🔴Altcoin awakening | Cryptocurrency news of the week – November 13, 2023
A dead cryptocurrency exchange could be given new life. Robinhood is expanding into new markets, and can AI beat the Hodl strategy by 300%? This week we bring you these stories and more in cryptocurrency.
Cryptocurrency Markets React to Optimism
Bitcoin hit an 18-month high as optimism spread throughout the cryptocurrency market. The price surge led to a short-term liquidation of $50 million in just four hours, sending Bitcoin prices higher and up 120% so far this year. Altcoins also rebounded, with the top 100 digital asset index rising 16%. Bitcoin’s dominance, or Bitcoin’s share of the total cryptocurrency market capitalization, currently remains at 49%, indicating a growing risk appetite in the market.
A defunct cryptocurrency exchange is revived
SEC Chairman Gary Gensler suggested a possible revival of FTX under new leadership, emphasizing the need for transparency and investor trust. Former NYSE Chairman Tom Farley is on the list of potential buyers for the bankrupt exchange, according to reports. Meanwhile, the judge overseeing the Celsius Network bankruptcy case is urging the SEC to expedite a decision on whether to allow Celsius to transform into a cryptocurrency mining company. This is part of a plan to partially reimburse customers whose accounts have been frozen. From June 2022.
Robinhood Cryptocurrency Trading Expansion
US trading platform Robinhood is expanding its cryptocurrency trading services into the European Union and plans to launch a brokerage operation in the UK in the coming weeks. Robinhood is pushing for expansion as new promotional rules implemented in October have led some crypto companies to suspend service to UK customers and require clear risk labels and system changes.
Binance launches Web3 wallet
Binance has unveiled a new cryptocurrency wallet accessible through the Binance mobile app. CEO Changpeng Zhao emphasized the importance of the Web3 wallet as more than just storage, saying, “It is an integral part of the Web3 framework, giving individuals sovereign financial capabilities.” The wallet utilizes multi-party computation. This increases security by dividing the private key into three parts, mitigating the risk of compromise.
Spreading Optimism on ETF News
The U.S. Securities and Exchange Commission (SEC) has entered into negotiations with Grayscale to convert the GBTC trust into a spot Bitcoin ETF. The agency’s reassessment sparked general optimism in the cryptocurrency market after the court ruled that the prior rejection was arbitrary and capricious. BlackRock also registered the iShares Ethereum Trust, signaling the possibility of an Ether ETF and boosting Ether prices.
XRP briefly outperforms major altcoins.
Ripple’s The price surge follows Ripple’s announcement that it is collaborating with Onafriq to expand remittances in Africa, the Gulf region, the UK, and Australia. This partnership opens a new blockchain-based payment gateway serving over 400 million mobile wallets.
Musk’s Grok AI Generated Fraud Token
Despite Elon Musk’s declaration that his company will not create a cryptocurrency, more than 400 fraudulent tokens linked to his new AI, Grok, have already emerged, with a market capitalization of over $10 million. At least 10 Grok tokens caused a lug pull, resulting in a loss of $1 million. In contrast, a new report shows the slowest rate of altcoin creation in three years due to declining funding for blockchain projects.
The AI model performs 300% better than Hodling.
Academic researchers from two Greek universities have supported the “efficient market hypothesis for Bitcoin transactions.” They found that an AI model based on a controversial theory could perform almost 300% better than a hodl strategy on a simulated cryptocurrency portfolio, allowing investors to achieve higher returns than traditional buy-and-hold strategies, even if only in theory. They claim that there is.
This is what happened in the cryptocurrency market this week. I will see you next week.
