2023-11-28 13:31

Copyrighted Image by: Reuters. In light of rising inflation, Robert Kiyosaki, the author of "Rich Dad Poor Dad," has emphasized the importance of investing in tangible assets like Bitcoin, gold, and silver. Kiyosaki, known for his investment advocacy, has taken to social media today to encourage a financial shift towards these assets for protection against the eroding value of money. His comments come as individuals worldwide feel the pinch of increasing living costs. Kiyosaki's critique extends to the current monetary system, which he labels as "FAKE," and he attributes the economic hardships to Marxist ideologies among global leaders. In response, he supports the MAGA movement, believing in its capitalist principles to spur economic growth and alleviate inflationary pressures. Amid these discussions, Bitcoin has seen a recent uptick in value, rising from $36,550 on November 19 to $38,310 on November 26 (today's price $37,233). This positive momentum is in line with predictions from financial experts like Rekt Capital, who forecast that Bitcoin could reach the $40,000 mark before its next halving event in April 2024. However, not all outlooks on Bitcoin are optimistic. Analysts at JP Morgan have voiced concerns over a potential bearish trend for the cryptocurrency. They point to the rise of exchange-traded funds (ETFs) that may lead to outflows from the Grayscale Bitcoin Trust (GBTC), potentially dampening Bitcoin's growth trajectory. As the debate on the best strategies to combat inflation continues, both Bitcoin and blockchain investments remain at the forefront of discussions for wealth building and economic stability. https://www.investing.com/news/cryptocurrency-news/robert-kiyosaki-highlights-bitcoin-gold-and-silver-investments-as-wealthbuilding-strategies-93CH-3244795

2023-11-28 11:26

After months of anticipation following a pivotal legal decision, Ripple faces criticism for a perceived slowdown in the adoption of its associated cryptocurrency, XRP. Despite a favorable ruling from Judge Torres in July clarifying XRP's status, Ripple has been contending with an SEC lawsuit that has hampered its ability to grow and secure new partnerships. Today, the surge in XRP's price to $0.6199 was accompanied by a notable increase in trading volume. This uptick comes as the legal proceedings against Ripple edge toward a resolution next year. The lawsuit, which centers on whether Ripple conducted unregistered securities-like sales of XRP, has cast a shadow over the company's operations. Experts in the field are weighing in on the potential outcomes, suggesting that any financial penalties Ripple might face could be mitigated. The rationale for this prediction is that a vast majority of XRP transactions, about 95%, have occurred internationally, possibly influencing the severity of any sanctions. In related news, the founder of SpendTheBits, a crypto payment app built on the XRP Ledger (XRPL), Jaskaran Kambo, recently shed light on the high activation costs for multi-currency wallets. These costs, approximately $15 CAD per wallet, are directly affected by the fluctuating prices of XRP. Kambo's comments echo the earlier sentiments of Panosmek, who pointed out that XRP was originally created for peer-to-peer credits, not banking services. As Ripple navigates these challenges, the crypto community is closely monitoring the implications for XRP's adoption and the broader digital currency landscape. With the legal battle set to conclude in the coming year, the future of Ripple and its impact on XRP remains a focal point of discussion among investors and industry observers. https://www.investing.com/news/cryptocurrency-news/xrp-price-climbs-amid-ripples-legal-woes-and-adoption-hurdles-93CH-3244626

2023-11-28 11:23

ARK Invest, the investment firm headed by Cathie Wood, has recently sold a significant number of shares in the Grayscale Bitcoin Trust (GBTC), amounting to a value of $5.02 million. This move is part of a broader strategy to rebalance the firm's portfolio, rather than a reflection of a shift in sentiment towards Bitcoin or a precursor to the launch of their proposed ARKB ETF. The latest sale, which occurred over the past week, involved 163,722 GBTC shares. This action is consistent with ARK's approach to maintaining strategic investment weightings. The firm aims to keep a target allocation near 9%, which necessitated the sale due to the substantial 76% increase in GBTC's value since August. Bloomberg ETF analysts highlighted that ARK's sale of GBTC shares aligns with their portfolio rebalancing efforts. The decision to sell was triggered by Bitcoin's price rally, which saw the cryptocurrency nearing the $34,000 mark on October 23, prompting ARK to begin offloading portions of its holdings. Since October 23, ARK has cumulatively parted with approximately 864,000 GBTC shares. This sell-off strategy is part of the firm's practice of capitalizing on asset performance highs. In November of the previous year, ARK had also engaged in portfolio adjustment, selling over four hundred thousand GBTC shares. In addition to these portfolio adjustments, ARK is actively pursuing the launch of a spot Bitcoin ETF in partnership with 21Shares. The firms have advanced their application with the U.S. Securities and Exchange Commission (SEC), with the latest amendment on November 20 detailing custody and valuation strategies for the proposed fund. This application is one of twelve awaiting regulatory approval. The recent update to their prospectus comes as ARK and 21Shares continue to await SEC approval for their joint spot Bitcoin ETF. The detailed custody and valuation methods outlined in the amendment signify ARK's commitment to regulatory compliance and the advancement of cryptocurrency investment products. https://www.investing.com/news/cryptocurrency-news/ark-invest-adjusts-portfolio-with-5-million-gbtc-share-sale-93CH-3244622

2023-11-28 10:18

Copyrighted Image by: Reuters. Amidst a backdrop of market fluctuations and a weakening US dollar, investors are witnessing gold prices soar to a seven-month peak, signaling a strategic shift towards the precious metal in portfolios. The current economic environment, coupled with expectations of a policy shift by the Federal Reserve, has bolstered the appeal of gold. Recognized for its historical performance during inflationary times, gold is increasingly seen as an indispensable asset for preserving purchasing power, especially when interest rates remain low. The rise in gold's valuation is also being driven by heightened demand during India's wedding season, further establishing its dual role as an inflation hedge and a safe-haven asset during economic or geopolitical uncertainty. This growth trajectory underscores the importance of diversifying investment portfolios with assets like gold to manage risks tied to market volatility and declining real bond yields. Investors are considering various options to include gold in their portfolios, ranging from physical holdings to exchange-traded funds (ETFs) and bullion. Decisions on the extent of gold allocation are shaped by individual risk profiles and financial goals. The precious metal's role in delivering inflation-adjusted returns and contributing to portfolio stability is becoming increasingly vital in the current economic landscape. https://www.investing.com/news/commodities-news/gold-prices-hit-sevenmonth-high-amid-dollar-weakness-and-inflation-concerns-93CH-3244567

2023-11-28 09:18

Copyrighted Image by: Reuters. Investing.com - The U.S. dollar edged higher in early European trade Tuesday, but remained near a three-month low as traders awaited key inflation data amid growing conviction that the Federal Reserve has completed its rate-hiking cycle. At 04:20 ET (09:20 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, rose 0.1% to 103.130, trading just above its lowest level since Aug. 31. The dollar was on track for a loss of more than 3% in November, its worst monthly performance in a year. PCE inflation data in focus The dollar retreated on Monday after data showed that U.S. new home sales fell 5.6% in October, pointing to a slowdown in the U.S. economy, and supporting bets that the Federal Reserve could start cutting interest rates in the first half of next year after ending its hiking cycle at the start of this month. However, this theory is likely to be put to the test with the release of another U.S. inflation report on Thursday. The Fed’s preferred inflation gauge, the personal consumption expenditures price index, is expected to have risen 0.1% in November, a fall from 0.4% in September. 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. European consumer confidence returning In Europe, EUR/USD fell 0.1% to 1.0947, but remained near its highest levels since mid-August with consumer confidence data from German and France suggesting a slight improvement. The latest EU inflation data is due for release later this week, and is expected to show an easing of pressures. That said, the fight to contain price growth is not yet done, ECB President Christine Lagarde said on Monday. "This is not the time to start declaring victory," Lagarde told a meeting of EU lawmakers in Brussels. "We need to remain attentive to the different forces affecting inflation and firmly focused on our mandate of price stability." GBP/USD rose slightly to 1.2626, trading near an over two-month high. Yen edges higher ahead of data deluge In Asia, USD/JPY traded marginally lower at 148.64, with the yen helped by the continued dollar weakening. The Japanese currency may, however, be in for some turbulence depending on the outcome of this week's inflation data from the United States, as well as industrial production and retail sales readings from Japan. USD/CNY traded flat at 7.1526, with the focus this week squarely on PMI readings for November, due on Thursday. The readings are expected to show continued weakness in business activity after a swathe of disappointing readings for October. AUD/USD rose marginally to 0.6607, after Australian retail sales unexpectedly shrank in October, spurring some bets that inflation will trend lower in the coming months. https://www.investing.com/news/forex-news/dollar-edges-higher-but-near-monthly-lows-ahead-of-pce-inflation-3244515

2023-11-28 07:18

Copyrighted Image by: Reuters. The cryptocurrency Ethereum, currently holding a market capitalization near $250 billion and standing as the second-largest by market size, has been displaying signs of a potential uptick. Analysts have identified a bullish triangle pattern on the Ethereum chart, which has been forming since mid-2022 following Terra's collapse. This pattern suggests that if Ethereum can break through the key resistance level above $2,100, and particularly if it crosses the $2,200 mark, it could set off a significant rally toward its all-time high of $4,800. The current price of Ethereum hovers around $2,047, which is substantially lower than its peak. However, the cryptocurrency has seen a notable increase of 16.53% over the past month, managing to surpass the important $2,000 threshold, which now acts as a support level. The anticipation builds as the pattern indicates a possible ascent, although such a climb is expected to develop no sooner than 2024. Investors and traders are keeping a close watch on Ethereum's movements, as surpassing the $2,100 resistance could signal the start of a bullish trend, potentially leading to a doubling in value from its present price. The market is closely monitoring Ethereum's performance, considering the long-term pattern and recent momentum that could suggest a change in the digital currency's trajectory. https://www.investing.com/news/cryptocurrency-news/ethereum-eyes-potential-rally-as-bullish-pattern-emerges-93CH-3244415