2023-10-24 19:45

Copyrighted Image by: Reuters Bitcoin and altcoins have seen a significant rise in value, with Bitcoin topping $35,000 for the first time since May 2022. This surge was driven by the expected approval of BlackRock (NYSE:BLK)'s spot exchange-traded fund (ETF) and the endorsement of Grayscale's spot Bitcoin ETF application process by an appellate court. CryptoQuant CEO Ki Young Ju highlighted a noticeable increase in the Coinbase (NASDAQ:COIN) Premium Index. This index contrasts Bitcoin prices on Coinbase Pro with other platforms such as Binance, providing insights into institutional investors' activity in the spot market. The recent uptick suggests that these investors are accumulating spot Bitcoin rather than selling it. The rise in premiums is indicative of an expansion in purchasing power and accumulation by large crypto investors, often referred to as "whales". An increase in buying volume typically leads to a higher premium. The positive news around ETFs seems to have stimulated US institutional investors, potentially contributing to the price escalation of Bitcoin. https://www.investing.com/news/cryptocurrency-news/bitcoin-surges-past-35000-driven-by-anticipated-etf-approvals-93CH-3207506

2023-10-24 18:49

Copyrighted Image by: Reuters In a strategic move to optimize liquidity and uphold stringent listing criteria, global cryptocurrency exchange OKX has delisted several spot trading pairs, including the XRP-OKB pair that had a weekly turnover of 46,589 XRP. This was part of a broader strategy observed by crypto journalist Colin Wu, who noted that despite the delisting of a total of 16 trading pairs, OKX continues to hold its position as the world's second-largest crypto exchange. As part of this optimization process, OKX's native coin, OKB, which offers discounts for holders, remains significant despite the delisting. The removal of these pairs does not entirely eliminate XRP from the platform; it continues to be available on OKX through four other pairs with USDT, USDC, Bitcoin, and Ethereum. Following this strategic delisting, OKX still boasts assets totaling $11.32 billion. This places it firmly in the second position globally among crypto exchanges, surpassed only by Binance in the global ranking. https://www.investing.com/news/cryptocurrency-news/okx-delists-multiple-trading-pairs-maintains-position-as-secondlargest-crypto-exchange-93CH-3207479

2023-10-24 18:07

Decentralized exchange dYdX is set to transition from an Ethereum-based layer-2 network to its own blockchain within the Cosmos ecosystem as part of its version 4 (v4) upgrade. This significant move in the decentralized finance (DeFi) space was announced by Antonio Juliano, the CEO of dYdX, which handles a daily trade volume of around $1 billion. The v4 upgrade involves open-sourcing dYdX's code, a step that aligns with blockchain transparency norms and sets the stage for a fully decentralized, community-operated platform. This transition implies a major change in operational dynamics, enhancing system reliability by enabling developers worldwide to identify and rectify potential bugs. As part of this upgrade, dYdX will relinquish control of the protocol and cease collecting trading fees. The company's vision is to evolve into a fully decentralized and community-operated exchange in the DeFi space. Any future modifications or upgrades will be decided through governance votes by the broader dYdX community via the Foundation. The test network for this transition was launched on Cosmos back in July. Upon v4 going live on the main net, any protocol changes will be subject to community-led governance votes via the dYdX Foundation. This move marks a new era in DeFi where exchanges are vibrant, self-governed communities shaping the future of finance. This unprecedented shift from an established Ethereum layer-2 network to a standalone blockchain within the Cosmos ecosystem sets new benchmarks in the crypto industry due to its scale and implications. It demonstrates technical adaptability, foresight, and commitment to users and the broader DeFi community. https://www.investing.com/news/cryptocurrency-news/dydx-transitions-to-cosmos-ecosystem-with-v4-upgrade-93CH-3207446

2023-10-24 17:37

Ripple, the blockchain giant, has announced a strategic partnership with Web3 financial platform Uphold today. The collaboration aims to enhance Ripple's capabilities in crypto liquidity and bolster its global cross-border payments infrastructure. The alliance will leverage Uphold's advanced trading infrastructure, enabling a seamless value transfer between fiat and crypto across diverse networks. Pegah Soltani, Ripple's head of payments product, and Simon McLoughlin, Uphold's CEO, have praised the partnership for its potential to fortify cross-border payment services. They envision this collaboration as a transformative force in the global payment infrastructure landscape. Pat Thelen, VP of Global Account Management at Ripple, highlighted the potential of tokenizing real-world assets in industries burdened by outdated manual processes and latency. This development underscores the potential of blockchain technology to revolutionize traditional financial transactions and paves the way for a more integrated and efficient global financial ecosystem. The announcement comes on the heels of Ripple's significant legal victory against the SEC over allegations related to its XRP token. Accusations against Ripple CEO Brad Garlinghouse and Executive Chairman Chris Larsen were dismissed by the SEC. A key component of this strategic alliance is Uphold's expertise in interchanging value between fiat and crypto across multiple networks. Uphold's extensive reach into worldwide crypto liquidity venues enables businesses to expedite payments effectively while ensuring superior customer service. In other news, Venmo retained its top spot in the PYMNTS Provider Ranking of Credit Card Apps with a score of 92. It was followed by Chime and Capital One Mobile, with Credit One Bank Mobile emerging as a new promising contender. https://www.investing.com/news/cryptocurrency-news/ripple-and-uphold-unite-to-boost-crypto-liquidity-and-streamline-global-payments-93CH-3207429

2023-10-24 17:34

Copyrighted Image by: Reuters. Bitcoin's price has continued its upward trajectory, surpassing $34,000 today, fueled by the anticipation of a potential Bitcoin ETF. This comes in the wake of a mandate from the Court of Appeals ordering a reevaluation of Grayscale Investments' application to convert its Bitcoin Trust into a spot Bitcoin ETF. The mandate is part of the ongoing Grayscale Investments vs SEC case and has significantly influenced market sentiment and clarity around crypto regulations. The crypto market has seen substantial growth recently, with Bitcoin crossing the $31,000 mark on Monday. Analyst John Deaton highlighted Jim Cramer’s accurate prediction of this surge. The price of Bitcoin is currently sitting at $34,061.31, representing an impressive 76.21% increase year-to-date. In related news, investment giant BlackRock (NYSE:BLK) is reported to have revised its Bitcoin ETF proposal. This move is seen as a response to the changing regulatory landscape and the increasing acceptance of cryptocurrencies as a legitimate investment asset class. Coinbase (NASDAQ:COIN), another major player in the crypto space, is planning a defense strategy against the SEC similar to Ripple's successful approach. This strategy is expected to further clarify regulatory norms in the crypto sector. The Grayscale case, along with Coinbase's planned defense strategy, are contributing to a more defined regulatory framework for cryptocurrencies and are fueling the ongoing bullish trend in the market. https://www.investing.com/news/cryptocurrency-news/bitcoin-surge-continues-etf-anticipation-fuels-market-sentiment-93CH-3207418

2023-10-24 16:44

Copyrighted Image by: Reuters Speculation around the approval of a Bitcoin Exchange-Traded Fund (ETF) by the U.S. Securities and Exchange Commission (SEC) has triggered significant fluctuations in the cryptocurrency market, impacting Bitcoin, Ether, and other digital currencies such as FIL, AAVE, and AVAX, as well as crypto-related stocks. Despite various projections for these digital currencies - FIL's decentralized storage approach predicting a value of $5.46 by 2023, AAVE's strategic alliances forecasting a $70 value by 2023, and AVAX's high-performance blockchain solutions - their future remains uncertain due to market volatility. The potential approval of an ETF, initially rejected for Grayscale Investments, could attract broader investor interest in cryptocurrencies. This news comes amidst a recent surge in Bitcoin's price nearing $35,000, driven by demand for spot exchange-traded funds (ETF). This bull rally has corrected a previous bearish trend that saw Bitcoin prices drop over 80%. The rally has instilled optimism among crypto enthusiasts and investors, with future market value predictions reaching up to $50,000. A discredited SEC report on ETF approval led to a 10% spike in Bitcoin's price last week. This prompted retail traders and institutional investors to seek long positions in Bitcoin. The cryptocurrency gained traction in 2017 due to mainstream adoption that led to a surge near $20,000 but was followed by a swift decline. It then recovered to record an all-time high of $69,700 in 2021. However, Bitcoin's journey hasn't been without turbulence. The late 2022 FTX collapse significantly impacted Bitcoin's price and destabilized the crypto market. Since then, Bitcoin has steadily risen, particularly with the buzz around ETFs. On Sunday, Bitcoin's rally above $35,000 marked its first such rise since May 2022. This included another price spike from $31,000 to $34,000. This increase is linked to increased trading volumes and growing interest in ETF approval, such as the proposed BlackRock (NYSE:BLK) spot Bitcoin ETF, whose false approval information triggered its initial spike. Crypto enthusiast Scott Johnson revealed on social media that BlackRock had secured a CUSIP license and would soon seed its spot ETF with cash. According to Bloomberg's Eric Balchunas, seeding an ETF only requires sufficient funding. The spot ETF volume saw a 241% gain, increasing by over $35 billion in 24 hours. The BTC price rise has also positively impacted other cryptocurrencies like Ether, Solana, and Dogecoin. Ernst & Young's Paul Brody suggests that ETF approval could lead to an influx of institutional investors. https://www.investing.com/news/cryptocurrency-news/bitcoin-etf-speculation-triggers-market-fluctuations-crypto-values-remain-unpredictable-93CH-3207384