2023-11-27 06:07

Copyrighted Image by: Reuters. Investing.com-- Gold prices came close to a one-month high on Monday, rising past key levels as caution before a string of key economic readings fed safe haven demand for the yellow metal. Weakness in the dollar, amid growing bets that the Federal Reserve was done raising interest rates, also benefited the yellow metal, as did signs of weakening economic conditions across the globe. Spot gold rose 0.5% to $2,013.69 an ounce, while gold futures expiring in December rose 0.6% to $2,014.35 an ounce by 00:15 ET (05:15 GMT). Both instruments were now comfortably above the $2,000 level after flitting with the level for the past week. A settlement above $2,000 is also expected to invite more gains in gold, given that the level was seen as a key resistance point. Econ data deluge on tap But further gains in gold, particularly those driven by safe haven demand, will be largely contingent on the economic readings due this week. In the U.S., PCE price data- the Fed’s preferred inflation gauge- is due on Thursday, as is a second reading on third-quarter gross domestic product. Any signs of weakening inflation and economic growth are likely to push up expectations for an early rate cut by the Fed, which could be positive for gold prices. U.S. consumer confidence and purchasing managers index readings are also due this week. Beyond the U.S., euro zone inflation data will also be in close focus this week, as will industrial production and retail sales readings from Japan. Any signs of worsening economic conditions across the globe are expected to drive up safe haven demand for gold. But given that most major central banks have signaled that interest rates will remain higher for longer, the path of the yellow metal still remains uncertain. Copper edges lower as China PMIs approach Among industrial metals, copper prices fell slightly on Monday after clocking two straight weeks of strong gains. Copper futures expiring in January fell 0.3% to $3.8220 a pound, after rising 1.5% last week. Data on Monday showed a sustained, albeit smaller decline in industrial profits in China, pointing to continued weakness in the world’s largest copper importer. The reading put upcoming PMI readings from China squarely in focus, for more cues on business activity in the country through November. PMIs for October had largely missed expectations. Still, traders held out for more stimulus measures from Beijing to spur local economic growth, as well as copper demand. https://www.investing.com/news/commodities-news/gold-prices-rise-past-2000-as-dataheavy-week-spurs-caution-3243345

2023-11-27 05:00

Copyrighted Image by: Reuters. Investing.com-- Most Asian currencies weakened slightly on Monday, while the dollar steadied as traders hunkered down before a string of key economic readings due this week. Mixed signals from China weighed on sentiment, as data showed a sustained, albeit narrowing decline in industrial profits. Top Chinese government officials called on Beijing to unlock more financial support for local businesses amid a slowing economic recovery. The yuan fell 0.1%, following a slightly weaker daily midpoint fix by the People’s Bank of China. Focus this week was on purchasing managers index (PMI) data for November, due on Thursday, for more cues on business activity. PMI readings for October had largely missed expectations. Still, Beijing has more stimulus measures lined up in the coming months, specifically a 1 trillion yuan ($139 billion) bond issuance, which is expected to shore up growth. But near-term sentiment towards China remained largely weak, which in turn kept broader Asian markets subdued. The Australian dollar fell 0.2%, with focus also turning to key inflation and retail sales data due later in the week. Reserve Bank of Australia Governor Michele Bullock is also set to speak on this week, after she warned that inflation will likely remain sticky in the coming months. South Korea’s won fell 0.1% before a Bank of Korea rate decision this week, with the central bank widely expected to keep rates on hold. The Indian rupee hovered around record lows, while the Thai baht led gains across Southeast Asia with a 0.4% rise, even as data showed the country swinging to a surprise trade deficit in October. The Japanese yen was among the better performers for the day, rising 0.4%. Japanese industrial production and retail sales data is also on tap this week. Most Asian currencies marked strong gains through November, amid growing optimism that the U.S. Federal Reserve was done raising interest rates. This trend had also battered the dollar, putting it close to three-month lows. But markets were now awaiting a fresh batch of economic readings for more cues on monetary policy. Dollar steady as inflation, GDP data looms The dollar index and dollar index futures moved little in Asian trade on Monday, as markets awaited key economic readings from the country this week. PCE price data- the Fed’s preferred inflation gauge- is due on Thursday, as is a second reading on gross domestic product for the third quarter. Any signs of cooling inflation and economic growth are expected to further bets on a less hawkish Fed, denting the dollar and benefiting Asian markets. U.S. consumer confidence and PMI readings for November are also due this week, offering more cues on the world’s largest economy. https://www.investing.com/news/forex-news/asia-fx-inches-lower-dollar-steady-before-swarm-of-economic-data-3243303

2023-11-27 05:00

Cryptocurrencies witnessed varying performances recently, with some experiencing declines while others saw gains. KILT Protocol (KILT), Aidi Finance (AIDI), Zoo Token (ZOOT), CareCoin (CARES), Jeff in Space (JEFF), and Lumi Credits (LUMI) all recorded drops in their value against the dollar. On the flip side, Kitty Inu (KITTY) enjoyed a 1.9% increase, and Hokkaidu Inu (HOKK) also edged higher. Kitty Inu and Hokkaidu Inu were among the few cryptocurrencies that bucked the downward trend, with Kitty Inu climbing to $95.84 and Hokkaidu Inu increasing to $0.0004. Meanwhile, Lego Coin maintained its value at $0.0049, but AXIA Coin experienced a slight dip of 0.1% to settle at $13.43. The crypto market's volatility was evident as KILT Protocol fell by 4.1% to $0.35, while CareCoin dropped to $0.0809. Both Aidi Finance and Zoo Token declined by 2.2%, with Zoo Token hitting $0.0652. Jeff in Space and Lumi Credits weren't spared from the downturn either, decreasing by 2.2% to $2.75 and by 0.6% to $0.0087, respectively. Amidst these fluctuations, new entrants continue to emerge in the crypto space. Terran Coin, which launched on April 29th, 2021, aims to facilitate efficient transactions through smart contracts on its blockchain network. It is traded indirectly via major cryptocurrencies like Ethereum or Bitcoin on platforms such as Gemini or Coinbase (NASDAQ:COIN). Another recent addition is BitcoinBR, introduced on November 4th, 2021, with ambitions to revamp traditional financial systems through its blockchain-based programmable payments and infrastructure development. Although direct purchases with USD are not available for BitcoinBR, investors can still engage with the platform using Ethereum or Bitcoin. https://www.investing.com/news/cryptocurrency-news/cryptocurrency-market-sees-mixed-results-kitty-inu-rises-93CH-3243304

2023-11-27 03:36

The recent settlement between Binance, the world's largest cryptocurrency exchange by trading volume, and the U.S. Department of Justice (DoJ) has culminated in a $4 billion agreement over regulatory issues. Founder Changpeng Zhao, commonly known as "CZ," stepped down as CEO following the settlement, with Richard Teng taking over the leadership role at Binance. This leadership change comes as Zhao faces potential extradition concerns from the United Arab Emirates and ahead of his sentencing in February. The settlement amount was confirmed after Zhao agreed to plead guilty to Bank Secrecy Act infringements with a $50 million fine credited against future Commodity Futures Trading Commission dues. This move is a proactive step by Binance toward resolving its legal challenges and reflects its dedication to cooperation with regulatory authorities, indicating a significant turn in its legal narrative involving financial institution compliance. While Zhao's resignation marks a significant shift in Binance's executive team, U.S. officials have not mentioned any market manipulation charges as part of the settlement. In related news, Kraken, another major player in the cryptocurrency exchange market, has been actively defending itself against allegations from the Securities and Exchange Commission (SEC). The SEC's lawsuit claims Kraken acted as an unlicensed exchange and endangered client assets worth $33 billion through improper commingling linked to its organizational structure. Kraken responded with a blog post defending its fee system and denying any misuse of funds. Meanwhile, former FTX CEO Sam Bankman-Fried remains in custody awaiting sentencing scheduled for March 28, 2023. His bail was revoked by Judge Leonard Wexler after government prosecutors alleged that Bankman-Fried leaked sensitive diary contents. These developments come amidst a tumultuous time for the cryptocurrency industry, which has seen several platforms compromised by hacks and millions frozen due to fraud investigations. Despite these challenges, some positive news has emerged, such as Argentina electing Bitcoin proponent Javier Milei and advancements in discussions for a spot BTC ETF supported by SEC Commissioner Hester Peirce. The industry is also witnessing new investments flowing into protocols like Blast L2 despite prevailing market uncertainties, indicating ongoing interest and confidence in the potential of blockchain technologies. https://www.investing.com/news/cryptocurrency-news/binance-settles-with-doj-for-43-billion-zhao-resigns-93CH-3243288

2023-11-27 03:27

Copyrighted Image by: Reuters In the wake of a series of allegations and legal challenges, Steven Nerayoff, a former Ethereum advisor, has announced an ambitious new venture that aims to integrate artificial intelligence (AI) with web3 technologies. The project is positioned as a "Crypto 2.0 reboot," seeking to address foundational issues within the cryptocurrency space and realign it with its original ethical principles. Nerayoff's vision for this new initiative is to combine his decade-long experience in AI with the emerging concepts of web3, creating an innovative platform that supports uncensored communication and transparent information sharing. Demonstrating the potential of blockchain technology, he recently released an NFT-based conversation with Ethereum co-founder Vitalik Buterin, illustrating how blockchain can be used to distribute content without censorship. The announcement comes amid Nerayoff's ongoing legal battles, including accusations against Ethereum leadership figures like Buterin and U.S. Securities and Exchange Commission (SEC) members Gary Gensler and Jay Clayton. Despite these challenges, which have included asset seizures and the loss of his Techstars franchise, Nerayoff remains committed to his quest for ethical practices within the crypto industry. In addition to his legal pursuits, Nerayoff has expressed his intention to establish an incubator that champions transparency and adheres to genuine cryptocurrency values over financial gain. This incubator aims to foster innovation in blockchain technology and support the development of diverse decentralized applications (DApps), moving beyond the current focus on decentralized exchanges (DEXs). Nerayoff's efforts underscore his influential role in the evolution of blockchain technology. His proposed AI-web3 project represents a significant step towards merging advanced AI with blockchain infrastructure, potentially reshaping how Ethereum operates and influencing the future development of the wider crypto world. As he navigates these transformative changes amid adversity, Nerayoff's initiatives highlight a pivotal shift within this dynamic field. https://www.investing.com/news/cryptocurrency-news/steven-nerayoff-announces-aidriven-web3-project-amid-legal-action-93CH-3243286

2023-11-27 02:19

Coinbase (NASDAQ:COIN) is set to expand its international offerings by introducing perpetual futures contracts for several high-profile cryptocurrencies. On December 30, the Coinbase International Exchange will list perpetual future contracts for Cardano (ADA), Chainlink (LINK), Dogecoin (DOGE), and Stellar (XLM). This development comes as part of the company's strategic plan to diversify and enhance services for its non-US clients. The new perpetual contracts will enable continuous trading opportunities for investors without an expiration date, providing flexibility in trading strategies. Each of these digital currencies has been chosen for specific strengths they bring to the market. ADA is recognized for its eco-conscious scalability solutions, while LINK is valued for connecting smart contracts with real-world data. DOGE has garnered attention for its robust community support, and XLM is known for enabling swift global payments. In addition to these new offerings, Coinbase continues to serve global traders through its derivatives exchange, which is tailored to more sophisticated trading methods. The selection of assets for these perpetual futures considers regulatory compliance and market demand. For instance, the inclusion of XLM futures follows a U.S. legal development that sets it apart from other alternative coins. The successful launch of these contracts is contingent on meeting certain liquidity conditions to ensure a stable trading environment. Coinbase's strategic asset selection reflects its commitment to navigating regulatory challenges while broadening its presence in the digital currency market. This move aligns with the platform's ongoing efforts to cater to a diverse range of investor needs and preferences within the cryptocurrency space. https://www.investing.com/news/cryptocurrency-news/coinbase-to-list-ada-link-doge-xlm-perpetual-futures-on-december-30-93CH-3243265