2023-10-23 09:22

Binance, a leading cryptocurrency exchange, is set to integrate the USD Coin (USDC) issued by fintech firm Circle onto the Polygon network. This move comes as businesses and developers worldwide continue to leverage Polygon's network, which boasts over 300k active wallet users and 475 decentralized applications (dApps) for various financial operations such as payments, remittances, trading, borrowing, and lending. The integration of Circle's USDC on Polygon, an Ethereum-based layer-2 scaling protocol known for its near-instant and near-zero cost transactions, was disclosed by Colin Wu, a prominent figure in the Chinese crypto space. Despite this addition, Binance will continue to support the existing bridged version of USDC. This version, abbreviated as USDC.e, will trade under the unique identifier MATICUSDCE on Polygon and remains unaffected by the changes. However, from Tuesday, October 25, 2023, deposit and withdrawal services for the current USDCs on Polygon will be temporarily halted. Binance has assured that there will be no interruptions in trading services related to the bridged USDC during this transition period. Other services including spot trading, futures trading, margin trading through Binance Earn, and transactions via Binance Pay will also remain unaffected. In a cautionary note, Circle Mint has advised against post-November 10 transfers of USDC.e to its accounts. This advisory comes amid rising Bitcoin shorts and a Bitcoin price over $30,000 according to Jameson Lopp. https://www.investing.com/news/cryptocurrency-news/binance-integrates-circles-usdc-on-polygon-network-maintains-support-for-bridged-version-93CH-3205345

2023-10-23 07:44

Copyrighted Image by: Reuters Bitcoin (BTC) saw its value rise to a multi-month high of $31,000 over the weekend, marking its fourth visit to this price level in 2023. This surge pushed the total crypto market cap to its highest since mid-August 2023, reaching $1.19 trillion. The bullish weekly close wiped out two months of losses and propelled Bitcoin's dominance to over 52%, a level not seen since April 2021. MicroStrategy’s $4.6 billion Bitcoin investment also returned to profitability following an 11% weekly gain. Despite Bitcoin's 2% daily gain overshadowing most altcoins after the FTX collapse/bottom at 15k, several altcoins recorded substantial gains. Chainlink’s LINK led with a 17% gain breaking through the $8 resistance to reach $10.74 post-Terra/Luna collapse, while AAVE returned to 2023 resistance levels. Today, Bitcoin hit its highest level since July at $30,369, marking its fourth-largest weekly gain in 2021. However, analysts caution against potential bearish shifts despite its current trading value of $29,950. A weekly close above $31k could signal bullish dominance over volatility. Crypto analyst Ali cautioned about a head-and-shoulders pattern on Bitcoin's daily chart, an overextended outlook due to the TD Sequential indicator showing a green 9 candlestick, and an RSI of 74.21, which has triggered sharp corrections since March. Positive ETF news could catalyze a run to $40k, but in the absence of this, the bearish pattern could test the resistance zone leading to a retest of support at $28,492 or even reach a bearish target of $25k. To avoid a price correction, a daily candlestick close above $31,560 would be necessary. https://www.investing.com/news/cryptocurrency-news/bitcoin-nears-30k-but-analysts-warn-of-potential-bearish-shifts-93CH-3205282

2023-10-23 06:34

Copyrighted Image by: Reuters In recent statements, Robert Kiyosaki, co-author of the book "Rich Dad Poor Dad," offered a bullish forecast for Bitcoin, gold, and silver, while cautioning against the potential risks of holding fiat currencies. His comments came as Bitcoin showed signs of resurgence, moving above the $30,000 mark. Kiyosaki shared his views on social media platform X on Sunday. He predicted that Bitcoin's value would soar to $135,000 per coin. Alongside this optimistic outlook for cryptocurrency, he also expects traditional safe-haven assets to rise significantly. Gold is projected to increase from its current position over $2,100 to $3,700 and silver from $23 to $68 per ounce. The author differentiated these assets from what he referred to as "illusory money," such as the USD and other fiat currencies. He characterized gold and silver as "divine money" and Bitcoin as "the currency of the people." He warned that inflation could exacerbate financial disparity by encouraging the poor and middle class to save in depreciating dollars while the wealthy accumulate assets like gold, silver, and Bitcoin. Kiyosaki anticipates that the introduction of a central bank digital currency (CBDC) by the Federal Reserve will further boost Bitcoin's value. He advised investors to acquire Bitcoin quickly in anticipation of increased demand amid potential downturns in traditional markets such as stocks, bonds, and real estate. However, Kiyosaki also emphasized the importance of financial prudence and vigilance in investment decisions. He urged caution against holding "fake dollars" and underscored potential risks tied to imprudent financial behavior. These recent projections are not Kiyosaki's first. In the past, he predicted that Bitcoin would hit $1 million, gold would surge to $75,000, and silver would reach $60,000 in a global economic crisis. By 2025, he projected Bitcoin's price at $500,000 with gold and silver following at $5,000 and $500 respectively. While these predictions serve as a beacon of optimism for crypto and precious metal investors, they also serve as a reminder of the potential dangers of imprudent financial behavior. https://www.investing.com/news/cryptocurrency-news/kiyosaki-forecasts-bitcoin-gold-and-silver-to-surge-amid-inflation-concerns-93CH-3205181

2023-10-23 05:43

Copyrighted Image by: Reuters Bitcoin's value saw a resurgence over the weekend, rebounding past the $30,000 mark, following a Wall Street sell-off. This surge in Bitcoin's value has sparked heightened interest in cryptocurrencies, with Chainlink also showing strong performance due to its recent CCIP tech-stack upgrade. The overall crypto market cap stands at $1.2 trillion, marking a 2% increase from the previous day. Prominent trader Pentoshi identified $28.9k as a key defensive area for Bitcoin bulls, laying the groundwork for the digital currency's bullish momentum. Meanwhile, swing trader Roman Trading pointed out a potential bearish "head and shoulders" pattern that could push Bitcoin down unless it surpasses $31.8k. This view was disputed by the "Titan of Crypto", who remains optimistic about Bitcoin's trajectory. Chainlink's significant rise is attributed to its recent CCIP tech-stack upgrade that simplifies cross-chain transactions. This development has earned recognition from ANZ's Lee Ross, who underscored Chainlink’s cross-chain capabilities. The trading group Stockmoney Lizards anticipates a new Bitcoin bull market based on past halving patterns, predicting another surge due next year. Sentiment around the potential approval of spot Bitcoin ETFs in the U.S. is also on the rise. JP Morgan predicts multiple approvals for these ETFs, while BlackRock (NYSE:BLK)'s CEO hinted at a possible "flight to quality" for Bitcoin. Bitcoin advocate Michael Saylor from MicroStrategy shared an encouraging chart supporting this positive outlook. The top 10 tokens are showing diverse performance in this dynamic market landscape, influenced by market sentiments shaped by analysts and traders alike. https://www.investing.com/news/cryptocurrency-news/bitcoin-rebounds-to-30k-amid-wall-street-selloff-chainlink-gains-on-tech-upgrade-93CH-3205112

2023-10-23 03:29

Coinbase (NASDAQ:COIN)'s Chief Legal Officer, Paul Grewal has expressed optimism about the approval of their US Bitcoin spot Exchange Traded Fund (ETF) by the U.S. Securities and Exchange Commission (SEC). During a conversation with CNBC, Grewal forecasted a positive outcome, bolstered by recent developments in the cryptocurrency sector. Grewal's optimism is reflected by Bloomberg ETF analysts Eric Balchunas and James Seyffart, who have recently increased their approval chances estimate to 90%. This anticipation is fueled by the SEC's current legal strategy, as evidenced in its recent encounter with Grayscale. Notably, the SEC did not contest a court ruling that supported Grayscale's plan to transform its Bitcoin Trust (GBTC) into a physically-backed ETF, thereby enhancing Grayscale's prospects. Moreover, Grewal highlighted the U.S. Court of Appeals ruling that dismissed the SEC's unjust denial of ETF applications similar to Grayscale's GBTC Bitcoin fund conversion proposal. He emphasized this court failure and the missed appeal deadline by the SEC as potential catalysts for approvals of Bitcoin-related ETFs. According to InvestingPro data, Coinbase has a market cap of $17.71 billion and has experienced a significant price uptick over the last six months, with a 6-month price total return of 26.46%. Industry giants such as BlackRock (NYSE:BLK), Fidelity, and Invesco are also in the race for Bitcoin ETF approvals. Grewal suggested that the stature and credibility of these firms could play a decisive role in the approval process. He further predicted operational ETFs in the near future, driven by developments reigniting investor and consumer interest in cryptocurrency. Coinbase's stock price movements have been quite volatile, as noted by InvestingPro Tips. This is reflected in the company's 3-month price total return of -25.95%, despite a year-to-date price total return of 110.96%. https://www.investing.com/news/cryptocurrency-news/coinbase-anticipates-sec-approval-for-us-bitcoin-spot-etf-93CH-3205080

2023-10-23 02:37

Copyrighted Image by: Reuters Bitcoin (BTC) has been experiencing a significant uptick in its market dominance, following a two-year bearish trend and the onset of a 'crypto winter' last year. The digital currency, often referred to as 'digital gold', has exhibited resilience with a 71% price increase since the start of 2023. As of Sunday, amid a bull run, Bitcoin is trading around $30,000 and its share in the crypto market capitalization has risen from 38% at the beginning of the year to 48.85% as of October 21, 2023. The surge in Bitcoin's price and market share can be attributed to several factors. Amid global economic uncertainties, inflation, and geopolitical tensions, investors are increasingly viewing Bitcoin as a safe haven for crypto investment. This perception has been bolstered by a 10% gain over the past week, influenced by news surrounding Bitcoin exchange-traded funds (ETFs). One particular event that contributed to Bitcoin's growth was a false report about the approval of BlackRock (NYSE:BLK) spot Bitcoin ETF. This misinformation led to an 8% rise in Bitcoin's price, contributing to a 49% weekly rise since 2021. The price jumped from $27,883 to $30,000 in less than half an hour following the report. The potential approval of spot Bitcoin ETFs by the US Securities and Exchange Commission (SEC) is anticipated to revolutionize the BTC market. This could bridge the traditional finance system with the digital world and enable real-time price analysis. Experts predict that this bullish trend could push Bitcoin's price beyond $40,000 by 2024. Despite other cryptocurrencies also seeing gains, Bitcoin's growth has outpaced them all. The digital asset has demonstrated stability and is forecasted to continue its upward trend. As the digital space awaits further developments regarding ETF approval, it's possible for Bitcoin's price to exceed $45,000 by 2024. https://www.investing.com/news/cryptocurrency-news/bitcoin-regains-dominance-amid-global-economic-uncertainty-93CH-3205071