2023-11-24 08:22

Copyrighted Image by: Reuters. Today, users of the popular Bitcoin Lightning payment service Wallet of Satoshi (WoS) are finding themselves unable to access the app on both Apple’s App Store and Google’s Play Store in the U.S. This development comes as WoS was approaching a significant milestone, nearing almost 1 million transactions for the month of November. The removal of the app has sparked concerns among the cryptocurrency community, with discussions and speculations emerging on social media platforms. The sudden disappearance of WoS from major app stores raises questions about its standing in the U.S., especially following online speculations yesterday about a potential ban. Commentators like ck_SNARKs took to Twitter to voice their concerns. Meanwhile, industry observer Kevin Rooke pointed out that WoS was on track to surpass 1.1 million Lightning payments this month, signaling a strong growth trajectory for the service before its unavailability. Apple (NASDAQ:AAPL) is known for its stringent control over its App Store, imposing a hefty 30% fee on in-app purchases, which has been a point of contention for cryptocurrency applications such as WoS. The tech company is also currently embroiled in legal battles over allegations of anti-competitive practices related to cryptocurrency transactions on iOS devices. A recent lawsuit filed by users of PayPal (NASDAQ:PYPL)'s Venmo and Block's Cash App accuses Apple of unfair practices concerning crypto transactions. The cryptocurrency sector is closely watching these developments as they unfold, considering the implications for digital currency services operating within app ecosystems. The situation with Wallet of Satoshi highlights the ongoing challenges that crypto services face in navigating the policies and regulations of tech giants like Apple and Google (NASDAQ:GOOGL). https://www.investing.com/news/cryptocurrency-news/bitcoin-lightning-service-wallet-of-satoshi-vanishes-from-app-stores-amid-growth-93CH-3242474

2023-11-24 08:00

Copyrighted Image by: Reuters. SAN SALVADOR - El Salvador's foray into Bitcoin, led by President Nayib Bukele, has resulted in an approximate 8% loss on the nation's cryptocurrency investment. Despite purchasing 3,120 BTCs for $126 million, with the priciest batch acquired at $60,345 each, the current valuation stands at $116 million. This downturn comes even as the country's Bitcoin strategy was initiated during the 2021 surge when values peaked at $69,044 in November. Yet, it's not all negative financial news for the Central American nation. El Salvador is experiencing a notable decline in its murder rate and enjoying favorable bond yields. These outcomes are part of broader efforts by Bukele’s administration to combat gang violence aggressively and pivot towards transforming El Salvador into a technology hub. The government's initiatives are designed to enhance internal security and curb the traditional emigration flow to the U.S., aiming to stabilize the socio-economic landscape. Furthering this ambition to bolster economic stability, El Salvador has witnessed positive bond returns. These are likely a reflection of international confidence, partly due to Chinese investment interests and proactive debt management strategies. The dual narrative of financial loss on one hand and socio-economic gains on the other underscores President Bukele's controversial yet multifaceted approach to governance. His administration continues to push forward with plans to establish a welcoming environment for expatriates and foster a tech-centric economy, despite the setbacks in cryptocurrency investments. https://www.investing.com/news/cryptocurrency-news/el-salvador-sees-bitcoin-losses-but-gains-in-security-and-bonds-93CH-3242470

2023-11-24 07:20

In the cryptocurrency market, significant developments are shaping investor sentiment as Bitcoin (BTC) and Ethereum (ETH) approach a major options expiry. Today, traders are closely monitoring the potential impact of over $6.51 billion worth of BTC and ETH options set to expire. This sizable expiry could inject heightened volatility into the markets. Market participants have noted a bullish stance on Bitcoin, with a max pain point of $33,000 despite a sharp 45% decline in trading volume, suggesting reduced trader interest. Ethereum's trading activity has similarly decreased by 40%. The expiring options hold a notional value of $4.05 billion for BTC and $2.48 billion for ETH. The market's current state reflects concerns stemming from Binance's recent legal challenges, including a substantial settlement with the Department of Justice (DOJ) totaling $4.3 billion. This news has brought down the Fear and Greed Index to 66, indicating a dip in market confidence. Despite these pressures and an anticipated seasonal slowdown in trading around Christmas, analysts are advising investors to consider buying during price dips. They cite the upcoming Bitcoin halving event and potential institutional-led rallies as reasons that may counterbalance the expected volatility from recent Binance-related events. Investors are watching closely as these dynamics unfold, with many weighing the implications of the DOJ's actions against Binance on broader market trends and the importance of option expiry dates due to their influence on asset prices through the 'max pain' concept as contracts approach expiration. https://www.investing.com/news/cryptocurrency-news/bitcoin-and-ethereum-brace-for-volatility-with-651-billion-options-expiry-93CH-3242435

2023-11-24 07:19

Copyrighted Image by: Reuters DHAKA – Banks in Bangladesh are continuing to trade the US dollar at higher rates than those set by the Bangladesh Foreign Exchange Dealers Association (Bafeda) and the Association of Bankers, Bangladesh (ABB (ST:ABB)), despite a recent directive to lower rates. On Wednesday, Bafeda and ABB reduced the dollar rate by Tk 0.5, setting the purchase price from exporters and remitters at Tk 110 and the selling price to importers at Tk 110.5. However, on Thursday, banks were buying remittances at Tk 122-123 and selling to importers at Tk 116-118, above the rates set by Bafeda and ABB. The Bangladesh Bank held a briefing where spokesperson Md Mezbaul Haque praised Bafeda's strategy as timely and necessary. Despite this approval, anonymous bankers criticized the enforced rates, arguing they were ineffective amidst a volatile forex market. The central bank's actions come as small and medium enterprises face difficulties opening letters of credit due to a US dollar shortfall. Bangladesh Bank officials have defended the revised rates, citing reduced imports, a $1 billion current account surplus, and a shrinking financial account deficit as reasons for their decision. Yet bankers highlight persistent demand-supply imbalances among banks that contribute to market instability. In a proposal to ease pressures on the forex market, Zahid Hussain, a former World Bank economist, suggested either implementing a managed floating exchange rate or a bounded system. In response to these ongoing issues, Bangladesh Bank announced on Friday that new foreign currency rates have been established at Taka 110 for buying (down from Taka 110.50) and Taka 110.50 for selling (reduced from Taka 111). This step is part of efforts to stabilize exchange rates since BAFEDA and ABB took control in September 2021. The central bank highlighted rising remittances contributing to ample foreign exchange reserves and controlled import dollar demand through sight-settled letters of credit. The decision is also supported by banks' strong Net Open Position, indicating a sufficient dollar supply in the country's banking system. https://www.investing.com/news/forex-news/bangladesh-banks-hold-dollar-rates-high-despite-bafeda-and-abb-cuts-93CH-3242436

2023-11-24 06:44

Copyrighted Image by: Reuters. Gold prices saw a slight increase today, with XAU/USD trading at $1992 as US markets took a break for Thanksgiving, resulting in lower trading volumes. The precious metal has been supported by a decline in US Treasury yields and a weakening of the US dollar, maintaining its position in the tight range of $1990-$2000. From the beginning of November, US Treasury bond yields have experienced a significant drop, decreasing sharply by over six percent or nearly thirty basis points. Concurrently, the US dollar has shown a marked decrease against other major currencies, with the DXY index falling from above 106 to below 104, indicating a nearly three percent decline. Earlier this week, gold momentarily surpassed the $2000 mark and has since remained near that level. This performance comes even as market participants are gearing up for the release of upcoming S&P Global PMIs, which could signal economic challenges and potentially affect Federal Reserve policy decisions on interest rates. Despite expectations of continued rate hikes by the Federal Reserve and an approximate eighty-five basis points reduction projected by money market futures for next year, gold's path appears steadfast. Technical analysis suggests that if gold manages to break past the $2000 threshold again, it could encounter potential resistance around $2010. Investors are closely watching these developments as they can have significant implications for the price movements of gold and other key financial indicators. https://www.investing.com/news/commodities-news/gold-prices-hold-steady-amid-lower-us-treasury-yields-and-a-weaker-dollar-93CH-3242405

2023-11-24 06:41

Copyrighted Image by: Reuters The energy sector is facing heightened uncertainty as disagreements among OPEC members over production quotas have led to a postponed meeting, stirring unease among oil traders. The internal conflict within the Organization of the Petroleum Exporting Countries (OPEC) has been a key factor in the recent struggle of WTI Crude Oil prices to surpass the critical technical resistance level of the 200-day Simple Moving Average (SMA), which currently lies in the $78-$74 range. Saudi Arabia has been vocal in its push for widespread production cuts across OPEC nations to stabilize prices, which they argue are being undermined by increased output from non-OPEC countries. This position is at odds with some African OPEC members, who are resisting further reductions in production quotas. The discord has not only delayed the group's meeting but has also impacted energy risk sentiment, leaving barrel traders on edge. Adding to investor concerns, OPEC's decision to push their pivotal quota discussion meeting four days past the initially scheduled date of November 30th has further dampened confidence in the market. Technical analysis of WTI Crude Oil suggests a continuation of its recent weakness. Despite a modest rebound from last week's drop to $72.38, an eighteen-week low, prices remain nearly 19% below the high seen in September. Market watchers attribute this vulnerability to apprehensions that non-OPEC member nations might drive prices lower with their increased production levels. Today's market conditions reflect a complex interplay of geopolitical factors and supply dynamics, where OPEC's internal divisions and decisions by non-member states could significantly shape global energy prices in the coming weeks. https://www.investing.com/news/commodities-news/oil-markets-grapple-with-opec-discord-and-production-quota-delays-93CH-3242404