Day: October 24, 2023

UniCredit Delivers Larger-than-Expected Q3 Profits Along with 2023 Outlook

UniCredit has marginally increased its revenue projections for the year 2023 while anticipating a minimum net profit of 7.25 billion euros this year. On Tuesday, October 24, Italy’s UniCredit announced its Q3 2023 results with larger-than-expected profits. The boost in profits comes amid high rates that boosted the company’s income. Besides, UniCredit is also holding up on its full-year profit goals adding that it would take more time to decide on how to capitalize this year’s “exceptional” earnings growth. Unicredit, the only Italian bank considered to have global systemic relevance,…

Bitcoin ready for new rally as 80% of supply is in profit

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While long-term investors appear unaffected by the surge, the rally sets the foundation for a ‘resumption of the 2023 uptrend,’ analysts say Bitcoin (BTC) volatility explosion on Oct. 24 has set the market ready for a new rally as a “meaningful proportion of supply and investors now find themselves above the average break-even price,” Glassnode says. In a research report on Oct. 24, analysts at the blockchain analytics firm noted that over 80% of Bitcoin supply is now in profit as the market is approaching year-to-date highs. Bitcoin supply in…

Bitcoin (BTC) Price at $34.5K on ETF Excitement

After briefly pushing past $35,000 toward the end of the U.S. trading day on Monday, bitcoin has consolidated to levels around $34,500. The world’s largest cryptocurrency has gained 12% over the past 24 hours. Analysts are attributing the sudden jump to BlackRock listing its bitcoin exchange traded fund (ETF) on the Depository Trust & Clearing Corp. database with the ticker $IBTC. Blackrock also updated its filings with the SEC, indicating a readiness to seed the ETF starting from October 2023. “This proactive approach from Blackrock suggests their preparedness to initiate…

Bitcoiner Eric Wall points out Bitcoin’s price is ‘fire sale’

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The prices of top cryptocurrencies like Bitcoin have been fluctuating wildly in recent months. However, Eric Wall believes BTC is currently undervalued. As pointed out by developer Eric Wall, the Bitcoin Rainbow indicator suggests the cryptocurrency is now in the “buy zone” and severely oversold. He commented, “We’re so back.” Bitcoin is currently in the buy zone | Source: Look Into Bitcoin The Rainbow Chart uses colored bands overlayed on a logarithmic growth curve to visualize Bitcoin’s long-term valuation cycles. When the Bitcoin price enters the zone near the bottom…

Cardano Passes Crucial Update As ADA Price Preps For 65% Rally

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The Cardano ecosystem is ringing in significant transformations with the Cardano Foundation’s announcement of a pivotal modification to its staking parameters. After a stake pool operator (SPO) poll and thorough deliberations by the Parameters Committee, the foundation decided to update the network to enhance both its competitiveness and user experience. The Cardando Foundation stated via X (formerly Twitter): “As a result of the Stake Pool Operator [SPO]-Poll and a subsequent evaluation by the Parameters Committee, the Cardano Foundation has successfully submitted a transaction on the Cardano mainnet to lower the…

Decentralized Crypto Exchange DYdX Open Sources ‘V4’ Code in Preparation to Leave Ethereum

“I think it’s a really exciting moment, to take something that in DeFi that already has a product market fit, where there is a billion dollars traded on average on dYdX every day, and fully decentralize it on a fundamentally new technology stack,” Antonio Juliano, dYdX’s Trading founder and CEO, told CryptoX in an interview. “I think that’s something that hasn’t really happened to that level in crypto yet.” Source CodeCryptoDecentralizeddYdXEthereumExchangeLeaveOpenPreparationSources CryptoX Portal

Barclays (BARC) Shares Down 6.5% amid Anticipation of Cost-Cutting Charges in Q4 2023

Despite facing challenges, the bank managed to report a net profit of £1.27 billion ($1.56 billion) for the quarter, slightly exceeding expectations of £1.18 billion. Barclays PLC (LON: BARC), one of the prominent players in the global banking industry, saw its share performance plummet by as much as 6.5% earlier today as it hinted at significant cost-cutting measures that are yet to be officially announced and billed to take effect later in the year.  Barclays Anticipates Cost-Cutting Measures In its Q3 earnings report, the bank indicated that it is “evaluating…

Cathie Wood’s ARK sells Grayscale Bitcoin Trust shares as BTC hits $34K

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Investment firm ARK is selling Grayscale Bitcoin Trust (GBTC) shares amid a market surge fueled by anticipation of a spot BTC exchange-traded fund (ETF). On Oct. 23, ARK — headed by pro-Bitcoin (BTC) investment veteran Cathie Wood — sold 100,739 GBTC shares ($2.5 million) from its ARK Next Generation Internet ETF (ARKW), according to a trade notification seen by Cointelegraph. The transaction comes as GBTC touched multi-month highs, reaching $24.7 for the first time since May 2022. According to data from TradingView, GBTC has surged more than 200% year-to-date and is…

Bitcoin to hit $45k in 2023 as funding rates signal FOMO, Matrixport says

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Crypto services provider Matrixport insists Bitcoin is still on track to reach $45,000 by the end of the year. Bitcoin (BTC) will keep growing to $45,000 this year as futures funding rates signal bullishness among traders. As crypto services provider Matrixport noted in an X post on Oct. 24, the Bitcoin futures funding rates stay “sky-high,” signaling a “FOMO-driven market.” 🚀 Bitcoin Update: FOMO Returns! 🚀 The #Bitcoin futures funding rate is sky-high, signaling a FOMO-driven market. Bitcoin dominance at 52.1%, with volumes soaring at $29bn traded in 24 hours.…