Global foreign exchange (Forex) derivatives reached a record $130 trillion in notional value by mid-2024, surging 10% from the previous year, driven largely by unprecedented activity in yen-related contracts amid speculation about Japan's monetary policy shift.Yen Trading Frenzy Drives Global FX MarketsAccording to the newest Bank of International Settlements (BIS) OTC derivatives statistics, Yen-denominated derivatives experienced a remarkable 26% growth when measured in local currency terms, reflecting intense market positioning ahead of potential changes to Japan's negative interest rate policy. In dollar terms, yen contracts rose 13% year-over-year, marking the strongest expansion among major currency pairs.This also marks a significant jump compared to the results achieved for the entire year of 2023, when FX OTC derivatives reached $118 trillion.Outstanding over-the-counter derivatives grew by 2% year on year, to reach $730 trillion in June. The FX risk category showed a robust 10% growthFind out more https://t.co/TBAYKqtdVQ pic.twitter.com/gJhctQQU0e— Bank for International Settlements (@BIS_org) November 21, 2024Non-bank financial institutions emerged as the primary drivers of growth, significantly increasing their positions in FX swaps and forwards. The surge in activity reflects growing uncertainty about currency movements and heightened hedging demands from institutional investors.Contracts involving "other currencies" maintained their upward trajectory, posting a steady 10% year-over-year growth. The US dollar, maintaining its role as the primary vehicle currency, saw corresponding increases in contract volumes.Global OTC Derivatives Market StallsThe robust growth in FX derivatives contrasts sharply with other segments of the OTC market, where interest rate derivatives remained relatively flat. The expansion in FX trading volumes suggests mounting concerns about currency volatility and growing demand for risk management tools.The total notional value of outstanding OTC derivatives reached $726 trillion by mid-2024, marking a 2% increase from the previous year. The market demonstrated its typical seasonal pattern, contracting 6% in late 2023 before rebounding 9% in the first half of 2024.Interest rate derivatives, which comprise the largest segment of the market, remained relatively flat, growing just 1% to $579 trillion. However, their gross market value continued to decline, falling 17% year-over-year as the pace of global monetary tightening slowed.Commodity derivatives showed surprising strength, with oil-related contracts expanding 21% in the first half of 2024. Market participants attributed this growth to increased hedging activity following disruptions to Red Sea shipping routes.The gross market value of outstanding derivatives, a key measure of market risk, decreased by 7% in the first half of 2024, continuing its downward trend from late 2022. Gross credit exposures also declined, suggesting an overall reduction in counterparty risk across the market. This article was written by Damian Chmiel at www.financemagnates.com.

The publicly listed Bitcoin miner from Wall Street, HIVE Digital Technologies (NASDAQ: HIVE) announced today (Thursday) a significant expansion of its BTC mining capabilities, ordering 5,000 new Avalon A15-194T ASIC miners from Canaan. It marks the second major purchase this month as the company positions itself for the Bitcoin price approaching $100,000.Wall Street Bitcoin Miner HIVE Expands Mining Fleet The latest acquisition follows a previous order of 6,500 Avalon miners earlier in November, bringing HIVE's total new miner purchases this month to 11,500 units. The company expects these upgrades to boost its operational capacity to 6.4 exahash per second (EH/s) by the end of 2025, up from its current 5.6 EH/s.“This investment in Canaan’s Avalon A15-194T miners represents a crucial step in enhancing our ROI-focused strategy,” Aydin Kilic, President and CEO of HIVE, commented. “We worked closely with Canaan to secure competitive pricing and payment terms for their premier Avalon series, which delivers 194 TH/s per unit and robust ROI in both bull and bear market conditions.”The new Avalon A15-194T miners will significantly improve HIVE's energy efficiency, achieving 19.5 joules per terahash (J/TH) compared to the current fleet's 22.3 J/TH. These units will replace older equipment operating at 30 J/TH, demonstrating the company's focus on operational optimization.HIVE is not the only publicly listed Bitcoin miner from Wall Street that has been "arming" in recent weeks. Canaan, which manufactures mining machines and engages in mining itself, recently raised $30 million for investments. Meanwhile, MARA, the largest miner on the market, secured $850 million in interest-free funding and is planning a major Bitcoin purchase.Paraguay Expansion PlansHIVE also provided updates on its Paraguay facility construction, targeting 30 megawatts of mining capacity by early Q2 2025. This initial phase is expected to add approximately 2 EH/s to the company's hashrate, with full facility completion planned for Q3 2025.“With our 100 MW green energy facility under development in Paraguay, we’re well-positioned to deliver long-term growth for shareholders and cement our status as a leading, geographically diversified Bitcoin miner,” Frank Holmes, Executive Chairman of HIVE, added. “Further, the relationship between our two companies highlights the importance of building long-term relationships, and Canaan’s machines are workhorses.”The Wall Street Bitcoin miner is ramping up its mining capabilities to improve financial performance. In its Q3 2024 report, the company posted a net loss before tax of $7.3 million. However it was notable improvement from the $22.9 million loss recorded in the same period last year, the company is still far away from profitability. Revenue reached $22.6 million, with significant contributions from its diversified high-performance computing services.With Bitcoin's current price nearing $100,000, mining difficulty has reached record highs, significantly cutting into miners' profitability. Today, the BTC price is discovering new all-time highs, reaching almost $98,000 on major exchanges. This article was written by Damian Chmiel at www.financemagnates.com.

IC Markets, a popular contracts for differences (CFDs) broker, has renewed its partnership with World Table Tennis, extending it for the new series calendar through 2025. The partnership was initially established last year, with the broker gaining the status of World Table Tennis’ “Official Trading Partner.”A Renewed DealThe renewed agreement commenced yesterday (Wednesday) with the start of the WTT Finals Fukuoka 2024. Strategically placed IC Markets branding will feature across tournaments in Asia, Europe, and Africa.“IC Markets has been an integral partner in our journey since 2023, and we're delighted to strengthen this relationship further,” said Blythe Fitzwiliam, Commercial Partnerships Director at World Table Tennis.Although IC Markets is headquartered in Australia, the sponsorship deal was signed under its Seychelles-registered entity. Notably, the broker’s Cyprus-regulated entity was recently penalised for non-compliance.Brokers and Sports SponsorshipsSports sponsorships are a preferred marketing strategy for retail brokers, particularly in the CFDs sector. Most brokers sponsor football and motor racing teams because of their global exposure. However, these sponsorships can be very costly, often reaching double-digit millions of dollars for well-known teams.IC Markets is also recognised for significant spending in the sports sector. It invested €10 million in 2020 to promote its brand as a sleeve sponsor of Italian football giant Inter Milan. A year later, the broker shifted its marketing strategy and partnered with a dozen football clubs in Spain and Germany. eToro is another broker known for extensive sports sponsorships, with more than two dozen active deals at one point.Unlike football, table tennis is a niche sport, although it is highly popular in certain Asian countries. According to Play Today, 350 million unique viewers in China watched table tennis during the Tokyo 2020 Olympics.World Table Tennis also boasts a strong social media presence. On Instagram, it has 721,000 followers, while its Facebook reach stands at 1.6 million followers. The official World Table Tennis YouTube channel is followed by 1.08 million subscribers. This article was written by Arnab Shome at www.financemagnates.com.

Hong Kong's securities watchdog has frozen HKD 91 million in assets across four brokerages, including US-based Interactive Brokers' local unit, following suspected market manipulation and unauthorized trades through compromised accounts.SFC Freezes HKD 91 Million in Trading Accounts, Including Interactive BrokersThe Securities and Futures Commission (SFC) issued restriction notices to Interactive Brokers Hong Kong Limited and three local firms - SBI China Capital Financial Services, Monmonkey Group Securities, and Soochow Securities International Brokerage - blocking them from handling specific client assets without prior regulatory approval.“The restriction notices prohibit the four brokers, without the SFC’s prior written consent, from disposing of or dealing with, assisting, counselling or procuring another person to dispose of or deal with certain assets in any way in the accounts up to a total of $91 million,” the official announcement explained. They are also required to notify the SFC if they receive any instructions regarding the aforesaid prohibitions.”The unauthorized activities occurred between October 24 and November 6, raising concerns about cybersecurity protocols at major trading platforms. The regulator is working closely with Hong Kong Police's Cyber Security and Technology Crime Bureau and Commercial Crime Bureau to investigate the suspected account hacking incidents. The official statement released by the SFC does not provide any details about the case. Finance Magnates reached out to the regulator for comment but had not received a response at the time of publication.Interactive Brokers, which holds licenses for three types of regulated activities in Hong Kong, faces increased scrutiny as the only international broker implicated in the case. The other affected firms primarily serve the local market.The company previously faced action from the SFC in 2018 when the regulator imposed a HKD 4.5 million fine for internal control failures between 2015 and 2016. At the time, the commission also reprimanded the company for inadequate internal controls that failed to prevent market disruptions caused by its execution of market orders. Additionally, it cited the lack of proper documentation for its electronic trading systems.Record-Keeping Error in Stock Lending ProgramLast month, Interactive Brokers was fined USD 475,000 by the Financial Industry Regulatory Authority (FINRA) for deficiencies in its share lending program. The brokerage has since settled the matter with the regulator.According to the official "Acceptance, Waiver, and Consent (AWC)" letter, FINRA detailed that Interactive Brokers miscalculated the number of excess shares listed on European exchanges that were available for return to customers under the stock lending program. This article was written by Damian Chmiel at www.financemagnates.com.

The National Futures Association (NFA) has imposed a $400,000 fine on X-Change Financial Access (XFA), part of Marex, and suspended one of its executives from supervisory duties, following an investigation that revealed alleged compliance violations at the Chicago-based introducing broker.Chicago Broker X-Change Financial Access Fined $400,000 by NFATimothy Francis Hendricks, an associated person and principal at XFA, will be barred from supervisory roles for 90 days and share liability for $100,000 of the total fine, according to the NFA's decision issued Wednesday.The regulatory action stems from alleged multiple violations, including the firm's failure to maintain proper transaction records and pre-trade communications. The NFA also found that XFA allowed unregistered individuals to operate as associated persons without proper registration or NFA association status."The firm failed to keep full, complete, and systematic records of all transactions," the NFA stated in its decision, highlighting broader supervision inadequacies under Hendricks' watch.The settlement, reached without admission or denial of the allegations, requires XFA and Hendricks to implement remedial measures outlined in a separate agreement with the regulator. These undertakings specifically address the violations and relate to Hendricks' temporary supervision prohibition.NFA sanctions Chicago-based introducing broker X-Change Financial Access LLC and two employees https://t.co/isrMtAbn4k pic.twitter.com/vialSOSpOA— NFA News (@NFA_News) November 20, 2024It is worth noting that this is not the first settlement and fine paid by XFA to the NFA. In 2018, the regulator imposed a $100,000 penalty on the company for executing transactions on behalf of an individual who had been banned from trading.The case originated from a complaint filed by the NFA's Business Conduct Committee in April 2024, which led to a formal investigation of the firm's practices and supervisory controls.The sanctions also render Hendricks ineligible to serve on disciplinary committees, arbitration panels, or governing boards of any self-regulatory organization for at least three years, as per CFTC regulations.Part of MarexGlobal commodities broker Marex, headquartered in London, acquired XFA four years ago. Founded in 2001, XFA operates out of Chicago, with additional offices in New York and San Francisco. The company offers a broad range of services, including market information, strategic data, futures execution, and direct market access.XFA serves a diverse customer base across Europe, North America, and Asia, including global financial services firms, some of the world's largest hedge funds, institutional investors, commodity trading advisors (CTAs), and market makers.XFA is the latest Chicago-based broker to face a financial penalty from the NFA this week. As reported yesterday (Wednesday) by Finance Magnates, NinjaTrader Clearing and its president, Michael Cavanaugh, were also penalized for alleged significant failures in anti-money laundering (AML) controls and suspicious activity monitoring at the Chicago-based futures commission merchant. This article was written by Damian Chmiel at www.financemagnates.com.

Centroid Solutions, a technology provider in the trading industry, has improved its clients' market access in the United Arab Emirates by integrating Arqaam Capital. Announced today (Thursday), the integration is complete and will provide access to the Abu Dhabi Securities Exchange (ADX), Dubai Financial Market (DFM), Nasdaq Dubai, and other GCC exchanges.Last year, Centroid also partnered with the Dubai Financial Market (DFM), one of the UAE’s largest stock exchanges, to open the trading gateway to the Middle Eastern financial markets.Access to the Middle Eastern MarketsThe technology company elaborated that the latest integration will support equity trading in the UAE markets and other GCC countries.Arqaam Capital primarily offers a range of services, including sales and trading, investment banking, asset management, wealth management, and liquidity provision. It has over 1,500 institutional partners in the UAE, Egypt, Lebanon, and Saudi Arabia.“By connecting with Arqaam Capital, clients will benefit from seamless access to a wide range of trading services, improving their ability to capitalise on the dynamic opportunities within these rapidly growing markets,” the announcement noted.Enhancing Offerings through PartnershipsCentroid provides technology and infrastructure solutions for the trading industry, including tools for risk management, execution engines, bridging engines, and hosting services.Headquartered in Dubai, Centroid also operates offices in Cyprus, the Philippines, Hong Kong, Thailand, and Malaysia. The company has recently entered into several partnerships to expand its offerings and distribution network.Last month, Centroid partnered with SNB Capital, Saudi Arabia's largest investment bank, enabling international brokers to access the kingdom's expanding equity market directly. It also partnered with Exness, a major CFDs broker, to distribute its liquidity.Centroid's other partnerships include integrating Scope Prime’s liquidity pools and Bloomberg’s FixNet. It also collaborated with trading platform provider DXtrade, adding support for the DXtrade CFD white-label trading platform on Centroid Risk. This article was written by Arnab Shome at www.financemagnates.com.

It also highlights the benefits of broker-backed prop firms in the still new industry.In a recent interview with Prop For Match, David Varga, CEO and Co-Founder of Fintokei, shed light on why traders often fail. He attributed their struggles to emotional decision-making and inconsistent approaches, which frequently lead to financial losses.Emotional Pitfalls and Risky Strategies Challenge Traders"We can see in the data that many traders are trading in a very nice way. It looks like they really have discipline and some edge over the market. Then we see one, two, three trades that are kind of out of the concept or strategy," Varga said. "The most common reason why something like this happens is that they lost their nerves or saw some opportunity of a lifetime that they didn’t want to miss."Fintokei is a broker-backed prop firm owned by Purple Trading, which handles over 400,000 transactions daily. The company reports a 175% increase in active traders in 2024 and claims to have paid out €4 million to clients in the first eight months of the year.According to Varga, the most important thing is to maintain discipline and manage emotions to ensure long-term trading success."Take your emotions under control. That’s, like I said, the most important part of trading," he said. "Focus on this part because not every trader, especially the beginning trader, is aware of this."For those entering the prop trading space, Varga also emphasized the importance of choosing reliable firms and understanding the specific rules of prop trading. Broker-Backed Prop Firms Provide Stability and TrustVarga also discussed the advantages of broker-backed proprietary trading firms, which he believes offer greater reliability and security compared to traditional prop firms."The safety, reliability, and, in the end, trust into the prop firm is one of the core features that prop traders should seek," he explained. "The level of experience, including risk management, finance management, and the network that comes along with the brokerage business, is very, very important in the life of a prop firm."This aligns with a recent survey conducted by PipFarm among 3,500 respondents. The study revealed that 60% of traders consider broker-backed prop firms to be more trustworthy.He noted that the extensive infrastructure and experience of broker-backed firms, such as partnerships with payment providers and technology vendors, contribute to a more stable trading environment for their clients.Thus, it's no surprise that an increasing number of brokers are entering the prop trading market. This week, Finance Magnates exclusively reported that Somesh Kapuria, the former Head of Business Development at AAAFx Global, has become the latest executive from the FX and CFD industry to launch his own prop trading platform.ATFX also confirmed its entry into the prop trading industry, joining other established brokers such as OANDA, Axi, Hantec, and Trade.com. Additionally, Andreas Andreou, the former Chief Revenue Officer at BDSwiss, launched his own proprietary trading brand following his departure from the brokerage.Education as a Key DifferentiatorEducation is a central focus for Fintokei, particularly in the company’s core markets like Japan, where financial literacy and access to trading resources are limited. Varga stressed the importance of localized educational materials to support traders."Especially here in Japan, financial literacy and education about trading are not so much present. There is not that much publicly available information," Varga explained. "Having the educational materials in the local language is something we try to differentiate from other competitors."According to Varga, providing accessible educational content helps traders better understand the market and improve their skills. This is particularly significant, given that three out of five traders in this market lose money, with an average investment of $4,300. According to a separate study by FPFX Tech, the statistics are even less encouraging: out of 300,000 prop trading accounts, only 7% have made at least one withdrawal.Rewarding Consistent Trading with Scaling PlansTo encourage sustainable trading, Fintokei offers a scaling plan that rewards traders who demonstrate consistent profitability and disciplined risk management. This approach aligns with the firm’s emphasis on long-term success."The scaling plan that we have at the moment can actually bring you up to €4 million," Varga said. "There’s not any client reaching that amount at the moment yet, but hopefully, there will be some getting towards that goal over the next year."Varga added that consistency is a priority for the company, as it seeks to promote trading behaviors that avoid excessive risk-taking or chasing short-term profits.Fintokei’s Plans for the FutureReliability, transparency, and innovation are key pillars of Fintokei’s mission, according to Varga. The firm is also working on new initiatives aimed at improving trader experience and industry standards."We are working on several very interesting initiatives that I think could reshape or add a very nice touch to the industry next year," he said. "There’s definitely a lot to look forward to."Varga expressed optimism about the future of the prop trading industry, noting that while challenges remain, firms like his are focused on creating opportunities for traders. This article was written by Damian Chmiel at www.financemagnates.com.

The trading revenue of CMC Markets (LON: CMCX) in the six months between April and September 2024 increased by 50 per cent to £131.3 million. It also confirmed that client onboarding with Revolut began following a soft launch earlier this year.Finance Magnates interviewed two CMC executives earlier, who explained the details of the Revolut deal.Profit on a Strong RevenueReturning to the numbers, the London-headquartered broker also earned £19.9 million from investing net revenue and another £23.4 million from interest income. Overall, its net operating revenue rose to £177.4 million, 45 per cent higher than the corresponding half of the previous fiscal year and in line with its previous projection of £180 million.The broker attributed the increase in revenue to “continued growth across the institutional segment and an increase in client trading activity.”Similarly, the broker’s pre-tax profits for the six months came in at £49.6 million, slightly below the expectation of £51 million. It recovered from a £2 million loss in the same period of the previous year.This also boosted the company's profit-loss margin to 28 per cent from negative 2 per cent in the first half of FY24. With a basic earnings per share of 12.8 pence, the broker also decided to distribute 3.10 pence in dividends per share compared to 1 pence per share in the corresponding period of the last fiscal year.“CMC has reached the peak of the investment cycle,” said Lord Cruddas, CMC’s CEO, adding, “Whilst we continue to invest in the business, we are taking a disciplined approach, and we remain laser-focused on driving further efficiencies across our global operations as we continue to leverage our scale and technology.”Confident on GuidanceThe broker’s management is also optimistic about meeting the guidance of net operating income. It kept its operating cost guidance for the fiscal year at £225 million unchanged.“We remain confident in meeting the guidance set earlier this year, with net operating income expected to be in line with market consensus, supported by a strong pipeline of B2B partnerships and ongoing product expansion and diversification,” Lord Cruddas added.Meanwhile, the broker has also been strengthening its geographical coverage. Recently, it entered into a long-term strategic partnership with ASB Bank, a major financial institution in the country with around 1.5 million customers, and will offer the bank its its white-label technology. This article was written by Arnab Shome at www.financemagnates.com.

Bitwise, a digital asset management firm known for its spot Bitcoin and Ether exchange-traded funds (ETFs) in the US, is now targeting a spot Solana ETF. It has registered a statutory trust for this purpose in Delaware, as first reported by Cointelegraph. However, the company has not yet filed an S-1 registration statement with the Securities and Exchange Commission (SEC).The Race for Altcoin ETFsRecently, Bitwise registered a similar trust for a spot XRP ETF and filed the S-1 form with the regulator a day later. However, a decision on that filing is still pending.Bitwise is not the first to express interest in a spot Solana ETF. VanEck and Canary Capital have already submitted 19b-4 filings and S-1 registration statements with the US securities regulator. Additionally, the Chicago Board Options Exchange (Cboe) had previously included 21Shares as a potential issuer for a spot Solana ETF, but 21Shares has not yet submitted any regulatory filings.The S-1 forms, submitted by the issuer, detail the product, while the 19b-4 forms, submitted by the listing exchange, outline conditions and amend listing rules for a new product. Both submissions require SEC approval for the listing and trading of the ETF.Fourth Largest CryptocurrencySolana is currently the fourth largest cryptocurrency, boasting a market capitalisation of $113.5 billion. It was one of the best-performing cryptocurrencies in the latest bull cycle, tripling its value over the past year.OK guys, we need to talk about Solana.We all know it’s one of the worst chains out there, but they did one thing right.They captured retail like no other chain in this cycle. Let me explain how.Competitors like Ethereum failed at it spectacularly and paid a heavy price.… pic.twitter.com/D85e9BHhiY— Duo Nine ⚡ YCC (@DU09BTC) November 18, 2024Bitwise registered its spot Solana ETF trust yesterday (Wednesday) through the State of Delaware’s Division of Corporations website. The trust lists CSC Delaware Trust Company as the registered agent but does not specify the exchange on which the ETF may be listed.Currently, Bitwise has two active exchange-listed crypto products: a spot Bitcoin ETF and a spot Ether ETF, both trading on the New York Stock Exchange Arca. This article was written by Arnab Shome at www.financemagnates.com.

Webull, a digital investment platform, partnered with Coinbase Derivatives to offer crypto futures to US retail investors. The move aims to offer traders access to Bitcoin and Ethereum futures. Access to Crypto Futures Webull’s collaboration with Coinbase Derivatives aims to bridge the gap in the market for retail investors. Futures contracts for Bitcoin (BTI), nano Bitcoin (BIT), Ethereum (ETI), and nano Ether (ET) are expected to be soon available directly on the Webull platform. By offering smaller-size contracts, the platform enables investors to diversify portfolios with reduced margin requirements. Coinbase Derivatives provides 23/6 trading access, real-time market data, and nano-sized contracts designed specifically for retail investors. These features lower the barriers to entry for crypto futures, aligning with Webull’s mission to provide user-friendly investment options.Commenting about the collaboration, Anthony Denier, the Group President and US CEO of Webull, said: “Integrating Coinbase Derivatives' regulated and reliable framework into the Webull platform will open up more opportunities for Webull users to gain exposure to digital assets. We take pride in extending advanced financial products and services to a wider audience of retail investors.”Portfolio DiversificationRetail traders increasingly seek exposure to digital assets, and Webull’s offering enables diversification through regulated channels. With the inclusion of Coinbase Derivatives, users reportedly have access to tools and trading structures designed for flexibility and ease of use.According to Webull, users must now open and fund a futures account to begin trading crypto futures. This offering will be rolled out to US users in the coming months, further solidifying Webull’s role as a pioneer in retail-friendly financial products.The new development comes as Coinbase expands its crypto listings. The exchange recently added Pepe, a meme token created from a frog internet meme that gained popularity in the early 2000s. The long-awaited listing followed a market rally that drove most cryptocurrencies to unprecedented levels.Besides that, Coinbase and Visa introduced real-time crypto deposits via Visa debit cards last month. The service aims to offer instant access to digital currencies for US and EU customers. On the platform, users can deposit funds instantly into their Coinbase accounts. This article was written by Jared Kirui at www.financemagnates.com.

Gary Wang, the former cryptocurrency executive who created the software that enabled FTX founder Sam Bankman-Fried to misappropriate around $8 billion from customers, was sentenced to no prison time by US District Judge Lewis Kaplan. Meanwhile, the FTX bankruptcy estate is continuing its legal actions against cryptocurrency firms. On November 10, a group of companies filed a complaint against Binance, seeking to recover $1.8 billion in connection with the FTX case, as reported by Finance Magnates.FTX Co-Founder Sentenced LenientlyDistrict Judge Kaplan today (Wednesday). Wang, who is in his early 30s, had pleaded guilty to four felony counts of fraud and conspiracy. He also served as a prosecution witness in Bankman-Fried’s trial, which led to the latter's conviction.Wang, who co-founded FTX with Bankman-Fried, had adjusted the software to give Bankman-Fried’s hedge fund, Alameda Research, special privileges that allowed it to withdraw billions from FTX unnoticed. Prosecutors recommended leniency for Wang due to his cooperation in securing Bankman-Fried’s conviction and his smaller role in the fraud. Wang’s lawyer noted his efforts to develop fraud-detection tools for both the stock and cryptocurrency markets.FTX Co-Founder Gary Wang Avoids Prison Time Due to Cooperation Against SBF► https://t.co/X74DcNQyfs https://t.co/X74DcNQyfs— Decrypt (@decryptmedia) November 20, 2024Cryptocurrency Executives' Legal OutcomesWang is the last of Bankman-Fried’s close associates to be sentenced. Wang and Bankman-Fried first met at a summer math camp during high school. They later reunited while studying at the Massachusetts Institute of Technology and eventually entered the cryptocurrency industry together.Wang was one of several FTX executives who lived with Bankman-Fried in a $35 million penthouse in the Bahamas, where FTX was based until its bankruptcy in November 2022.Caroline Ellison received a two-year sentence in September, and Nishad Singh avoided prison last month. Bankman-Fried, who was sentenced to 25 years for fraud, is appealing his conviction.Binance Executives Accused of Fraudulent TransferFTX claims that Binance, its former CEO Changpeng Zhao, and other executives received at least $1.76 billion in a fraudulent transfer. The transfer occurred through Binance's 2021 stock repurchase agreement with Bankman-Fried. The deal involved Bankman-Fried selling 20% of FTX International and 18.4% of FTX US to Binance, financed with FTX’s FTT and Binance’s BNB and BUSD tokens. This article was written by Tareq Sikder at www.financemagnates.com.

US commission-free online brokerage firm Firstrade plans to launch overnight trading for stocks and ETFs next year. This upcoming feature, scheduled for the first quarter of next year, aims to allow investors to trade 20 hours a day, five days a week.According to the company, this offering offers international traders a way to seize opportunities across global market movements and breaking news.20-Hour Trading ScheduleFirstrade will extend trading hours from 8:00 AM ET to 4:00 AM ET the following day. By bridging the time gap, the brokerage firm now aims to attract international investors seeking a more adaptable approach to US market participation.Commenting about the new move, John Liu, the CEO of Firstrade, said: "At Firstrade, we are committed to providing our users with robust investment tools and resources so they can capture market opportunities no matter where they are. With the introduction of overnight trading, we're enhancing the client experience to meet the evolving and diverse needs of our investors."For many traders, this schedule enhances the ability to act swiftly on events impacting global markets, mitigating the restrictions of traditional hours. The extended trading hours reportedly align with the growing demand for flexibility and agility in an interconnected global economy.Online and Mobile PlatformsFirstrade mentioned that traders no longer need to be tethered to market hours in New York to capitalize on opportunities with the new offering, a move that now enhances the appeal of US markets worldwide. The phased rollout, planned for early 2025, will reportedly be available across Firstrade’s online and mobile platforms, ensuring accessibility for all user preferences.Founded in 1985, Firstrade offers commission-free trading and a range of financial products, including stocks, ETFs, fixed-income products, and retirement services. Last month, Firstrade mobile app expanded its alliance with Trading Central, integrating the company's investment research tools a smartphone application.This collaboration reportedly added a range of Trading Central tools to Firstrade's mobile app, including Technical Insight, TC Market Buzz, and thematic portfolios.Firstrade also launched FirstradeGPT, an artificial intelligence-driven research and analysis tool, in June. Created in collaboration with FinChat.io, the platform uses AI to provide in-depth data on global equities and business-specific key performance indicators. This article was written by Jared Kirui at www.financemagnates.com.

The Finance Magnates London Summit 2024 (FMLS:24) officially concluded today with its annual awards ceremony, bestowing the highest honors in the industry. Attendees gathered at Old Billingsgate to see which brands took home this year’s coveted titles, capping off months of nominations, voting, and anticipation.This year’s London Summit drew plenty of attendees from several industries, including the fintech, payments, online trading, and crypto space. The event featured no shortage of big-name speakers, innovators, C-suite executives, and more, part of a two-day exhibition and content track.A diverse attendance was seen onsite, offering a wide range of networking and engagement opportunities for leading brands and individuals. With so many highlights, London Summit rose to meet the hype and was seen as a success for the financial services space.London Summit Awards 2024 Provide Ending for Landmark EventNow in its thirteen year, London Summit has consistently delivered a premium experience for attendees who have come to expect nothing less. From the kickoff of the Networking Blitz Opening party to the awards ceremony that ended moments ago, this event had something for all participants. Each year, the highlight of London Summit has proven to be the awards ceremony, which followed after weeks of nominations and voting for this year’s leading companies and brands. A total of 23 different categories were awarded with the following companies selected by their industry peers as the winners in each respective category:Best Retail CFDs Broker – Scope Markets Best Multi-Asset Broker – Interactive BrokersBest Retail FX Broker – ExnessBest ECN/Execution Venue – LMAX GlobalBest B2B Liquidity Provider (Prime of Prime) – ATFX ConnectBest Connectivity Provider – oneZeroBest White Label Solution – FinaltoBest Multi Asset Trading Platform – MetaTrader 5 by MetaQuotesBest FX Trading Platform – Match-Trader PlatformBest Regtech/Reporting Platform – S&P Global Market Intelligence CappitechBest Automated Performance Tool – Tools for BrokersBest Investment/Trading App Provider – TradingViewBest Payment Service Provider – IFX PaymentsMost Outstanding Innovator in Payments – payabl.Best Cryptocurrency Exchange – LMAX DigitalBest Prop-Trading Firm/Provider – FTMOBest CRM Provider – B2BrokerBest Investment Research Tool – FXStreetBest AI Solution for Financial Services – AcuityBest Market Data Solution – Cboe Global MarketsBest Risk Management Tool for Brokers – Centroid SolutionsBest Financial Services Startup – Talos Trading Inc.Best Copy Trading Solution - eToro This article was written by Jeff Patterson at www.financemagnates.com.

Amid a year of geopolitical turbulence and currency volatility, UK fund managers are boosting their FX hedging strategies. A recent report showed a remarkable 88% of fund managers now hedge forecastable currency risks, up significantly from 75% in 2023. Geopolitical Tensions Drive Hedging StrategiesThe report by MillTechFX showed that unpredictable geopolitical developments, including the recent US election, have compelled UK fund managers to adopt more robust FX hedging measures. Concerns about market volatility, shifting policies, and fluctuating currency values have led 55% of managers to extend hedge durations, while 33% have increased hedge ratios. Even among those who previously avoided hedging, over half are reconsidering their stance due to volatile conditions. The study highlighted the broader adoption of FX options, with 86% of fund managers using them more frequently to manage risks.Commenting about the finding, Eric Huttman, the CEO of MillTechFX, said: “As 2024 draws to a close, UK fund managers may finally find a moment to catch their breath. Global conflicts have been a continued source of geopolitical instability, causing heightened currency volatility for fund managers. Whilst the outcome of the recent US election has already had a large impact on all markets.” “It’s encouraging to see more fund managers hedge their FX risk and secure some level of protection, though there are still those with unhedged currency exposure that risk severe financial consequences. Fund managers must now decide whether the cost of hedging is worth the potentially unlimited cost of not doing so.”While hedging offers stability, it comes at a growing price. A notable 84% of fund managers report increased FX hedging costs compared to last year. Despite these challenges, the emphasis remains on securing predictable returns.The pound’s fluctuating strength in 2024 has also shaped fund strategies. After hitting a two-year high against the dollar, the stronger pound delivered tangible benefits: 87% of fund managers reported improved returns.Mid-sized funds, managing £400-800 million in assets, reportedly felt the strongest positive impact from the pound’s performance. This strength enhances purchasing power for dollar-denominated assets and boosts portfolio diversification.T+1 Settlement AdjustmentsWith the introduction of the faster T+1 settlement cycle in the US, UK funds have adapted by upgrading technology, restructuring working hours, and engaging external services. Each of these strategies was employed by 33% of surveyed managers, reflecting the sector’s readiness to embrace operational changes.Automation and AI are reshaping fund management workflows. A striking 93% of fund managers plan to adopt AI, particularly in FX settlement processes and risk management. However, manual processes like email and phone transactions still dominate but are gradually being phased out. UK fund managers prioritize cost transparency as they contend with hidden fees embedded in FX transactions. This article was written by Jared Kirui at www.financemagnates.com.

GODO is expanding its Forex and CFD brokerage services with the addition of GODO copy trading app, which empowers both novice and experienced traders to achieve their financial goals. GODO Copy Trading App which is available for both IOS & Android users providing access to top-tier trading strategies, users can effortlessly replicate the trades of successful investors, making it an ideal choice for those seeking to maximize their trading potential.5,000 trading strategies to copyWith 5,000 trading strategies available, GODO is enhancing its services through trading by offering an integrated auto-copy feature within a collaborative social trading environment. As an FX and CFD broker, GODO now provides advanced auto-copying technology that allows traders to follow and learn from successful strategies. This partnership has resulted in strong social trading capabilities, creating a community where traders can connect, share insights, and grow together.The platform boasts an intuitive interface designed for traders of all experience levels, along with a wide array of financial instruments, including forex and CFDs.Why Choose GODO Copy?How GODO Copy Works?For inquiries, please contact: Support Team - cs@godocm.comDownload on App Store or get it on Google Play. This article was written by FM Contributors at www.financemagnates.com.

Proprietary trading firm The Funded Trader shared updates on its financial and operational recovery following a recent relaunch. The firm acknowledged previous difficulties tied to an unsustainable payout-to-revenue ratio, with some months seeing payouts reach 75–80% of revenue from challenge fees.“Previously, we were operating with an unsustainably high payout-to-revenue ratio, with some months requiring payouts of almost 75–80% of the revenue generated from challenges,” the prop firm shared on X.Outstanding Obligations Being AddressedSince restarting operations, The Funded Trader has implemented measures to address outstanding obligations. Profits earned during the recovery phase are being used to clear debts owed to vendors, traders, and affiliates. Larger payouts have been structured into payment plans, and smaller accounts are gradually being processed. The company stated that 900 traders are still awaiting payment and outlined an internal strategy to settle these obligations.Since the relaunch of our operations, we have seen a significant improvement in our payout-to-revenue cost ratio.Previously, we were operating with an unsustainably high payout-to-revenue ratio, with some months requiring payouts of almost 75–80% of the revenue generated from…— The Funded Trader (@thefundedtrader) November 20, 2024Earlier, The Funded Trader announced that its sister company, The Futures Traders, will introduce Volumetrica Trading as a new platform. Volumetrica focuses on order flow analysis. The Funded Trader’s technology will support Volumetrica’s offerings in the trading industry, as reported by Finance Magnates.Operational Recovery in ProgressThe firm also resumed activity on paused accounts valued at $100,000 or higher, emphasizing caution in managing risks tied to larger accounts. The company indicated its commitment to ensuring long-term sustainability while continuing payouts.“We have begun releasing accounts that were paused of 100K and larger, and we are committed to continuing this process,” the company added.Reflecting on broader industry trends, The Funded Trader pointed to signs of financial strain at other firms and urged users to be vigilant about recognizing operational challenges. While stating that full recovery has yet to be achieved, the firm expressed confidence in its progress toward restoring trust and stability. This article was written by Tareq Sikder at www.financemagnates.com.

One of the most intriguing applications of generative artificial intelligence technology lies at the intersection of “digital twins”, which can pave the way for intelligent, digital replicas of our biological selves, serving as a personalized blueprint for healthcare, wellness, and more. Digital twin technology is already a mature concept, which involves creating a virtual replica of an object, process, or even a person that can be used to simulate how they might behave in the real world. Digital twins are typically linked to real-world data from the environment where their physical twin exists, so they can update constantly to reflect the original. They’re primarily used for purposes such as simulations and scenario planning, to enhance decision-making processes. Some examples of common digital twins include product twins, which are virtual representations of a physical product. For instance, an automaker might create a virtual twin of a car engine so it can be stressed tested in various scenarios and terrains, so engineers can understand its performance and identify areas for improvement. Digital twins can be created at any stage of the product lifecycle, from the original concept design to the end product. There are also “data twins”, and these are even more widely used than most people realize. A good example is Google Maps, which is essentially a digital twin of the Earth’s surface, providing real-time data on traffic conditions so drivers can find the fastest route to their destination, or find the nearest coffee shop. Other examples include infrastructure twins, such as a virtual representation of a bridge or a football stadium. In the case of the bridge, the digital twin can be used to establish when it’s likely to need maintenance by simulating ten years’ worth of traffic driving over it, while a digital stadium could be used to plan something like an evacuation in case of a fire. A real-life virtual youThese kinds of digital twins have been around for years already, and now they’re coming to the most complex systems of all - actual human beings. Imagine, if you will, being able to access a digital version of yourself that doesn't just look like you, but acts and thinks as you do, replies in the same way as you would, and even suffers from the same ailments. This kind of lifelike avatar could help doctors keep better tabs on your health and test different medical treatments, including experimental ones, with no adverse impacts. Or they could be used to preserve your knowledge and personality after you depart from the physical world. To do this, human digital twins must necessarily encompass more than just information about your physical appearance, as they’ll need to replicate your biological and personal characteristics too. They’ll need to replicate your state of mind and the way you think and to do this, they will require sophisticated technologies including artificial intelligence, high-performance computing, and biometrics, with continuous data collection through wearable devices and sensors. They’ll need to continually capture essential health metrics, monitor your physical activity, and know your personal preferences and the environment you interact with. They’ll have to keep track of the things you eat and drink, the places you travel to, the things you learn, and more. Such a wealth of data is essential to ensure that your digital twin can be kept up to date, maintaining an accurate representation of yourself. The key technology here is AI, especially machine learning and generative AI, which will combine to analyze the collected data so the twin can simulate your behavior, predict changes to your health, and adapt to environmental changes and even aging. The AI must have the ability to understand data patterns and refine its predictions as it learns, so the digital twin can evolve just as we do. More than just virtual immortality While some may find this invasive, the applications of human digital twins may outweigh such concerns. Use cases include healthcare, training and education, and perhaps even “immortality”, as a digital representation of yourself can exist long after your physical body expires. Human digital twins could be used as personal avatars, conducting meetings and negotiations on our behalf, performing tasks so that we don’t need to, and extending our human capabilities into the cyber realm. They can be used to facilitate dialogues with ourselves, or perhaps a past or future version of ourselves, or a discussion with historical figures or departed family members. In a talk at GITEX 2024 in Dubai in October, Faisal Nazir, the CTO of digital twins at IBM Corp. and a professor of AI at York St. John’s University shed light on a number of existing, real-world examples of human digital twins. One of the most interesting comes from the sugar manufacturing industry, where companies suffer from knowledge drain as experienced workers retire. Such individuals possess a considerable amount of expertise relating to that industry, he explained. To preserve this information, Nazir and his team created a digital twin that encodes the knowledge of human workers at sugar companies. Using this digital twin, employees at sugar manufacturers can ask questions about the most optimal way of making granulated sugar, and follow up with questions such as “what other techniques can I try?”. The employees can then learn about any techniques or materials that have been attempted in the past. It provides the industry with a way to ensure it does not lose essential expertise when key employees retire. Another real-world example comes from the aptly-named Twin Protocol, which has created a digital twin of its CEO Stacey Engle that talks about the reasons why someone might want to build their own twin. Twin Protocol’s digital human twins utilize AI and blockchain technology and are meant to address challenges around AI and data security, ensuring that information can be secured for individual use, rather than exploited by large technology companies. It also paves the way for individuals to create a revenue stream using AI and makes AI more accessible in a fun and easy way. With Twin Protocol, anyone can create a digital replica of themselves, training it to capture their personality, knowledge, and subject matter expertise through conversations, questionnaires, and other documents and materials. Once the user has created their digital twin, they can share it with others via a tokenized marketplace, enabling their employers to enjoy significant benefits by retaining their expertise long after they have quit the company. Moreover, the protocol’s technology helps to educate users about AI, while promoting their skills to create a new revenue stream. Twin Protocol recently partnered with the gaming metaverse platform Sophiaverse to create an AI-powered twin of Sophia the Robot, a female social humanoid robot developed by Hanson Robotics that took the internet by storm when it was launched in 2016. Sophia was interviewed by numerous media outlets and amazed readers with its humanlike responses, and was even granted Saudi Arabian citizenship. The partnership with Sophiaverse is meant to showcase the capabilities of Twin Protocol’s technology, allowing anyone to interact with a digital representation of Sopia and tap into her extensive knowledge. However, the partnership is much more than just a technology showcase, for they have ambitious plans to work together to enhance the digital ownership economy in many ways. As one example, they said they’re working on ways to codify AI co-creation tasks, such as text, images, and music, as NFTs that can automatically be linked to the creator's wallet, essentially monetizing such creations. In addition, they’ll be able to leverage proxy actions through Sophiaverse’s secure gateway to ensure that all social, AI, and search activities remain in the user’s dataset, ensuring they earn revenue when others pay to access their twins. Data will be stored within Sophiaverse’s Sentience Wallet, which features blockchain-based verification to help secure personality profiles, AI-generated content, and NFTs tied to a digital identity. Ultimately, the partnership is all about promoting enhanced AI interactivity through the Sophiaverse Companion. It paves the way for people to engage in virtual friend experiences with personalized recommendations and the ability to co-create art, music, and other types of content. For instance, if you fancy yourself as a musician, you could team up with the digital twin of a renowned composer to create something – with the revenue shared between both you and them. Sophiaverse founder David Lake said his company and Twin Protocol are natural partners as they have a shared vision – while Sophiaverse wants to bring humanoids and AI to Sentience, Twin Protocol aims to enable a new era of digital interactions through its AI Twins. “We’re ushering in a new era of AI-human interaction,” Lake said. “Our goal is to empower individuals to fully own and control their digital footprint within a truly decentralized AI wallet.” The ultimate goal of Twin Protocol is to help everyone create an AI twin that captures their behaviors, preferences, memories and professional inputs, and live forever, at least in the digital realm. But it goes beyond simply attaining immortality, enabling twin ‘owners’ to extend their influence and presence by interacting with audiences they’re unable to meet physically. The possibilities of such technology are inspiring - families can continue to talk to their loved ones after they have passed away, while fans and followers can have meaningful interactions with public figures. Beware the ‘evil’ digital twinDigital human twins aren’t without risks, though. The way they capture so much data about an individual can be exploited if such technology falls into the wrong hands. For instance, a digital version of an employee could be used to become an entry point for an attack on their employer’s IT systems.In an interview with CSO Online, cybersecurity expert Jason Pittman warns of the potential for “evil digital twins” that can infiltrate organizations by masquerading as the real person, before injecting malware at an opportune moment. “This gives hackers another way in, and it’s unlikely there’s a defense for this,” he said. To protect against these kinds of threats, organizations will need to stay vigilant and keep themselves up-to-date with the evolving threat landscape. The cybersecurity industry has long been a game of cat and mouse, and security firms will have to proactively address these risks as they emerge. The only way to do this is to acknowledge the potential threat of digital human twins as they become more widely adopted. What will the impact be?To say that human digital twins are exploring new ground is a massive understatement, as they have incredible potential in terms of healthcare, education, and engagement, but the progress of this technology comes with significant questions. Aside from the security concerns, there are major issues to consider around privacy and the ethics of creating digital representations of real humans. That’s why it will be important for developers, policymakers, and regular users to work in tandem to ensure that the development of human digital twins proceeds in line with the correct values. There will be a need to balance innovation with the potential impacts it might have. How can we be sure that these digital replicas of ourselves will provide useful, real-world benefits without compromising our security and privacy? How can they improve our well-being without compromising our ethical principles? The answer to these questions will determine the eventual impact of digital human twins on our lives. This article was written by FM Contributors at www.financemagnates.com.

Dogecoin (DOGE), a meme cryptocurrency, is once again at the center of attention. Recent surges in Dogecoin price have sparked discussions among investors, analysts, and the Dogecoin community. Driven by new all-time high predictions, technical analysis, and political developments, Dogecoin continues to maintain its relevance in the cryptocurrency market. Here's a deep dive into the reasons behind the surge, expert predictions, and why investing in Dogecoin today could be worth considering.Dogecoin Price Surge: Breaking News and DriversAt the time of writing, Dogecoin price is surging with the current price reaching $0.39, showing remarkable price action as the cryptocurrency Dogecoin continues its upward trajectory.The latest news in finance and trading suggests this could be just the beginning of a larger rally.The 2024 Election and Elon Musk’s InfluenceOne of the most notable factors contributing to Dogecoin’s price surge is the 2024 election in the United States. Donald Trump’s victory and the appointment of Elon Musk to head the Department of Government Efficiency (DOGE) have stirred interest in Dogecoin. The humorous acronym, which aligns with Dogecoin’s ticker symbol, has caught the attention of investors.Elon Musk, often referred to as "the Dogefather," has consistently driven Dogecoin’s price. His tweets about Dogecoin, including mentions of its potential to reach new all-time highs, influence the crypto market. The announcement of Musk's involvement in a government department further heightened investor interest, contributing to the Dogecoin price surge over the last 24 hours.Trump and Musk: The Catalysts. The price has increased significantly after Donald Trump’s 2024 election win and Elon Musk's continued support for Dogecoin. Musk's consistent tweeting about dogecoin, combined with his potential role in the 2024 election win, has provided strong price support Social Media and Meme AppealDogecoin thrives on its meme-based appeal and community-driven growth. Social media platforms, particularly X (formerly Twitter), play a critical role in spreading Dogecoin news. Tweets, memes, and discussions among investors and the Dogecoin community amplify its market activity.The power of social media in driving Dogecoin price cannot be underestimated. For instance, Elon Musk's tweets often cause the price of Doge to spike significantly, as seen in the past and during the current surge.Expert Dogecoin Price Predictions for 2024Analyst Projections: How High Could Dogecoin Go?Experts in cryptocurrency have weighed in on Dogecoin’s potential, offering optimistic price predictions for 2024 and beyond:BluntzShort-Term Target: $0.85Quote: "DOGE could remind everyone who the king of meme coins is this week."Indicator: Elliott Wave Theory.Ali MartinezShort-Term Target: $0.85Technical Pattern: Bull flag pattern. "If Dogecoin closes above $0.40, we could see a breakout toward $0.85."Kevin (@Kev_Capital_TA)Long-Term Target: $3.90Method: Pi Cycle Top. "Dogecoin’s price could reach $3.90 during this cycle."Trader TardigradeLong-Term Target: $5Methodology: Gaussian channel. "Dogecoin could experience a massive pump, hitting $5 by 2025."Table of Price Predictions for DogecoinThe future of Dogecoin looks promising as its market cap exceeds $100 billion. At the time of writing, with approximately 147 billion DOGE in circulation, the price reached new local highs, suggesting investors don't want to miss out on our latest bull run.nothing changed, we just had a nice 23% ltf dip im counting as a w4 within a monster extended w3 impulse.once the next $doge leg up starts it will probs start to suck liquidity out of smaller memes again, the only reason they went so hard this week was because doge has been… https://t.co/V8iYRIr0uy pic.twitter.com/rlufzPmo7a— Bluntz (@Bluntz_Capital) November 17, 2024Analysts seem to confirm our previous forecasts, answering the question: "Will Dogecoin Reach $1?"DOGE Price Predictions and TargetsHere's how much $100 in dogecoin today could be worth if doge hits new milestones:The doge price prediction suggests a maximum price of $0.494 by the end of 2024. The previous all-time high of $0.73 could be surpassed if the crypto market continues its bullish trend. Check out also our long-term DOGE price predictions for 2030.Technical Outlook: Historical Price Trends and Technical AnalysisHistorical Price PeaksDogecoin, created by Billy Markus in 2013, is a cryptocurrency with a history of dramatic price movements. In May 2021, Dogecoin reached an all-time high of $0.731, driven by a mix of social media campaigns and speculation. Analysts now believe Dogecoin could reach new all-time highs, surpassing its 2021 performance.“I read people saying Dogecoin will not go higher because of market cap, sell the news, better memes. Well, when you look at the interest in DOGE over time, it isn't even at peak popularity yet,” commented pseudonymous analyst Ali. “Long story short, DOGE has waaay more room to grow.I read people saying #Dogecoin will not go higher because of "market cap," "sell the news," "better memes." Well, when you look at the interest in $DOGE over time, it isn't even at peak popularity yet. Long story short, #DOGE has waaay more room to grow. #HODL pic.twitter.com/IK6KKIEtQO— Ali (@ali_charts) November 17, 2024Technical Indicators Supporting the SurgeDogecoin price analysis reveals strong technical signals, including:Bull Flag Patterns: Suggesting an upward breakout.Gaussian Channels: Highlighting support levels conducive to a potential surge.Live Charts: Showing price consolidation at key resistance levels.These indicators suggest Dogecoin could break resistance near $0.85, opening the door to price discovery and potential new highs.“One of my secret indicators for #Dogecoin that is traditionally only supposed to work for BTC is the Pi Cycle tops indicator. It has accurately called every #OGE cycle top and bottom over each of its cycles,” explained Kevin, another popular analyst from X (formerly Twitter).One of my secret indicators for #Dogecoin that is traditionally only supposed to work for #BTC is the Pi Cycle tops indicator. It has accurately called every #DOGE cycle top and bottom over each of its cycles. When the two moving averages cross along with Monthly RSI being at a… pic.twitter.com/lAxvJTJiDC— Kevin (@Kev_Capital_TA) November 19, 2024Technical OutlookThe XRP price correlation and broader crypto market could provide additional tailwinds. Technical analysis shows dogecoin briefly logging new support levels, indicating potential for the asset to reach all-time highs. The price target for 2024 remains optimistic, with analysts suggesting those who sign up today could benefit from the anticipated growthWhy Invest in Dogecoin Today?Community-Driven GrowthThe Dogecoin community continues to drive its success. Investors and the Dogecoin community maintain its relevance through active participation and engagement. Dogecoin today could be worth significantly more in the future if analysts’ predictions hold true.Price Predictions for 2024Dogecoin price predictions suggest significant gains by the end of 2024. If Doge could reach the projected $3.90, a $100 investment in Dogecoin today could be worth $902. If Dogecoin surges to $5, the same investment would grow even further.#Dogecoin is gaining support from the mid-band of the Gaussian Channel ?This is the third time in history this price action has occurred.After this price action, $DOGE will experience an incredible PUMP ? pic.twitter.com/02njMzdex3— Trader Tardigrade (@TATrader_Alan) November 17, 2024Broader Cryptocurrency Market TrendsCorrelation With Bitcoin and the Crypto MarketBitcoin price trends often influence other digital currencies, including Dogecoin. As Bitcoin price surges, altcoins like Dogecoin tend to follow. The interconnected nature of the cryptocurrency market means that a bullish Bitcoin often signals gains for other cryptocurrencies.Dogecoin’s Role in the Future of CryptocurrenciesDogecoin is a cryptocurrency that combines humor with real financial potential. Its ability to attract investors through memes and social media demonstrates the evolving nature of digital currencies. Analysts predict Dogecoin could play a role in shaping the broader crypto market, especially if it achieves its ambitious targets.Conclusion: The Road Ahead for DogecoinDogecoin continues to surprise investors with its resilience and potential. From its roots as a meme to a serious contender in the cryptocurrency market, Dogecoin’s journey is far from over. As analysts predict new all-time highs and long-term growth, Dogecoin remains a key player in the crypto space.For those interested, staying updated with the latest cryptocurrency news and price analysis is essential. Dogecoin’s price today could set the stage for future success, leaving investors to wonder just how high it could climb.Dogecoin Price, FAQWhat is causing Dogecoin to go up?Dogecoin's recent price increase is primarily attributed to political developments in the United States. Following Donald Trump's election victory, he announced the creation of the "Department of Government Efficiency" (DOGE), to be led by Elon Musk and Vivek Ramaswamy. This announcement led to a significant surge in Dogecoin's value, as investors anticipated a more favorable regulatory environment for cryptocurrencies under the new administration. What is happening with Dogecoin today?As of November 20, 2024, Dogecoin is trading at approximately $0.389939 USD, reflecting a slight increase from the previous close. The cryptocurrency has experienced notable volatility, with an intraday high of $0.416658 and a low of $0.3784. The market remains responsive to ongoing political developments and investor sentiment.Can Dogecoin reach $10,000?Reaching a price of $10,000 per Dogecoin is highly improbable. Given Dogecoin's current supply and market dynamics, such a valuation would imply an unrealistic market capitalization, far exceeding that of the entire cryptocurrency market. While speculative forecasts exist, they are not grounded in the current economic and market realities.Is Dogecoin expected to rise again?Market analysts have mixed opinions on Dogecoin's future trajectory. Some predict potential gains based on technical indicators and favorable political developments, while others advise caution due to the cryptocurrency's inherent volatility and speculative nature. Investors should conduct thorough research and consider the risks before making investment decisions. This article was written by Damian Chmiel at www.financemagnates.com.

Canaan Inc. (NASDAQ: CAN), a provider of computing solutions, has made progress in several areas, including securing investments, expanding its product offerings, and growing its mining operations.Canaan Secures $30 MillionThe company recently entered into a securities purchase agreement, selling up to 30,000 Series A-1 Preferred Shares at $1,000 each to an institutional investor. This agreement will raise $30 million to support the development of digital mining sites and equipment in North America. This follows a previous Series A financing, completed in September 2024, in which Canaan sold up to 125,000 Series A Convertible Preferred Shares. CEO Nangeng Zhang highlighted the importance of these investments in supporting the company's growth and potential market opportunities, particularly in relation to Bitcoin. The agreement includes standard provisions, including indemnification clauses.HIVE Orders 5,000 MinersCanaan's product development has also progressed, with high demand for its Avalon A15-194T miners. The company entered a follow-on purchase agreement with HIVE Digital Technologies to deliver 5,000 Avalon A15 miners in the first quarter of 2025. Canaan's A15 series has been noted for its power efficiency and plays a key role in the company's expansion efforts, especially in North America. Zhang emphasized HIVE’s focus on environmental, social, and governance (ESG) initiatives, which aligns with Canaan’s strategic focus, particularly in meeting the rising demand for AI computing capacity.Joint Venture Targets 10 EH/sIn addition to expanding its product offerings, Canaan is strengthening its North American mining presence. Its subsidiary, Beet Digital LLC, has signed a joint mining agreement with Luna Squares Texas LLC (LS Texas). The agreement aims to expand Canaan’s mining capacity to 10 exahash per second (EH/s) by mid-2025. Under the agreement, revenue from Avalon A14 machines will be split 50/50, while revenue from Avalon A15 machines will be split 70/30 until Canaan recovers its capital costs. This partnership will involve the deployment of 9,144 Avalon mining machines at LS Texas’ 30 MW site in Willow Wells, Texas, by the first quarter of 2025. Additionally, Canaan has replaced older mining units with 6,000 Avalon A14 series machines at Stronghold Digital Mining’s Panther Creek facility, enhancing its overall mining fleet.Q3 Revenue Soars 121%Canaan’s financial results for Q3 2024 reflect strong performance, with revenue of $73.6 million, a 121% increase compared to the same period last year. This exceeded the company’s guidance and was driven by the delivery of 7.3 million terahashes per second (Thash/s) in computing power, marking the highest sales volume in 11 quarters. The company mined 147 Bitcoins during the quarter, generating $9 million in mining revenue. Despite lower Bitcoin prices, Canaan's efforts to optimize operations and strategically sell A14 and A15 miners contributed to its positive financial results. The company also increased its Bitcoin holdings to a record 1,231 BTC, signaling confidence in the long-term value of cryptocurrency.Market Upturn Production PlansLooking ahead, Canaan is focused on ramping up production of the A15 series, which began small-scale deliveries in Q3. The company’s strong cash position, bolstered by its Series A financing and successful product deliveries, provides a foundation to capitalize on a potential market upturn. Canaan remains on track to reach its target of 10 EH/s in North America by mid-2025, supported by expanding relationships with mining operators and continued product development. This article was written by Tareq Sikder at www.financemagnates.com.

ICM.com, a global financial technology firm, has obtained a regulatory license from the Financial Services Authority (FSA) in Seychelles. This development brings the number of jurisdictions where the company is regulated to seven, including the FCA in the UK, FSRA in Abu Dhabi, FSC in Mauritius, FSA in South Africa, and ARIF in Switzerland.Seychelles License for ICM.comSeychelles is gaining traction as a strategic location for brokerage operations, positioned between Africa, Asia, and the Middle East. The new license supports ICM.com’s efforts to enhance its regulatory coverage and expand its global services.Established in 2009 in the UK, ICM.com provides access to over 5,000 trading instruments for retail and institutional clients. The firm operates regional offices across multiple continents, including Europe, Asia, Latin America, the Middle East, and Africa."The newly added FSA license represents a significant milestone for the company, paving the way for our expansion into new regions and supporting our ongoing growth in Latin America and Southeast Asia,” Shoaib Abedi, CEO of ICM.com commented.“Our clients can rest assured they are partnering with one of the most regulated and innovative fintech firms in the industry."Investments in AI PlannedIn 2024, ICM.com has focused on expanding its presence in Latin America, Africa, and India. The company also entered a partnership with Swisspod Technologies, a firm specializing in Hyperloop technology. ICM.com plans further investments in artificial intelligence and new product offerings.Meanwhile, the Seychelles National Assembly has approved a bill to regulate virtual asset service providers (VASPs), as reported by Finance Magnates. The law mandates VASPs to establish a significant presence in Seychelles, including appointing a resident director and setting up an office with qualified staff. Entities must incorporate under specific acts and seek approval from the central bank if already regulated. The law applies to wallet providers, exchanges, brokers, and investment providers, all of which must undergo an evaluation before being granted a license. This article was written by Tareq Sikder at www.financemagnates.com.