2023-11-22 14:07
Copyrighted Image by: Reuters. BERLIN - In a notable development within the German parliament, Bundestag member Joana Cotar has put forward a pioneering proposal that could potentially mark a significant shift in the country's economic ideology. Cotar is advocating for Bitcoin to be recognized as legal tender in Germany, underscoring the importance of privacy and adaptability in financial innovation. Cotar's "Bitcoin in the Bundestag" initiative is not just about integrating Bitcoin into Germany's financial system; it also calls for a focused effort to educate lawmakers on the benefits of cryptocurrency. She emphasizes the need for a dedicated committee to delve into the technological complexities of Bitcoin and its potential societal impact. This proposal aims to ensure that policymakers are well-informed and can make decisions that foster financial freedom without compromising on regulatory integrity. One of Cotar's key concerns is protecting individual privacy, which she believes could be at risk with state-controlled digital currencies like the proposed Digital Euro by the European Central Bank. Her stance against the Digital Euro project stems from fears of increased surveillance and a contradiction to libertarian principles. By prioritizing adaptability and privacy, Germany is looking to establish a regulatory framework that strikes a balance between encouraging innovation and maintaining stability within the financial ecosystem. If successful, this move could influence policy decisions worldwide and have implications for Bitcoin's valuation. The proposed legal framework seeks to address privacy concerns and prevent financial crimes without stifling innovation. Cotar's initiative also stands out for its exclusive focus on Bitcoin, dismissing other cryptocurrencies and highlighting its unique role in enhancing financial freedom. This bold step by Germany could reshape how economic frameworks evolve globally, sparking debates about decentralized currencies like Bitcoin versus state-controlled ones. It presents regulators with the challenge of ensuring these diverse financial systems can coexist harmoniously within the global financial landscape. https://www.investing.com/news/cryptocurrency-news/german-lawmaker-proposes-bitcoin-as-legal-tender-emphasizing-privacy-93CH-3241334
2023-11-22 14:04
Bit Origin Ltd (BTOG) today provides its financing and business plan update. “After two successful rounds of financing in early November 2023 and raising a total gross proceeds of close to $4 million, we continue to invest in innovation and upgrading our core businesses. We are very grateful for the support of the investors,” said Mr. Lucas Wang, Chairman and Chief Executive Officer of the Company. “We are also actively seeking other financing opportunities, and we are delighted to announce that we will accelerate the 25 MW data center project in Wyoming, which will be another major milestone of our development.” On November 7, 2023 and November 9, 2023, the Company entered into two securities purchase agreements respectively to sell ordinary shares through private placement financing. The Company anticipates the gross proceeds from the two private placements to be approximately $3,994,222. Since September 2023, the Company has moved its operation to a 45 MW mining data center in Wyoming, of which the Company is an investor. During the course of the construction, the Company has established solid relationships with local business partners in Wyoming. Thus, the Company has decided to further expand its business in Wyoming, where electricity supply is abundant as well as stable and the weather condition is favourable to crypto mining, by leading the construction and operation of a 25 MW mining data center facility. To date, the Company has entered into an intent to lease agreement for the land for an initial period of 5 years with an option to extend. In addition, the Company has finalized the budget preparation, project plans, and design drawings of the project. The Company expects to commence the build-out of the project in mid-December 2023 and complete it in early Q2 2024. Upon completion, the project can host around 4,480 to 8,400 bitcoin miners depending on the types of the miners. https://www.investing.com/news/cryptocurrency-news/bit-origin-limited-announces-new-financing-and-provides-business-plan-update-432SI-3241324
2023-11-22 13:58
The New Zealand dollar gained against the US dollar today, trading near 0.6054, buoyed by a softer US dollar and a decline in US Treasury yields. The positive move for the NZD/USD pair comes as markets digest a series of economic updates and policy signals. On Tuesday, New Zealand's trade balance deficit narrowed to $-14.81 billion, with exports climbing to $5.40 billion and imports registering at $7.11 billion. This improved trade outlook, coupled with the People's Bank of China's (PBOC) commitment to bolster support for China's real estate sector, has raised prospects for the New Zealand dollar. Moreover, the Federal Open Market Committee (FOMC) in the United States reiterated its commitment to combating inflation. However, financial markets are beginning to anticipate a potential pause in rate hikes, with expectations of an end to increases and possible rate cuts starting from May 2024. Traders are also bracing for key US economic data releases ahead of the Thanksgiving holiday, which could influence trading activity on Thursday. The anticipated data is expected to provide further insights into the health of the US economy and may impact currency valuations as investors seek to adjust their positions before the market break. https://www.investing.com/news/forex-news/nzdusd-climbs-amid-softer-us-dollar-and-lower-treasury-yields-93CH-3241310
2023-11-22 13:20
Copyrighted Image by: Reuters. Global oil markets are facing potential volatility as a combination of Middle East peace developments and a significant increase in US crude stockpiles could drive West Texas Intermediate (WTI) oil prices down to $74. The American Petroleum Institute (API) reported a substantial rise in US stockpiles, indicating increased production that may lead the Organization of the Petroleum Exporting Countries (OPEC) to consider deeper production cuts to address the surplus. The US Dollar has strengthened following the release of the Federal Reserve's meeting minutes on Tuesday, which showed a consensus among Federal Reserve officials to maintain current interest rates. This decision is expected to lead to higher yields, further reinforcing the dollar's position in the Dollar Index (DXY). At present, WTI oil is valued at $77.36 per barrel, while Brent crude stands at $82.03 per barrel. In light of the shortened trading week due to Thanksgiving, market participants are bracing for heightened trading volatility. Additional data from the Energy Information Administration (EIA) is anticipated to show a slight increase in crude reserves. Moreover, the Natural Gas Storage Change is projected to see an uptick of one billion cubic feet. Technical analysis of oil prices suggests that there is resistance near the $80 mark, with potential selling pressure or profit-taking expected around $84. Conversely, support appears to be forming near a softer floor at $74. Should prices fall below this level, it may prompt OPEC+ to step in with interventions to stabilize the market. Investors and traders are closely monitoring these developments as they could have significant implications for energy markets and broader economic conditions. https://www.investing.com/news/commodities-news/oil-prices-face-downward-pressure-as-middle-east-peace-and-us-stockpile-growth-prompt-opec-concerns-93CH-3241238
2023-11-22 11:35
Copyrighted Image by: Reuters The cryptocurrency market has experienced a mix of ups and downs this week, with Bitcoin and Ethereum both showing slight increases despite a general downtrend in the market today. Bitcoin, the leading digital currency, is currently trading around $36,000, marking a moderate uptick over the week. Ethereum also managed to maintain a weekly gain, with its market valuation standing at $239 billion. Other major cryptocurrencies have not fared as well, with BNB witnessing a sharp decline to trade around $236. XRP's price has edged down to nearly fifty-five cents, while Cardano and Dogecoin have seen their values decrease to thirty-three cents and eight cents per token, respectively. The past week has been particularly tough for Solana, which saw a considerable drop to about $54. Polkadot and Shiba Inu also faced downturns, with Polkadot approaching five dollars and Shiba Inu dipping below one ten-thousandth of a dollar. Polygon's value fell to seventy-seven cents. Despite the broader market's struggles, some cryptocurrencies have emerged as top gainers. FTX Token has traded above three dollars, dYdX has surpassed the three-dollar mark, and OKB has appreciated to nearly fifty-eight dollars. Tether Gold showed strength in the commodities sector, increasing towards two thousand dollars per unit. On the other hand, Gala's price suffered a decline to around two cents per token. Chainlink traded below fourteen dollars, and Avalanche faced losses, pricing itself under twenty dollars within the decentralized finance (DeFi) sector. Stablecoins have remained relatively stable in comparison to their volatile counterparts, maintaining their pegged equivalencies amidst market fluctuations. Analysts had previously forecasted potential swings for Bitcoin between $41,500 and $33,500. The total crypto market cap had grown by 0.42 percent reaching $1.42 trillion on Tuesday. Notably, AI-centric tokens experienced volatility earlier in the week with World Coin surging to a four-month high at $2.71 and RNDR reaching a 21-month peak. The broader market lift was attributed by Rajagopal Menon of WazirX to ETF-related developments and an increase in BNB token price following Binance's accord with the US Department of Justice (DOJ). This agreement also had a positive impact on altcoins like XRP which is currently on an upward trajectory amid general cautions about cryptocurrency market risks. As the market continues to navigate through various economic factors and industry developments, investors remain cautious but attentive to opportunities within the evolving landscape of digital currencies. https://www.investing.com/news/cryptocurrency-news/bitcoin-and-ethereum-see-weekly-gains-amid-mixed-cryptocurrency-market-trends-93CH-3241071
2023-11-22 11:30
Copyrighted Image by: Reuters. The naira experienced a sharp depreciation in both the official and parallel currency markets this week. On Wednesday, the Nigerian currency fell to N1,150/$ in the parallel market, with traders actively buying at N1,145 and selling at N1,150 as they navigated through a period marked by a notable availability of dollars. The downturn reflects a broader trend of currency volatility in Nigeria, which has been particularly evident since the Central Bank of Nigeria's (CBN) reforms in June. The absence of a second consecutive Monetary Policy Committee meeting under CBN Governor Dr. Olayemi Cardoso has also contributed to the market's instability. In Lagos on Tuesday, traders reported intense activity and highlighted a scarcity of dollars that persists despite high demand. This shortage was mirrored by the official market's performance, where the naira fell sharply by 10.78% to close at N830.97/$1 compared to Monday's rate of N750.14/$1. The spot rates fluctuated significantly, reaching a peak of N1,121 and dipping to a floor of N600. Forex turnover also saw a contraction, decreasing by 30.71% to $122.46 million from Monday’s transaction volume of $176.75 million. This latest depreciation marks the first official market decline since last week, with the naira plummeting by N80.82 from Monday's close. In the parallel market, exchange rates remained consistent at N1,130/$1 on Tuesday as confirmed by transactions made by Dayyabu Mistila, a Bureau de Change operator. The CBN's ongoing efforts to stabilize the naira have faced challenges as these recent fluctuations demonstrate the difficulties in managing currency stability amid varying economic pressures. https://www.investing.com/news/forex-news/naira-plummets-in-official-and-parallel-markets-amid-dollar-scarcity-93CH-3241067
