2023-11-20 04:11
Copyrighted Image by: Reuters. Investing.com-- Most Asian currencies firmed sharply on Monday, tracking extended declines in the dollar amid increasing bets that the Federal Reserve was done raising interest rates, while promises of more Chinese stimulus measures also aided sentiment. The Chinese yuan surged 0.5% to its strongest level against the dollar since early-August. The biggest point of support for the yuan was a substantially stronger-than-expected daily midpoint fix by the People’s Bank of China. The PBOC held its benchmark loan prime rate near record lows on Monday, while also injecting about 80 billion yuan of liquidity into the economy. Separately, Chinese officials vowed more policy support for the country’s beleaguered property sector- a move that helped shore up confidence over one of China’s biggest industries. Ructions in the property sector have been a major headwind to China over the past three years. Optimism over China saw the Australian dollar jump 0.6%, with focus also turning to the minutes of Reserve Bank of Australia’s November meeting, due on Tuesday. The RBA had raised interest rates by 25 basis points, but offered somewhat dovish cues on future rate hikes. The South Korean won jumped 0.6%, while the Indian rupee saw limited strength as oil prices rebounded. Broader Asian currencies were largely boosted by weakness in the dollar, which sank to an over two-month low. The Japanese yen was among the biggest beneficiaries of dollar weakness, rising 0.5% and strengthening below the 150 level to the dollar for the first time in nearly three weeks. The yen had been battered by dovish signals from the Bank of Japan earlier this month, which indicated that interest rates were likely to remain ultra-low for the time being. But with markets now growing less fearful of more U.S. rate hikes, the yen found some breathing room. Dollar slides with Fed minutes in focus The dollar index and dollar index futures sank 0.3% each in Asian trade on Monday, languishing near two-month lows after a string of soft labor market and inflation readings from last week. The readings saw traders pricing in an even greater chance that the Fed was done raising interest rates, and that the central bank could begin trimming rates by as soon as March 2024. Focus was now largely on the minutes of the Fed’s late-October meeting for more cues on monetary policy. The Fed had kept rates steady during the meeting, but had also reiterated its plans to keep rates higher for longer- a stance maintained by most Fed officials. But currency market trading volumes were also set to be somewhat limited this week, on account of the Thanksgiving holiday. https://www.investing.com/news/forex-news/asia-fx-rallies-as-dollar-sinks-on-growing-fed-pause-bets-3238504
2023-11-20 01:38
NEW YORK - The cryptocurrency market is experiencing a downturn following a period of substantial gains, with leading digital currencies Bitcoin (BTC) and Ethereum (ETH) facing declines. After reaching a peak market capitalization of $1.4 trillion, the sector is showing signs of a pullback. Bitcoin, which recently saw its price climb, has reversed its gains, currently trading at $36,656.75. This represents a significant drop of over 15% within the past week. Analysis from Santiment points to a decrease in transaction volume and an increase in the Market Value to Realized Value (MVRV) ratio, suggesting that the price may have been overvalued. Despite the bearish momentum indicated by technical indicators such as the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI), the Chaikin Money Flow (CMF) remains above zero, signaling some optimism. Ethereum initially surged above $2,000 but has since retreated to $1,959.51, reflecting a drop of more than 4% in seven days. The downturn comes despite signs of continued interest in Ethereum's futures markets, as evidenced by a positive funding rate and Taker Buy Sell Ratio. The Korean investment sentiment has been low, as reflected by the Korea Premium Index. Meme cryptocurrencies are mirroring the losses seen across the broader market. Dogecoin (DOGE) and Shiba Inu (SHIB) have seen their values fall by up to 7%. The decline in these popular coins further underscores the current market trend. The overall sentiment in the cryptocurrency market is currently 'greedy,' according to the Fear and Greed Index which stands at 69. However, with trading volumes dropping by 40% and key technical indicators signaling bearishness, there is an anticipation of continued slow movement in the near term. Major wallets have reportedly shed over 50k BTC post-rally, contributing to the decline in transaction volume. As investors and traders navigate this volatile landscape, they will be closely monitoring these metrics and analyses to gauge future movements within the cryptocurrency market. https://www.investing.com/news/cryptocurrency-news/cryptocurrency-market-retreats-after-recent-rally-bitcoin-and-ethereum-slip-93CH-3238467
2023-11-20 01:07
Copyrighted Image by: Reuters. Investing.com -- Oil prices rallied on Monday, rising a wave optimism that major oil producers could discuss deepening output cuts when they meet later this month. By 14:30 ET (19:30) GMT, the U.S. crude futures settled 2.3% higher at $77.60 a barrel, while the Brent contract climbed 2.1% to $82.32 a barrel. Another cut to global supply? The crude benchmarks gained around 4% on Friday and have continued to rise Monday after Reuters reported, citing sources, that the Organization of the Petroleum Exporting Countries and their allies, a group known as OPEC+, is set to consider whether to make additional oil supply cuts to shore up prices when it meets on Nov. 26. The group has already pledged total oil output cuts of 5.16 million barrels per day, or about 5% of daily global demand, in a series of steps that started in late 2022. These cuts include additional voluntary cuts by Saudi Arabia and Russia, and the two major producers have vowed to continue their supply cuts until the end of the year, but may decide to announce more reductions to support prices further. “We continue to expect that Saudi Arabia and Russia will roll over their additional voluntary cuts into early 2024. However, what is less clear is whether the broader OPEC+ group will make further cuts,” said analysts at ING, in a note. “A deeper group cut combined with the Saudis and Russians rolling over their voluntary cut would be more than enough to ensure that the surplus currently expected in 1Q24 disappears.” China promises more support for property sector Adding to today’s positive tone, China’s central bank kept its benchmark loan prime rate unchanged at record low levels earlier Monday, and regulators vowed to provide more policy support to the beleaguered real estate sector, a major driver of the second-largest economy. While Chinese oil imports have remained steady over the past year, worsening economic conditions in the country have raised doubts over whether oil demand will remain strong. China has also built up a high level of oil inventories, and recently placed stricter curbs on local refineries. U.S. inventories point to ample supply Although the crude benchmarks posted gains on Friday, they still closed the week lower as a whole, their fourth straight week of losses, on concerns of worsening demand, and as data, particularly from the U.S., suggested that supplies were not as tight as initially expected. Data released last week showed a bigger-than-expected increase in U.S. oil inventories, while production also remained close to record-high levels. Additionally, weak economic numbers from several major economies ramped up concerns that global oil demand will slow in the coming months. https://www.investing.com/news/commodities-news/oil-prices-steady-with-china-rates-opec-meeting-in-focus-3238461
2023-11-20 00:47
Copyrighted Image by: Reuters. NEW YORK - The ProShares Bitcoin Strategy ETF (NYSE:BITO), recognized as the first U.S. ETF to track Bitcoin, has seen its assets grow to $1.4 billion, anchored on Bitcoin futures. This comes as the financial industry anticipates the U.S. Securities and Exchange Commission's (SEC) decision on the approval of spot Bitcoin ETFs, which is expected by January 10, 2024. The ProShares ETF, which made headlines for rapidly accruing $1 billion in assets following its launch two years ago, remains a significant player in the cryptocurrency investment landscape. Michael Sapir, CEO of ProShares, has voiced strong support for the futures-based BITO. He highlights its continued importance in the market, emphasizing the benefits of oversight by the Commodity Futures Trading Commission (CFTC) and the reliable fund management services it offers. The upcoming SEC decision could introduce spot Bitcoin ETFs that offer direct exposure to the cryptocurrency, potentially at lower costs. This development is keenly watched by investors and industry experts alike, as it could pave the way for broader acceptance and integration of cryptocurrencies into traditional investment portfolios. While the outcome of the SEC's deliberations remains uncertain, ProShares' confidence in its Bitcoin Strategy ETF suggests a belief in the enduring value of futures-based products within the crypto financial ecosystem. The growth to $1.4 billion in managed assets underlines investor interest and trust in BITO's approach amidst a dynamic regulatory environment. InvestingPro Insights Delving into the real-time data from InvestingPro, the ProShares Bitcoin Strategy ETF (BITO) has a significant market cap of 1360M USD. The ETF also rewards its shareholders with a substantial dividend yield of 9.16% as of 2023. However, investors should note that the ETF has seen a 2.49% decrease in price total return over the last week, even though it has demonstrated a strong return over the last month with a 26.13% increase. InvestingPro Tips reveal that BITO has delivered a high return over the last year and a strong return over the past three months. Despite this, the ETF suffers from weak gross profit margins and its valuation implies a poor free cash flow yield. These insights, among the many others available, are part of the InvestingPro subscription, which is currently on a special Black Friday sale with a discount of up to 55%. Subscribers have access to an extensive list of tips, with BITO alone having six additional tips available. This comprehensive data and expert analysis can guide investors in making informed decisions in the dynamic and potentially lucrative cryptocurrency market. https://www.investing.com/news/cryptocurrency-news/proshares-bitcoin-etf-maintains-growth-as-sec-reviews-spot-etfs-93CH-3238455
2023-11-19 19:23
NEW YORK - The cryptocurrency market this week presented a mixed bag of performance with several altcoins experiencing fluctuations. Umee (UMEE), a digital asset that facilitates cross-chain transactions, saw a minor decrease of 1.1% against the U.S dollar early this morning, trading at $0.0033 or its equivalent in Bitcoin. Despite this slight dip, Umee demonstrated resilience with a weekly growth of 6.7%. The coin currently holds a market capitalization of $14.83 million and maintains a substantial daily trading volume. The broader crypto market witnessed diverse trends today, with KILT Protocol (KILT) dropping by 7.1% to $0.38, while Aidi Finance (AIDI), Zoo Token (ZOOT), and CareCoin (CARES) each saw a decline of 2.2%. In contrast, OmniaVerse (OMNIA) surged by an impressive 9.9%, and Kitty Inu (KITTY) climbed by 1.9% to reach $95.84. Hokkaidu Inu (HOKK) also posted modest gains of 1.2%. Amidst these shifts, Lego Coin remained stable, Jeff in Space (JEFF) fell by 2.2%, and Lumi Credits (LUMI) ticked up slightly by 0.2%. For those interested in investing in Umee tokens, it is important to note that direct purchases with USD are not available; investors must initially buy Ethereum or Bitcoin to exchange for Umee. The cryptocurrency was launched on February 14th, 2022, and has a large total token supply with billions circulating in the market. Umee's platform is built on the Tendermint BFT consensus mechanism and includes governance features designed to enhance user experience across different blockchain networks. In other news, LUXO Token recently entered the market on April 28th, 2022, with a substantial total supply of one billion tokens and over eighty-two million in circulation. As part of the Luxochain ecosystem, LUXO aims to improve sustainability and verify authenticity within the luxury goods sector through advanced blockchain tracking solutions. https://www.investing.com/news/cryptocurrency-news/umee-cryptocurrency-records-weekly-growth-amid-mixed-market-trends-93CH-3238428
2023-11-19 19:20
Copyrighted Image by: Reuters NEW YORK - A recent mix-up by investigator Mr. Huber on a digital platform led to the misidentification of Ethereum co-founder Vitalik Buterin in an accusation of deceptive practices. Instead, it was Joseph Lubin who was advised on using multiple pseudonymous identities to manage large-scale investments in Ethereum without causing public alarm, as revealed in an audio clip titled “Ethereum: Some Economic Considerations.” Christoph Jentzsch, associated with Ethereum, swiftly countered the allegations by emphasizing that maintaining investor privacy through the use of various accounts was a common and transparent practice during Ethereum's initial sale period. He pointed out that at the time, Ethereum was marketed as a commodity rather than a security. This clarification comes amid ongoing discussions about the classification of cryptocurrencies. Jentzsch also referenced recent hearings where Gary Gensler, Chairman of the U.S. Securities and Exchange Commission, did not categorize Ethereum as a security. This statement is part of a broader argument defending Ethereum's practices and addressing the controversy sparked by Mr. Huber's erroneous claims. The debate over whether cryptocurrencies should be treated as securities has significant implications for regulatory oversight and investor protection. The crypto community closely watches these developments as they could shape the future operations and legal responsibilities of blockchain entities. https://www.investing.com/news/cryptocurrency-news/ethereum-exec-defends-privacy-tactics-amid-security-debate-93CH-3238427
