2023-10-17 11:58

In a series of transactions that have sparked speculation, Ripple Labs Inc transferred significant amounts of its digital currency, XRP, on Tuesday. The company directed 75 million XRP ($36.9 million) to an unidentified wallet and dispatched another 30 million XRP ($14.9 million) to the Bitstamp exchange. The latter transfer has been speculated as either a move for selling or as liquidity for the On-Demand Liquidity (ODL) platform with which Bitstamp collaborates. Adding to the intrigue, an additional transfer of 409 million XRP ($201.6 million) was made from Bitvavo to an anonymous wallet. This has ignited fears of a potential sell-off, though the actual intentions behind these transfers remain undisclosed. These moves coincided with a 0.32% drop in XRP's price to $0.492, a decrease that some observers attribute to misleading news about BlackRock (NYSE:BLK)'s Bitcoin ETF approval. Ripple Labs is known for its regular 'whale' activities - large-scale transactions that can significantly impact the cryptocurrency market - and its routine of releasing XRP from escrow monthly. These actions are typically tied to its business operations and are seen amidst the ongoing legal complexities around XRP. While these recent transactions have stirred market speculation, industry analysts suggest they could lower the likelihood of a sell-off and potentially lead to price stabilization for the digital asset. As always in the volatile world of cryptocurrencies, only time will tell how these events will ultimately influence XRP's market performance. https://www.investing.com/news/cryptocurrency-news/ripples-xrp-transactions-stir-market-speculation-93CH-3201127

2023-10-17 11:25

Copyrighted Image by: Reuters. Binance Japan, which launched on August 1, 2023, has intensified competition in the country's already crowded cryptocurrency market. Offering a significant number of 34 cryptocurrencies, the entry of Binance Japan poses a challenge for smaller exchanges, many of which offer as few as one to five tokens. By the end of August, there were 29 registered cryptocurrency exchanges in Japan. The global crypto downturn has exacerbated liquidity issues and a lack of differentiation among these smaller exchanges. Norbert Gehrke, founder of the Japan FinTech Observer newsletter, believes that Binance's entry has hastened their decline. In a strategic move to expedite its official entry into Japan, Binance acquired the Sakura Exchange BitCoin platform in November 2022. This acquisition allowed the company to transfer its Osaka-region registration to Tokyo, marking a part of a wider industry expansion effort toward the Asia Pacific region. However, Binance Global's legal issues overseas have raised concerns. In the U.S., both the Commodity Futures Trading Commission (CFTC) and Securities and Exchange Commission (SEC) have charged Binance with operating as an illegal exchange. Investigations are also ongoing in Australia, France, and Brazil. Despite these challenges, Japan’s Prime Minister Fumio Kishida views nationwide adoption of Web3 technologies as a key growth strategy. Tatsuo Oku from the Blockchain Collaborative Consortium hopes that Binance's entry will spark interest in the nation’s Web3 industry. Justin Dhingra from Crypto Garage notes an oversaturation in the number of retail crypto exchanges compared to demand, with only around three really making money. Coincheck, a successful Japanese exchange, has diversified its services to include an NFT marketplace to leverage the country's strengths in video games, anime, and manga. https://www.investing.com/news/cryptocurrency-news/binance-japans-launch-intensifies-competition-in-crowded-crypto-market-93CH-3201106

2023-10-17 11:21

In a recent development, Binance.US, the American arm of global cryptocurrency exchange Binance, has withdrawn its Federal Deposit Insurance Corporation (FDIC) insured status. The move comes following recommendations from the FDIC and means that crypto deposits, which are not legal tender or government-backed, are no longer insured. Binance.US communicated these changes to its customers via email. The updated terms of service require users to convert fiat U.S. dollars into digital currencies like stablecoins for withdrawal. Previously, the exchange offered FDIC coverage of up to $250,000 per account, similar to Coinbase (NASDAQ:COIN)'s pass-through FDIC insurance policy. The decision to renounce FDIC-insured status is concurrent with ongoing regulatory scrutiny from U.S. authorities, including the Securities and Exchange Commission (SEC). The SEC has accused Binance.US and BAM Trading Services Inc. of non-compliance with a consent order in a lawsuit and non-disclosure of all requested documents discussed in a September 18 hearing. Binance CEO Changpeng Zhao, known as "CZ", has criticized these regulatory actions. Binance.US has deemed the SEC's continuous requests "unreasonable". This shift in FDIC insurance status for crypto assets highlights potential risks and regulatory challenges in the industry. Notably, Stephen Ehrlich, former CEO of the now-defunct crypto broker Voyager Digital, faced charges from the Commodity Futures Trading Commission (CFTC) for making false claims about FDIC coverage and registration failures. https://www.investing.com/news/cryptocurrency-news/binanceus-withdraws-fdic-insurance-introduces-new-withdrawal-procedures-93CH-3201105

2023-10-17 11:17

Binance.US, a prominent cryptocurrency exchange, has made significant changes to its U.S. operations in the face of regulatory scrutiny, an SEC lawsuit, and legal complications. The modifications include the cessation of direct U.S. dollar withdrawals, requiring customers to convert their funds into stablecoins or digital assets before withdrawal, according to the updated terms of service communicated via email on Tuesday. The Securities and Exchange Commission's (SEC) lawsuit against Binance.US, its parent company Binance, and Changpeng Zhao includes 13 securities law breaches. These allegations range from fund diversion to inflated trading volumes. This aggressive approach by the SEC has resulted in the company's banking partners showing reluctance to continue their relationships with Binance. US. In addition to these operational changes, the Federal Deposit Insurance Corporation (FDIC) no longer insures U.S. dollar deposits at Binance. The US. The firm had previously suspended dollar deposits earlier in the summer due to ongoing legal issues. On an international level, Binance has stopped new user registrations in the UK. This action follows restrictions imposed by the Financial Conduct Authority (FCA) on its promotions partner, Rebuilding Society. These developments highlight the growing regulatory challenges faced by cryptocurrency exchanges globally. https://www.investing.com/news/cryptocurrency-news/binanceus-alters-operations-amid-regulatory-challenges-93CH-3201103

2023-10-17 11:04

Copyrighted Image by: Reuters The Bitcoin market is witnessing a potential shift among its largest holders, known as whales, with their actions seemingly influencing the cryptocurrency's price trajectory. This development comes as the average Bitcoin holding period has dropped to four months, indicative of heightened activity among these influential investors. This pattern mirrors similar trends observed during the key market phases in January 2022 and July 2021. These periods are often characterized by an investor's decision to sell after prolonged holding, driven by market uncertainties or loss prevention strategies. Historically, an increase in whale activity has been a precursor to significant price shifts in the Bitcoin market. Following such active periods, increased volatility becomes apparent on the Bitcoin price chart. While establishing causality in financial markets can be complex, a consistent correlation between large-scale Bitcoin holder activity and price action continues to be observed. The recent escalation in whale activity suggests potential major shifts in Bitcoin's price. Market participants and observers are keeping a close eye on these developments, as they could herald significant changes in the cryptocurrency's value and volatility. https://www.investing.com/news/cryptocurrency-news/bitcoin-price-volatility-linked-to-whale-activity-93CH-3201091

2023-10-17 10:38

Copyrighted Image by: Reuters The ongoing conflict in the Middle East has led to a significant increase in Brent crude futures, which have escalated by 6%, currently trading at $89 a barrel as of Tuesday. This surge is anticipated to boost revenues for commodity-related sectors, particularly benefiting European oil giants BP (NYSE:BP), Shell (LON:SHEL), and TotalEnergies (EPA:TTEF). These companies have seen their shares rise between 4.5% and 7%. Europe's oil and gas sector has reached nine-year highs, demonstrating an annual growth of 8.3%, outpacing the STOXX 600’s growth of 6%. Analysts forecast an end-year price for Brent crude at $88 a barrel, suggesting a potential stabilization in the market. Despite the positive outlook for the oil and gas sector, Goldman Sachs projects a 2% reduction in inflation-adjusted European earnings this year. This prediction stems from the threat posed by rising bond yields on debt costs, as highlighted by analysts. However, Goldman Sachs also predicts a higher earnings growth of 7% next year. The firm anticipates that oil prices will hit $100 per barrel by the end of 2024, leading to companies seeing a real terms annual profit growth of 5% through 2025. https://www.investing.com/news/commodities-news/brent-crude-futures-surge-amid-middle-east-conflict-boosting-european-oil-giants-93CH-3201073