2023-10-17 13:56

Copyrighted Image by: Reuters. Bitcoin (BTC) has been hovering around the $28,500 mark after a spike to $30,000, with the future performance of the cryptocurrency seemingly hinging on the $28,000 threshold. This was recently highlighted by Glassnode co-founders Yann Allemann and Jan Happel on Tuesday. The $28,000 benchmark plays a crucial role in shaping both crypto market dynamics and investor sentiment. DecenTrader data reveals that this price point has largely determined the path of the crypto market. A brief surge in the futures market past this threshold was observed while the spot market peaked at $27.98k. This milestone has had a significant impact on the entire crypto market. The Binance BTC/USDT market, which contributes 8% of Bitcoin's daily volume, saw a swift surge from $27,880 to $30,000 following some misinformation. This was sparked by fake news about the SEC approving BlackRock (NYSE:BLK)'s iShares application for a spot Bitcoin ETF, leading to a temporary rally. Opinions remain divided regarding BTC's trajectory leading up to the April 2024 halving. Filbfilb predicts a Q4 surge potentially reaching $46,000 by the halving, while Crypto Tony anticipates a dip to a local bottom of $20,000. These predictions highlight the ongoing battle between long and short traders at this crucial price point and underscore the inherent risks associated with trading moves in the volatile cryptocurrency market. https://www.investing.com/news/cryptocurrency-news/bitcoins-28000-threshold-critical-for-future-performance-93CH-3201215

2023-10-17 13:55

In the wake of Israel declaring war on Hamas on Tuesday, Binance, a leading cryptocurrency exchange, has frozen over 100 accounts linked to Hamas in response to directives from Israeli authorities, according to a Financial Times report. The move came after retaliatory airstrikes in Gaza that started on October 7. The Israeli Police cyber unit has also been targeting accounts associated with a Hamas crypto fundraising campaign. Further investigations are ongoing into an additional 200 cryptocurrency accounts, predominantly hosted on Binance. In response to the escalating conflict, Israeli cryptocurrency firms have established an emergency fund aimed at providing support for the war-impacted population. https://www.investing.com/news/cryptocurrency-news/binance-freezes-hamaslinked-accounts-amid-israels-war-declaration-93CH-3201213

2023-10-17 13:37

Copyrighted Image by: Reuters Ethereum's co-founder, Vitalik Buterin, transferred $14.93 million in USD Coin (USDC) from his personal wallet to the Gemini exchange on Sunday, October 16, 2023. The funds, originally a sum of 14.93 million USDC from Kanro, a charity affiliated with Buterin, were reported by blockchain security company PeckShield and verified by Etherscan. This move follows Buterin's transfer of nearly $500,000 to Coinbase (NASDAQ:COIN) three days earlier. Despite these significant transfers, Ether's price remained stable. This trend is consistent with recent large ETH deposits from Buterin’s wallets to exchanges. In September alone, the total transfers from Buterin's wallets exceeded $3.9 million. Earlier in the year, Buterin made substantial ETH deposits to Coinbase: a 400 ETH transfer in September and a 600 ETH transaction in August. These transactions highlight the ongoing financial activity of Ethereum's co-founder. In other cryptocurrency news, Justin Sun, founder of Tron, deposited $25.5 million worth of stablecoins into a specific Binance deposit address on an undisclosed date. The deposited amounts were $1.7 million in USDC, $2.8 million in TrueUSD (TUSD), and $21 million in Tether (USDT), all pegged to the US dollar for value stability. The exact purpose behind Sun's significant financial movement on Binance remains unclear as per the report by blockchain intelligence firm Arkham. https://www.investing.com/news/cryptocurrency-news/ethereum-cofounder-moves-nearly-15m-to-gemini-exchange-93CH-3201210

2023-10-17 13:32

Copyrighted Image by: Reuters. Bitcoin's price soared above $28,138 on Monday, driven by investor speculation about possible approval of pending Bitcoin ETF applications, including Grayscale’s Bitcoin spot ETF. The cryptocurrency's market cap is predicted to reach or even exceed $15 trillion, according to SkyBridge Capital's founder, Anthony Scaramucci. Scaramucci anticipates Bitcoin to grow by 2,662% from its current market cap of approximately $546 billion, based on data from CoinGecko. Amidst a faltering U.S. financial system, he sees Bitcoin surpassing gold in value and confirms SkyBridge's significant Bitcoin ownership due to these factors. The SEC's recent decision not to appeal an August court ruling concerning Grayscale’s ETF application led to a 4.8% gain in Bitcoin over the past 24 hours. This reinforces Scaramucci's prediction of Bitcoin becoming a $15 trillion asset. In a podcast, Scaramucci argued that despite not seeing it as a universal currency, Bitcoin could become a store of value due to its scarcity. He criticized the existing financial system and advocated for strong leadership for reform over two decades. He expressed disappointment with Sam Bankman-Fried of the now-bankrupt FTX exchange, which had bought 30% of SkyBridge, and expects his conviction. Amid the U.S.'s $33 trillion "debt death spiral," Jefferies analysts warn of a potential dollar crash due to the Federal Reserve's money printing, which could boost Bitcoin's price. Christopher Wood of Jeffries identifies Bitcoin and gold as "critical hedges" against inflation amidst G7 central banks' aggressive interest rate hikes and unconventional monetary policies. These measures have led to institutional collapses like Credit Suisse, which was subsequently acquired by UBS. https://www.investing.com/news/cryptocurrency-news/bitcoin-price-surges-as-skybridge-capitals-scaramucci-eyes-15-trillion-market-cap-93CH-3201196

2023-10-17 12:50

Copyrighted Image by: Reuters In the face of mounting regulatory scrutiny, Binance.US, an affiliate of the world's largest cryptocurrency exchange, discontinued direct dollar withdrawals and terminated Federal Deposit Insurance Corporation (FDIC) protection for dollar deposits on June 9, 2023. This decision was influenced by a combination of regulatory pressures and customer protection concerns. Prior to these changes, Binance had been grappling with several lawsuits from key regulatory bodies. On June 5, both the Securities and Exchange Commission (SEC) and the Commodities Futures Trading Commission (CFTC) launched lawsuits against the company. The SEC's case pertained to securities violations, while the CFTC targeted unregistered derivatives products. These legal battles are part of a broader global challenge for Binance. The firm has faced restrictions on promoting digital assets in foreign markets, which led to a halt in new user registrations in the UK. These developments have had notable effects on cryptocurrency markets. Amid these events, Bitcoin's value fell below US$27,000, a drop attributed to both the Consumer Price Index (CPI) data and the ongoing Israeli conflict. In contrast to this turbulent environment for digital currencies, luxury car manufacturer Ferrari (NYSE:RACE) has begun accepting cryptocurrency payments in the US, signaling increased mainstream acceptance of digital currencies despite regulatory challenges. https://www.investing.com/news/cryptocurrency-news/binanceus-halts-dollar-withdrawals-ends-fdic-protection-amid-regulatory-pressures-93CH-3201153

2023-10-17 12:00

Copyrighted Image by: Reuters. Roblox, the online platform with over 200 million monthly users and 65.5 million daily active users, announced on Tuesday it would integrate XRP for in-game payments in partnership with BitPay and Xsolla. This move is seen as a significant step towards crypto adoption in the gaming industry, especially considering that 44% of Roblox's daily active users are under the age of 13. The announcement follows a successful first quarter in 2023 for Roblox, which saw $773 million in in-game purchases. The integration was facilitated by BitPay and Xsolla, firms that have been partners since 2014. Xsolla, which manages Roblox's in-game transactions, has been at the forefront of crypto integration in gaming. In August 2022, Xsolla implemented an NFT-focused payment system with Coinchange Financials Inc. and TradeZing. By August 2023, the company had integrated Crypto.com's checkout solution into its Pay Station platform. Further expanding its payment options, Xsolla enabled PayPal (NASDAQ:PYPL) USD (PYUSD) transactions in September 2023. Despite initial false reports causing a brief price spike, XRP's price fell to $0.4897 following the announcement. However, its volume increased to $1.04 billion, and there were significant whale transactions noted. XRP lawyer John Deaton pointed out that this move could usher in a new era of crypto adoption in gaming, potentially benefiting both players and developers. It could also influence other Web2 gaming platforms to consider cryptocurrency integration. Roblox's decision to accept both XRP and BTC payments further solidifies its position as a major player in the gaming industry and highlights the increasing role of cryptocurrencies in digital transactions among younger demographics. https://www.investing.com/news/cryptocurrency-news/roblox-integrates-xrp-for-ingame-payments-expanding-crypto-adoption-in-gaming-93CH-3201128