2023-11-21 12:22

Copyrighted Image by: Reuters. Coinbase Global (NASDAQ:COIN), the well-known US cryptocurrency exchange, is demonstrating resilience and potential for growth despite regulatory challenges. The company has shown a mixed but improving earnings surprise history since its IPO in 2021, with consecutive double-digit EPS surprises in recent quarters. Coinbase has faced scrutiny from the Securities and Exchange Commission (SEC) since June 6th over allegations of operating an unregistered securities exchange. However, the company's share value has not faltered; instead, it has been strengthened by a series of legal victories within the cryptocurrency industry. Investors are keenly watching the first half of 2024 when the next Bitcoin Halving is anticipated. This event, which reduces the rate at which new Bitcoins are created, is expected to lead to a decrease in supply and potentially an increase in Bitcoin's price, positively impacting COIN stock. The exchange is also witnessing growing institutional interest. CEO Brian Armstrong noted that sovereign wealth funds are beginning to diversify into crypto, pending wider regulatory approval. This trend is bolstered by BlackRock (NYSE:BLK)'s engagement and the prospect of Bitcoin ETFs, which could further solidify Coinbase's position in the market. Highlighting Coinbase's financial health, investment expert Seth Klarman has taken a stake in the company, which boasts a robust cash reserve of $5 billion that exceeds its debt. This positions Coinbase as a 'Cash Cow' according to industry observers, with prudent corporate actions setting it apart. In addition, amidst global inflation concerns, Bitcoin has proven to be a formidable asset. It has surged by 351% against the Argentine Peso year-to-date, showcasing its potential as a hedge against inflation and currency devaluation in various countries. InvestingPro Insights Coinbase Global's recent performance presents a compelling narrative for investors, underscored by robust returns and a volatile yet upward-trending stock price. According to InvestingPro data, Coinbase has experienced a notable 7.56% return over the last week and a staggering 140.24% return over the last year, highlighting the company's strong short-term momentum and significant appreciation in value over a longer period. InvestingPro Tips suggest that the stock's movements have been quite volatile, which may appeal to traders looking for short-term opportunities. Moreover, analysts have revised their earnings upwards for the upcoming period, indicating a positive outlook on the company's financial prospects. While Coinbase is not expected to be profitable this year and has not been profitable over the last twelve months, the company's growth narrative remains intact, with a 32.67% return over the last month and a 74.45% return over the last six months showcasing investor confidence. For those seeking a more in-depth analysis, InvestingPro offers additional tips, with a current count of over ten insights available to subscribers. As part of a special Black Friday sale, InvestingPro subscriptions are now available with a discount of up to 55%, providing investors with a timely opportunity to access comprehensive data and expert insights that can inform their investment decisions. https://www.investing.com/news/cryptocurrency-news/coinbase-global-shares-rise-amid-legal-wins-and-bitcoin-halving-buzz-93CH-3240041

2023-11-21 12:20

Copyrighted Image by: Reuters NEW YORK - In a significant development amid its insolvency proceedings, Celsius Network has received approval from the US Bankruptcy Court in the Southern District of New York to restructure into a Bitcoin mining operation. This move is part of a strategy to repay account holders whose funds have been frozen. The court-sanctioned transition marks a potential exit from bankruptcy for Celsius and involves the creation of a new entity, Mining NewCo, dedicated to Bitcoin mining operations. Shares for a new Bitcoin-focused public entity are also planned to be registered for its customers, signaling a shift in business focus for the embattled cryptocurrency lender. Celsius Network's pivot replaces a previous agreement with Fahrenheit LLC following their $2 billion bid. The company is now preparing to seek court approval for this strategic shift and, pending SEC regulatory clearance, aims to begin creditor distributions by January 2024. Customer skepticism remains high about this change in direction to Bitcoin mining. Celsius has prepared an alternative liquidation plan that could be implemented if it encounters regulatory challenges. This cautious approach reflects the complex nature of cryptocurrency regulations and the company's commitment to finding a viable path forward for its customers and creditors. https://www.investing.com/news/cryptocurrency-news/celsius-network-pivots-to-bitcoin-mining-in-bankruptcy-exit-plan-93CH-3240034

2023-11-21 12:19

Copyrighted Image by: Reuters. Markets today are witnessing a decline in the USD/MXN exchange rate, with the pair trading near 17.1000 during the European session. This movement comes as investors adjust their expectations for the Federal Reserve's monetary policy, anticipating an end to the tightening cycle and beginning to price in potential interest rate cuts starting from March 2024. Contributing to the bearish sentiment on the US dollar are the downbeat October US CPI figures, which registered at 3.2%. Adding to the pressure on the US dollar are the lower US Treasury yields, which have dropped to 4.39% for the ten-year note and 4.90% for two-year bonds. Market participants are also keenly awaiting the release of the FOMC minutes, which may provide further insights into the decision-making process of the Federal Reserve. In Mexico, attention is shifting towards inflation data, with expectations of minor increases in November’s Consumer Price Index (CPI). The core CPI, which excludes volatile food and energy prices, is anticipated to remain unchanged initially before a slight reduction is forecasted. Minutes from Banco de México (Banxico) reveal subtle shifts in language regarding interest rate maintenance. Meanwhile, indications from the swap market suggest that a half-point rate cut by Banxico might be on the horizon by mid-2024. Investors and analysts will be closely monitoring these developments as they could have significant implications for future monetary policy decisions in both countries. https://www.investing.com/news/forex-news/usdmxn-dips-as-markets-expect-fed-easing-mexican-inflation-data-in-focus-93CH-3240031

2023-11-21 12:12

The Baku-Tbilisi-Ceyhan (BTC) pipeline, a crucial conduit for Caspian oil to global markets, has achieved a significant landmark by transporting over 4.3 billion barrels of oil since it became operational 17 years ago. This announcement was made by Colin Allan, BP (NYSE:BP)'s Vice President Finance, at the SPE Annual Caspian Technical Conference in Baku today. The BTC pipeline stretches across three countries—Azerbaijan, Georgia, and Türkiye—with respective lengths of 443 km, 249 km, and 1,076 km. It is engineered to handle an impressive capacity of over 50 million tons of crude annually. The pipeline primarily transports Azeri-Chirag-Gunashli crude oil and Shah Deniz condensate. It also plays a pivotal role in moving oil from Kazakhstan and Turkmenistan, bolstering its status as a key artery in the region's energy infrastructure. Ownership of the BTC pipeline is shared among several major stakeholders. BP holds the largest share at 30.1%, followed by the State Oil Company of Azerbaijan Republic (SOCAR) with a 25% stake. Other notable shareholders include Equinor with an 8.71% interest and TPAO with 6.53%. https://www.investing.com/news/commodities-news/bakutbilisiceyhan-pipeline-reaches-43-billion-barrels-milestone-93CH-3240021

2023-11-21 12:06

Copyrighted Image by: Reuters. The digital currency market is witnessing Bitcoin (BTC) holding a significant support level above $30,000 today, according to market expert Willy Woo. This assertion is based on a consistent on-chain pattern and bolstered by three key indicators: the recovery of prices following a bear market, strong established price support levels, and the upcoming Bitcoin halving event slated for April. In the latest market activity, Bitcoin has seen a slight daily increase of 0.36%, with its price currently at $37,263.76. This movement is part of a remarkable year-to-date (YTD) rise of 126%. The cryptocurrency's adoption has also seen exponential growth, with its user base expanding from an initial 10,000 to an impressive 300 million users worldwide. Woo's analysis suggests that the anticipated approval of a U.S.-based spot Bitcoin ETF could further drive investment into Bitcoin, potentially reinforcing its upward pricing trajectory. Investors are closely monitoring these developments as they could have significant implications for the broader cryptocurrency market. https://www.investing.com/news/cryptocurrency-news/bitcoin-maintains-support-above-30k-user-base-hits-300m-93CH-3240004

2023-11-21 11:52

Copyrighted Image by: Reuters Market experts are monitoring the EUR/USD pair closely as it inches toward the key psychological threshold of 1.1000 after a period of sustained upward momentum. The currency pair recently achieved a high of 1.0951 and closed slightly higher, with traders now eyeing the imminent resistance around the 1.1000 mark. The euro's ascent has been on analysts' radars since last week, with predictions signaling a bullish trend aiming to break past the critical level of 1.0945. These expectations were confirmed when the euro surged past this level during New York trading yesterday, hinting at an impending challenge to the significant 1.1000 level. Supporting this rise is a recalibrated 'strong support' benchmark, now set at 1.0860, which provides a robust foundation for the currency's valuation. Should the euro dip below this point, it would suggest a loss of momentum. Conversely, standing firm above this support signals continued bullish sentiment among traders. Investors and market participants remain attentive to these developments, as crossing the 1.1000 barrier could have notable implications for currency markets and broader financial trends. https://www.investing.com/news/forex-news/euro-approaches-key-11000-level-as-momentum-builds-93CH-3239969