2023-10-24 16:42

Copyrighted Image by: Reuters Bitcoin has reached a 17-month high of $35,000 amidst optimism for a spot ETF approval. The rise in Bitcoin's value was marked by the listing of the BlackRock ETF ticker on the DTCC website. This comes as institutional activity is shifting towards the Chicago Mercantile Exchange (CME), with an open interest surpassing 100,000 Bitcoin, equivalent to $3.4 billion. The CME's market share is approaching 25%, similar to Binance’s perpetual market, and it dominates traditional expiry futures with an 80% share, according to Vetle Lunde of K33Research. The daily Bitcoin futures volume on the CME has reached $1.8 billion. Meanwhile, the Hong Kong CSOP Bitcoin Futures ETF has seen record trading volumes of $22.37 million and capital inflows of $17.64 million due to increased buying pressure from Asia. These developments follow a pattern noted by Ashraf Laidi in which Bitcoin's value tends to spike in October. This trend began with Paypal's acceptance of Bitcoin in October 2020 and has been repeated in subsequent Octobers due to Bitcoin ETFs like Blackrock (NYSE:BLK)'s. Prominent figures such as Larry Fink, referred to as 'The Big Kahunas', are accumulating Bitcoins, drawing parallels with pre-IPO shares allocation. They anticipate a surge in value before Thanksgiving despite potential profit-taking, with a target price of $35,000. https://www.investing.com/news/cryptocurrency-news/bitcoin-hits-17month-high-institutional-interest-surges-in-futures-market-93CH-3207382

2023-10-24 16:29

In a landmark event, the International Bank for Reconstruction and Development (IBRD), part of the World Bank, issued the first Digitally Native Note (DNN) under English law via Euroclear's Digital Financial Market Infrastructure (D-FMI). The €100 million DNN, listed on the Luxembourg Stock Exchange, is part of a broader initiative to establish a sustainable digital infrastructure for DNN issuance. The issuance was facilitated by Citi's Issuer Services acting as the issuing and paying agent, while TD Securities served as the dealer. The technological foundation of this issuance was Corda, R3’s digital ledger technology (DLT) platform. Euroclear's D-FMI links to its traditional settlement platform for secondary market operations on the DNN, marking a significant milestone in the digital transformation of global financial markets. This initiative is part of a multi-year program that involves key stakeholders including Citi, Euroclear, TD Securities and IBRD. The goal is to provide a scalable model that integrates digitization benefits with bond accessibility and liquidity. This will pave the way for a fully digital transaction lifecycle in debt capital markets. Andrew Mulley, EMEA Head of Citi's Issuer Services, and Ryan Marsh, Global Head of Blockchain, Digital Assets & Innovation for Citi Securities Services, highlighted the transformative potential of this inaugural digital issuance. Lieve Mostrey, CEO of Euroclear Group, and Jorge Familiar, Vice President and Treasurer at World Bank, also underscored this innovation as a crucial step forward. In line with its strategic approach to innovation, Citi continues to develop digital asset solutions using shared technology capabilities. These enhancements span across Citi's products and services including digital money, trade securities, custody, asset servicing and collateral mobility. Currently, Citi Securities Services holds approximately US $28 trillion of assets under custody, administration and trust, offering cross-border support with local market expertise, innovative post-trade technologies and a wide range of securities services solutions. https://www.investing.com/news/cryptocurrency-news/world-bank-issues-first-digitally-native-note-via-euroclears-platform-93CH-3207309

2023-10-24 16:22

Copyrighted Image by: Reuters. The Kenyan shilling has been under significant stress due to an oversupply of dollars, leading to its devaluation and trading at Sh150 per U.S dollar. The situation has been aggravated by capital outflows as major economies increase base lending rates to mitigate inflation. Importers seeking dollars further exacerbate the situation, as reported by Capital Business Today. CBK Governor Kamau Thugge acknowledged this 'artificial strength' of the Kenyan shilling which has caused a decrease in international reserves since last year, leading to the currency's heaviest plunge in years. Thugge attributes this to imbalances between foreign and domestic capital inflows over time, causing exchange rate pressure. In a meeting with the Kimani Kuria-led Parliamentary Finance and National Planning Committee, Thugge outlined the need for structural reforms to address this dollar oversupply. He proposed reducing imports from 13.2% to 11.4%, increasing exports, and encouraging indirect foreign investments for tourism enhancement and better foreign currency flow. Despite attracting only 1.7% of its GDP from foreign investments, Kenya managed Sh1.3 billion in returns during 2022-2023, half of Tanzania's travel receipt earnings. Investment in Medical Tourism was suggested to increase reserve flow. Thugge's upcoming meeting with the IMF in late October will focus on additional financial reforms and debt financing, aiming to address the current predicament marked by depreciation slowdown from June to September, worsened by dwindling international reserves due to shilling-dollar exchange rate overvaluation. https://www.investing.com/news/forex-news/kenyan-shilling-under-pressure-due-to-dollar-oversupply-seeks-structural-reforms-93CH-3207287

2023-10-24 15:27

The Latin American VP of Binance, Min Lin, has expressed the company's intent to become a regulated entity in Argentina once the country enacts a law licensing crypto brokers. This was announced in an interview with Telam. Lin, a former executive at Goldman Sachs, highlighted the importance of clear regulations in fostering crypto adoption and affirmed Binance's commitment to comply with future Argentine crypto laws. Lin also emphasized Binance's continuous efforts to introduce innovation into regulatory frameworks while ensuring user protection. He identified Argentina as one of the top three nations in Latin America for crypto adoption, alongside Brazil and Mexico. Backing his statement with data from Chainalysis' 2023 Geography of Cryptocurrency Report, Lin confirmed that Argentines frequently use stablecoins such as USDT and USDC as a hedge against inflation and currency devaluation. This trend was further corroborated by Alfonso Martel Seward from Lemon Cash, who observed that Argentines commonly convert their paychecks into these stablecoins to maintain their purchasing power. The move by Binance to seek regulation in Argentina comes as the country is witnessing a surge in crypto adoption, with stablecoins playing a significant role in protecting citizens from economic instability. https://www.investing.com/news/cryptocurrency-news/binance-seeks-regulation-in-argentina-amid-rising-crypto-adoption-93CH-3207223

2023-10-24 15:24

Copyrighted Image by: Mundo Crypto PR Enthusiasm is building in the crypto sector as the prospect of the US SEC approving spot Bitcoin ETFs becomes increasingly likely. This anticipation has been triggered by recent developments, including the listing of Blackrock (NYSE:BLK)'s iShares Bitcoin Trust on DTCC, which has contributed to a surge in Bitcoin's price. As of today, Bitcoin is trading around $34,424, having temporarily breached the $35,000 mark. Despite this optimism, Chief Economist Peter Schiff aired his concerns about potential risks on platform X today. Schiff highlighted the market's high number of speculators purchasing Bitcoin in anticipation of an influx of new investors following ETF approval. He warned of a sharp correction if more sellers than buyers emerge post-ETF approval, particularly if Bitcoin holders decide to cash in at high prices. Contrarily, Pro-XRP advocate and lawyer John E Deaton projected that the US SEC would approve spot Bitcoin ETFs by late 2023 or early 2024. This viewpoint aligns with CryptosRUs' recent video detailing potential catalysts for Bitcoin's impending bull run. The video emphasized Bitcoin's role as a safe haven during periods of global uncertainty and inflation, aligning with BlackRock CEO Larry Fink's perspective. CryptosRUs also pointed out that the potential approval of Grayscale's spot ETF application could be a key factor prompting similar moves from other asset managers like BlackRock and Fidelity. Drawing on historical patterns, he suggested that Bitcoin often experiences bullish trends in November and December in recovery years such as 2022. If these trends continue, Bitcoin could reach $35,000-$40,000 by the end of 2023 and $60,000 by November 2024. In addition to these projections, CryptosRUs elaborated that Bitcoin is currently in the accumulation phase of its boom-and-bust cycle. This implies a positive long-term trajectory for Bitcoin despite anticipated short-term market fluctuations. https://www.investing.com/news/cryptocurrency-news/bitcoins-potential-bull-run-and-etf-approval-fuels-market-optimism-93CH-3207221

2023-10-24 15:16

Copyrighted Image by: Reuters In a significant market development, Bitcoin (BTC) has sparked a substantial rally this October, surpassing the psychological threshold of $30,000 to reach approximately $34,152. This surge, creating a fourth higher high, is primarily driven by the potential approval of a spot Bitcoin ETF. If the ETF receives official approval, BTC could potentially surge towards the $40,000 mark. However, a three-day or weekly candlestick close below support levels might signify an end to the current bull rally. Mirroring Bitcoin's surge, Ethereum (ETH) also experienced an 11.48% rally over two days. The cryptocurrency cleared the significant resistance level of $1,727, pushing the Relative Strength Index (RSI) above 50. If Ethereum sustains above this level, it could extend its uptrend to $2,030. However, failure to maintain this momentum may trigger a correction to $1,551. Meanwhile, Ripple (XRP), the remittance token, managed to clear resistance levels of $0.500 and $0.540 following a 12% five-day rally. This move partially collected buy-side liquidity above the $0.547 level. A bounce back from the $0.540 level could see XRP retest the next key hurdle at $0.668 in a 22% upswing. Conversely, a break below the $0.540 barrier might lead to support at lower levels. The potential approval of a spot Bitcoin ETF is seen as a significant catalyst for these recent rallies in cryptocurrencies. The market is closely watching for any positive developments in this regard that could further fuel the uptrend in these digital assets. https://www.investing.com/news/cryptocurrency-news/bitcoin-and-ethereum-rally-amid-potential-spot-etf-approval-93CH-3207212