2023-11-30 13:29

Iris Energy Limited has made a significant investment in its future, purchasing new T21 miners from Bitmain Technologies Delaware Limited for a total of $18.6 million. This strategic acquisition is set to enhance the company's self-mining capacity to an impressive 8.3 EH/s. The deal includes a delayed payment plan that allows Iris Energy to defer a portion of the cost until May 30, 2024, while the miners are expected to be delivered in the first quarter of the next year. The company is not only investing in hardware but also in infrastructure. It is currently expanding its Childress site's capabilities with an 80MW extension to an existing data center, which is scheduled to be operational from January to the second quarter of 2024. Additionally, Iris Energy is in the early stages of procuring another data center project to leverage part of the site's substantial 600MW power capacity. These expansions are in line with the company's goal to eventually increase its total mining capacity to 10 EH/s. https://www.investing.com/news/cryptocurrency-news/iris-energy-ramps-up-mining-capacity-with-186-million-acquisition-93CH-3246851

2023-11-30 11:22

Copyrighted Image by: Reuters. Grayscale Investments is taking strategic steps to enhance its Grayscale Bitcoin Trust (GBTC) as it prepares for a potential upgrade to an exchange-traded fund (ETF) listed on NYSE Arca. The asset management firm has filed with shareholders to amend its trust agreement, signaling readiness for a competitive edge in the evolving cryptocurrency ETF landscape. The proposed changes include a shift from monthly to daily fee payments while retaining the current 2% fee rate, a move that aligns with the practices of leading ETF applicants. Additionally, Grayscale plans to implement Coinbase (NASDAQ:COIN) Custody's omnibus accounts to facilitate more efficient share transactions. These updates are significant as GBTC has not undergone major changes in five years. They come at a time when industry analysts are optimistic about the Securities and Exchange Commission (SEC) potentially approving a wave of spot Bitcoin ETFs by the first quarter of 2024. Grayscale's initiative reflects an industry-wide eagerness to attract institutional investors amid growing competition from major players like BlackRock (NYSE:BLK). While Grayscale's 2% management fee is notably higher than competitors' fees, which range from 0.7% to 1% as reported by Matrixport, the firm has not confirmed any plans to reduce this fee. Shareholders have been given a 20-day period from the filing date to cast their votes on the proposed changes. In parallel developments, BlackRock has been actively engaging with the SEC's Trading and Markets division to discuss an updated in-kind redemption process. SEC Chair Gary Gensler recently outlined the division's responsibilities concerning ETF oversight. Meanwhile, Pando, another investment firm, has applied for a spot Bitcoin ETF, with analysts predicting a strong chance of approval in January. https://www.investing.com/news/cryptocurrency-news/grayscale-seeks-to-revamp-bitcoin-trust-amid-etf-competition-93CH-3246660

2023-11-30 10:14

Copyrighted Image by: Reuters. In a significant development in the cryptocurrency market, Binance has announced that it will discontinue support for its BUSD stablecoin, which currently has a market capitalization of $16 billion. This decision comes on the heels of a leadership change, with CZ stepping down as CEO of Binance. The exchange has set a timeline for the phase-out of BUSD, stating that support will end on December 15, 2023. Binance users are being offered the option to convert their BUSD holdings to FD121 Ltd.'s FDUSD stablecoin without incurring trading fees. This fee waiver will be in effect until December 31, 2023, when withdrawals for BUSD will cease in most regions, with the exception of Kazakhstan, Poland, Italy, France, and Japan. Following this date, any remaining BUSD holdings will be automatically converted to FDUSD. The move away from BUSD was preceded by a regulatory action in February 2023, when the New York Department of Financial Services (NYDFS) instructed Paxos to stop issuing BUSD. Paxos had partnered with Binance in 2019 to launch BUSD, which grew to become the third-largest stablecoin in the market. Despite the unfolding changes within Binance's ecosystem and the recent leadership transition, BUSD remains stable, trading at $1. The stablecoin has even seen slight increases in its value and trading volume. Binance has assured users that BUSD will continue to be redeemable until February 2024, providing ample time for holders to adjust their positions in light of the upcoming changes. https://www.investing.com/news/cryptocurrency-news/binance-to-phase-out-16-billion-busd-stablecoin-offers-conversion-to-fdusd-93CH-3246578

2023-11-30 09:44

Copyrighted Image by: Reuters. Investing.com - The U.S. dollar edged higher in early European trade Thursday, but remained near a three-month low ahead of a key reading of U.S. inflation later in the session. At 04:50 ET (09:50 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, traded 0.4% higher to 103.120, just above the 102.46 level it hit on Wednesday, its lowest since Aug. 10. Core PCE seen lowest since 2021 The dollar has received something of a boost after data showed the U.S. economy grew faster in the third quarter than initially reported. However, it’s still down 3.2% in November, its worst month in a year, on growing expectations the Fed will cut interest rates in the first half of 2024. These expectations were boosted earlier this week after Fed Governor Christopher Waller, widely seen as a hawkish voice at the central bank, flagged the possibility of a rate cut in the months ahead, if the recent decline in inflation continues. With this in mind, traders await the release of the Fed’s preferred inflation gauge, the personal consumption expenditures price index, later Thursday. The core reading, which strips out food and fuel costs and is considered a better gauge of underlying inflation, is expected to have risen 3.5% on a year-over-year basis, a drop from 3.7% the prior month, and the lowest since mid-2021. Euro weakens ahead of eurozone inflation In Europe, EUR/USD fell 0.4% to 1.0924, with the euro retreating ahead of the release of the latest eurozone inflation data. The November eurozone CPI release is expected to fall to 2.7% on an annual basis, from 2.9% the prior month. However, data released on Wednesday showed that German inflation eased to 2.3% in November, significantly more than the 2.6% expected. The euro was also hit by the news that the French economy contracted by 0.1% in the third quarter of the year, weaker than the 0.1% growth expected. GBP/USD fell 0.2% to 1.2671, retreating further from the three-month top of 1.2733 seen earlier in the week. Yen continues sharp recovery In Asia, USD/JPY traded marginally lower to 147.18, with the yen receiving little support from data that showed retail sales grew less than expected in October, while industrial production remained muted. Still, the yen marked a sharp recovery from near 33-year lows in November, and was set to rise 3% in the month, its best monthly gain since November 2022, when the government had intervened in currency markets. USD/CNY edged lower to 7.1295, after a stronger midpoint fix from the People’s Bank of China. But gains were limited after purchasing managers index data showed a sustained decline in Chinese manufacturing activity. https://www.investing.com/news/forex-news/dollar-recovers-from-threemonth-lows-pce-data-looms-large-3246563

2023-11-30 05:58

Copyrighted Image by: Reuters. Investing.com-- Gold prices fell slightly on Thursday as a recent rally in the yellow metal appeared to have paused, as markets awaited more cues on U.S. monetary policy from a key inflation reading due later in the day. But the prices of the yellow metal remained close to a seven-month peak hit earlier this week, as expectations of a less hawkish Federal Reserve, a weaker dollar and some increased safe haven demand spurred strong gains in November. Spot gold fell 0.1% to $2,042.10 an ounce, while gold futures expiring in December fell 0.2% to $2,044.10 an ounce by 00:41 ET (05:41 GMT). Both instruments were up between 2.5% and 3.1%, their second straight month of strong gains. PCE inflation, more Fed cues in focus The yellow metal saw stellar gains this week as a string of Fed officials said that recent declines in inflation suggested that the central bank will likely not raise interest rates any further, and that a further easing in inflation may also spur the bank into cutting rates in early-2024. The trend pointed to easing pressure on gold from high interest rates- a trade that had battered the yellow metal over the past 18 months. But markets were now awaiting more cues on U.S. inflation from PCE price index data for October, due later in the day. The reading is the preferred inflation gauge of the Fed, and is likely to factor into the bank’s stance on interest rates in the coming months. Also in focus was an upcoming speech by Fed Chair Jerome Powell on Friday- his final word before the two-week blackout period ahead of December’s Fed meeting. The central bank is widely expected to keep rates on hold in its last meeting for the year. Easing U.S. interest rates- particularly the prospect of early rate cuts in 2024- bode well for gold, given that high interest rates push up the opportunity cost of buying bullion. Spot prices were now around $30 away from a record high hit earlier this year. Copper rises past weak China data as markets tighten Among industrial metals, copper prices rose slightly on Thursday, shrugging off weaker-than-expected economic readings from top copper importer China. Copper futures expiring in March rose 0.2% to $3.8418 a pound, and were set for a 5.3% jump in November, benefiting greatly from weakness in the dollar. Purchasing managers index data showed that Chinese manufacturing activity shrank more than expected in November, extending a decline as export demand dwindled. The downturn pointed to a potential cooling in copper demand. But this notion was offset by signs of tighter copper markets, following major mine closures in Peru and Panama, which are expected to limit copper supplies in the coming months. Increased demand for electric vehicles and a green energy push are also expected to offset declining Chinese demand. https://www.investing.com/news/commodities-news/gold-prices-pause-near-7mth-high-with-pce-inflation-data-in-focus-3246419

2023-11-30 05:30

Copyrighted Image by: Reuters. Investing.com-- Most Asian currencies kept to a tight range on Thursday tracking weak economic signals from China, while the dollar steadied from recent losses as markets awaited a key inflation reading due later in the day. The Chinese yuan strengthened slightly after a stronger midpoint fix from the People’s Bank of China. But purchasing managers index data showed a sustained decline in manufacturing activity, as China’s biggest economic engines struggled with worsening overseas demand. The reading highlighted continued weakness in the Chinese economy, as a post-COVID rebound failed to materialize. But steady PBOC support, coupled with a less hawkish outlook for the Federal Reserve saw the yuan set for a 2.6% gain in November. The currency also remained close to a five-month high against the dollar. Other Asian units moved little on Thursday as a weeks-long rally in regional currency markets now appeared to be winding down. But most regional units were set for stellar gains in November, as markets grew convinced that the Fed will raise interest rates no further. The Japanese yen rose 0.1%, taking little support from data that showed retail sales grew less than expected in October, while industrial production remained muted. Still, the yen marked a sharp recovery from near 33-year lows in November, and was set to rise 3% in the month, its best monthly gain since November 2022, when the government had intervened in currency markets. The Australian dollar rose 0.4%, buoyed by data showing a rebound in building approvals through October. But Australian capital expenditure remained weak in the third quarter. The Australian dollar was set to nearly 5% in November, and was trading close to a four-month high. The South Korean won fell slightly on Thursday as the Bank of Korea held interest rates steady, as widely expected. But weak industrial production and retail sales data pointed to sustained weakness in the South Korean economy. Still, the won was on course for a 4.5% jump in November. The Indian rupee was the sole outlier among Asian currencies in November, and was set for a muted monthly performance after sinking to record lows earlier. The currency was battered by increased domestic demand for dollars, as well as concerns over the Reserve Bank’s dwindling dollar reserves. Indian GDP figures for the September quarter were due later in the day, and were expected to show sustained growth in the fastest-growing major economy. Dollar steadies near 3-½ month lows, PCE inflation data awaited The dollar index and dollar index futures moved little in Asian trade on Thursday, after recovering slightly from their lowest levels since mid-August. But the greenback was still set to lose 3.6% in November- its worst month in a year. Softening U.S. inflation and signs of a cooling labor market drove steep losses in the dollar through November, amid growing conviction that the Fed was done hiking rates. Markets were now seeking signals on when the bank could potentially begin trimming rates in 2024, with some Fed officials suggested that loosening may come earlier if inflation continued to decline. To that end, focus was now squarely on PCE price index data- the Fed’s preferred inflation gauge, due later in the day. A second reading on U.S. third-quarter GDP was also on tap later in the day, while PMI figures for November, as well as a speech by Fed Chair Jerome Powell, were due on Friday. https://www.investing.com/news/forex-news/asia-fx-rally-stalls-on-china-weakness-dollar-steadies-before-pce-data-3246383