2023-11-20 14:52

Copyrighted Image by: Reuters. SINGAPORE - The central banks of Indonesia and Singapore have officially launched a cross-border QR payment linkage, a major step forward in financial integration between the two Southeast Asian nations. This new system allows users to make retail transactions seamlessly across borders by scanning QR codes through mobile apps, specifically QRIS in Indonesia and NETS in Singapore. The initiative, which went live today, is part of a broader effort to support economic integration and digital connectivity within the region, with a particular focus on empowering micro and small businesses to expand their customer bases internationally. It aligns with the Association of Southeast Asian Nations' (ASEAN) vision for Regional Payment Connectivity and is in tune with Indonesia's Payment Systems Blueprint 2025. In addition to the QR payment system, the Bank of Indonesia (BI) and the Monetary Authority of Singapore (MAS) have signed a Letter of Intent (LOI) for a local currency settlement framework expected to commence in 2024. This framework is designed to reduce exposure to exchange rate fluctuations and complements an earlier Memorandum of Understanding (MOU) from August 2022, which aimed at promoting ASEAN financial integration through the use of local currencies for intra-ASEAN trade. The MAS underscores the importance of this payment linkage for bolstering cross-border e-commerce and tourism spending, which have shown significant growth post-COVID. The implementation of the local currency transaction (LCT) Framework next year will further facilitate trade by providing direct quotations of local currency exchange rates through ACCD banks. This pioneering project has been bolstered by developmental partnerships with several financial institutions including ASPI, the RAJA consortium (comprising Rintis, Artajasa, Jalin), and Alto Network for Electronic Transfers. With travel statistics indicating a rebound earlier this year, such systems are viewed as crucial for creating more inclusive payment options that cater to the evolving landscape of regional commerce and mobility. https://www.investing.com/news/forex-news/indonesia-and-singapore-launch-crossborder-qr-payment-system-93CH-3239146

2023-11-20 14:51

Copyrighted Image by: Reuters In the evolving landscape of digital currencies, Lightspark CEO David Marcus has recently highlighted Bitcoin's potential to revolutionize global real-time payments. On Sunday, Marcus took to social media to express his preference for Bitcoin over alternative cryptocurrencies such as Ethereum (ETH) and Solana (SOL), praising Bitcoin's technical superiority despite acknowledging its scalability challenges. Marcus underscored the significance of continuous development in non-custodial wallet technology, which he believes will enhance the efficiency of the Lightning Network—a second-layer protocol built on top of Bitcoin's blockchain designed to facilitate faster transactions. His advocacy for Bitcoin comes amidst discussions about the network's ability to handle a higher volume of smaller transactions quickly and with lower fees. The Lightning Network itself has been under scrutiny, as evidenced by a vulnerability known as replacement cycling attacks identified in late October 2023. Security researcher Antoine Richard pointed out this flaw, suggesting that a consensus upgrade might be necessary for a long-term solution. However, it is noteworthy that no such attacks have been reported in the past ten months, indicating that the network has remained secure despite the theoretical risks. In a related development on Monday, DODO, a decentralized exchange platform, has been making strides with its proactive market-making strategy on the Binance Smart Chain. This move is seen as influencing Bitcoin's utility in peer-to-peer cryptocurrency exchanges. Since Satoshi Nakamoto introduced Bitcoin in 2008 as a decentralized electronic payment system, it has paved the way for various digital currencies while cementing its status as a reliable store of value and means of transaction. Marcus's endorsement of Bitcoin and his focus on technological advancements like non-custodial wallets for the Lightning Network signal a strong belief in Bitcoin's foundational role in the future of payments. With industry leaders advocating for its use and addressing its limitations, Bitcoin continues to maintain its relevance in an increasingly competitive cryptocurrency market. https://www.investing.com/news/cryptocurrency-news/bitcoin-championed-for-global-realtime-payments-by-lightspark-ceo-93CH-3239145

2023-11-20 14:38

Cryptocurrency markets are witnessing significant movements today, with Ethereum (ETH) and Bitcoin (BTC) both showing upward trends. According to IntoTheBlock's latest data, Ethereum has seen over $1 billion leave centralized exchanges within a three-week span, signaling a shift by investors to more secure storage options in anticipation of long-term gains. This trend is coupled with an uptick in Ethereum's price to $2,019, reflecting a growing confidence within the industry. In the broader context of cryptocurrency adoption, Bitcoin's New Adoption Rate has soared to a yearly high of 67.62%. This metric, indicative of increased user growth, comes as long-term Bitcoin holders continue to accumulate the asset. Bitcoin's price has concurrently risen by 1.70%, reaching $37,326. This heightened activity in the cryptocurrency market aligns with recent strategic moves by major financial firms. Last Friday, Fidelity Investments made a foray into the Ethereum-based exchange-traded fund (ETF) market by filing for the Fidelity Ethereum Trust. Meanwhile, BlackRock (NYSE:BLK) is also awaiting regulatory approval for its iShares Ethereum Trust application. Both filings are under review by the Securities and Exchange Commission (SEC) until 2024. An approval from the SEC would open doors for mainstream investors to gain exposure to Ethereum via the substantial $7.4 trillion ETF market segment. As institutional interest grows and investors lean towards secure storage of their digital assets, the cryptocurrency market continues to evolve with potential implications for broader investor participation and market dynamics. https://www.investing.com/news/cryptocurrency-news/ethereum-outflows-surpass-1-billion-as-investors-eye-security-93CH-3239130

2023-11-20 14:37

Copyrighted Image by: Reuters DHAKA - Gold prices in Bangladesh have soared to a new record, with the cost of 22-carat gold climbing by Tk 2,000 to reach Tk 106,339 per bhori. The Bangladesh Jewellers Samity (BAJUS) has announced that the revised prices will be effective from today. The latest increase is part of a series of recent hikes in the precious metal's valuation. On November 6, there was a significant rise of Tk 1,750, which at that time set a record price for gold in the country. Even before that, there was another notable increase on October 27. These consecutive price adjustments reflect an ongoing trend of escalating gold valuations in the local market. The decision to raise the gold prices was made during a session of the Price Monitoring Committee chaired by MA Hannan Azad. An official circular issued after the meeting confirmed the implementation date and highlighted the continued upward trajectory of gold prices. Apart from the top-tier 22-carat gold, other purity levels also saw price increases. The rate for the next tier is now set at Tk 101,500 per bhori, and a lower purity level is priced at Tk 86,983 per bhori. These changes come amid fluctuations in international markets and domestic supply concerns. Despite these increases, the price of silver has remained stable. With Bangladesh's annual gold demand fluctuating around certain figures, despite minimal imports, these adjustments are significant for both consumers and traders in the local market. The directive for this adjustment came under the committee led by Enamul Haque Bhuiyan Liton. The BAJUS has been closely monitoring both international and domestic market influences as they continue to impact local pricing strategies for precious metals. The organization remains vigilant in setting fair market prices that reflect current economic conditions. https://www.investing.com/news/commodities-news/gold-prices-in-bangladesh-reach-new-high-set-at-tk-106339-per-bhori-93CH-3239129

2023-11-20 14:22

NEW YORK - BlackRock Inc (NYSE:BLK)., the world's largest asset manager, raised concerns about the impact of stablecoins on Bitcoin, which led to a subsequent review by the Bank for International Settlements (BIS). The findings from the BIS have intensified negative views on the cryptocurrency market. This comes as data from Finbold’s CoinGlass indicated that there was a disproportionate number of short positions on specific cryptocurrencies like Chainlink (LINK) and Polygon (MATIC), suggesting the possibility of short squeezes given the high levels of exposure in the market. On Friday, Chainlink's price dropped to $13.47, with shorts accounting for 53.12% of its futures contracts for the day. Similarly, Polygon experienced a decline to $0.83 with shorts slightly lower at around 52%. These figures represent significant bearish positions in comparison to their usual market activities and could trigger short squeezes under certain market conditions. The focus on stablecoins by BlackRock and the ensuing BIS report underscores the heightened scrutiny and skepticism facing cryptocurrencies as they struggle with volatility and regulatory challenges. Investors and market watchers are paying close attention to these developments as they could have broader implications for the stability and valuation of digital assets across the board. https://www.investing.com/news/cryptocurrency-news/blackrock-warning-prompts-bis-review-exacerbates-crypto-bearish-sentiment-93CH-3239102

2023-11-20 14:09

Copyrighted Image by: Reuters. As Bitcoin hovers around $37k, industry experts anticipate a significant rally post-April 2024 halving, with projections suggesting a potential rise to between $100k and over $130k by late-2025. The crypto community is closely watching the market as prominent figures in the space share their forecasts. On Sunday, a well-known figure in the cryptocurrency industry, commonly referred to as Titan of Crypto, made an announcement predicting a pre-halving rally that could see Bitcoin prices soar up to $50k. This prediction aligns with his previous expectation of a 220% increase following Bitcoin's rebound from its two-year low at $15,600. According to Titan, overcoming the resistance near $40k is a critical milestone ahead of the halving event scheduled for April 2024. Analysts like Filbfilb from DecenTrader support the optimistic outlook but also caution that occasional dips are likely amidst the overall growth trajectory. This sentiment is echoed by data from CoinMarketCap today, which shows BTC trading near $37k, still below some analysts' earlier forecasts but holding steady in anticipation of future gains. In addition to these predictions, PlanB's Stock-to-Flow (S2F) model provides further insight into Bitcoin's potential performance. As of today, according to PlanB, BTC is expected to sustain above $32K during its yellow-coded pre-bull market phase and may transition into a red-coded full-blown bull market after the halving event or possibly sooner if spot Bitcoin ETFs receive approval. The upcoming halving will reduce the Bitcoin mining reward to 3.125 BTC per block, an event historically associated with price increases. PlanB also referenced community interest in purchasing Bitcoin at pre-bull season prices such as $29K and cited logarithmic regression and S2F data predicting an ascent towards unprecedented highs post-halving. Despite BTC's current price not meeting his end-of-2023 prediction of $100K, PlanB maintains an optimistic long-term forecast with potential for Bitcoin to reach up to $1M by 2025. https://www.investing.com/news/cryptocurrency-news/bitcoin-projected-to-reach-up-to-130k-post2024-halving-experts-say-93CH-3239075