Day: December 5, 2023

XRP Price Prediction – Key Upside Break Could Trigger Fresh Surge

XRP price is eyeing a key upside break above the $0.650 resistance. The price could rally toward $0.70 if it clears the $0.650 resistance. XRP is slowly moving higher above the $0.612 level. The price is now trading above $0.615 and the 100 simple moving average (4 hours). There was a break above a major declining channel with resistance near $0.618 on the 4-hour chart of the XRP/USD pair (data source from Kraken). The pair start a fresh rally if it clears the $0.645 and $0.650 resistance levels. XRP Price…

Robinhood crypto trading rises 75% in Nov, CEO tips ‘9 figures’ in revenue

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Crypto-friendly trading platform Robinhood has reported a 75% month-on-month increase in digital asset trading volume in November. In an 8-K filing to the Securities and Exchange Commission on Dec. 4, Robinhood noted that “November Crypto Notional Trading Volumes were roughly 75% above October 2023 levels.” The activity, however, didn’t translate to equity and options contract trading volumes, which were mostly flat compared to October. The bumper month marks a reversal for Robinhood, which revealed a 55% decrease in cryptocurrency notional volumes over the year in its Q3 results filing. As…

Riot Platforms buys $291M in BTC rigs as miners rakes in from Ordinals

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Bitcoin miner Riot Platforms is buying 66,560 Bitcoin mining rigs from manufacturer MicroBT, in one of its largest orders of hash-rate in the firm’s history — ahead of the Bitcoin halving scheduled for April 2024. The additional purchase agreement totaled $290.5 million, Riot stated in a Dec. 4 statement — meaning it paid an average of $4,360 for each machine. $Riot Exercises Purchase Option on 18 EH/s of Latest Generation Immersion Miners from MicroBT, and Secures Additional Purchase Options Providing a Path to Exceed 100 EH/s. – Riot places order…

Crypto investment products see highest inflow since October 2021

Last week, the inflow of investment products into digital assets reached $176 million, the most significant number since October 2021. This marked the 10th consecutive week of inflows totaling $1.76 billion, or 4% of assets under management (AuM), according to a CoinShares report. The inflow of assets into crypto funds was the largest since October 2021, when a crypto futures ETF was launched in the United States. Crypto assets inflow | Source: CoinShares Additionally, total AuM is up 107% this year, but at $46.2 billion, it remains well below the…

Bitcoin Price Extends Rally Above $42K But Signs of Trend Exhaustion Appear

Bitcoin price extended its rally above the $42,000 resistance. BTC is now correcting gains and might test the $40,800 support zone. Bitcoin surged further above the $41,200 and $42,000 levels. The price is trading above $41,200 and the 100 hourly Simple moving average. There is a major bullish trend line forming with support near $40,880 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could correct lower toward $40,800 before it starts a fresh increase. Bitcoin Price Rises Over 10% Bitcoin price started a strong…

Brazil’s major bank enters crypto space with new trading service

Brazil’s largest lender, Itau Unibanco, announced its entrance into the crypto market by introducing a trading service for clients on its investment platform.  The initial offering includes trading in Bitcoin (BTC) and Ether (ETH), with plans to incorporate additional cryptocurrencies. According to the announcement, the decision would position Itau to compete with local entities like crypto exchange MB, investment bank BTG Pactual’s digital assets unit Mynt, and global players like Binance in the Brazilian market. “Our initial focus is on Bitcoin, but our broader strategic plan involves expanding to other crypto…

Coinbase, Marathon stocks surge as Bitcoin lights ‘fire in the cauldron’

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Publicly traded crypto firms have notched triple-digit percentage returns this year and closed up in green on Dec. 4, as Bitcoin (BTC) reached a new year-high of over $42,000.  Crypto exchange Coinbase (COIN) closed the day at just over $141 with a 5.5% gain, up 320% from its price at the start of the year, per Google Finance data. Bitcoin miners Marathon Digital (MARA) and Riot Platforms (RIOT) closed the day with over 8% gains, recording 337% and 345% year-to-date (YTD) gains, respectively. A visual map of the one-day price of S&P…

NFTs witnessed turnaround in November, reversing year long downward trend

A new research report from Binance highlights that the NFT market experienced an upswing in November, marking a turnaround from its year-long downturn with a sales volume of $0.91 billion. These numbers highlight a 200% month-over-month increase, the most substantial growth seen in 2023 so far.  Bitcoin NFTs dominate The research report shared with crypto.news on Dec. 4 points to indicators of this recovery, including Nansen’s NFT-500 Index and the Blue Chip 10 Index, showing reduced year-to-date declines at 49% and 43%, respectively, showcasing improvement from the previous month’s 58% and 50%.…

Bloomberg Expects Bitcoin Price To Surpass $500,000 In Upcoming Crypto Super Cycle

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In a recent Bloomberg report, it has been suggested that the rise of Bitcoin price to over $42,000 is just the beginning of a new crypto super cycle that will push the world’s largest cryptocurrency to over $500,000. According to Bloomberg, proponents of this theory argue that Bitcoin represents a new monetary order that is captivating Wall Street and fueling a “palpable sense of euphoria” within the digital asset community. Bitcoin Price Potential Soars The remarkable performance of the Bitcoin price in recent months took many by surprise, as the…

Bitcoin the ‘main beneficiary’ as crypto funds notch 10-week streak

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Bitcoin (BTC)-related investment products have become the “main beneficiary” of recent investor interest in crypto, amid growing anticipation of a spot Bitcoin ETF approval in the United States. A total of $1.76 billion of investors’ funds have flowed into crypto products over a 10-week period, making up for the largest inflows over such a period since October 2021 — when Bitcoin futures launched, according to a Dec. 4 report from CoinShares’ head of research James Butterfill. Record inflows! Last 10 weeks now total U$1.76bn inflows, the highest on record since…