2023-10-20 18:07

Copyrighted Image by: Reuters Friday's trading session saw a notable rise in major cryptocurrencies, with Solana, Polygon, Bitcoin, Ripple, Polkadot, Uniswap, Ethereum, Cardano, and Dogecoin all experiencing an upswing. This positive movement in the crypto market was reflected in the funds market where Bitwise Crypto Industry Innovators ETF, Amplify Transformational Data Sharing ETF, and Grayscale Bitcoin Trust reported gains. Despite the generally positive trend in the crypto market, shares of crypto-related companies displayed a mixed performance. Stocks of Coinbase (NASDAQ:COIN) Global Inc., MicroStrategy Inc., Riot Platforms Inc., Marathon Digital (NASDAQ:MARA) Holdings Inc., PayPal Holdings Inc (NASDAQ:PYPL)., Ebang International Holdings Inc., NVIDIA Corp (NASDAQ:NVDA)., and Advanced Micro Devices (NASDAQ:AMD) Inc. showed varied results during Friday's trading session. In contrast to this mixed performance, certain companies experienced a downturn. Shares of Overstock.com (NASDAQ:OSTK) Inc., Block Inc., and Tesla (NASDAQ:TSLA) Inc. faced a decrease during the same trading session. The reasons behind this drop remain unclear and are potentially influenced by factors external to the overall positive trend within the cryptocurrency market. https://www.investing.com/news/cryptocurrency-news/crypto-market-surges-as-major-coins-rise-mixed-performance-for-related-stocks-93CH-3204686

2023-10-20 17:53

Copyrighted Image by: Reuters. Bitcoin's value surged past $30,000 per coin on Friday, October 20, 2023, a high not seen since August. This spike was driven by optimism that the U.S. Securities and Exchange Commission (SEC) will soon authorize direct-investment Bitcoin exchange-traded funds (ETFs). The momentum was further amplified by BlackRock Inc (NYSE:BLK).'s pursuit of a spot Bitcoin ETF. Crypto pundit DonAlt predicts that if a Bitcoin ETF is approved, the cryptocurrency's value could see an increase of over 100% from its current value of $28,448. He anticipates a post-approval price range of $60,000 to $100,000. This prediction assumes that Binance, the world's leading crypto exchange by volume, remains stable; a collapse could potentially trigger a dip to November 2022's low of $16,000. BlackRock's initiative has spurred six other financial institutions to plan similar ETFs, which could catalyze a substantial surge in the crypto market. Blockchain analytics firm CryptoQuant projects that this could propel Bitcoin's value past $50,000 and potentially up to $73,000. This projection is based on these institutions advising their clients to allocate at least 1% of their portfolios to Bitcoin. Given these institutions collectively manage $15.6 trillion in assets, this could lead to a potential influx of $156 billion into Bitcoin. This potential influx could trigger a multiplier effect due to higher prices and limited token supply attracting more investors and inflating prices further. Based on past bull market cycles, this could augment Bitcoin's total market cap by $465 billion to $930 billion. If Bitcoin's market cap increases by $1 trillion as projected, it would become a $1.55 trillion asset, surpassing giants like Amazon (NASDAQ:AMZN) and NVIDIA (NASDAQ:NVDA). Investors are expecting the SEC to prefer "spot" over futures-based Bitcoin ETFs, particularly in light of a judge's ruling favoring Grayscale's Bitcoin Investment Trust GBTC and the SEC's past refusal. The SEC is expected to decide on ARK Invest and 21Shares' applications by Jan. 10, 2024. As these developments unfold, treasury yields are surging while Bitcoin and gold show resilience. Cryptocurrency market participants are eagerly awaiting SEC approvals for direct Bitcoin ETFs by early January. https://www.investing.com/news/cryptocurrency-news/bitcoin-etf-anticipation-fuels-surge-could-push-value-over-100000-93CH-3204678

2023-10-20 17:08

In a move slated for October 27, 2023, Binance, a leading cryptocurrency exchange, is set to withdraw additional liquidity pools from its Liquid Swap platform. The withdrawal will impact Binance USD (BUSD) pairs including Bitcoin, Cardano, and Solana. This follows the company's previous removal of 17 liquidity pools, which included BTC/BUSD from associated mining platforms. Users with funds in these pools will not need to take any action as their assets will be automatically transferred to their Spot wallets. This is part of a broader strategy by Binance to streamline its operations and provide competitive transaction fees. The company has recently delisted several pairs like FTM/BUSD, OP/BUSD, and MANA/BUSD in an effort to curb slippage. Concurrently, Binance is ending all Binance USD-linked services and products. This decision has led to a significant decrease in the stablecoin's market cap from $22.50 billion to $2 billion within the year 2023. Despite these changes and facing global regulatory hurdles, Binance continues to expand its network. The company is establishing new partnerships aimed at improving Euro transactions for its European customers. These partnerships are expected to offer more efficient transaction processes and further solidify Binance's position in the global cryptocurrency market. https://www.investing.com/news/cryptocurrency-news/binance-to-withdraw-more-liquidity-pools-impacting-busd-pairs-93CH-3204660

2023-10-20 17:06

Renowned analyst EGRAG has projected a significant rise in the value of XRP, predicting a 2,829% surge to reach a target of $15. The forecast is based on his Bent Fork model, which includes four tracks: Major Historical Support, Ranging Zone, Mid-Cycle Top, and Cycle Top. As of Friday, XRP is currently moving within the Major Historical Support track inside a White Ascending Triangle. This pattern has been in place since May 2022 after the cryptocurrency fell from its March high of $0.9121. XRP bulls briefly triumphed in July, breaking above the triangle before being retracted by a correction. Despite attempts by bears to drive XRP below the triangle, they were unsuccessful. This resilience is viewed by EGRAG as an encouraging indicator for the cryptocurrency's future performance. The analyst predicts an imminent breakout between the third and fourth weeks of November, which could potentially be the last opportunity for investors to purchase at lower prices. Once this breakout occurs, EGRAG expects XRP to progress through the remaining tracks of his Bent Fork model, culminating in reaching the Cycle Top and achieving the projected price of $15. The recent rally of XRP to $0.5121 was driven by Ripple's third victory against an SEC lawsuit involving executives Brad Garlinghouse and Chris Larsen. This legal win has provided a short-term boost to the cryptocurrency's value. https://www.investing.com/news/cryptocurrency-news/xrp-projected-to-surge-2829-to-15-says-analyst-egrag-93CH-3204655

2023-10-20 16:45

In a pivotal turn of events in the nearly three-year-long securities violation case against Ripple, the U.S. Securities and Exchange Commission (SEC) has withdrawn charges against CEO Brad Garlinghouse and Executive Chairman Chris Larsen on Friday. The SEC, led by Gary Gensler, has instead redirected its legal strategy towards examining Ripple's direct XRP sales to institutions as potential federal securities laws violations. This decision follows a significant victory for Ripple in July 2023 when Judge Torres ruled that XRP was not a security. The court ruling marked Ripple's XRP retail sales via exchanges as lawful but flagged institutional sales as violations. As the case transitions into its remedy briefing phase, escalating negotiations between Ripple and the SEC are underway. Ripple's recent triumph in evading a court trial for its top brass suggests a potential tilt in legal scales. Legal expert Fred Rispoli reads these developments as signs of a potential settlement, which could shape the broader cryptocurrency regulatory landscape. Both Garlinghouse and Larsen have voiced their criticism of the SEC's approach, accusing it of "absurd theatrics" and perceived abuse of power. They questioned the origin and motivation behind SEC’s pursuit, while highlighting the personal toll on individuals. Garlinghouse went further to accuse the SEC of targeting US companies over offshore criminal activities. Eleanor Terrett, a Fox Business correspondent, noted that an immediate SEC appeal is unlikely due to procedural norms waiting for a final judgment post the penalty phase, potentially spanning months. Katherine Kirkpatrick, Cboe Digital's chief legal officer, speculated on X (formerly Twitter) that the SEC may have used this legal tactic to expedite an appeal against Ripple's decision. The outcome of this lawsuit holds broader implications for the cryptocurrency industry regarding defining digital assets as securities. It remains to be seen how this shift in focus will impact Ripple's operations and the broader regulatory landscape. https://www.investing.com/news/cryptocurrency-news/sec-shifts-focus-in-ripple-lawsuit-executives-avoid-trial-93CH-3204639

2023-10-20 16:37

Copyrighted Image by: Reuters Bitcoin, the leading cryptocurrency, is nearing the important $30,000 mark after a recent 3% increase, outshining most top altcoins, as noted by U.Today on Friday. Analysts, including Allemann, are interpreting the shrinking Bollinger Bands Width as an indication of a potential upward price movement in the near future. The cryptocurrency market is keenly awaiting the approval of a spot Bitcoin Exchange-Traded Fund (ETF), a view shared by Mike Novogratz, CEO of Galaxy Digital, in a recent interview with CNBC. Alongside this anticipated decision, BlackRock (NYSE:BLK) is also advancing its ETF applications. Matrixport has made an optimistic prediction that Bitcoin's price could skyrocket to between $42,000 and $56,000 if BlackRock's spot Bitcoin ETF receives approval. This surge is expected to be fueled by possible inflows from gold ETF investors and the U.S. registered investor advisor community. The eagerly awaited approval of the spot Bitcoin ETF is projected to occur between late 2023 and early 2024. This development could potentially reshape the cryptocurrency market dynamics and attract more institutional investors into the space. https://www.investing.com/news/cryptocurrency-news/bitcoin-edges-towards-30000-market-anticipates-spot-etf-approval-93CH-3204634