2023-12-08 17:55

Copyrighted Image by: Reuters SHANGHAI - DCE iron ore futures saw a notable increase today, appreciating by 2.39%, and settled at 963.5 yuan per metric ton. This rise comes amid a period of high domestic prices which have subsequently dampened the purchasing interest of steel mills due to weak speculative demand. In today's trading, PBF (Premium Blast Furnace) transactions were recorded at two major Chinese ports; prices reached 1010 yuan per metric ton at Shandong port and 1018 yuan per metric ton at Tangshan port. Despite the uptick in futures prices, the elevated cost of iron ore has influenced purchasing behaviors within the industry. Additionally, inventory levels at these major ports have seen a significant increase. Over the past week, stockpiles have grown by more than three million tons, bringing the total to 115.1 million tons. This accumulation of inventory could indicate a slowdown in consumption by steel mills, which are likely responding to the pressure of higher raw material costs. https://www.investing.com/news/commodities-news/iron-ore-futures-rise-239-on-high-domestic-prices-93CH-3253017

2023-12-08 16:47

LONDON - In a move to diversify its margin trading services, Binance, the global cryptocurrency exchange, has today integrated the privacy-focused digital asset PIVX into its margin trading offerings. The inclusion of PIVX prompted an immediate price rally, peaking above $0.40 before settling around $0.37. Alongside this integration, Binance introduced new trading pairs under both its Cross Margin and Isolated Margin services. The newly added Cross Margin pairs now feature AST/USDT and PIVX/USDT, providing traders with more options for leveraging their trades. Additionally, an array of new pairings for Isolated Margin has been unveiled, including ADA/FDUSD and DOGE/FDUSD, as well as LINK/FDUSD and PIVX/USDT. The launch of ADA/FDUSD and DOGE/FDUSD coincided with a significant 14% increase in Cardano's price and a 4% rise in Dogecoin's value. https://www.investing.com/news/cryptocurrency-news/binance-adds-pivx-to-margin-trading-launches-new-pairs-93CH-3252972

2023-12-08 12:28

Copyrighted Image by: Jakub Porzycki via Reuters Connect MOSCOW - In a significant development for Russian international trade, BrownRice Capital has announced the launch of Exved, a new electronic system designed to facilitate cross-border payments using the Tether (USDT) stablecoin. This initiative aims to provide Russian importers and exporters with a more cost-effective and efficient mechanism for global transactions. Exved has received regulatory approval from the Bank of Russia and the Federal Financial Monitoring Service, ensuring compliance with Anti-Money Laundering and Counter-Terrorism Financing (AML/CFT) standards. The system's launch comes after successful internal testing and regulatory clearances as disclosed by Sergey Mendeleev of InDeFi Smart Bank. The platform is set to significantly reduce transaction fees for its users. Traditional international settlement fees, which typically hover around 6-7%, are slashed to just 2-3% with Exved. This reduction in costs represents a substantial saving for businesses engaged in foreign trade. To further support B2B users, Exved collaborates with brokers and technical specialists who provide comprehensive assistance, including help with transaction documentation and escrow services. The system is not limited to USDT; it also incorporates multiple currencies such as offshore rubles and USD for settlements. The move follows an agreement endorsed by Russian authorities on September 22, 2022, as reported by Kommersant, which allowed the use of cryptocurrencies in international trade. This agreement laid the groundwork for platforms like Exved to emerge, offering legal entities within Russia an alternative means to engage in cross-border commerce amid a challenging economic landscape. Exved's introduction marks a progressive step towards integrating digital assets into Russia's financial ecosystem, potentially setting a precedent for other markets looking to adopt cryptocurrency solutions for international trade. https://www.investing.com/news/cryptocurrency-news/exved-launches-usdtbased-payment-platform-for-russian-businesses-93CH-3252667

2023-12-08 11:27

Copyrighted Image by: Reuters. Fidelity Investments has taken a significant step forward by listing its spot Bitcoin exchange-traded fund (ETF), known as FBTC, with the Depository Trust & Clearing Corporation (DTCC). This move comes at a time when the cryptocurrency market is closely watching the U.S. Securities and Exchange Commission's (SEC) actions, with a particular focus on the regulatory body's review process for crypto-related financial products. The listing of Fidelity's FBTC ETF aligns with the broader anticipation among investors and industry players regarding the SEC's potential approval of various spot Bitcoin ETFs. Currently, Bitcoin's price stands at $43,513, reflecting the market's optimism. Notably, Fidelity's macro strategists have recommended minimal portfolio allocations to Bitcoin due to its strong performance compared to traditional benchmarks like the S&P 500. They also expressed expectations of forthcoming regulatory endorsements for cryptocurrency products. Looking ahead, the SEC may collectively approve several spot Bitcoin ETFs between January 6-10, 2024. This strategic timing is intended to prevent any single entity from gaining an unfair advantage in the market. Among the industry giants awaiting decisions are Fidelity and Blackrock (NYSE:BLK). The SEC has also extended the public comment period on a related Ethereum ETF proposal submitted by Fidelity, indicating a thorough evaluation process. https://www.investing.com/news/cryptocurrency-news/fidelity-lists-bitcoin-etf-as-sec-reviews-crypto-products-93CH-3252518

2023-12-08 08:56

Copyrighted Image by: Reuters Lido Finance, a decentralized finance protocol, has seen a significant increase in its Total Value Locked (TVL), which recently surged by nearly 7%. This growth is attributed to a combination of rising stake deposits and the appreciating values of cryptocurrencies like Ethereum (ETH) and Polygon (MATIC), which climbed by 7% and 6%, respectively. The protocol's TVL reached $21.32 billion, marking a substantial monthly increase of about one-fourth. This expansion in TVL is partly due to Lido processing net new deposits totaling over seventy-six thousand ETH last week, which accounts for half of the market's staking activity. In stark contrast, Coinbase (NASDAQ:COIN), another major player in the cryptocurrency space, only managed to capture seventeen percent of this market share. Binance, recognized as a leading cryptocurrency exchange, has been at the forefront of ETH withdrawal volumes with thirty-two thousand unstaked ETH. Additionally, the Annual Percentage Rates (APRs) for staked Ethereum have been on an upward trend since early December. Layer-2 platforms have experienced varying degrees of activity with staked ETH (stETH). While Arbitrum saw a marginal increase in bridged stETH by one-hundredth percent and Polygon saw a rise of one percent, Base experienced a notable surge of thirty-six percent. However, Optimism witnessed a slight decline of less than half a percent. https://www.investing.com/news/cryptocurrency-news/lido-finance-tvl-jumps-7-fueled-by-stake-deposits-and-crypto-rally-93CH-3252360

2023-12-08 08:18

Copyrighted Image by: Reuters. SEOUL - South Korea's capital is gearing up for a significant conference titled "Digital Money: Navigating a Changing Financial Landscape," bringing together financial experts and policymakers to discuss the economic implications of digital currencies. The event, organized by the Bank of Korea (BOK), South Korea's finance ministry, and the International Monetary Fund (IMF), is scheduled for Thursday to Friday next week. The conference aims to shed light on the evolving role of digital currencies in the global financial system and the challenges they present to traditional regulatory frameworks. Participants will explore how central banks can adapt to these changes and what strategies might be employed to harness the benefits of digital currencies while mitigating potential risks. Keynote speakers will include South Korea's Finance Minister Choo Kyung-ho, BOK Governor Rhee Chang-yong, and IMF head Kristalina Georgieva. Their insights are expected to address critical financial topics such as the impact of digital currencies on economic growth, the need for robust regulatory responses, and the strategic involvement of central banks in this rapidly changing landscape. https://www.investing.com/news/forex-news/seoul-to-host-conference-on-digital-money-and-economic-impact-93CH-3252307