2023-11-29 01:46

Copyrighted Image by: Reuters. Cryptocurrency enthusiasts have witnessed Bitcoin's significant recovery as the digital currency surpassed the $38,370 mark on Tuesday. This latest surge reflects a growing interest in cryptocurrencies and is buoyed by expectations of a shift in Federal Reserve policy towards lowering interest rates, amid signs of slowing inflation. Bitcoin has climbed an impressive 129% this year, after a tumultuous 2022 which saw the cryptocurrency take a steep dive. The upbeat mood in the crypto market has been further amplified by comments from Fed governor Christopher Waller, which suggested that the central bank could consider reducing rates, a move that traditionally benefits risk assets like cryptocurrencies. Despite the U.S. Securities and Exchange Commission's (SEC) decision to delay its ruling on the applications for Bitcoin ETFs by Hashdex and Franklin, the market's momentum remains undeterred. Crypto analysts pointed out these postponements, yet they seem to have had little impact on the growing investor enthusiasm for Bitcoin and other digital currencies. https://www.investing.com/news/cryptocurrency-news/bitcoin-surges-above-38000-on-hopes-of-fed-policy-shift-eyes-bull-run-93CH-3245219

2023-11-28 21:53

Copyrighted Image by: Reuters Investing.com -- U.S. crude inventory fell by less than expected last week, the API reported Tuesday, though snapped a four-week streak of gains just as optimism grows for further production cuts from major oil producers gather steam ahead of the OPEC+ meeting later this week. Crude Oil WTI Futures, the U.S. benchmark, traded at $76.45 a barrel following the report after settling up 2.1% at $76.41 a barrel. U.S. crude inventories fell by 817,0000 barrels for the week ended Nov. 24. That compared with a build of 9.1 million barrels reported by the API for the previous week. Economists were expecting an decline of about 2M barrels. The API data also showed that gasoline inventories fell by 898,000 barrels last week, while distillate stocks decreased by 2.8M barrels. The official government inventory report due Wednesday is expected to show weekly U.S. crude supplies decreased by about 933,000 barrels last week. https://www.investing.com/news/commodities-news/oil-inventories-fall-by-817000-barrels-last-week-api-3245164

2023-11-28 20:05

The U.S. Securities and Exchange Commission (SEC) is currently investigating Binance.US, the American arm of the global cryptocurrency exchange, over concerns about possible undisclosed methods of asset control. This probe comes in the wake of the industry's heightened vigilance following the collapse of competitor FTX, as regulators and investors alike are on alert for any signs of similar misconduct. The SEC's investigation, which has been underway since June, initially targeted Binance for allegedly operating an illegal securities exchange. The recent troubles for Binance.US have been compounded by an admission from CEO Changpeng Zhao, who acknowledged shortcomings in the exchange's anti-money laundering (AML) measures and compliance with sanctions laws. Despite these admissions, the Justice Department has not charged Binance.US or its executives with misappropriation of client funds. The SEC's increased scrutiny of Binance.US signals a broader push by regulators to ensure cryptocurrency platforms operate within legal and regulatory frameworks, especially concerning the safeguarding of client assets. The outcome of the SEC's investigation into Binance.US could have significant implications for the cryptocurrency industry, particularly on how exchanges manage and control their customers' assets. https://www.investing.com/news/cryptocurrency-news/binanceus-faces-sec-scrutiny-over-asset-control-methods-93CH-3245078

2023-11-28 18:57

Copyrighted Image by: Reuters. The cryptocurrency market exhibited a mix of bullish and cautious signals on Tuesday, as Bitcoin's network hashrate soared to a new all-time high, indicating robust mining activity despite a slight overall market retraction. Amidst this development, Bitcoin maintained its position above $37,000 as of this writing, while Ethereum experienced a drop to $2,020. Key highlights from the cryptocurrency market include: The cryptocurrency industry continues to evolve with significant narratives shaping its future. Notably, Sam Altman has reassumed his position at OpenAI. Additionally, Crypto.com has successfully obtained an FCA license for its UK operations, signaling regulatory advancements within the sector. The industry is also awaiting the launch of the TransformBase initiative, set for November, while wealth managers show increased interest in incorporating cryptocurrencies into their offerings. Meanwhile, the sector is still processing varied responses to the FCA's new cryptocurrency advertising guidelines and the implications of leadership changes across key organizations. https://www.investing.com/news/cryptocurrency-news/bitcoin-hashrate-hits-record-high-as-market-shows-caution-93CH-3245060

2023-11-28 17:39

In a notable shift in its investment strategy, Ark Invest has sold a portion of its holdings in cryptocurrency exchange Coinbase (NASDAQ:COIN), while simultaneously increasing its stake in financial services company Robinhood (NASDAQ:HOOD). This move reflects a shift in the fund's approach to managing its crypto-related portfolio in a market that is experiencing significant regulatory changes. On Monday, Ark Invest sold approximately $5.3 million worth of Coinbase stock, totaling 43,956 shares. The sale comes as Coinbase's stock hit a peak of $121.67, a level it hasn't seen in over a year. Despite this high, the fund has been gradually reducing its position in Coinbase throughout the year, including a substantial $103 million sale back in July, and has also trimmed its investment in the Grayscale Bitcoin Trust by selling around $3 million in shares. Ark Invest's decision to lighten its Coinbase holdings is part of a broader strategy that has seen the fund pivot towards other fintech companies such as SoFi (NASDAQ:SOFI), while navigating an evolving cryptocurrency market landscape. The fund's management appears to be responding to the increasing regulatory scrutiny faced by industry players, including Binance, by diversifying its portfolio. In contrast to its divestment from Coinbase, Ark has been bolstering its position in Robinhood. The investment has been channeled through the Ark Fintech Innovation ETF and ARK Next Generation Internet fund. This decision comes even as Robinhood's stock has not demonstrated strong growth this year and has seen recent declines. Nevertheless, Ark Invest recognizes potential in Robinhood's expansion plans into the European Union and the United Kingdom markets and has chosen to invest with an eye on future opportunities. InvestingPro Insights In light of Ark Invest's recent portfolio adjustments, a closer look at real-time data and insights from InvestingPro may provide additional context for investors. For Coinbase (COIN), three analysts have revised their earnings upwards for the upcoming period, indicating a potential positive shift in future performance. However, the stock is currently in overbought territory according to the RSI, suggesting that caution may be warranted despite its significant return over the last week. For more insights, investors can refer to the 12 additional InvestingPro Tips available for Coinbase at InvestingPro. Turning to Robinhood (HOOD), management's aggressive share buybacks and accelerating revenue growth are notable. Analysts are also expecting net income growth this year, which contrasts with the two analysts who have revised their earnings downwards for the upcoming period. Robinhood does not pay dividends to shareholders, which might influence investors looking for income-generating stocks. Additional insights can be found in the 10 InvestingPro Tips for Robinhood, available with a subscription. InvestingPro Data for Coinbase indicates a market cap of $30.65 billion and a negative P/E ratio, reflecting the company's current lack of profitability. However, the stock has experienced a 1-week total return of 13.54%, and a 1-month total return of 69.21%, demonstrating recent strong performance. For Robinhood, the market cap stands at $7.4 billion, with a similar negative P/E ratio. The company has seen a revenue growth of 32.29% over the last twelve months as of Q3 2023, which may interest investors focused on growth metrics. Investors can take advantage of the special Cyber Monday sale for an InvestingPro subscription, now with a discount of up to 55%. Additionally, using the coupon code sfy23 will provide an extra 10% off a 2-year InvestingPro+ subscription. This offer is an excellent opportunity for investors to access a wealth of professional insights and metrics to guide their investment decisions. https://www.investing.com/news/cryptocurrency-news/ark-invest-sells-coinbase-shares-buys-into-robinhood-amid-crypto-strategy-shift-93CH-3245027

2023-11-28 16:37

Copyrighted Image by: Reuters. HONG KONG – The United Arab Emirates and China have reinforced their financial ties with the renewal of a significant currency swap agreement and a pledge to deepen collaboration on Central Bank Digital Currency (CBDC) development. The Central Bank of the UAE (CBUAE) and the People’s Bank of China have extended their currency swap arrangement, valued at Dh18 billion or 35 billion yuan, for an additional five years. This move is set to enhance liquidity in both nations' currencies and fortify the financial cooperation between the UAE and China. In a ceremony today in Hong Kong, Khaled Mohamed Balama of the CBUAE and Pan Gongsheng from the People’s Bank of China also signed a Memorandum of Understanding (MoU) to collaborate on CBDC projects, such as "mBridge." This initiative is designed to enable secure and instantaneous cross-border payments. The MoU encompasses a commitment to share expertise in digital currencies and the implementation of technology-driven financial solutions to stimulate economic growth. The agreement also includes measures for training financial technology specialists and organizing bilateral visits to discuss shared financial interests. These visits aim to further economic expansion by leveraging technological advancements in the finance sector. The collaboration highlights the growing importance of digital currency innovation and the commitment of both nations to remain at the forefront of this rapidly evolving domain. https://www.investing.com/news/forex-news/uae-and-china-renew-currency-swap-deal-and-commit-to-cbdc-development-93CH-3244997