2023-11-27 02:15

Copyrighted Image by: Reuters. The Ethereum network is poised for a significant upgrade with the introduction of EIP 4844, which aims to dramatically reduce transaction fees on Layer 2 (L2) solutions by as much as sevenfold. This development is a strategic move to address the challenge of achieving global ubiquity by increasing data bandwidth within the network. According to expert Ryan Berckmans, the upgrade is expected to result in a more efficient market for data storage, known as "blob market clearance," and enhance network throughput by six times. Importantly, these improvements will be achieved without impacting gas costs on Layer 1 (L1), ensuring that execution costs remain stable. The activation of EIP 4844 is scheduled for the first quarter of 2024, a timing that aligns with anticipated bullish market conditions. This upgrade is part of Ethereum's ongoing efforts to scale the network and improve its functionality. In addition to EIP 4844, there are proposals like RIP-7560 focused on native account abstraction for L2s, which would necessitate updates to smart contract account mechanisms to optimize rollup functionality. This series of upgrades represents a concerted effort by Ethereum developers to enhance the blockchain's performance and user experience, particularly in terms of efficiency and cost-effectiveness. As the platform continues to evolve, these advancements are expected to further solidify Ethereum's position as a leading blockchain for smart contracts and decentralized applications. InvestingPro Insights The anticipated enhancements to the Ethereum network with the introduction of EIP 4844 are expected to bolster its market position, potentially impacting its financial metrics positively. The InvestingPro data reflects a strong financial performance with a market capitalization of 1.52 trillion USD, indicating the vast scale of Ethereum's reach in the market. InvestingPro Tips suggest that the upgrade may lead to increased network efficiency and reduced transaction costs, which could further drive revenue growth. The network's revenue growth over the last twelve months as of Q3 2023 stood at 10.32%, with a more pronounced quarterly growth rate of 12.57% in Q3 2023, showcasing a robust upward trend. Moreover, the gross profit margin of 46.24% signifies a healthy profitability level, which could be enhanced as transaction fees decrease, potentially attracting more users and applications to the platform. With a price close to its 52-week high at 99.32% of the peak value, investor confidence appears to be strong. Ethereum's next earnings date is set for February 1, 2024, which could provide further insights into the financial impact of the upcoming network upgrades. For investors seeking a deeper dive into Ethereum's financials and future prospects, InvestingPro offers additional tips, with a current list of 25+ InvestingPro Tips available to subscribers. With the special Black Friday sale, investors can now access these insights with up to a 55% discount on the InvestingPro subscription. https://www.investing.com/news/cryptocurrency-news/ethereum-upgrade-set-to-reduce-layer-2-fees-and-boost-throughput-93CH-3243264

2023-11-27 01:26

Copyrighted Image by: Reuters. Investing.com-- Oil prices fell in Asian trade on Monday as markets remained uncertain over more production cuts by the OPEC+ after a delay in a meeting this week, while anticipation of a string of key economic readings also kept traders on edge. Crude prices sank for a fifth straight week as hopes of more supply cuts by the Organization of Petroleum Exporting Countries and allies (OPEC+) were largely offset by a delay in the meeting, to Nov. 30 from Nov. 26, especially as reports suggested the delay was caused by disagreements over planned production cuts. Brent oil futures expiring January fell 0.3% to $80.32 a barrel, while West Texas Intermediate crude futures expiring January fell 0.4% to $75.26 a barrel by 21:02 ET (02:02 GMT). Both contracts closed marginally lower in the past week. OPEC+ production cuts take center stage Saudi Arabia and Russia- two of the top producers in the OPEC+, are largely expected to extend or deepen their ongoing supply reductions. The two led the OPEC+ in curbing supply this year, amid growing fears that high interest rates and worsening economic conditions will dent global oil demand. But production in other OPEC+ members was seen increasing in recent months. Reuters reports also showed that some African nations planned to increase production at the upcoming meeting, which clashed with the plans of de-facto OPEC+ leader Saudi Arabia. Increased production by some OPEC+ members, coupled with record-high U.S. production and growing Chinese stockpiles made oil markets appear not as tight as initially thought this year. The trend is likely to draw more production cuts from Saudi Arabia and Russia, which analysts expect will tighten supply going into 2024. Inflation, business activity readings on tap Oil markets were also cautious before a string of major economic readings this week, starting with euro zone 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. But U.S. oil demand is set to cool in the coming months, as the winter season restricts travel. https://www.investing.com/news/commodities-news/oil-prices-drift-higher-with-opec-in-sight-econ-data-deluge-on-tap-3243252

2023-11-27 00:30

Copyrighted Image by: Reuters The digital currency Ethereum (ETH) is currently exhibiting stability, trading within a local channel at $2,079 on an hourly chart. Market observers note that while significant price movements are not expected today, the cryptocurrency appears ready for a sharp fluctuation. Over the past week, Ethereum has seen a notable increase of 6.44%. Traders are closely monitoring its performance, particularly if it manages to sustain above key price levels. A sustained position above $2,120 on the daily chart or near $2,100 at bar closure could indicate an impending breakout from resistance levels. Investors and market participants remain watchful as Ethereum's current stability may precede volatility in the near term. The crypto market is known for its rapid price changes, and Ethereum's recent gains suggest it could be at a critical juncture for its next directional move. https://www.investing.com/news/cryptocurrency-news/ethereum-holds-steady-poised-for-potential-breakout-93CH-3243240

2023-11-26 13:33

Copyrighted Image by: Reuters. Increased dollar liquidity, as indicated by recent movements in the Reverse Repurchase Agreement (RRP) and Treasury General Account (TGA) balances, is setting the stage for a potential Bitcoin rally, according to Arthur Hayes, former CEO of BitMEX. In a discussion on the X platform today, Hayes pointed out a significant $106 billion increase in net liquidity since Monday, which Dharmafi also highlighted as a noteworthy development for cryptocurrency markets. The influx of dollar liquidity often acts as a catalyst for asset price movements, and cryptocurrencies like Bitcoin could be poised to benefit. This perspective comes amidst heightened scrutiny of the digital currency space by U.S. regulators. Janet Yellen, the U.S. Treasury Secretary, has underscored the importance of crypto exchange compliance with financial regulations following a Department of Justice (DOJ) verdict that found Binance guilty of various legal violations, including money laundering. Yellen's call for adherence to regulatory standards reflects an ongoing effort to integrate digital currencies within the framework of U.S. financial law. The convergence of increased liquidity and regulatory developments presents a complex backdrop for investors and industry participants navigating the cryptocurrency landscape. https://www.investing.com/news/cryptocurrency-news/bitcoin-rally-anticipated-amid-surge-in-dollar-liquidity-and-regulatory-calls-93CH-3243193

2023-11-26 13:29

In the realm of digital currencies, Decred (DCR) has experienced a slight uptick in its value, rising 1.1% to reach $14.48 or 0.00038385 BTC. This modest increase comes amidst a trading volume of $1.31 million and has propelled the cryptocurrency's market capitalization to $226.80 million. This growth occurs despite a minor weekly decline in its value. The broader crypto market displayed a diverse range of performances, with several currencies making notable moves. Compound saw a rise of 3.3%, while Bitcoiva experienced a slight increase. Bitcoin Diamond's value rose significantly, contrasting with dForce USD, which saw a decrease. EverGrow Coin's value marginally fell, whereas Safe and WhiteCoin maintained their stability. Secret enjoyed substantial gains, and Navcoin surged dramatically. On the other hand, '42-coin' witnessed a negligible drop. Originating on February 8, 2016, Decred stands out with its unique hybrid proof-of-work/proof-of-stake system that utilizes the BLAKE256 hashing algorithm. With over fifteen million coins in circulation, Decred dedicates ten percent of block rewards to its treasury. This treasury is governed by stakeholder voting, where DCR holders can purchase tickets to participate in the decision-making process for network developments, ensuring a community-driven approach to its evolution. https://www.investing.com/news/cryptocurrency-news/decred-edges-up-as-crypto-market-shows-mixed-performance-93CH-3243190

2023-11-26 13:17

Copyrighted Image by: Reuters. NEW YORK CITY - During the "Future of Digital Assets" event today, prominent figures from the cryptocurrency mining industry gathered to discuss strategies in preparation for the upcoming Bitcoin halving in April 2024. Executives from SATO Technologies, Bitfarms, and Bitdeer Technologies Group shared insights on how to mitigate potential revenue impacts due to the halving. The speakers presented a range of proactive measures aimed at sustaining profitability when the Bitcoin block reward is expected to decrease. These strategies include maintaining robust capital reserves, enhancing fleet efficiency, and fostering innovation. Romain Nouzareth of SATO Technologies proposed the conversion of dormant energy sources into computational power to strengthen Bitcoin's network infrastructure. Philippe Fortier of Bitfarms showcased their hydro-powered mining operations throughout the Americas as an example of their commitment to sustainable practices. Haris Basit from Bitdeer Technologies Group pointed out the importance of geographical diversification, expanding from Texas to Bhutan, to protect against political instability and high operational costs that could be exacerbated by the halving event. The discussion also highlighted the significant role institutional investors play in identifying and investing in profitable niches within the mining sector. These niches are characterized by high margins that can be achieved through efficient mining operations. A shared sentiment among the participants was the importance of renewable energy solutions in their environmental stewardship efforts within the realm of cryptocurrency mining. This focus on sustainability reflects a growing trend in the industry towards reducing its carbon footprint and aligning with global environmental goals. https://www.investing.com/news/cryptocurrency-news/crypto-mining-leaders-strategize-for-2024-bitcoin-halving-93CH-3243179