2023-11-20 07:07

Copyrighted Image by: Reuters. LONDON - Tether Holdings Ltd., the company behind the widely-used USDT cryptocurrency, is making a significant move into the Bitcoin mining sector. With a robust financial position backed by an $87 billion USDT valuation, Tether announced today an ambitious $500 million investment plan aimed at increasing its footprint in the competitive Bitcoin mining landscape. The investment strategy includes the construction of new mining facilities and the acquisition of stakes in existing miners. Additionally, Tether has extended a $610 million line of credit to Northern Data AG (ETR:NB2), signaling confidence in its expansion plans. This strategic push is not just limited to infrastructure but also encompasses geographical expansion. Tether is targeting regions across South and Central America, including Uruguay, Paraguay, and El Salvador. The company's goal is to contribute one percent to Bitcoin's total computing power. This could shake up the current competitive hierarchy, which includes major players like Marathon Digital (NASDAQ:MARA). Paolo Ardoino, representing Tether, highlighted that the company's approach is twofold: seeking profitability while also being mindful of environmental impacts. Tether is choosing locations that are well-suited for sustainable energy use for its mining operations, reflecting a growing trend in the industry towards environmentally responsible practices. Ardoino further stressed that Tether's commitment to a thoughtful long-term growth strategy takes precedence over rapid market dominance. By leveraging their strong financial base and focusing on sustainable development, Tether aims to establish itself as a significant player in the Bitcoin mining industry while promoting responsible energy use within its operations. https://www.investing.com/news/cryptocurrency-news/tether-invests-500-million-in-bitcoin-mining-expansion-93CH-3238560

2023-11-20 06:55

NEW YORK - Solana's decentralized exchanges (DEXes), Orca and Raydium, have collectively surpassed a trading volume of $3 billion, setting a new record for the network. This trading milestone has contributed to a significant increase in Solana's total value locked (TVL), which has risen by 42% since the start of November, reaching $584.56 million. The TVL surge comes even as the price of Solana's native token, SOL, experienced a slight decline but managed to hold steady above the $60 mark. The resilience of Solana is notable as it maintains an uptrend that began around October 15 from a baseline of $60. SOL reached highs of $68 and has remained above critical exponential moving averages (EMAs), with the 10-day EMA currently at $57.01. This performance places Solana in a robust third position in terms of weekly trading volume among blockchain networks, trailing behind Ethereum's $9.97 billion and Arbitrum's $4.49 billion. SOL's stability is further underscored by the Fair Value Gap, which spans from $48.94 to $50.99 and acts as a potential support zone should the token's price dip. This aligns with the short-term bullish outlook suggested by Solana's sustained trading above significant EMA levels, indicating a strong market sentiment for the network and its associated DEXes. https://www.investing.com/news/cryptocurrency-news/solana-dexes-orca-and-raydium-surpass-3-billion-in-volume-93CH-3238567

2023-11-20 06:16

Copyrighted Image by: Reuters The U.S. Securities and Exchange Commission (SEC) has once again postponed its decision on the approval of several Bitcoin exchange-traded funds (ETFs), underscoring persistent regulatory concerns over market manipulation. The delay affects proposals from Global X, Franklin Templeton, and Hashdex, which were under the regulator's latest eight-day review. The cryptocurrency community is closely monitoring the SEC's stance, as an approval is expected to potentially unlock a massive wave of investment from Wall Street into digital assets. CryptoQuant, a crypto analytics firm, has projected that a green light for a Bitcoin ETF could propel the cryptocurrency's valuation by as much as $1 trillion. Supporting this optimistic outlook, Bloomberg Intelligence has reported a 90% chance of an ETF approval by January. Market participants are speculating that such an event could significantly bolster market stability and liquidity, drawing parallels to the impact gold ETFs had on their respective markets. In anticipation of a possible positive outcome, Coinbase (NASDAQ:COIN), one of the leading cryptocurrency exchanges, has indicated readiness to act quickly should a spot Bitcoin ETF be authorized. They expect that the introduction of such financial products would have a considerable effect on the market, akin to that seen in traditional commodities following similar ETF introductions. https://www.investing.com/news/cryptocurrency-news/sec-delays-decision-on-bitcoin-etfs-amid-market-concerns-93CH-3238556

2023-11-20 06:14

Copyrighted Image by: Reuters. LONDON - The yuan and Australian dollar ascended to three-month peaks today, buoyed by strategic moves from China's central bank and a softening U.S. dollar, which hit a two-month low with the dollar index falling to 103.64. This comes as market consensus grows around the belief that U.S. interest rates may have topped out following recent weak economic indicators. The Federal Reserve's potential shift in monetary policy is under scrutiny, with futures signaling a 30% chance of rate reductions starting by March 2023, according to the CME FedWatch Tool. Amidst these developments, the euro and sterling also made gains against the U.S. dollar, reaching $1.0924 and $1.2475 respectively. The yen saw an uplift trading below 150 per dollar, while the New Zealand dollar reached $0.60235. Investors are bracing for more insights this week with the release of the Fed meeting minutes and euro zone flash PMI data, which are expected to shed light on future market dynamics. Meanwhile, China's decision to hold its benchmark lending rates steady despite challenges in its economic recovery has influenced currency valuations, contributing to regional currency adjustments and supporting the yuan's strong position. The market is closely watching for further economic clarity from upcoming data releases and central bank communications, which could confirm or adjust current expectations regarding global monetary policies. https://www.investing.com/news/forex-news/yuan-and-aussie-dollar-hit-threemonth-highs-as-us-dollar-weakens-93CH-3238554

2023-11-20 06:05

Copyrighted Image by: Reuters Copper prices have soared to $8,333.50 per ton today as investors' confidence is bolstered by the prospect of an end to the Federal Reserve's interest rate hikes. The sentiment has been fueled by recent U.S. economic indicators suggesting a slowdown, which could potentially halt the aggressive monetary tightening that has been in place. This optimism in the market is a continuation of last week's performance when copper recorded significant gains on the London Metal Exchange. Investors are reacting to the evolving economic landscape, with signs pointing towards a more cautious approach from the Fed in response to domestic economic signals. The positive outlook for copper also aligns with broader gains in other metals, with aluminum and zinc both experiencing increases exceeding 1%. This trend reflects a wider advance in Asian stock markets, where indices such as Japan's Nikkei 225 have reached their highest levels in over three decades. Last week in Shanghai, industry experts at a key copper conference expressed mixed sentiments. Although there are concerns about potential short-term oversupply, the long-term outlook remains robust due to anticipated market constriction and strong demand. In response to these dynamics and tight concentrate supplies, some Chinese smelters agreed to lower treatment charges during crucial raw-material supply discussions. The current rise in copper prices is indicative of a commodities market that is closely attuned to macroeconomic developments and central bank policies. As the market anticipates a shift in Fed strategy, commodities like copper are reflecting this change in investor sentiment, translating economic forecasts into tangible market movements. https://www.investing.com/news/commodities-news/copper-prices-climb-on-fed-rate-hike-pause-expectations-93CH-3238549

2023-11-20 05:45

Copyrighted Image by: Reuters. Investing.com-- Gold prices were muted on Monday, but retained a bulk of last week’s gains as easing concerns over rising U.S. interest rates pulled down the dollar. Industrial metals saw strong gains, with copper prices rising 0.6% to a 1-½ month high on the prospect of more stimulus measures in major importer China. A weaker dollar helped commodity prices across the board, as a string of weak labor and inflation readings over the past week saw traders betting that the Federal Reserve was done raising interest rates. This notion pushed the dollar to an over two-month low, and also brought down Treasury yields. Gold was a major beneficiary of this trade, with the yellow metal now once again coming within sight of the coveted $2,000 an ounce level. Gold prices rallied over 2% in the past week. Spot gold was flat at $1,982.49 an ounce, while gold futures expiring in December steadied at $1,984.85 an ounce by 00:17 ET (05:17 GMT). Fed rate cuts in focus, meeting minutes awaited Traders were now pricing in the possibility that the Fed could begin cutting interest rates by as soon as March 2024, although CME’s Fedwatch tool only showed a 30% chance of such a scenario. Near-term, markets were focused squarely on the minutes of the Fed’s late-October meeting, where the bank kept rates steady and signaled that it will likely keep rates higher for longer. Still, the central bank is now almost unanimously expected to no longer raise interest rates, as weak inflation and labor data showed that the U.S. economy was cooling as expected. But the prospect of rates remaining higher for longer bodes poorly for gold prices, given that high rates push up the opportunity cost of investing in bullion. This notion is expected to limit any major gains in gold over the coming months. Copper rallies on China stimulus hopes Copper prices rose to an over one-month high on Monday after Chinese officials vowed to roll out more policy support for the country’s beleaguered real estate sector, which is a key driver of copper demand. Copper futures jumped 0.6% to $3.7557 a pound- their highest level since early-October. China’s central bank kept its benchmark loan prime rate at record lows, as it moved to foster a local economic recovery. The bank also injected about 80 billion yuan of liquidity into the economy, largely maintaining its pace of cash injections to support growth. The move heralds some improvement in copper demand, especially if economic growth in the world’s largest copper importer picks up. https://www.investing.com/news/commodities-news/gold-prices-steady-as-fed-fears-ease-copper-rises-on-china-stimulus-3238542