields, ramped up speculation that the Bank of Japan will further adjust its yield curve control policy when it meets this Tuesday. Tokyo inflation data due on Friday is also set to offer more cues on a potential policy pivot. Most other Asian currencies retreated as worsening risk sentiment largely favored the dollar. Fears of an escalation in the Israel-Hamas war added to this notion, after Israel reiterated its commitment to a ground assault on Gaza. The Chinese yuan was flat as traders attempted to gauge just how much of an economic boom the government’s planned 1 trillion yuan ($136 billion) bond issuance will elicit. The currency remained under pressure from doubts over an economic recovery, as well as a meltdown in the property market. The Indian rupee fell 0.2%, facing renewed pressure from a spike in oil prices on Wednesday. The rate-sensitive South Korean won lost 0.4%, as data showed the country’s gross domestic product grew more than expected in the third quarter. The reading pushed up expectations that the Bank of Korea was done hiking interest rates. The Australian dollar slid 0.5%, ending a two-day rally as data showed a decline in export prices through the third quarter. But expectations of an interest rate hike by the Reserve Bank in November are likely to buoy the dollar in the coming week. https://www.investing.com/news/forex-news/asia-fx-weakens-yen-on-intervention-watch-after-breaching-150-3209365