2023-11-27 10:39

Cryptocurrency exchange Binance is set to introduce a new USTC perpetual contract today at 12:30 UTC, offering traders up to 50x leverage. This development follows recent price increases for USTC and LUNC, two tokens associated with the Terra ecosystem which experienced significant volatility earlier this year. The new derivative product will allow trading against USDT and feature a funding rate of ±2.00%, recalculated every four hours. Binance's introduction of the contract aligns with its strategy to provide diverse trading options in response to market demand. The exchange has also implemented measures to safeguard against market risks, retaining the ability to adjust contract terms if necessary. In addition to the contract's launch, Binance is incentivizing participation by offering maker fee rebates to select liquidity providers for approximately two weeks following the contract's introduction. This rebate is set at 0.005%, aimed at attracting more activity and ensuring liquidity for the new trading instrument. The move by Binance comes after USTC—formerly known as TerraUSD—halted minting and introduced a burn mechanism for its sister token LUNC. These steps were taken in an effort to reduce the tokens' supply and help USTC reestablish its peg to the USD. The adjustments are part of broader efforts to stabilize the tokens after the Terra crash, which had previously disrupted their dollar parity and impacted investors globally. https://www.investing.com/news/cryptocurrency-news/binance-to-launch-ustc-perpetual-contract-amid-crypto-surge-93CH-3243599

2023-11-27 10:27

In a significant move to integrate digital currencies into Japan's financial landscape, SBI Holdings has announced a strategic partnership with Circle Internet Financial. This collaboration aims to expand the circulation of the USD Coin (USDC) within Japan's economy by utilizing SBI VC Trade as a distribution platform. Additionally, SBI Shinsei Bank is set to provide banking functions to Circle, which will further extend USDC's accessibility to Japanese businesses. The partnership heralds a concerted effort to drive Web3 innovation by introducing new digital asset applications and improving the underlying infrastructure. Jeremy Allaire, CEO of Circle, regards the alliance as a cornerstone for their expansion efforts in the Asia-Pacific region. Similarly, Yoshitaka Kitao, representing SBI Holdings, emphasizes their commitment to leading the way in stablecoin-based financial solutions. This initiative comes at a time when Japan is witnessing a growing interest in the integration of digital assets into its economy. The collaboration between SBI Holdings and Circle could pave the way for USDC to achieve electronic payment system status in Japan, marking a significant milestone in the adoption of stablecoins in mainstream financial transactions. https://www.investing.com/news/cryptocurrency-news/sbi-holdings-partners-with-circle-to-boost-usdc-in-japan-93CH-3243580

2023-11-27 10:00

Copyrighted Image by: Reuters Cryptocurrency exchange Binance is set to delist five cryptocurrency pairs following its latest review aimed at maintaining high standards and ensuring user protection. The affected trading pairs are BTS/USDT, PERL/USDT, TORN/BUSD, WTC/BTC, and WTC/USDT. As part of the exchange's commitment to providing a secure ecosystem and responding to industry changes, Binance has announced a schedule for the removal of these pairs. Starting on December 7, 2023, all trading activities for these pairs will cease on the platform. To further secure the ecosystem from any unethical practices, no new deposits will be accepted for the delisted tokens after 06:00 on December 8, 2023. Users currently holding these tokens are advised to plan accordingly as the final opportunity to withdraw will be before 06:00 on March 7, 2024. After this deadline, withdrawals for the affected tokens will no longer be possible. Binance emphasizes that this decision is part of its ongoing efforts to ensure network security and protect its user base. https://www.investing.com/news/cryptocurrency-news/binance-to-delist-five-cryptocurrency-pairs-in-december-93CH-3243528

2023-11-27 08:57

Copyrighted Image by: Reuters. Investing.com - The U.S. dollar drifted lower Monday at the start of a data-packed week, while sterling gained on a degree of confidence returning to U.K. consumers. At 04:00 ET (09:00 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, fell 0.1% to 103.262, heading for a monthly loss of around 3%, its worst performance in a year. PCE data to support end of Fed hikes? The dollar has been on the backdoor for most of this month on growing expectations that the Federal Reserve could start cutting rates next year after likely ending its rate-hiking cycle earlier this month. These hopes were largely driven by October's unchanged reading on consumer price inflation, and traders will turn to another U.S. inflation report on Thursday to support the case for an end to Federal Reserve rate hikes. The Fed’s preferred inflation gauge, the personal consumption expenditures price index, is expected to have risen 0.1% in November, a fall from rose 0.4% in September, which matched the rise in August. 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. Sterling gains on returning consumer confidence In Europe, GBP/USD rose 0.1% to 1.2616, climbing to an over two-month high, helped by a reading of consumer confidence on Friday that showed people in Britain turned more optimistic about the outlook for the economy and their personal finances this month. The Bank of England kept rates on hold for a second consecutive meeting earlier this month, with inflation falling to 4.6% in October from above 11% just over a year ago. However, getting inflation down to the central bank's 2% target will be "hard work", said Bank of England Governor Andrew Bailey in an interview published earlier Monday, as most of its recent fall was due to the unwinding of the jump in energy costs last year. EUR/USD rose 0.1% to 1.0941, with sentiment among German exporters improving in November, according to a survey by the Ifo economic institute released on Monday. The institute's export expectations indicator rose to minus 3.8 points in November from minus 6.3 points in October. "However, the export economy still isn't managing to develop any momentum," Klaus Wohlrabe, head of surveys at Ifo, said. "German companies have yet to benefit much from the economic upswing in many countries." Data released Friday showed that Europe’s largest economy shrank 0.1% in the third quarter compared with the previous three months. Yuan slips ahead of key PMI data In Asia, USD/CNY rose 0.1% to 7.1547, following a slightly weaker daily midpoint fix by the People’s Bank of China. Profits at China's industrial firms extended gains for a third month in October, albeit at a slower pace, data on Monday showed, but all eyes this week are on the purchasing managers index data for November, due on Thursday, for more cues on business activity. USD/JPY traded 0.2% lower at 149.08, with the yen among the better performers of the day, with Japanese industrial production and retail sales data on tap this week. AUD/USD rose 0.3% to 0.6600, ahead of key inflation and retail sales data due later in the week. Reserve Bank of Australia Governor Michele Bullock is also set to speak this week. https://www.investing.com/news/forex-news/dollar-slips-ahead-of-key-inflation-data-sterling-shows-strength-3243449

2023-11-27 08:38

Copyrighted Image by: Reuters In a recent turn of events, Jay Clayton, the former Chairman of the U.S. Securities and Exchange Commission (SEC), has expressed support for cryptocurrency entrepreneurs. During a live stream hosted by Crypto Eri, Clayton spoke with the Council on Foreign Relations, emphasizing the need for easier capital raising avenues for small businesses and advocating for broader investor participation across all asset classes. Clayton's remarks marked a notable shift from his stance while at the helm of the SEC, where he was known for stringent regulations on cryptocurrencies. He highlighted the importance of focusing on cryptocurrency technology rather than its classification as a security or commodity, which he sees as essential for future regulation. Reflecting on past Initial Coin Offerings (ICOs), Clayton underscored the importance of ethical trading on regulated platforms. This perspective comes as a surprise to many in the crypto community, including Ripple CEO Brad Garlinghouse, who expressed disbelief at Clayton's new viewpoint. Garlinghouse pointed out that Clayton initiated a lawsuit against Ripple alleging unregistered securities offerings involving XRP sales right before his tenure at the SEC concluded—a move that significantly affected XRP's market performance. Clayton's comments suggest a more progressive approach towards cryptocurrency regulation and support for innovation within the sector. This could signal a potential shift in regulatory attitudes towards cryptocurrencies in the United States, fostering an environment where technology and ethics in trading are prioritized. https://www.investing.com/news/cryptocurrency-news/jay-clayton-shows-support-for-crypto-entrepreneurs-shifts-focus-on-technology-93CH-3243405

2023-11-27 08:27

Copyrighted Image by: Reuters Coinbase (NASDAQ:COIN), a leading cryptocurrency exchange, is actively expanding its workforce in India, recruiting for technology roles in Bengaluru and Hyderabad despite facing regulatory challenges and having previously halted local services. The company's hiring push comes after a series of layoffs earlier in the year, with around 950 global employees let go in January 2023. The renewed focus on India reflects a broader industry trend of investing in the country's technology sector. Notably, Gemini, another cryptocurrency exchange co-founded by the Winklevoss brothers, is also establishing a significant tech presence with a $24 million investment plan for a tech hub in Gurugram. Coinbase's interest in India began in April 2022 when it initiated services there. However, the company faced setbacks from regulatory bodies like the Reserve Bank of India, which led to the removal of their UPI-based payments feature shortly after launch. By September 2023, the exchange advised Indian customers to withdraw funds by the end of October due to service termination. Brian Armstrong, Coinbase CEO, cited "soft pressure" from regulators as a contributing factor to their decision. Despite these obstacles, Coinbase and Gemini's expansion efforts indicate confidence in India's tech talent pool. This sentiment is supported by findings from Nasscom and projections from EY's Vision 2030 report, which suggest multinational corporations see value in setting up Global Capability Centers (GCCs) in India to leverage cost-effective skilled labor. As part of this strategic shift, Coinbase has listed openings for software engineers and other tech roles on LinkedIn for remote work or at their Bengaluru and Hyderabad offices. This move demonstrates the company's commitment to tapping into India's rich vein of technical expertise while navigating the complexities of an evolving regulatory landscape. InvestingPro Insights Coinbase's strategic expansion into India's burgeoning technology sector aligns with the latest data and insights from InvestingPro. With three analysts revising their earnings upwards for the upcoming period, there is an optimistic outlook on the company's growth potential. Additionally, the stock's significant return over the last week and its strong performance over the last month and three months highlight investor confidence, despite the company not being profitable over the last twelve months. InvestingPro Data further reveals a market capitalization of $27.64 billion and a high Price / Book multiple of 4.67 as of Q3 2023. While revenue has seen a decline of 47.88% over the same period, the company's gross profit margin remains high at 85.61%. These figures underscore Coinbase's financial health and the market's valuation of its assets relative to its book value. For readers interested in deeper analysis and more detailed forecasts, InvestingPro offers a comprehensive set of additional tips. Currently, the InvestingPro subscription is available at a special Cyber Monday sale, with discounts of up to 55%. This could be an opportune moment for investors to gain access to valuable insights, including the 12 additional InvestingPro Tips for Coinbase, which could help in making more informed investment decisions. https://www.investing.com/news/cryptocurrency-news/coinbase-ramps-up-hiring-in-india-signaling-tech-sector-confidence-93CH-3243398