2023-10-23 17:05

Copyrighted Image by: Reuters. Crypto strategist Credible Crypto, known for his insights followed by 347,100 people on social media platform X, has predicted a significant surge in Bitcoin (BTC), thanks to a bullish "moon bucket" or "cup and handle" pattern observed on the hourly chart. The expert suggests that this pattern could soon propel BTC above the $33,000 mark. Currently trading above $30,000, BTC is expected to rise swiftly towards $40,000 after being tested for the third time at the $30,000 mark. This prediction is based on historical patterns and market trends, including the largest liquidation event and the FTX crash which bottomed out at $15,000. In addition to this short-term outlook, Credible Crypto also envisions BTC soaring to an impressive $100,000+ in the long run. He also predicts that Ethereum (ETH) will reach new highs. A crucial factor contributing to these predictions was a weekly close that reversed a two-month downturn. This significant event led to the largest liquidation since the FTX crash. The crypto expert also anticipates a potential clean retest of the "green zone" before BTC resumes its upward trend. In terms of market dominance, Bitcoin has witnessed a significant increase. According to data from The Block’s data dashboard, Bitcoin's market dominance has soared to over 49%, reaching 48.85% on Sunday. This is the highest level since April 2021 and a considerable increase from about 38% at the start of this year. Credible Crypto's closing remark on his post was "Send it. BTC.", which reflects his optimistic outlook for the cryptocurrency. https://www.investing.com/news/cryptocurrency-news/bitcoin-anticipated-to-surge-past-33000-due-to-bullish-pattern-93CH-3206113

2023-10-23 16:56

Copyrighted Image by: Reuters. U.S. soybean export inspections have seen an increase due to robust shipments to China, according to the Department of Agriculture data. The total shipments for the week ending on Sunday, October 19, 2023, amounted to 2.46 million tons, up from 2.04 million tons from the previous week. Over 2 million tons were destined for China. On the other hand, inspections for corn and wheat exports experienced a drop. Corn inspections fell to 437,549 tons and wheat inspections to 168,868 tons. Mexico and Taiwan were the primary destinations for these commodities. Following these developments, commodity futures traded mixed on the Chicago Board of Trade (CBOT). Corn futures dipped by 0.7%, and soybeans also saw a decrease of 0.5%. However, wheat futures bucked the trend with a rise of 1.3%. This agricultural data is crucial as it provides insight into the demand for U.S. grain in international markets. It can also influence the prices of these commodities on global exchanges. The Department of Agriculture regularly publishes such data, which is closely watched by traders and investors in the agricultural sector for signs of changes in supply and demand dynamics. The latest figures are accessible on Dow Jones NewsPlus under "USDA Grain Inspections for Export in Metric Tons". https://www.investing.com/news/commodities-news/us-soybean-exports-to-china-boost-amid-falling-corn-wheat-inspections-93CH-3206105

2023-10-23 16:30

Copyrighted Image by: Reuters. Monday's dismissal of charges by the Securities and Exchange Commission (SEC) against Ripple executives has prompted conjecture regarding a hastened appeal or settlement in the ongoing SEC v. Ripple lawsuit. Attorney John Deaton suggested that an SEC defeat on appeal could potentially embolden other cryptocurrency firms to more vigorously resist unfavorable actions. Deaton disputed the claim of an immediate appeal, made by Ran Neuner, stating that a penalty phase must precede it. However, he acknowledged that the dismissal might speed up proceedings, drawing parallels with the SEC v. LBRY case where the final judgment took eight months following summary judgment. The attorney also highlighted Judge Torres' ruling, which applied the Howey Test to Ripple and XRP's circumstances. This ruling permits the SEC to argue that a loss on appeal pertains solely to these entities. Ripple might employ strategies such as On-Demand Liquidity (ODL) sales and legitimate business costs to mitigate potential fines, according to Deaton's speculation. He cited LBRY's fine reduction from $23 million to $130,000 after a remedies hearing as a potential precedent. The now-cancelled April 2024 trial was set to address Ripple's potential violation of securities law through institutional sales of XRP, which could have resulted in a penalty of up to $770 million. https://www.investing.com/news/cryptocurrency-news/ripple-executives-dodge-sec-charges-sparking-speculation-on-lawsuit-appeal-93CH-3206092

2023-10-23 16:28

Ethereum, the second-largest cryptocurrency by market capitalization, is bracing for a significant event this week that could inject considerable volatility into its price. On Thursday, October 27th, 100,000 Ethereum (ETH) call options are set to expire at a strike price of $1,700. This accounts for a portion of the over 400,000 call options sitting at this level, cumulating to a value of $1.3 billion. This unusually large volume of options nearing expiration could trigger substantial buying or selling pressure if Ethereum's price approaches the strike price as the expiry date looms. The intricate dynamics of options expiration often result in increased hedging activities and position closing by traders, potentially causing significant fluctuations in Ethereum's price. Despite the potential for heightened volatility due to the looming expiry date, Ethereum's daily chart signals an upward price trajectory. It has recently broken several resistance points, with moving averages indicating a bullish trend. As traders and investors navigate this complex landscape, they will be closely monitoring the market's response to this significant event in Ethereum's financial calendar. https://www.investing.com/news/cryptocurrency-news/ethereum-braces-for-potential-volatility-with-imminent-13bn-options-expiry-93CH-3206098

2023-10-23 16:22

Copyrighted Image by: Reuters. The Nigerian Naira continued its downward trend against major currencies, hitting a record low on Monday. Despite the Central Bank of Nigeria's (CBN) efforts to manage the currency value by floating it on June 14 and lifting forex restrictions on commodities, the Naira's depreciation persisted. According to Aboki FX, the Naira started the day at an exchange rate of N1,200 per dollar in the unofficial market but escalated to N1,205 per dollar by noon due to high dollar demand. This followed a closing rate of N808.27 on Friday at the FMDQ market, as reported by Bureau De Change Operator Dayyabu Mistila. The Naira also depreciated against the British Pound and Euro. The buying and selling prices for naira to pound began at N1,380/£ and N1,390/£ respectively, escalating to N1,430/£ and N1,450/£ within hours. Similarly, the Euro opened with buying and selling prices at N1,180/€ and N1,190/€ which rose to N1,230/€ and N1,240/€ by noon. Analysts attribute the continuous fall in the Naira's value to demands from the 43 items restored to access foreign cash and school fees among other factors. The Association of Bureaux De Change Operators of Nigeria (ABCON), under Aminu Gwadabe's leadership, denied involvement in the naira's depreciation, blaming unlicensed forex dealers for speculative activities. Despite the intense economic situation in Nigeria, startup coverage by Legit.ng has earned them a nomination for the #StartupSouth Awards 2023. https://www.investing.com/news/forex-news/naira-hits-record-low-against-major-currencies-despite-regulatory-efforts-93CH-3206090

2023-10-23 15:20

Copyrighted Image by: Reuters. In Monday's trading session, the cryptocurrency market experienced significant gains with major cryptocurrencies including Dogecoin, Polkadot, Bitcoin, and Ethereum recording notable price increases. Additionally, Uniswap, Polygon, and Ripple also saw a substantial rise in their prices. Crypto-related companies such as Coinbase (NASDAQ:COIN) Global Inc., MicroStrategy Inc., Riot Platforms Inc., and Marathon Digital (NASDAQ:MARA) Holdings also enjoyed a notable climb in their share values. In contrast, Cardano and Solana registered smaller gains compared to their counterparts. Even as these cryptocurrencies were rising, certain crypto-related companies like Overstock.com (NASDAQ:OSTK) Inc., Block Inc., and Tesla (NASDAQ:TSLA) Inc. saw a dip in their share values. In the realm of technology stocks, Advanced Micro Devices (NASDAQ:AMD) shares declined while PayPal Holdings Inc (NASDAQ:PYPL)., Ebang International Holdings Inc., and notably NVIDIA Corp (NASDAQ:NVDA) recorded rises in their share values. This shows a mixed performance within the sector during Monday's trading session. Within the fund space, Bitwise Crypto Industry Innovators ETF and Amplify Transformational Data Sharing ETF managed to climb alongside Grayscale Bitcoin Trust, which tracks the Bitcoin market price. This suggests that funds tracking cryptocurrencies or related sectors also benefited from the overall positive performance of the crypto market on Monday. https://www.investing.com/news/cryptocurrency-news/crypto-and-tech-stocks-see-mixed-results-in-mondays-trading-93CH-3206038