- Bitcoin’s Options Market Has Overtaken Its Futures Market in a Sign of Growing Sophistication
The crypto market has come back to life this year, with bitcoin (BTC) doubling in value, supposedly on the back of haven demand, spot ETF excitement in the U.S. and dovish Federal Reserve expectations.
While most activity was initially concentrated in bitcoin’s spot and futures markets, options tied to the cryptocurrency, which offer a cheap way to bet on a price rise or drop, have become more prominent.
In terms of open interest (OI), the BTC options market is now bigger than the futures market. At press time, the U.S. dollar value locked in active options contracts stood at $17.39 billion, almost 10% more than futures’ open interest of $15.84 billion, according to data source CoinGlass.
- SEC Crows Over ‘Impactful’ Crypto Enforcement Actions in 2023
Amid rampant speculation about its possible approval of a Bitcoin spot ETF, the Securities and Exchange Commission (SEC) today issued itself a report card of sorts, declaring that it had a “highly productive and impactful year” when it came to enforcement actions related to cryptocurrency and digital assets.
“Investor protection and enhancing public trust in our markets requires that we work with a sense of urgency, using all the tools in our toolkit,” said SEC enforcement division director Gurbir S. Grewal in the report.
- BTC price bounces at 1-week lows as Bitcoin whales sell into $35K
Data from Cointelegraph Markets Pro and TradingView tracked a swift retreat for BTC price action, which fell over $1,000 in a single hourly candle.
The largest cryptocurrency found support at the $35,000 mark, forming a springboard to recover to around $35,600 at publication.
The volatility came hours after what at first looked like a positive news event for Bitcoin and crypto, with United States inflation slowing beyond expectations.
At the same time, however, analysts noted that beyond smaller retail investors, there was little appetite for buying BTC at prior levels around 18-month highs.
- Binance Futures Announces Updates on Minimum Notional Value for Certain Perpetual Contracts
Binance Futures has announced that it will update the minimum notional value for orders on LINKUSDT, BCHUSDT, ETCUSDT, and LTCUSDT Perpetual Contracts. The changes will be effective from November 22, 2023, at 10:00 (UTC).
Undergoing changes are as follows:
1. LINKUSDT Perpetual Contract: From a previous minimum notional value of 5.0 USDT, the new value will be 20.0 USDT.
2. BCHUSDT Perpetual Contract: The minimum notional value will increase from 5.0 USDT to 20.0 USDT.
3. ETCUSDT Perpetual Contract: The minimum notional value will change from 5.0 USDT to 20.0 USDT.
4. LTCUSDT Perpetual Contract: The minimum notional value will rise from 5.0 USDT to 20.0 USDT.
The said updates won’t impact existing orders on the mentioned Perpetual Contracts. However, Futures Grid Trading Bot orders for these contracts will automatically expire if they don’t meet the new minimum notional value requirement. Users are thus strongly advised to revise their Futures Grid Trading Bots before November 22, 2023, at 10:00 (UTC).
- Ripple Partners With Onafriq to Enable Faster Cross Border Payments to Africa
Ripple, a provider of crypto solutions for businesses, and the Africa-focused payment fintech firm Onafriq recently said they are collaborating to enable crypto-based cross-border payments between Africa and the Gulf Cooperation Council (GCC), the U.K. and Australia. Their collaboration not only brings faster and more efficient international money transfers to Africa but it also accelerates financial inclusion across the continent.
According to a press release, this partnership arrangement makes it possible for Payangel customers in the UK, Pyypl clients in the GCC, and Zazi Transfer users in Australia to send remittances to recipients across 27 countries.
- Crypto Market Sees Net Capital Inflow for First Time in 17 Months
Money is flowing into the crypto market through stablecoins or the U.S. dollar-pegged tokens for the first time in over a year, according to data tracked by blockchain analytics firm Glassnode.
The 90 day net change in the supply of the top four stablecoins – tether (USDT), USD Coin (USDC), Binance USD (BUSD) and Dai (DAI) – has turned noticeably positive, the first such instance since the collapse of Terra in mid-May 2022.
Since 2020, stablecoins have been widely used to fund cryptocurrency purchases. Hence, an increase in the supply of stablecoins is taken to represent potential buying pressure or dry powder that investors may deploy to purchase cryptocurrencies or use as a margin in derivatives trading.
- Billionaire Frank McCourt: ‘Dodgy Cryptocurrencies and Silly NFTs’ Have Spoiled Blockchain’s Narrative
Billionaire real estate developer Frank McCourt took aim at ” dodgy cryptocurrencies and silly NFTs” for spoiling the narrative around blockchain.
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Speaking at Web Summit 2023, McCourt noted that his own project, open internet protocol DSNP, was not tokenized. “Dodgy cryptocurrencies and silly NFTs are not the same as core technology that can actually help make the internet better for us,” he said, adding that “the narrative has been spoiled somewhat.”
- Bim Afolami takes the reins on UK crypto policy as new Economic Secretary
King Charles II has approved the appointment of Member of Parliament Bim Afolami to the position of economic secretary to the Treasury of the United Kingdom.
In a Nov. 13 notice, the U.K. government said Afolami was one of several appointments in restructuring ministers and secretaries. As economic secretary, he will control many policies affecting the adoption of digital assets and central bank digital currencies in the United Kingdom.
Under U.K. Prime Minister Rishi Sunak, former Economic Secretary Andrew Griffith promoted policies turning the country into a crypto hub, including the introduction of stablecoins. Griffith has been appointed the next minister of state in the Department for Science, Innovation and Technology.
- SEC Lawsuit Against Ripple: Remedies-Related Discovery Timeline Announced
According to Foresight News, former US federal prosecutor James K. Filan has stated that US District Judge Analisa Torres has announced a timeline for remedies-related discovery in the Securities and Exchange Commission (SEC) lawsuit against Ripple. All parties should complete remedies-related discovery by February 12, 2024. The plaintiff, SEC, is to submit a brief on remedies by March 13, 2024, while the defendant, Ripple Labs, should submit their opposition to the SEC’s motion by April 12, 2024. Additionally, the SEC may respond by April 29, 2024.
Foresight News previously reported that in early October, the SEC’s appeal request in the Ripple case was rejected by a federal judge. Following this, Ripple announced that the SEC had withdrawn all charges against Ripple CEO Brad Garlinghouse and Executive Chairman Chris Larsen, including allegations of aiding and abetting the sale of cryptocurrency XRP.
- Latam Insights: Unlicensed Crypto Exchanges Still Allowed to Operate in Brazil, Lightning Strikes Salvadoran Bitcoin ATMs
The 24-hour trading window saw XRP’s price fluctuate between $0.643 and $0.731, demonstrating a volatile market response. This volatility is partly attributed to the unfounded rumors regarding Blackrock’s alleged registration of an XRP ETF. Despite these speculations, XRP’s market capitalization remains at $35.10 billion, with a 24-hour trading volume of $2.99 billion.
Analyzing the relative strength index (RSI), XRP exhibits a value of 61.99, indicating a neutral stance in the market at press time. This suggests that XRP is neither overbought nor oversold, providing a somewhat stabler ground for traders. The market’s reaction to rumors and news often reflects in such oscillators, with the RSI being a primary indicator of market sentiment after such events.