2023-12-04 22:48

Copyrighted Image by: Reuters LONDON - Copper and nickel prices have taken a step back as investor optimism about potential Federal Reserve rate cuts waned. Recent comments from Fed Chair Jerome Powell have led to a reassessment of the prospects for an early easing of monetary policy, causing industrial metals to face declines. On Monday, copper futures on the London Metal Exchange (LME) dropped to $8,448 a ton, retreating from recent highs. This downturn reflects investors' revised expectations following Powell's remarks last week, which had initially sparked a surge in the LMEX Index. The index tracks the performance of six major industrial metals and had been under pressure due to high interest rates that affect commodity prices broadly. Despite this setback for copper, demand from Chinese renewable energy sectors continues to provide some support for the metal. However, nickel prices fell as increased output from Indonesia and slowdowns in developed markets contrasted with the effects of Chinese policy stimulus. The market is also digesting the implications of tightening supply conditions. Spot premiums and treatment charges are indicating these tighter conditions, which have been further exacerbated by the closure of the Cobre Panama mine. This comes at a time when global smelter capacity is expanding. Investors are now closely monitoring economic strength outside China for 2024 and considering how potential drags from developed markets could influence commodity prices moving forward. The reassessment of global economic conditions has added a layer of uncertainty to risk assets, including industrial metals like copper and nickel. https://www.investing.com/news/commodities-news/copper-and-nickel-prices-retreat-amid-reassessment-of-fed-rate-cuts-93CH-3249207

2023-12-04 19:26

Copyrighted Image by: Reuters LONDON - Amid the continued ascent of Bitcoin, which recently peaked over $42,000, a notable cryptocurrency investor has executed a series of strategic trades, culminating in a substantial holding of Bitcoin worth an estimated $125.2 million, according to Lookonchain. This whale has been actively managing their investments in the digital currency space, aligning their moves with the fluctuating market trends. The investor's activity first garnered attention during the Bitcoin rally from August 24 to September 2, when they acquired 6,000 BTC. Their smart trading tactics became evident as they capitalized on this momentum. On October 18, the whale took advantage of the market conditions by depositing 1,000 BTC into the Binance exchange platform for sale. Not stopping there, the investor continued their strategy by moving another batch of 1,000 BTC to Binance on November 8. Today, as Bitcoin's value continues to climb, Lookonchain reported that the trader has executed another sale by transferring an additional sum of 1,000 BTC to Binance. Following these well-timed trades, the whale's current assets consist of an impressive stash of 3,000 BTC. The estimated value of these holdings stands at approximately $125.2 million, with an unrealized profit nearing $45.8 million. These figures underscore the significant impact that strategic trading can have on an investor's portfolio, particularly in the volatile cryptocurrency markets where timing and market sentiment play crucial roles in determining success. https://www.investing.com/news/cryptocurrency-news/bitcoin-whale-amasses-125m-in-assets-amid-btc-price-surge-93CH-3249075

2023-12-04 14:49

Copyrighted Image by: Reuters Bitcoin has surpassed the market capitalization of Warren Buffett's investment conglomerate, Berkshire Hathaway (NYSE:BRKa). This development was highlighted by Anthony Pompliano of Morgan Creek Digital on crypto Twitter. Pompliano emphasized that not only has Bitcoin's market value exceeded that of Berkshire Hathaway, but it has also outpaced the firm's growth over the past five years. This achievement is particularly symbolic for supporters of digital currencies as Buffett has been a vocal critic of Bitcoin and cryptocurrencies in general. Buffett, known for his long-term investment strategy and skepticism towards speculative assets, is currently ranked as the world’s fifth-richest person with a total wealth of $118.5 billion. https://www.investing.com/news/cryptocurrency-news/bitcoin-market-cap-overtakes-berkshire-hathaways-valuation-93CH-3248868

2023-12-04 14:42

LONDON - In the wake of a robust cryptocurrency market rally led by Bitcoin's surge past $41,000, Ripple Labs has been part of a significant XRP transaction, with Whale Alert tracking 24.2 million XRP worth $14.9 million sent to the Bitstamp exchange. This movement occurred in the last 24 hours, coinciding with a notable 4.45% rise in XRP's value from $0.61269 to $0.63999 on Saturday. The cryptocurrency market has been buoyed by regulatory expectations and market forces, including speculation about an upcoming Bitcoin spot ETF and potential Federal Reserve interest rate reductions next year. Ripple's ongoing legal challenges with the SEC have not dampened investor interest in XRP. The community remains optimistic about a favorable resolution to the SEC vs Ripple Labs case, which could further strengthen XRP’s market position. Additional support for XRP's valuation comes from recent developments such as Zodia Custody’s entry into the Ripple-owned Metaco network for institutional-grade custody services, backed by the UK's Financial Conduct Authority (FCA). This move is expected to bolster investor confidence in XRP. https://www.investing.com/news/cryptocurrency-news/xrp-value-climbs-as-rippleassociated-wallet-transfers-149-million-to-bitstamp-93CH-3248864

2023-12-04 14:38

Copyrighted Image by: Reuters. The cryptocurrency market witnessed a significant surge today, with Bitcoin's value breaking past the $41,000 mark. This rally coincides with a substantial inflow of capital into crypto investment products, which reached a new peak since the launch of the US futures-based exchange-traded fund (ETF) in October 2021. Investors channeled a record $176 million into these products over the past week. Bitcoin led the charge with an impressive $132.8 million in inflows, signaling strong investor confidence. Ethereum continued its upward trend for the fifth consecutive week, adding another $30.8 million. Other cryptocurrencies like Solana and Cardano experienced modest gains. However, Litecoin bucked the positive trend and faced outflows. In a notable shift, the Bitcoin Short fund reversed its three-week outflow streak by attracting $3.6 million, suggesting a change in investor sentiment toward betting against the market. The influx of funds was not evenly distributed globally. Canada emerged as the leader with $79 million worth of inflows, followed by Germany at $56.9 million, and the USA closely behind at $53.5 million. https://www.investing.com/news/cryptocurrency-news/bitcoin-value-surges-past-41000-as-crypto-funds-see-record-inflows-93CH-3248862

2023-12-04 13:29

Copyrighted Image by: Reuters On Monday, Dogecoin (DOGE) continued its upward trajectory, breaking past a key resistance level and eyeing a milestone in its nearly decade-long journey. The cryptocurrency, known for its Shiba Inu mascot, saw its value climb to $0.089520 on Binance, marking a near 4% increase within the day. The meme coin's rise comes as it approaches its tenth anniversary on December 6, 2013, with on-chain data highlighting strong profitability among holders and significant whale activity. Over the last week, Dogecoin has registered more than $11.94 billion in large transactions, emphasizing the growing confidence of heavyweight investors. An analysis of IntoTheBlock metrics indicates that the majority of DOGE wallets are in profit, with the price recently peaking at $0.090150. Since November 15, the Network Value to Transactions Ratio has remained stable, suggesting the potential for continued positive momentum. Whale wallets holding between 10 million to 1 billion coins have been actively accumulating Dogecoin, further supporting its growth prospects. The enthusiasm for Dogecoin is echoed in its trading performance today, with a surge of more than 8%, briefly touching $0.08978. The coin's month-over-month growth is an impressive nearly 30%, indicating a robust rally that could soon test the $0.1 threshold. Traders have embraced Dogecoin's momentum, contributing to a 75% spike in trading volume which reached $920 million in the past day. The influence of whale holders is evident from the weekly transaction volume exceeding $1 billion. Additionally, daily active addresses have increased by over a third to more than 82,000, showcasing heightened user engagement with the cryptocurrency. Dogecoin's market capitalization currently stands at approximately $12.8 billion and may be poised for further gains if Bitcoin continues its current uptrend and leads a broader market rally. https://www.investing.com/news/cryptocurrency-news/dogecoin-nears-009-as-whales-boost-trading-volume-93CH-3248774