2024-01-21 22:46

Copyrighted Image by: Reuters NEW YORK - Analysts are anticipating a positive outcome for Coinbase (NASDAQ:COIN) in its legal battle with the Securities and Exchange Commission (SEC) over allegations that it has been operating as an unbrokered exchange and offering unregistered securities since June 2023. The courtroom deliberations, which have been closely watched by the cryptocurrency industry, revolve around the critical definition of "investment contract" concerning digital tokens. During the court proceedings led by Judge Failla, a significant point of discussion was the application of the Howey test, a long-standing method for determining whether a transaction qualifies as an investment contract and thus a security under U.S. law. The debate delved into whether staking rewards and the business model of Coinbase fall under this category. The case's trajectory seems to be leaning in favor of Coinbase, especially considering the precedent set by the Ripple case. In that instance, XRP was not classified as a security, which has provided a benchmark for the current proceedings. The outcome of this lawsuit is expected to have substantial implications for the cryptocurrency industry, potentially influencing the interpretation of securities law and the application of the Howey test for years to come. https://www.investing.com/news/cryptocurrency-news/coinbase-likely-to-win-sec-lawsuit-on-unregistered-securities-93CH-3279035

2024-01-21 22:07

Copyrighted Image by: Reuters Cryptocurrency Dogecoin (DOGE) has witnessed a notable surge in value, with its market capitalization soaring to an estimated $12 billion today. The uptick is largely driven by the anticipation of new utility features and rumors suggesting a potential integration into Elon Musk’s X Payments system. The digital currency, often fueled by its vibrant community and high-profile endorsements, has seen mixed results in its price performance. However, a significant positive trend was observed on Saturday as Dogecoin notched a sharp rise above 10%, climbing from $0.078 to $0.090, amid the debut of Elon Musk’s Xpayments. This correlated with a CoinMarketCap data showing a threefold rise in DOGE's trading activity, indicative of market optimism. Dogecoin’s association with Elon Musk, who has been an advocate for the meme-inspired cryptocurrency since 2019, continues to play a significant role in its market movements. With Musk’s "everything app" strategy for X, peer-to-peer payments may soon include Dogecoin, aiming for roll-out by mid-2024. The cryptocurrency community is abuzz with talk of DOGE becoming an X payment option following the company’s acquisition of money operations licenses. https://www.investing.com/news/cryptocurrency-news/dogecoin-market-cap-hits-12-billion-amid-x-payments-speculation-93CH-3279033

2024-01-21 10:10

Copyrighted Image by: Reuters. On January 20, 2024, the Bitcoin network achieved a significant milestone, surpassing a hash rate of 500 exahashes per second. This landmark event underscores the robust engagement of miners and the extensive investment in mining hardware. The heightened computational power contributes to the network's strengthened security against potential attacks. The network's dynamic difficulty adjustments play a key role in maintaining a consistent block discovery rate, despite the surge in hash rate. This mechanism ensures that the time required to discover new blocks and process transactions remains stable. This achievement is not just a technical feat; it also serves as a testament to Bitcoin's computational prowess, which now exceeds that of some of the world's most powerful supercomputers. The milestone is viewed as a positive indicator of investor confidence, reflecting trust in the resilience and capability of the Bitcoin network. https://www.investing.com/news/cryptocurrency-news/bitcoin-network-surpasses-500-exahash-rate-milestone-93CH-3278930

2024-01-20 23:19

Copyrighted Image by: Reuters The cryptocurrency sector has experienced a significant resurgence, with Bitcoin spearheading a robust recovery that has seen its value soar by 150%. This rally has propelled the total market capitalization of cryptocurrencies to surpass $1.6 trillion. The surge in Bitcoin's value has been accompanied by substantial gains in other major digital currencies, including Ether and solana. The renewed vigor within the crypto market is partly attributed to growing interest from mainstream financial institutions. BlackRock (NYSE:BLK), one of the largest asset managers globally, has shown a keen interest in cryptocurrencies, signaling a broader acceptance within the traditional financial sector. In parallel with the market's growth, regulatory agencies are actively developing regulatory frameworks. These frameworks aim to foster innovation while ensuring consumer protection and maintaining the integrity of the financial system. The involvement of these agencies indicates a move towards more structured market conditions, which may be contributing to the increased confidence of both retail and institutional investors in the digital asset space. https://www.investing.com/news/cryptocurrency-news/bitcoin-leads-crypto-market-to-16-trillion-amid-institutional-interest-93CH-3278910

2024-01-20 23:16

Copyrighted Image by: Reuters GLOBAL MARKETS - Binance, once the dominant player in the cryptocurrency exchange market, has seen its market share fall to 48.7%. This decline comes amidst increasing regulatory pressures and the recent resignation of its CEO, Changpeng Zhao. In contrast, competing platforms OKX and Bybit have capitalized on the situation, improving their market positions to 15.7% and 11.6% respectively. Their rise is largely attributed to a strategic emphasis on derivatives trading, which now represents over 90% of their trading volumes. Decentralized exchanges (DEXs) continue to hold a steady portion of the market, maintaining around 2.83% of the total trading volume. Within the Solana ecosystem, DEXs such as Orca and PancakeSwap have been particularly noteworthy. In the wake of these shifts, certain exchange tokens have seen significant value increases. Tokens like FTT, MX, and BGB have more than doubled in value. JOE has been a standout, with a remarkable growth rate of 400%. However, not all tokens have fared well; despite high liquidity, the price of HT has experienced a decline. https://www.investing.com/news/cryptocurrency-news/binance-market-share-drops-to-487-amid-regulatory-challenges-93CH-3278908

2024-01-20 23:11

NEW YORK - BlackRock Inc (NYSE:BLK), the world's largest asset manager, has decided to halt its plans to launch an exchange-traded fund (ETF) based on the cryptocurrency XRP. The decision comes amid ongoing regulatory uncertainties and a lack of clarity regarding XRP's legal status. The move is a significant shift for BlackRock, which had previously shown interest in the digital currency space, with CEO Larry Fink making remarks that hinted at the firm's engagement with XRP. However, a July ruling that brought confusion over XRP's legal standing has contributed to the company's decision to step back from launching a spot XRP ETF. In the broader context of the cryptocurrency market, XRP has been experiencing a downturn in value, reflecting a bearish sentiment among investors. The cryptocurrency's price has dropped to around $0.50, a decline that is being attributed to market participants bracing for potential Securities and Exchange Commission (SEC) appeals, which could further complicate the regulatory landscape for digital assets like XRP. https://www.investing.com/news/cryptocurrency-news/blackrock-shelves-plans-for-spot-xrp-etf-amid-regulatory-challenges-93CH-3278906