2023-10-17 05:45

Copyrighted Image by: Reuters The US Treasury is now the world's largest holder of Bitcoin reserves, with an estimated total of 194,188 BTC tokens, valued at approximately $5.5 billion, according to a report released on Tuesday. This substantial increase in holdings is primarily due to three significant crypto seizures: the Silk Road operation, assets from James Zhong, and the Bitfinex hack. Crypto firm 21.co has suggested that this figure might be understated. The U.S. Marshals Service is responsible for the sale of these seized properties following court-approved forfeiture judgments. The rise in cryptocurrency culture within the US has led to an uptick in crypto-related crimes, prompting increased scrutiny from the SEC on firms such as Coinbase (NASDAQ:COIN) and Binance. Public filings released on Tuesday reveal that the U.S. government holds over 200,000 BTC, currently worth around $5.3 billion. These holdings are stored offline in encrypted hardware wallets and are overseen by the Justice Department and IRS. Crypto entity 21.co validated these holdings, which were acquired from the Silk Road operation, Bitfinex Hack, and the James Zhong case in March 2022. After a final forfeiture verdict, seized assets become government property and are managed by the U.S. Marshals Service. The government liquidated several thousand Bitcoins earlier this year but still retains a considerable amount. Historic sales include Tim Draper's purchase in 2014, with recent transactions predominantly conducted on platforms like Coinbase. https://www.investing.com/news/cryptocurrency-news/us-governments-bitcoin-reserves-surge-to-53-billion-93CH-3200539

2023-10-17 05:28

Solana's total value locked (TVL) experienced a sharp decrease from $313 million to $210 million on Tuesday, due to Lido Finance's decision to leave the network. This decision was driven by a peer-to-peer Validator proposal and backed by a community vote through the DAO forum. Despite the significant fall in TVL, holders of stSOL, a token associated with Lido Finance, are assured of continued network rewards. In an unexpected turn of events, Lido Finance saw a 24-hour increase in its own TVL amidst its transition away from Solana. The specifics of this increase were not detailed in the context provided. Meanwhile, Solana's native token SOL demonstrated resilience amidst these changes. It maintained a steady trading value around $24, marking a 9% daily increase on Tuesday. The token's robust performance indicates investor confidence despite the volatility introduced by Lido Finance's departure from the network. https://www.investing.com/news/cryptocurrency-news/solanas-tvl-drops-following-lido-finances-exit-sol-token-remains-resilient-93CH-3200496

2023-10-17 04:50

Copyrighted Image by: Reuters. Bitcoin, the decentralized digital currency created by Satoshi Nakamoto, is poised to reach a significant milestone, with predictions suggesting it could hit $100k in 2023. This follows a trajectory that saw the cryptocurrency surpass $100 per coin in April 2013, a turning point that garnered widespread media attention and sparked investor interest. The potential surge in Bitcoin's value can be attributed to several factors, such as its limited supply, growing institutional adoption, and global economic conditions shaped by central bank policies. Bitcoin operates on blockchain technology and has a maximum supply of 21 million coins. As of Monday, over 18.5 million coins have been mined, creating scarcity and bolstering Bitcoin's position as a store of value and hedge against inflation. Major companies like Tesla (NASDAQ:TSLA), PayPal (NASDAQ:PYPL), and Microsoft (NASDAQ:MSFT) have recognized Bitcoin as a legitimate asset class, enhancing its credibility and drawing more institutional investors. These developments coincide with ongoing global economic uncertainty and unprecedented monetary stimulus measures by central banks, intensifying inflation concerns and positioning Bitcoin as an attractive option for wealth preservation. However, despite the potential for Bitcoin's value to surge, investors must consider the inherent risks linked with its volatile nature. Bitcoin's price volatility is characterized by periods of swift growth followed by sharp declines and is influenced by market sentiment, regulatory changes, and technological advancements. Looking ahead, CoinCodex predicts that Bitcoin's price will range between $27,341 and $118,102 in 2024 - a potential 324.27% increase. Predictions for 2025 range from $78,215 to $177,384 while by 2030 it could reach between $149,316 and $265,318. These predictions take into account technical indicators like the 50-day SMA of $26,676, the 200-day SMA of $28,013, and the RSI. The cyclical nature of Bitcoin’s price, the Fear & Greed Index, and sentiment analysis also support these projections. https://www.investing.com/news/cryptocurrency-news/bitcoins-path-to-100k-factors-influencing-its-potential-surge-93CH-3200443

2023-10-17 03:34

Copyrighted Image by: Reuters On Tuesday, the Kenyan shilling fell to a historic low against the US dollar, with the Central Bank of Kenya (CBK) quoting it at 149.27, an increase from Friday's close of 149.20. This depreciation has driven up import costs and inflation, according to a CBK statement. The situation has resulted in higher prices for traders and businesses as commercial banks have raised dollar selling rates over KES150 due to foreign currency shortages. Analysts from FX Pesa highlighted an ongoing average monthly depreciation of 2.3% since the beginning of 2023, a trend that is likely to intensify with rising oil prices and persistent high interest rates in the US. The US Federal Open Market Committee's commitment to maintaining interest rates above 5% through 2024, combined with a 3.7% US inflation rate and a projected return of 5.487% on US treasuries, presents a compelling 25.5% return from a Kenyan perspective. This attractive return has prompted a shift from Kenyan bonds. The depreciation of the shilling, coupled with a record low in foreign exchange reserves, has weakened Kenya's ability to finance imports and service foreign debt. This situation has increased demand for the greenback, the major currency in global trade, escalating the overall import bill. The Nairobi Securities Exchange (NSE) experienced a drop in its market capitalization due to a broad sell-off, reflecting eroding investor confidence amidst deteriorating economic conditions and the upcoming repayment of Kenya's debut Eurobond until June 2024. https://www.investing.com/news/forex-news/kenyan-shilling-hits-record-low-against-us-dollar-impacting-markets-93CH-3200398

2023-10-17 02:46

Copyrighted Image by: Reuters. The global cryptocurrency market witnessed a surge on Tuesday, with Bitcoin hitting a 70-day high at over $28,000, a 4% increase. The surge was driven by a false spot ETF approval report circulating on social media, which was later corrected by Blackrock (NYSE:BLK). The firm's Bitcoin ETF application remains under review, CoinTelegraph reported. This misinformation led to a quick $65 million liquidation, according to the report. In addition to Bitcoin's rise, several altcoins also posted gains. Solana made a nearly 7% single-day jump, reclaiming its position above the $24 level. Polygon experienced a 3% increase while Tron, Litecoin and BNB each added 2%. Conversely, Polkadot and USD Coin recorded losses. The overall global cryptocurrency market cap reached $1.09 trillion as trading volumes skyrocketed over 220% to $62.5 billion. Solana's performance drew particular attention. WazirX Trade Desk (NASDAQ:TTD) provided insights on the project. Solana Foundation's decentralized finance solutions are the driving force behind the cryptocurrency's success. Meanwhile, Ethereum managed to gain 2%, but it remained under the $1600 mark. https://www.investing.com/news/cryptocurrency-news/solana-reclaims-24-level-as-bitcoin-soars-to-70day-high-93CH-3200379

2023-10-17 01:27

Sistine Research has projected a significant rise in the price of XRP, according to an analysis released on Tuesday. The research firm anticipates the cryptocurrency's value to surge to $1.5, marking a substantial 204% increase from its current value of $0.4928. The bullish projection is based on patterns observed in XRP's weekly chart since May 2022, which indicated an upward accumulation pattern. This pattern is seen as evidence of investors' readiness to buy at escalating prices. The forecast comes after XRP demonstrated resilience during a pivotal rally in July, breaking through a key multi-year descending trendline and maintaining its position above it amidst market fluctuations. This performance contrasted with Bitcoin's downward trajectory in 2018 and Dogecoin's buyer fatigue. Despite some skepticism surrounding cryptocurrencies, Sistine Research positions XRP as a beacon of hope in the turbulent crypto market. The firm emphasized XRP's performance during the July rally and its resistance against the key descending trendline as indicators of its potential for growth. https://www.investing.com/news/cryptocurrency-news/xrp-price-projected-to-surge-204-to-15-says-sistine-research-93CH-3200312