2023-11-23 19:02

Copyrighted Image by: Reuters Cryptocurrency markets have witnessed a notable rebound, particularly for investors who placed their bets on Bitcoin (BTC) and Ethereum (ETH) on Thanksgiving Day last year. Despite the tumultuous period that saw a steep decline from the previous year's all-time highs, those who invested anew during the last Thanksgiving have seen substantial gains. On today, Thanksgiving Day 2023, discussions in America are not just about turkey and family gatherings but also about the cryptocurrency market trends. These conversations are especially relevant in light of the high volatility and significant events such as cryptocurrency bankruptcies that have impacted investor sentiment. From one Thanksgiving to the next, major cryptocurrencies including Bitcoin experienced significant declines, with a combined investment of $3,000 plummeting to just $905.69. However, in an impressive turnaround, those who took advantage of what was perceived as a favorable entry point on the subsequent Thanksgiving Day have experienced overall positive investment performance. Bitcoin investors realized a substantial increase of 123.3%, and Ethereum followed suit with a 70.5% rise. Dogecoin, on the other hand, lagged with a 9.2% decrease. Nevertheless, these investments cumulatively pushed their initial $3,000 outlay to an impressive $4,846.24—a total uptick of 61.5%. This performance starkly contrasts with that of traditional stock market behavior over the same period. While the S&P index fund returned just under 13%, those who directed their funds toward Bitcoin from its all-time high price point and Ethereum at peak valuation—alongside Dogecoin after its early-year rise—have witnessed their portfolio grow to approximately $4.8k, marking an overall gain of over 61%. The cryptocurrency market's resilience demonstrates its potential for rapid recovery and substantial gains despite periods of significant volatility and downturns. This Thanksgiving, many investors have more than just their holiday feast to celebrate. https://www.investing.com/news/cryptocurrency-news/cryptocurrency-rebounds-with-strong-gains-on-thanksgiving-2023-93CH-3242259

2023-11-23 18:50

Silvercorp Metals (NYSE:SVM) Inc. has sweetened its takeover bid for OreCorp Limited by A$20 million, increasing the total offer to A$260 million or A54.3 cents per share. This revised proposal represents a 12% premium over OreCorp's share price at Tuesday's market close. The enhanced cash component of the deal is now A19 cents per share, up from the previous A15 cents, with the stock exchange ratio remaining unchanged at 0.0967. The improved terms come after initial reluctance from key shareholders, including Tim Goyder and Nick Giorgetta, who are expected to receive larger payouts under the new arrangement. In light of this development, OreCorp's board has unanimously recommended that shareholders accept the updated offer. The shareholder vote, scheduled for December 8, remains set despite these amendments to the deal. If approved, it would mark the unification of Silvercorp and OreCorp into a global precious metals producer with multiple exchange listings. Silvercorp's commitment to the acquisition is further evidenced by its investment in the advanced Nyanzaga gold project in Tanzania, demonstrating confidence in the project's potential. The company has allocated A$28.2 million from a placement towards resettlement compensations in Tanzania and boasts adequate funds to cover the Nyanzaga project costs. Joint integration efforts are already underway in Perth following the establishment of an integration committee between Silvercorp and OreCorp. With Tanzanian regulatory approval secured and strengthened government relations in Tanzania, Silvercorp is targeting late 2025 for the first gold production at Nyanzaga. Additionally, Silvercorp projects robust fiscal 2024 production across its portfolio, which includes gold, silver, lead, and zinc. The Nyanzaga project's geographical advantage is also highlighted by its proximity to Barrick Gold’s Bulyanhulu mine, which adds operational value to Silvercorp's expansion strategy. InvestingPro Insights In the context of Silvercorp Metals Inc .'s increased takeover bid for OreCorp Limited, real-time data, and InvestingPro Tips can offer investors a deeper understanding of the financial health and future prospects of these companies. According to InvestingPro, Silvercorp Metals Inc. (SVM) exhibits high earnings quality, with free cash flow exceeding net income, which suggests a strong foundation for the company's financial activities. Furthermore, SVM's balance sheet holds more cash than debt, providing a buffer for strategic maneuvers such as the acquisition of OreCorp. InvestingPro Tips for OreCorp Limited (ORE) highlights consistent increases in earnings per share and expectations for net income growth this year. These factors, along with analysts' anticipation of sales growth, paint a promising picture for OreCorp's financial trajectory post-acquisition. InvestingPro Data for SVM indicates a market capitalization of $415.63 million, a P/E ratio of 12.8, and a revenue growth of -4.26% over the last twelve months as of Q2 2024. Meanwhile, OreCorp's market capitalization stands at $215.69 million with a notably lower P/E ratio of 4.85, and an EBITDA growth of 923.29% over the same period, emphasizing its profitability and potential value addition to Silvercorp. Investors seeking more comprehensive analysis can find additional InvestingPro Tips for both companies, with SVM having 11 and ORE having 9 tips available. These insights are part of the InvestingPro subscription, now on a special Black Friday sale offering a discount of up to 55%. This investment intelligence could be particularly valuable for shareholders considering the revised takeover proposal and the strategic implications for both Silvercorp and OreCorp. https://www.investing.com/news/commodities-news/silvercorp-raises-bid-for-orecorp-offering-a260m-93CH-3242260

2023-11-23 18:22

In the dynamic world of cryptocurrencies, Tokocrypto (TKO), an Indonesian digital asset exchange, has managed to maintain its market valuation of $117.71 million. The platform, which was established on April 1st, 2021 by Pang Xue Kai, saw its TKO token trading at $0.24, a slight increase of 0.6% from the previous week, despite a minor weekly dip of 0.1% in overall trading volume. The broader crypto market experienced mixed movements with several digital currencies witnessing fluctuations. KILT Protocol (KILT) fell to $0.34, while Aidi Finance (AIDI), Zoo Token (ZOOT), CareCoin (CARES), Jeff in Space (JEFF), and AXIA Coin (AXC) also saw declines in their values. On the flip side, Kitty Inu (KITTY) enjoyed a price surge to $95.84, Hokkaido Inu (HOKK) saw a marginal increase to $0.0004, and Lumi Credits (LUMI) climbed to $0.0082. Lego Coin (LEGO) remained stable at $0.0049. Tokocrypto has distinguished itself with a significant supply of its ERC-20 token which can be used for trading fee discounts and staking rewards on their platform. Furthermore, the exchange offers a digital wallet service and requires token holders' participation in certain platform decisions. Notably, for those looking to acquire TKO tokens, direct purchase with fiat currencies like U.S. dollars is not available; prospective buyers must first obtain mainstream cryptocurrencies such as Bitcoin or Ethereum to trade for TKO on designated exchanges. https://www.investing.com/news/cryptocurrency-news/tokocrypto-valuation-holds-as-crypto-market-sees-mixed-trends-93CH-3242252

2023-11-23 15:23

Copyrighted Image by: Reuters Evernode has postponed the launch of its layer-2 solution on the XRP Ledger (XRPL) and the related token airdrop to December 18, citing integration issues with the XUMM wallet on its Xahau sidechain. The project's use of three Hooks, which are small pieces of code that execute specific functions on the XRPL, has successfully passed security and functionality audits. The eligibility for the Evernode airdrop was previously established through a snapshot of XRP ledger balances taken at ledger #82237135. This snapshot recorded holders of up to 50,000 XRP units in certain wallets or exchanges as eligible for the upcoming distribution of Evers tokens. In preparation for the airdrop, Evernode is developing tools to assist users in calculating their entitled share of Evers tokens. The total supply of Evers tokens is capped at over 72 million, with 20 million allocated for initial distribution to stakeholders such as holders and project contributors. The remaining supply is reserved for long-term host incentives, which are planned to last through multiple epochs extending over a century. This strategic initiative by Evernode aims to boost the XRPL ecosystem. In line with these developments, the market has responded positively, with XRP's price experiencing a bullish surge to $0.6185. For those interested in participating in the airdrop, Evernode has provided an official issuance address: rEvernodee8dJLaFsujS6q1EiXvZYmHXr8. Crypto enthusiasts and potential participants are advised to follow this information carefully to ensure they engage with the correct protocols and avoid any fraudulent schemes. https://www.investing.com/news/cryptocurrency-news/evernode-delays-layer2-network-launch-and-airdrop-to-december-18-93CH-3242176

2023-11-23 14:50

Copyrighted Image by: Reuters. European economic indicators provided some activity in the otherwise calm market environment. Purchasing Managers' Index (PMI) figures in Europe showed an increase from October's lows, hinting at a possible shift in economic momentum. Investors are now eyeing Friday's release of US PMI numbers, which could further influence the direction of the USD if they indicate a decline. Elsewhere, the anticipation for a ceasefire in Gaza has been extended to Friday after an accidental car explosion at the Canada-US border was reported, with no links to terrorism. China's property market experienced a notable surge, nearly 7% up, buoyed by state support measures. In terms of monetary policy signals, ECB member Joachim Nagel hinted that interest rates might need to stay elevated for an extended period to prevent a resurgence in inflation. This stance aligns with global central banks' efforts to control inflationary pressures without triggering a sharp economic downturn. The global equities market saw mild positivity, with Hong Kong's Hang Seng index climbing by 1%. The CME Group’s FedWatch Tool indicates that market participants expect the Federal Reserve to maintain its current interest rate in December. Trading for US government debt securities paused amid the holiday, with the benchmark 10-year Treasury Note yield last recorded at 4.40%. It is worth noting that historically, quantitative easing policies have tended to weaken the USD when implemented by the Federal Reserve. https://www.investing.com/news/forex-news/dollar-index-slips-below-104-amid-thanksgiving-european-pmi-data-rises-93CH-3242159

2023-11-23 14:48

Copyrighted Image by: Reuters The US dollar fell against the Canadian dollar today, touching near 1.3680, as market sentiment shifted on the likelihood of further Federal Reserve interest rate hikes. Analysts attribute the softer stance on the US dollar to a combination of factors, including recent economic indicators and market expectations. The University of Michigan's Consumer Sentiment Index released recently pointed to higher inflation expectations among consumers, which typically would support a stronger dollar due to the anticipation of more aggressive monetary policy. However, this has been counterbalanced by other economic reports suggesting a potential slowdown. On Friday, revised perceptions of inflation were evident as US Treasury yields ticked up. Yet, despite this uptick, durable goods orders in the US saw a significant drop, while jobless claims fell to 209,000 just before Thanksgiving Day when markets were closed. The reduced number of jobless claims could be seen as a positive sign for the labor market; however, it did not seem to bolster the case for further rate hikes. Adding to the complexity is the Canadian economic landscape. While the Canadian dollar found some support from these broader market movements, its gains were capped by falling oil prices. West Texas Intermediate (WTI) crude prices declined amidst uncertainties surrounding an OPEC+ meeting, which can have a substantial impact on resource-linked currencies like the Canadian dollar. Investors are now turning their attention to upcoming economic data for further direction. Retail sales figures from Canada are awaited with interest, potentially affecting the strength of the CAD. Meanwhile, in the United States, post-Thanksgiving S&P Global PMI figures will be closely watched to gauge business activity levels and economic health. As global markets adjust to these mixed signals, traders remain cautious. The interplay between commodity prices, such as oil, and shifting monetary policy expectations continues to create a complex trading environment for currency pairs like USD/CAD. https://www.investing.com/news/forex-news/us-dollar-dips-as-fed-rate-hike-expectations-wane-cad-steadies-93CH-3242156