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Crypto Daily Roundup,16 Nov: Wood predicts $25T crypto market by 2030?

16-Nov-2023 By: Lokesh Gupta
Crypto Daily Roundup

The top 5 cryptos Coins that gained in the last 24 hours

TOP 5 Gainers Coins

Indices LTP Change (%)
Render $3.05 34.83%
Kasoa $0.1254 30.19%
Avalanche $22.32 24.54%
ORDI $26.45 20.85%
0x Protocol $0.6025 19.02%

Crypto News Key Highlights:

The Producer Price Index (PPI) for October recorded an unexpected 0.5% decline, the largest monthly drop since April 2020, signaling a potential shift in inflation trends. While core PPI inched up by 0.1%, goods costs plummeted 1.4%, mainly driven by a 6.5% drop in energy prices. Analysts suggest that soft inflation might influence the Federal Reserve's approach to interest rate hikes. The financial market responded with increased stock values and yields, reaching 4.51% on the 10-year Treasury note.

Cathie Wood, Ark Invest's CEO, anticipates the crypto market, led by Bitcoin and Ethereum, will surge from over $1 trillion today to $25 trillion by 2030. Wood is optimistic about SEC approval for spot Bitcoin ETFs, citing increased regulatory engagement and deeming the Blackrock-Coinbase partnership pivotal. She believes multiple spot Bitcoin ETFs may receive approval simultaneously, with a final deadline for Ark's application on January 10. Wood's firm predicts Bitcoin reaching $1.48 million, emphasizing institutional entry facilitated by regulatory breakthroughs.

Coinbase Institutional believes that spot Bitcoin exchange-traded funds (ETFs) could boost the total crypto market cap by billions of dollars and increase demand. The firm anticipates improved chances of SEC approval for one or more spot Bitcoin ETFs by the end of Q4 2023, potentially shaping a more regulated environment and fostering wealth management opportunities.

According to analysts, Ethereum is poised to surpass $10,000. Using the Hurst Cycle Theory and Fibonacci extension, he suggests that the top of the Ending Diagonal pattern places ETH at $10,000, supported by historical patterns and current overbought conditions indicating a powerful uptrend.

Paxos receives in-principle approval from the Monetary Authority of Singapore (MAS) for its new venture, Paxos Digital Singapore. The approval allows the issuance of a USD stablecoin in line with MAS' stablecoin framework, showcasing Paxos' commitment to global expansion and regulatory compliance, reinforcing its leadership in the blockchain industry.

A crypto trader on X predicts a potential uptrend for Fetch.ai's native currency, FET, based on recent weekly chart price action. FET has shown strength, being up 770% from 2022 lows, and may see further gains if it breaks above $0.46, creating a path towards $0.60. Social media activity and recent project launches contribute to Fetch.ai's positive outlook.

South Korea's National Pension Service invested in Coinbase during Q3 2023, acquiring 282,673 shares valued at $19,934,100. This marks the first time the pension fund has incorporated a virtual asset-related company into its U.S. stock portfolio. The move proved profitable, with a 40% gain in one quarter. Despite criticism, the fund clarified it only invested in the exchange, not virtual assets directly. Coinbase stock continues to rally, up 6.58% on November 15.

Former Ethereum advisor Steven Nerayoff accused Ethereum founder Vitalik Buterin of copying his inventions, questioning Buterin's intelligence and contributions to Ethereum's scalability. Nerayoff claimed Buterin never invented anything substantial and accused him and co-founder Joseph Lubin of deliberately damaging the cryptocurrency through fraudulent ICOs. The allegations have sparked debates in the crypto community.

The NYDFS has implemented stricter guidelines for crypto firms' coin listing and delisting policies to safeguard investors. Entities like Circle, Gemini, Fidelity, Robinhood, and PayPal must submit policies for NYDFS approval, meeting rigorous risk assessment standards. Previously approved firms can't self-certify tokens without NYDFS approval. The firms must meet with NYDFS by Dec. 8, 2023, to preview draft policies, submitting them by Jan. 31, 2024, showcasing the state's dedication to innovation and regulation.

Also read - 24 Crypto Update, 15 Nov: Cryptocurrency Enthusiasts Celebrate Gains

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