2023-11-27 17:16

Copyrighted Image by: Reuters. Investors eyeing the Bitcoin market have distinct avenues to consider, as exemplified by Coinbase (NASDAQ:COIN), a premier global cryptocurrency exchange, and Marathon Digital (NASDAQ:MARA), a company focused on Bitcoin mining. Both firms offer unique entry points into the Bitcoin ecosystem, catering to different investment strategies. Coinbase, renowned for its robust platform, enables trading of major cryptocurrencies including Bitcoin and Tether. It stands as a gateway for both casual and sophisticated investors looking to buy, sell, or hold digital currencies. The exchange's user-friendly interface and a wide range of listed cryptocurrencies make it a popular choice for those seeking exposure to the crypto market. On the other hand, Marathon Digital takes a more hands-on approach to Bitcoin. The company utilizes advanced ASIC equipment to mine the digital currency, positioning itself within the sector's infrastructure layer. By focusing on the creation of new Bitcoin, Marathon Digital appeals to investors interested in the operational side of cryptocurrency and those looking to invest in companies contributing to the growth and security of the blockchain network. While Coinbase provides a platform for trading and investment, Marathon Digital's business model is hinged on the actual production of Bitcoin. This distinction highlights the diverse strategies available to investors within the dynamic Bitcoin sector, each with its own set of risks and potential rewards. https://www.investing.com/news/cryptocurrency-news/coinbase-and-marathon-digital-present-diverse-bitcoin-investment-opportunities-93CH-3244071

2023-11-27 14:38

In a recent conversation with CNBC's Joumanna Bercetche, Coinbase (NASDAQ:COIN) CEO Brian Armstrong discussed the significance of the U.S. Department of Justice's settlement with Binance. Armstrong pointed to this development as a key moment for the cryptocurrency industry, suggesting it could mark the beginning of a new era with a cleaner reputation. He highlighted the settlement as an opportunity for the industry to move past its scandal-plagued history. Armstrong also addressed common misconceptions about the use of cryptocurrencies for illicit activities. He underscored the fact that illegal transactions in the crypto space account for less than 1% of total activity, which is notably lower than the rate of illicit transactions conducted with cash. This comparison serves to counter the narrative that cryptocurrencies are predominantly used for illegal purposes. The Coinbase CEO's remarks come at a time when the industry is under intense scrutiny, with regulators and the public alike calling for greater transparency and accountability. Armstrong's optimistic outlook on the Binance settlement reflects a broader hope within the crypto community for a more regulated and respected market moving forward. https://www.investing.com/news/cryptocurrency-news/coinbase-ceo-sees-binance-settlement-as-turning-point-for-crypto-industry-93CH-3243916

2023-11-27 14:23

In a significant development for energy relations between Russia and China, Gazprom (MCX:GAZP) announced over the weekend that it had set a new record in gas shipments to China through the Power of Siberia pipeline. The Russian energy giant confirmed it had exceeded its daily contractual targets, reaching a historic peak in gas deliveries. This achievement underscores the growing energy needs of China and the strategic importance of the Power of Siberia pipeline in meeting those demands. The Power of Siberia pipeline, which began operations in December 2019, is a cornerstone of the $400 billion agreement signed with China National Petroleum Corporation (CNPC) in 2014. Last year, Gazprom delivered 15.5 billion cubic meters of gas through this route. The pipeline has an annual capacity of 38 billion cubic meters and is a key element of the burgeoning Russia-China energy cooperation. On Saturday, Gazprom communicated via its Telegram channel about the milestone, which follows the surge in Chinese demand for Russian gas. The company successfully met the increased bids from China, which surpassed the daily contractual norms. Gazprom CEO Alexei Miller noted that, in addition to the planned 22 billion cubic meters (bcm) for the next year, there is an expectation of an extra 600 million cubic meters (mcm) in supplies due to consistent overbidding by the Chinese side. Deputy Prime Minister Alexander Novak has predicted that total deliveries for this year will be around 22 bcm, reflecting the shifting global energy dynamics and China's escalating energy requirements. Furthermore, Gazprom is actively discussing capacity enhancements through the Far East route and is planning to supply about 50 billion cubic meters annually via the upcoming Power of Siberia 2 pipeline. Following an agreement in October for additional deliveries in 2023, Gazprom's exports are expected to reach 30 billion cubic meters by next year. This record-setting performance by Gazprom comes at a time when global energy markets are experiencing significant changes, with nations seeking reliable energy partners. The increased shipments to China demonstrate Gazprom's ability to fulfill growing energy needs and its commitment to long-term agreements. InvestingPro Insights In light of Gazprom's record-setting gas shipments to China, a closer look at the company's financial health and market performance offers additional insights. Gazprom operates with a significant debt burden, which is an important consideration for investors evaluating the company's long-term sustainability. On the brighter side, the company boasts impressive gross profit margins, as evidenced by a robust 66.89% for the last twelve months as of Q2 2023. This strength in profitability is particularly notable given the challenging environment for energy companies. Despite the positive profit margins, Gazprom has been facing declining revenues, with a sharp 31.7% drop in the last twelve months as of Q2 2023. This trend is a critical aspect for stakeholders to monitor, especially as the company seeks to expand its operations and meet increasing energy demands from China. The stock is currently trading at a low Price / Book multiple of 0.29, suggesting that the market may be undervaluing the company's assets relative to its share price. For investors looking to delve deeper into Gazprom's financial metrics and strategic positioning, InvestingPro provides additional tips on the company's performance and prospects. These include analysis on the company's valuation, which implies a poor free cash flow yield, and insights into the stock's historically low price volatility. With a current market capitalization of $43.37 billion and a forward-looking P/E ratio of -11.34, Gazprom presents a complex investment profile. For those interested in a comprehensive analysis, InvestingPro offers an extensive list of additional tips, with a current total of 10 detailed insights available for Gazprom. Subscribers can access this valuable information, which can guide investment decisions in the energy sector. Furthermore, InvestingPro subscription is now available at a special Cyber Monday sale, offering a discount of up to 55%, making this an opportune time for investors to gain access to premium financial intelligence. https://www.investing.com/news/commodities-news/gazprom-sets-record-gas-deliveries-to-china-via-power-of-siberia-pipeline-93CH-3243903

2023-11-27 14:05

Copyrighted Image by: Reuters. Investing.com -- Oil prices settled lower Monday as traders looked ahead to a virtual OPEC+ meeting this week that will set the trajectory of oil output into next year. By 14:30 ET (19:30 GMT), the U.S. crude futures traded 0.9% lower at $74.86 barrel and the Brent contract dropped 0.7% to $79.94 a barrel. Postponed OPEC+ meeting looms The crude benchmarks recorded their first positive week in five last week, but the tone turned negative after the Organization of the Petroleum Exporting Countries and allies, including Russia, a group known as OPEC+, delayed its gathering to discuss output levels going into 2024. The group are now scheduled to meet on Thursday, and remotely rather than in person in Vienna, instead of Sunday as originally planned, reportedly after Angola and Nigeria expressed unhappiness over their lower 2024 production targets. The group has reportedly moved closer to a compromise, after the postponement late last week, but uncertainty still reigns. OPEC+, led by Saudi Arabia and Russia, agreed to substantially curb supply this year, amid growing fears that high interest rates and worsening economic conditions will dent global oil demand. “Expectations are that Saudi Arabia will at least roll over its additional voluntary cut of 1MMbbls/d into next year. Clearly, if we do not see this, it would put further downward pressure on the market, given the surplus over 1Q24,” said analysts at ING, in a note. “We believe that the Saudis will roll over this cut and there is a growing possibility that we see a deeper cut from the broader group. In doing this, the group would provide good support to the market going into 2024.” U.S. stockpiles in focus Investors will also be keeping an eye on the latest U.S. inventories data, after the official EIA numbers showed a substantially bigger-than-expected increase last week, with U.S. production remaining close to record highs. This was the fourth straight week of builds for U.S. inventories, with U.S. production remaining close to record highs. Economic data deluge Oil markets were also cautious before a string of major economic readings this week, starting with eurozone inflation on Thursday. The bloc slipped into a technical recession in the third quarter, ramping up concerns over slowing crude demand. Chinese purchasing managers index data is due on Thursday, and is set to offer more cues on business activity in the world’s largest oil importer. Economic activity in the country has remained largely languid in recent months which, coupled with surging oil inventories, could spur a slowdown in Chinese oil demand. A second reading on U.S. gross domestic product data for the third quarter is also on tap this week, as is a reading on PCE prices - the Federal Reserve’s preferred inflation gauge. Both readings are expected to show continued resilience in the U.S. economy. https://www.investing.com/news/commodities-news/crude-oil-retreats-ahead-of-delayed-opec-meeting-economic-data-due-3243882

2023-11-27 14:01

Copyrighted Image by: Reuters. In a bold move that intertwined financial innovation with his political agenda, presidential candidate Kennedy voiced strong opposition to the imposition of government limitations on currencies, specifically taking aim at central bank digital currencies (CBDCs). Kennedy's platform, which was detailed today, includes a proposal for treasury bonds backed by Bitcoin assets, marking a significant departure from traditional economic policies. Kennedy's stance comes as part of a broader campaign that prioritizes ecological sustainability and societal equity. His resistance to CBDCs underscores a growing debate around financial autonomy and the role of digital currencies in the future of global economies. By advocating for Bitcoin-supported bonds, Kennedy is signaling a willingness to integrate cryptocurrency into mainstream financial instruments, potentially offering a hedge against inflation and currency devaluation. The candidate's comprehensive platform extends beyond economic reform, encompassing a range of measures aimed at preserving the environment and addressing social inequalities. However, his financial proposals, particularly the Bitcoin-backed bonds, are likely to stir considerable discussion among policymakers, economists, and the public. As the world watches this development, Kennedy's ideas could set the stage for a new era of fiscal policy that embraces digital assets. His challenge to the authority of CBDCs raises important questions about the balance of power between government control and the burgeoning realm of cryptocurrency. https://www.investing.com/news/cryptocurrency-news/kennedy-proposes-bitcoinbacked-bonds-opposes-central-bank-digital-currency-limits-93CH-3243876

2023-11-27 13:30

Copyrighted Image by: Reuters In a recent podcast episode of "What Bitcoin Did," entrepreneur Vivek Ramaswamy weighed in on the contentious relationship between the U.S. government and the cryptocurrency sector, particularly Bitcoin. Ramaswamy characterized the government's approach as combative, referencing Senator Elizabeth Warren's support for stringent crypto regulations, like the proposed Digital Asset Anti-Money Laundering Act. Ramaswamy argued that the government's stringent stance stems from a deep understanding of cryptocurrency's potential to alter state control, not from a place of ignorance. He described the reaction of politicians to Bitcoin as an "anaphylactic response," suggesting that the resistance is a reflexive move to protect government power. Determined to spark a broader conversation about the role of Bitcoin and individual rights, Ramaswamy has taken proactive steps. He revealed his intent to address the significance of Bitcoin in upcoming political debates, stating that he has notified Republican Party debate moderators of his plan to discuss the matter, even if it is not slated on their agenda. The entrepreneur's remarks underscore a growing debate within the U.S. as regulators and legislators grapple with the burgeoning cryptocurrency industry. As the dialogue evolves, Ramaswamy's voice adds to the chorus of those calling for a thoughtful consideration of digital currencies' impact on society and governance. https://www.investing.com/news/cryptocurrency-news/vivek-ramaswamy-spotlights-governments-bitcoin-stance-on-podcast-93CH-3243831