2023-11-23 08:53

Copyrighted Image by: Reuters. Data from Glassnode shows that a historic 70.35% of Bitcoin's circulating supply has not moved for over a year, despite the volatile crypto environment and broader economic challenges that have arisen since the peaks of 2021. This trend highlights a significant level of holder retention and suggests a strong conviction in the cryptocurrency's future. The resilience of Bitcoin holders is particularly notable as the digital currency's value has doubled in 2023, reaching $37,000. The lack of selling pressure from long-term investors, even amidst price appreciation, underscores their commitment and belief in the potential long-term value of Bitcoin. Further emphasizing the steadfastness of these holders is the unprecedented level of dormant supply from two to five years. This indicates that investors are not just holding on to their assets but are doing so for extended periods, which could reflect their enduring confidence in Bitcoin's future prospects. The evolving landscape of investment vehicles such as spot-based ETFs and cash-settled futures is also recognized as a factor that might influence Bitcoin's supply dynamics. These financial products allow investors to trade and gain exposure to Bitcoin without needing to move the actual cryptocurrency, which could affect perceptions of supply activity. Interestingly, the SEC's recent decision to delay its ruling on a Bitcoin ETF has had an unexpected positive impact on Bitcoin's price, propelling it upwards. This decision seems to have reinforced the bullish narrative around Bitcoin, indicating promising outcomes for its investors. https://www.investing.com/news/cryptocurrency-news/bitcoin-holder-commitment-at-record-high-with-7035-supply-inactive-93CH-3241929

2023-11-23 07:38

Copyrighted Image by: Reuters. The People's Bank of China (PBOC) set the daily reference rate for the yuan at 7.1212 per dollar today, marking a decrease from the previous session's fix of 7.1254. This adjustment in the USD/CNY central rate came in lower than market analysts had anticipated, with predictions having been set around 7.1512. The PBOC's setting of the central rate is a regular mechanism intended to maintain market stability and guide the yuan's value. Today's rate suggests a slight strengthening of the yuan against the dollar, which could have various implications for trade and economic relations between China and its trading partners. In discussing market movements and projections, it is important to note that such forward-looking statements inherently contain risk and uncertainty. The article emphasizes that while market profiles are shared for informational purposes, they should not be taken as direct advice for making trading decisions. Investors are reminded of the importance of conducting their own research before engaging in any financial activities. The risks associated with investing in open markets are significant and can include total capital loss and emotional distress. The disclosure within the article also clarifies that there are no business relationships or compensation ties between the authors or publishers and any companies mentioned. Additionally, while care is taken to ensure accuracy, errors and omissions are acknowledged as possibilities in the content provided. Lastly, readers are informed that no personalized investment advice is offered through the content of this article. https://www.investing.com/news/forex-news/pboc-sets-lowerthanexpected-yuan-midpoint-against-dollar-93CH-3241885

2023-11-23 07:26

Copyrighted Image by: Reuters. In the wake of a significant security breach, Justin Sun has vowed to compensate users of the HTX exchange following an $86.6 million exploit of its HECO Chain bridge. The cyberattack, which occurred on Tuesday, resulted in substantial losses, including $13.6 million from three compromised hot wallets that were converted to Ethereum (ETH) and other tokens, as identified by cybersecurity firm Cyvers. In response to this incident and a previous $8 million hack in September, Sun has taken decisive action today by halting all transactions on the bridge to safeguard assets. The HECO Chain bridge was established as part of the 2020 merger between Tron and BitTorrent, which aimed to enhance blockchain interoperability and user experience. However, this second major security incident within a few months has raised concerns about the bridge's vulnerability and the overall safety of decentralized finance platforms. Sun's commitment to reimburse affected users is part of a broader effort to maintain trust in the platform and mitigate the financial impact on the HTX community. The suspension of transactions is a temporary measure intended to prevent further unauthorized transfers and allow for a thorough security review. As the situation unfolds, HTX users are advised to monitor official updates for information regarding compensation and when normal operations will resume. https://www.investing.com/news/cryptocurrency-news/justin-sun-pledges-to-reimburse-htx-users-after-866-million-heco-chain-exploit-93CH-3241877

2023-11-23 07:14

Copyrighted Image by: Reuters The cryptocurrency market experienced a modest rally today, with Bitcoin climbing 2.51% to reach $37,358.56, despite a slight weekly decline of 0.38%. Ethereum followed suit, gaining 3.76% and trading at $2,061.58, showing a small weekly increase of 0.31%. Other notable cryptocurrencies also saw gains, with BNB marginally up at $236.04 and XRP advancing to $0.66. Altcoins like Cardano and Dogecoin also enjoyed growth, with their prices reaching $0.33 and $0.077 respectively. Despite these gains, some cryptocurrencies struggled on a weekly basis. Solana saw a daily uptick to $57.96 but faced an overall weekly loss of 11.25%. Polka Dot appreciated to $5.19 for the day yet experienced a 7.16% decrease over the week. The market witnessed significant surges in certain tokens, with FTX Token leading the top gainers by soaring over 31%. Blur wasn't far behind with an approximate 27% increase. Uniswap, Klaytn, and ORDI also made notable jumps with rates around 18%, 15%, and 14% respectively. Stablecoins such as Tether and USD Coin recorded minor value adjustments. In the decentralized finance (DeFi) sector, Chainlink rose to around $14.49 while Avalanche posted a slight increase to about $21.06. The global cryptocurrency market cap stood at approximately $1.42 trillion, marking an almost 5% rise from the previous day, signaling a positive sentiment among investors in the digital assets space today. https://www.investing.com/news/cryptocurrency-news/bitcoin-and-ethereum-lead-modest-crypto-market-rally-93CH-3241861

2023-11-23 06:15

Ahead of a key OPEC+ meeting, the oil markets remained stable on Wednesday, with expectations that the group may continue production limits into the first quarter of 2024. The deliberations come in response to positive inventory trends and solid demand projections, despite Saudi Arabia's waning influence in the market. Goldman Sachs has identified a one-in-three chance that OPEC+ will decide to implement further output reductions. This assessment, made on Tuesday, takes into account factors such as timespreads, inventory levels, and Saudi Arabia's position in the market. With Brent crude prices potentially dropping below $80 per barrel due to reduced demand in Q1, discussions have included the possibility of a proportional cut ranging from 0.5 to 1 million barrels per day (bpd) among major oil producers. The current collective cuts by OPEC+ amount to 5.16 million bpd, which are further supported by additional voluntary curtailments from Saudi Arabia and Russia. These measures have been taken amidst optimistic demand forecasts from OPEC, which suggest that maintaining supply discipline could be beneficial for the market's health. As talks continue today, it is projected that during OPEC+'s Sunday meeting, there might be discussions on augmenting oil output cuts to tackle near-average timespreads and anticipated seasonal demand decreases while keeping oil prices steady. Goldman Sachs expects Saudi Arabia and Russia to announce the continuation of their extra voluntary reductions through Q1 of next year. On Tuesday, Goldman Sachs considered the likelihood of an unchanged voluntary group cut by OPEC+ due to stable inventory levels and positive demand outlooks but noted a significant chance for a more substantial cut to ensure Brent crude remains above $80/bbl during Q1's weaker demand period. This could lead to an immediate price reaction that skews neutral or downward if shared proportionally among major producers who have already made additional voluntary cuts since late 2022 – impacting roughly 5% of global daily demand – while taking into account Saudi Arabia's already low market share. The oil industry is closely monitoring the outcomes of OPEC+'s strategy to balance supply with demand and maintain market stability in the face of shifting global economic conditions. https://www.investing.com/news/commodities-news/opec-considers-extending-output-cuts-into-2024-amid-market-stability-93CH-3241848

2023-11-23 06:06

Copyrighted Image by: Reuters. The euro experienced a notable increase during Thursday's Asian trading hours, as it crossed the significant threshold of 1.0900, settling at around 1.0905, representing a 0.16% rise. Despite a quiet trading environment in U.S. financial markets due to Thanksgiving celebrations, anticipation is building for the upcoming release of Eurozone PMI data and the European Central Bank's (ECB) meeting minutes. Technical analysis indicates that the EUR/USD pair is gaining momentum, supported by its position above key Exponential Moving Averages (EMAs) and a Relative Strength Index (RSI) that signals bullish market sentiment. These indicators suggest sustained interest from buyers in the forex markets. Looking ahead, resistance for the euro is anticipated at a junction of technical indicators around 1.0965, with a further significant psychological barrier at exactly 1.1000. Surpassing this level could lead to the currency pair approaching highs seen in August and July. On the flip side, support for the EUR/USD is initially found at the lower edge of the Bollinger Bands near 1.0870, with additional backing between 1.0850-1.0860. This range aligns with key EMA levels, providing a robust defense against potential declines. If these support levels are breached, there might be a downward movement towards early November peaks. https://www.investing.com/news/forex-news/euro-rises-above-10900-during-asian-session-93CH-3241842