2023-10-16 13:38

Bitcoin experienced a brief surge to $30,000 on Monday, influenced by false reports regarding the SEC's approval of BlackRock (NYSE:BLK)'s iShares spot Bitcoin ETF application. The misinformation, circulated by Cointelegraph on social media, led to liquidations worth around $100 million as investors sought to profit from the unexpected price spike. The fake news was later refuted by BlackRock and Fox Business reporter Eleanor Terret. BlackRock, a $9 trillion asset manager, clarified that their application is still under SEC review, a fact supported by the U.S. SEC's official website. The market's reaction was also influenced by a court decision favoring Grayscale's GBTC to spot ETF conversion and anticipation for the GBTC to spot ETF countdown, beneficial for traditional investors. In response to the incident, Cointelegraph issued an apology for spreading the misinformation and initiated an internal investigation. The impact of this misinformation on market liquidations was evident in the Coinglass data, which showed $105 million positions, including $73 million in shorts and $32 million in longs, were liquidated within an hour. By late morning on Monday, Bitcoin corrected to $28,192.22 with a 24-hour trading volume up by 366.20% at $24.39 billion, representing a 4.90% spike over the past 24 hours and a 2.6% gain in the last seven days. According to CoinMarketCap data, Bitcoin's total circulating supply is 19.52 million tokens with a market cap of $550.69 billion. Fidelity's Bitcoin ETF proposal is another under consideration by the SEC as the market continues to respond to developments in cryptocurrency regulation and acceptance among traditional investors. https://www.investing.com/news/cryptocurrency-news/bitcoins-etf-approval-misinformation-triggers-market-turbulence-93CH-3200010

2023-10-16 13:38

Copyrighted Image by: Reuters Monday marked another day in the ongoing evolution of cryptocurrencies, a journey that began with Bitcoin's creation in 2009. The digital currency, introduced by an anonymous entity, set the stage for a new era in finance through its use of blockchain technology. This secure and transparent decentralized ledger has since found applications not only in financial transactions but also in supply chain management and voting systems. The cryptocurrency market has seen exponential growth with the introduction of altcoins such as Ethereum and Ripple (XRP). Ethereum brought with it the concept of smart contracts, while Ripple's XRP has facilitated swift cross-border payments. These advancements have contributed to a revolution in finance, offering financial inclusion for the unbanked, opening up new investment avenues, and providing a store of value akin to gold. This wave of digital currencies has disrupted traditional banking systems by offering faster and more economical global transactions. However, this innovative sector faces challenges from regulatory bodies worldwide, security threats from hacks and scams, and extreme price volatility. Despite these obstacles, cryptocurrencies continue to shape discussions on the future of money, finance, and technology. Bitcoin, created by Satoshi Nakamoto, operates on a public ledger via a peer-to-peer network using blockchain technology. This model paved the way for other altcoins such as Ethereum, Ripple, and Litecoin to emerge. Ethereum distinguishes itself with a decentralized platform that enables smart contracts and decentralized applications (DApps), with Ether (ETH) being second in market cap only to Bitcoin. Ripple stands out with its real-time gross settlement system and remittance network. It uses its native XRP for swift and affordable international money transfers in collaboration with major financial institutions. Litecoin, developed by Charlie Lee, offers rapid transaction confirmations and employs a unique hashing algorithm. It has gained acceptance from merchants and robust community support. Despite these promising features and strong backing, investing in cryptocurrencies carries substantial risk due to market volatility. As the cryptocurrency landscape continues to evolve, these digital assets remain a significant focus of discussion in the realms of finance and technology. https://www.investing.com/news/cryptocurrency-news/cryptocurrency-evolution-from-bitcoin-to-altcoins-93CH-3200011

2023-10-16 13:33

Binance, one of the leading cryptocurrency exchanges, has recently conducted its 25th regular token burn, eliminating 2.14 million of its native digital tokens, Binance Coin (BNB), from circulation. This reduction represents approximately 1.38% of the total supply. The tokens are employed for trading and fee payments on Binance and various decentralized finance applications. As of Monday, CoinGecko ranks BNB as the fourth-largest cryptocurrency with a significant presence in the crypto market. It boasts a market cap of $32 billion and a price per coin of $213. Binance has been systematically conducting quarterly burns of its BNB tokens since October 2017. The objective is to halve the total supply and leave only 100 million in circulation for potential value appreciation. The most recent burn removed 2,139,182 tokens, amounting to $4.53 million. This follows the previous quarter's elimination of around 1.99 million tokens. Despite these substantial reductions, BNB's market price has only increased by a modest 2.74% to $213. The Auto-Burn formula, which functions independently of Binance's centralized exchange, ensures transparency in this process by providing quarterly reports to investors and the crypto community. In addition to these measures, the standalone BNB Chain also contributes to the overall supply reduction by burning a portion of its real-time gas fees through a unique mechanism. https://www.investing.com/news/cryptocurrency-news/binance-conducts-25th-token-burn-eliminating-214-million-bnb-93CH-3200007

2023-10-16 13:22

Copyrighted Image by: Reuters Speculation is mounting over the potential acceptance of cryptocurrencies such as Bitcoin by major retailers, with Amazon (NASDAQ:AMZN) at the forefront of discussions. Despite smaller businesses beginning to accept Bitcoin, larger corporations including Amazon have remained hesitant due to concerns over crypto volatility, regulatory complexities, and gaps in consumer understanding. The online retail giant stands to benefit from potential advantages such as increased customer convenience, attracting a crypto-friendly customer base, and enhancing the speed and cost-efficiency of international transactions. However, Amazon also faces challenges including Bitcoin's scalability issues, which could prove problematic given the retailer's high transaction volume. Other concerns include the volatile value of Bitcoin leading to accounting difficulties and the need for compliance with evolving global cryptocurrency regulations. Nonetheless, Amazon's ongoing interest in blockchain technology, evidenced by its blockchain patents and services based on this technology, suggests a possible future acceptance of Bitcoin. As of Monday, there has been no official confirmation from Amazon regarding their position on accepting Bitcoin. In related news, Apple (NASDAQ:AAPL) does not currently accept Bitcoin directly for its products such as iPhones or MacBooks. Yet, in response to the growing influence of cryptocurrencies, the tech giant introduced "CryptoKit" in 2019. This tool assists developers in performing cryptographic operations for easier integration of cryptocurrencies into applications. Apple's App Store guidelines permit apps like digital wallets and exchanges to transmit "approved virtual currencies," provided they comply with laws and don't facilitate illegal activities or violate user privacy. However, these apps are prohibited from mining cryptocurrencies using an iPhone's resources to prevent potential damage. Bitcoin's evolution into a valuable asset through platforms like Immediate Revolution has significantly impacted the global economy. This decentralized deflationary currency disrupts traditional financial norms and provides solutions for systemic issues. As a store of value or "Digital Gold," Bitcoin represents change and innovation due to its finite supply and rising demand. It also facilitates efficient cross-border transactions. However, its future, referred to as Silicon’s Golden Child, is a blend of excitement and uncertainty due to rapid growth, price volatility, and regulatory challenges. Despite these risks, potential benefits such as providing financial autonomy to the unbanked population often outweigh the uncertainties. The underlying blockchain technology, the emergence of altcoins, and the avalanche of innovations it has triggered hold immense potential beyond finance. https://www.investing.com/news/cryptocurrency-news/amazons-potential-embrace-of-bitcoin-stirs-market-speculation-93CH-3200013

2023-10-16 12:56

In a day marked by speculation and swift price movements, Bitcoin and Ethereum Classic experienced temporary surges on Monday. The cryptocurrency market responded to unfounded rumors about the approval of BlackRock (NYSE:BLK)'s iShares Spot Bitcoin ETF application, with Bitcoin's price momentarily spiking by 10% before settling back at a 3% increase at $28,000. Concurrently, Ethereum Classic (ETC/USD) saw a brief 4.9% surge to $15.72. The rumors, which were later clarified as false by BlackRock, underscored the market's heightened anticipation for a US spot-Bitcoin ETF and its vulnerability to social media speculation. The incident also highlighted how such rumors could trigger increased buying activity and expectation of price gains in volatile altcoins like Ethereum Classic due to positive regulatory perspectives on Bitcoin. CoinTelegraph is currently conducting an internal investigation after admitting to disseminating the misleading information through a tweet. As of Monday morning, Ethereum Classic was trading 2% higher at $15.28, according to data from Benzinga Pro. The market's reaction to the rumors also emphasized the potential influence of industry giants like BlackRock and Invesco in the cryptocurrency space. Over ten spot-Bitcoin ETF applications have been lodged by these firms, leading analysts to predict higher approval odds this time around. Adding fuel to these predictions is Grayscale's recent victory against the SEC in transforming its $16.7 billion Bitcoin Trust (GBTC) into an ETF. This move is seen as a positive step toward the approval process for other similar applications. Teong Hng, CEO of crypto investment firm Satori Research, described the swift price movement as a "good 30 minutes of fun and games," underlining the unpredictability of the approval process. https://www.investing.com/news/cryptocurrency-news/bitcoin-and-ethereum-classic-see-temporary-surge-amid-blackrock-etf-approval-rumors-93CH-3199994

2023-10-16 12:36

In a cooperative effort with Israel's National Bureau for Counter Terror Financing (NBCTF), Tether, the leading stablecoin issuer, has immobilized 32 virtual wallets suspected of being involved in cryptocurrency-terrorism in Israel and Ukraine. The frozen assets amount to $873,118 in Tether's USDT stablecoin. This action is part of Tether's ongoing commitment to countering cybercrime and promoting responsible use of blockchain technology. Tether CEO Paolo Ardoino has emphasized the company's dedication to preventing cybercrime. He highlighted the traceability features of blockchain technology that can unveil illegal activities, thus debunking the misconception of anonymous cryptocurrency transactions. Despite facing scrutiny over its business ethics and reserve adequacy, Tether continues its cybercrime countermeasures. Its USDT stablecoin, pegged to the U.S. dollar, has an impressive market cap of $83.5 billion and provides dollar exposure to international markets. The company has a history of freezing and reimbursing stolen funds, assisting 31 agencies across 19 jurisdictions in immobilizing crime-related assets totaling $835 million. In November 2022, responding to a law enforcement request, Tether froze $46 million of USDT stablecoins associated with an FTX wallet. In a related development, Tether worked alongside Binance to assist Israeli police in confiscating Hamas-linked crypto wallets following a surprise attack. This cooperation underscores Tether's commitment to thwarting terrorism financing globally. Tether's actions are indicative of the growing role cryptocurrency companies play in aiding law enforcement agencies worldwide in their fight against cybercrime and terrorism financing. https://www.investing.com/news/cryptocurrency-news/tether-works-with-nbctf-to-freeze-873k-in-crypto-linked-to-terrorism-93CH-3199979