2023-11-21 18:45

In a significant crackdown on cyber fraud, the U.S. Justice Department, in collaboration with the U.S. Secret Service, has seized nearly $9 million in Tether (USDT) from a criminal network. This network was involved in widespread romance and cryptocurrency scams impacting over 70 victims across the nation. The operation successfully disrupted the so-called "pig butchering" schemes, where fraudsters presented fake investment opportunities on non-existent platforms. Acting Assistant Attorney General Nicole M. Argentieri lauded the operation's effectiveness in halting these deceptive practices. The investigative team employed advanced techniques such as "chain hopping" to trace the laundered money through various cryptocurrencies. This method involves moving funds across multiple exchanges and wallets to obfuscate the trail of illegal proceeds. The Secret Service's investigation benefitted from victim reports submitted through the Internet Crime Complaint Center (IC3) and the Federal Trade Commission's Consumer Sentinel Network. These reports were instrumental in mapping out the fraudulent activities and pursuing the perpetrators. Special Agent in Charge Shawn Bradstreet from the USSS San Francisco Field Office emphasized their ongoing commitment to combating cyber-enabled financial crimes. The National Cryptocurrency Enforcement Team, led by Georgiana MacDonald, Chris Kaltsas, and Galen Phillips, is handling the legal actions related to the seizure and forfeiture of assets. Tether has cooperated in transferring the recovered assets, demonstrating the joint effort between law enforcement and private sector entities in addressing such crimes. This seizure comes on the heels of a coordinated action on Monday involving Tether and cryptocurrency exchange OKX, which froze $225 million in USDT linked to a human trafficking ring based in Southeast Asia. Together, these operations underscore a growing trend of collaboration between government agencies and cryptocurrency platforms to target illicit activities in the digital asset space. The U.S. Secret Service's tracing efforts highlight law enforcement's growing expertise in tracking and recovering ill-gotten gains within the crypto ecosystem. The joint operation with crypto exchange OKX and the DOJ aimed at dismantling financial networks behind such scams and aiding victim recovery. This further emphasizes the increasing collaboration between law enforcement agencies and cryptocurrency platforms to tackle illicit activities in the digital asset space. https://www.investing.com/news/cryptocurrency-news/us-justice-department-seizes-9-million-in-tether-from-scammers-93CH-3240453

2023-11-21 18:40

The investment community is abuzz with the prospect of a new era in cryptocurrency trading as major firms like BlackRock (NYSE:BLK), Fidelity, and Invesco prepare for what could be a transformative event in digital assets history. The anticipated approval of a spot Bitcoin Exchange-Traded Fund (ETF) by the U.S. Securities and Exchange Commission (SEC) could unlock a market boom expected to reach $100 billion. As the industry awaits the SEC's decision, likely by mid-January, Galaxy Digital has joined forces with Invesco to educate investment professionals about Bitcoin portfolio allocations. Summit Wealth has observed a surge in investor interest in Bitcoin ETFs, anticipating significant institutional engagement once regulatory approval is granted. Despite the recent turmoil caused by the FTX collapse, which has left some investors cautious, enthusiasm for a regulated Bitcoin ETF remains high. Essex Financial Services Chuck Cumello foresees that Bitcoin ETFs will revolutionize crypto trading and monitoring for investors, providing a structured and transparent way to participate in the cryptocurrency market. Coinbase (NASDAQ:COIN) has been vocal about the benefits of Bitcoin ETFs, citing increased transparency and appeal to institutional investors. Financial advisers Chris Swanson and James Weber are already strategizing transitions from existing crypto-focused funds to the forthcoming Bitcoin ETF options. Jeff Janson from Naples is among those who believe in the potential for substantial institutional interest following an approved ETF structure. Meanwhile, Laila Pence offers a word of caution, reminding investors not to overlook the inherent risks associated with cryptocurrencies despite their growing popularity among younger demographics. Market optimism continues to climb as investors anticipate not only the SEC's approval but also how it may synergize with the upcoming Bitcoin halving event to potentially trigger a broad crypto bull market. Bloomberg Intelligence analysts have put forth an optimistic forecast, estimating up to a 90% chance of regulatory green light early in January. This sentiment is further bolstered by increasing pressure on the SEC following BlackRock's application and judicial criticism of past rejections as "arbitrary," suggesting that a pivotal change may be on the horizon for digital assets. https://www.investing.com/news/cryptocurrency-news/blackrock-and-peers-anticipate-100-billion-bitcoin-etf-market-93CH-3240451

2023-11-21 18:32

Copyrighted Image by: Reuters. Investors across the globe are shifting their attention to riskier assets, leading to a downtrend in the US Dollar Index (DXY), which hovered around 103.00 today. The move away from safe-haven currencies like the USD and Swiss Franc has been evident, with the dollar experiencing notable losses against the Japanese Yen (JPY) and the Chinese Yuan (CNY). This shift in sentiment comes as the market eagerly anticipates the release of the Federal Open Market Committee (FOMC) Minutes following November's meeting where interest rates were left unchanged. The minutes, which are due for release, are highly anticipated as they may provide insights into potential shifts in future monetary policy. Ahead of this release, several economic indicators are scheduled to be published, including the Chicago Fed National Activity Index and the Redbook Index. Additionally, data on October's Existing Home Sales will be reported, which could further influence market movements. Furthermore, today's Treasury Inflation-Protected Securities (TIPS) auction is set to take place later in the day at 18:00 GMT. This event is closely watched by investors as it provides an indication of inflation expectations and demand for U.S. Treasuries. The recent auctions have shown robust demand, with a bid-to-cover ratio of 2.58, while current Treasury yields stand at 4.40%. Technical analysis of DXY suggests that there is a vulnerability beneath critical Simple Moving Averages (SMAs), with potential for further declines unless there is a recovery bounce above these levels. Market expectations for unchanged interest rates in December have been solidified. The Federal Reserve's decisions on interest rate adjustments play a pivotal role in shaping USD valuation, as these decisions aim to manage inflation and employment levels. Historical measures such as Quantitative Easing (QE), particularly during events like the Great Financial Crisis, have shown that increasing the money supply can lead to the depreciation of the USD. Against the backdrop of these developments, investors and analysts alike are closely monitoring the Treasury's activities and Nvidia (NASDAQ:NVDA)'s earnings announcement after today's market close for further indications of economic health and investor sentiment. https://www.investing.com/news/forex-news/dollar-dips-as-investors-await-federal-reserve-minutes-93CH-3240452

2023-11-21 18:27

Copyrighted Image by: Reuters. Investment giants BlackRock (NYSE:BLK) and Fidelity are spearheading efforts to introduce Bitcoin exchange-traded funds (ETFs), which could potentially lower costs and improve liquidity for investors. This push comes as the judiciary has recently shown a favorable stance in the Ripple case, suggesting a move towards more accommodating cryptocurrency regulations. This regulatory shift is seen as a positive sign for the anticipated approval of Bitcoin ETF proposals by authorities. The enthusiasm from heavyweights like BlackRock and Fidelity underscores the growing interest and confidence in cryptocurrency as an asset class, despite its historically volatile nature. The firms argue that Bitcoin ETFs would provide investors with easier access to the digital currency market through traditional investment channels, while also offering the benefits of enhanced liquidity and reduced expenses associated with direct cryptocurrency investments. The recent developments in the Ripple case have been closely monitored by investors and industry observers, as they may indicate a broader change in how digital currencies are regulated in the United States. A more lenient regulatory environment could lead to increased institutional participation and further mainstream acceptance of cryptocurrencies. As regulators continue to deliberate on the various Bitcoin ETF proposals, support from leading financial institutions may play a crucial role in influencing their decision-making process. The potential endorsement of these ETFs is expected to have significant implications for the cryptocurrency market, potentially ushering in a new era of investment opportunities for both retail and institutional investors. https://www.investing.com/news/cryptocurrency-news/bitcoin-etfs-gain-support-from-major-firms-amid-regulatory-shift-93CH-3240445

2023-11-21 18:14

ABU DHABI - Phoenix Group PLC, a leader in cryptocurrency mining and blockchain innovation, has concluded its initial public offering (IPO) with an overwhelming response from investors, amassing $370 million. The company, known for its large-scale 725MW cryptocurrency mining operations and the regulated platform M2, experienced a staggering demand with a 33x oversubscription rate overall. Retail investors demonstrated an exceptional interest, oversubscribing by 180 times, while professional investors contributed to a solid 22 times oversubscription rate. The closing of the offer period on Saturday highlighted Phoenix Group's significant influence within the Middle Eastern crypto economy. Co-founders Bijan Alizadehfard and Munaf Ali acknowledged the IPO's success as a testament to their advanced crypto-mining operations and commitment to technological innovation in the digital finance sector. They expressed gratitude for the unwavering support from stakeholders and are now gearing up for the company's upcoming listing on the Abu Dhabi Securities Exchange (ADX) scheduled for December 4, under the ticker symbol PHX. The capital raised is set to fuel further expansion and innovation for Phoenix Group on a global scale. Alizadehfard, who also serves as CEO, regards the investment enthusiasm as a clear indication of their leadership in blockchain technology. The timing of the IPO aligns with heightened Bitcoin mining activity and peak hash rates, leading up to an anticipated Bitcoin halving event which traditionally impacts the cryptocurrency's value and mining dynamics. Investors have shown strong confidence in Phoenix Group's business model and growth prospects, as evidenced by the high oversubscription rates. With its ADX listing just around the corner, Phoenix Group is poised to leverage its successful IPO to solidify its position in the cryptocurrency and blockchain space. https://www.investing.com/news/cryptocurrency-news/phoenix-group-ipo-sees-massive-oversubscription-raises-370m-93CH-3240441

2023-11-21 17:04

Copyrighted Image by: Reuters. The Canadian Dollar (CAD) is experiencing limited gains against the US Dollar (USD), with its performance being hampered by stagnant Crude Oil prices and market anticipation for the upcoming Federal Reserve Meeting Minutes. Despite a modest rise in Canada's Core Consumer Price Index (CPI), the annualized headline CPI came in slightly below expectations. Forex markets have observed that the CAD's most notable strength has been against the Euro, while it has shown minimal movement against other major currencies. Factors influencing the Canadian dollar's valuation are multi-faceted, including risk sentiment that echoes investor confidence and Canada's Trade Balance, which represents the net difference in value between the country's exports and imports. Additionally, central bank policy decisions, fluctuations in oil prices, and economic data trends play significant roles in shaping CAD's trajectory. Canada posted an annualized headline CPI of 3.1%, slightly below the forecasted 3.2%, while maintaining expected month-over-month figures at 0.1%. The Core CPI, which excludes volatile items such as food and energy, saw a modest increase to 0.3% month-over-month. However, there was a minor decline in the Bank of Canada’s year-over-year Core CPI to 2.7%. The performance of the Canadian dollar is closely tied to commodity prices, particularly crude oil, as it is one of Canada's major exports. With oil prices hovering above $77 per barrel, any significant movement could have an immediate impact on the currency's strength. As traders and investors look ahead to the Federal Reserve Meeting Minutes for insights into future monetary policy, this too will likely influence CAD's movements in the short term. https://www.investing.com/news/forex-news/canadian-dollar-struggles-against-us-dollar-amid-static-oil-prices-93CH-3240397