2023-11-17 17:49

ISLAMABAD - The Pakistani rupee experienced a notable improvement in the inter-bank market, appreciating to close at 286.50 against the dollar, marking an uptick from its previous position. This gain was observed after the currency ended its weeks-long losing streak the day before. The positive shift comes on the heels of a staff-level agreement with the International Monetary Fund (IMF), which has helped mitigate recent pressures stemming from import payments. In open market transactions, the buying rates were recorded at 285.50 while selling rates stood at 288.50 for customers. This adherence to IMF structural benchmarks is significant as it mandates that the disparity between inter-bank and open market exchange rates remains below 1.25%. The central bank's data reflects this improvement, signaling a potential easing of economic strain. Later in the day, despite initial pressure from a surge in dollar buying for imports, Pakistan's rupee managed to reverse its downtrend in open market exchanges against major currencies. The US dollar concluded trading at rates of 287.1/290.15 (buy/sell). Meanwhile, the Euro posted a slight increase to 306/308 (buy/sell), and the UK Pound remained stable with rates of 353/356.4 (buy/sell). Additionally, both the UAE Dirham and Saudi Riyal experienced a small drop in their rates, closing at 79.4 and 76.1 respectively. The rupee's performance today indicates a responsive adjustment to external financial assistance and internal monetary policies aimed at stabilizing the currency amidst Pakistan's broader economic challenges. https://www.investing.com/news/forex-news/pakistani-rupee-rallies-following-imf-agreement-and-easing-import-pressures-93CH-3238023

2023-11-17 17:46

Copyrighted Image by: Reuters NEW YORK - The cryptocurrency market has seen a notable surge in trading interest for Dogecoin (DOGE), with a report from CoinGlass revealing that the meme-inspired digital currency's futures open interest has soared by 40% in 24 hours. This spike has pushed the open interest to over 7 billion DOGE tokens, or roughly $600 million, marking the highest level since April. Leading the charge in this space is Binance, holding futures positions valued at $275 million. Other significant contributors include Bybit and OKX, with positions worth $134 million and $85 million respectively. The balanced long-to-short ratio at 50% indicates that traders are employing hedging strategies to manage risk. This bullish trend in Dogecoin's market is accompanied by broader positive movements within the crypto sector, with Ethereum and Bitcoin also experiencing gains. Contributing to Dogecoin's appeal is a planned moon mission by Astrobotic, which aims to place a physical DOGE token on the lunar surface. Moreover, favorable sentiment from the SEC towards spot ETFs has added to the positive outlook, even as some experts caution that this could presage a potential bearish turn. In addition to the financial indicators, the Dogecoin community continues to demonstrate its philanthropic side. Notably, their fundraising efforts previously enabled the Jamaican bobsleigh team to participate in the Sochi Winter Olympics, underscoring their commitment to charitable causes. Meanwhile, Dogecoin's market capitalization has also witnessed a significant uptick of 6.27%, underscoring its growing relevance in the cryptocurrency markets. https://www.investing.com/news/cryptocurrency-news/dogecoin-futures-interest-spikes-hitting-600-million-in-open-contracts-93CH-3238019

2023-11-17 17:36

Copyrighted Image by: Reuters. NEW YORK - CryptoInsightUK has projected a potential increase in the price of XRP, predicting a surge to between $0.89 and $1.35. This optimistic outlook follows a substantial addition of over $100 million to the cryptocurrency's open interest (OI) on Monday, signaling heightened market activity. Despite a recent 7% decline in XRP's value and market disturbances caused by a fraudulent BlackRock (NYSE:BLK) ETF filing, which initially led to a correction in gains, OI has remained stable above $464 million. The analysis suggests that if XRP can break above its descending trendline from earlier this month, short positions might start to close, potentially triggering a rapid price ascent. On Monday, the cryptocurrency market noted significant OI inflows coinciding with a temporary price spike due to the unfounded ETF news. Although the prices adjusted soon after, technical indicators such as a bullish divergence on the Relative Strength Index (RSI) and higher lows on XRP's chart have hinted at the possibility of future growth. Despite acknowledging the chance of a dip below $0.60—based on previous patterns of long-wick red candles before an upturn—CryptoInsightUK emphasizes the swift recovery XRP could experience due to the current leverage shorts awaiting liquidation. At present, XRP is trading at $0.6131, reflecting a 3.6% decrease over the past day. The market is closely watching these developments, as the interplay between technical patterns and trader sentiment may lead to significant price movements for the digital asset in the near term. https://www.investing.com/news/cryptocurrency-news/xrp-price-forecast-sees-potential-surge-amid-open-interest-growth-93CH-3238015

2023-11-17 17:29

Copyrighted Image by: Reuters. NEW YORK - BitGo CEO Mike Belshe has expressed skepticism over the likelihood of the Securities and Exchange Commission (SEC) approving spot bitcoin exchange-traded funds (ETFs), citing concerns over market structure and the potential for manipulation. In a recent interview, Belshe pointed to the lack of separation between exchange services and custody roles, with particular reference to Coinbase (NASDAQ:COIN)'s role as a custodian. The cryptocurrency industry has been closely watching regulatory developments, especially in light of recent events such as the collapse of FTX and the subsequent legal troubles of its founder, Sam Bankman-Fried. The SEC has shown increased vigilance in its efforts to protect investors, which has included delaying the review of new ETF applications like that of Hashdex's spot Bitcoin ETF. Despite a general sense of optimism among industry analysts for a favorable decision in January, Belshe's comments reflect a more cautious outlook. He highlighted that key financial entities continue to select Coinbase Custody for their ETFs, a strategy mirrored by FTX before its downfall. This approach has come under scrutiny as regulators aim to prevent market manipulation. The backdrop to these discussions includes BlackRock (NYSE:BLK)'s ETF application from June, which was met with a surge in BTC value, reaching $36,200 as reported by TradingView. However, the SEC's commitment to stringent oversight suggests that more Bitcoin ETF submissions may face rejection due to these unresolved issues around market structure and investor safety. https://www.investing.com/news/cryptocurrency-news/bitgo-ceo-casts-doubt-on-future-sec-approval-of-bitcoin-etfs-93CH-3238009

2023-11-17 17:22

Copyrighted Image by: Reuters. WASHINGTON - US West Texas Intermediate (WTI) crude prices tumbled to $72.90, as the latest data revealed a significant inventory build coupled with a record surge in crude production. The Energy Information Administration (EIA) reported on Thursday that for the week ending November 10th, crude production reached an all-time high of 13.2 million barrels per day. The stockpile increase of 3.6 million barrels pushed total domestic stocks to 439.4 million barrels, slightly above last year's figures but still below the five-year average. Notably, the Cushing terminal saw supplies jump by 1.9 million barrels, marking the largest increment since September, and the national crude supply cover edged up to 28.8 days. In contrast to the swelling crude inventories, gasoline supplies contracted by 1.5 million barrels despite robust demand, positioning them above last year's levels yet under the five-year norm at 215.7 million barrels. Distillate stockpiles continued their seven-week decline, falling by another 1.4 million barrels, now sitting just below last year's level and significantly lower than the five-year average. The report also highlighted refinery rates reaching an 86.1% utilization rate. This operational uptick comes as energy companies such as Delek US Holdings (NYSE: NYSE:DK), EOG Resources (NYSE: NYSE:EOG), and Civitas Resources (NYSE: CIVI) are gaining attention from investors, each having received a Zacks Rank #2 recommendation, indicating favorable investment prospects amid the current market dynamics. https://www.investing.com/news/commodities-news/us-oil-prices-drop-as-inventory-builds-production-hits-record-high-93CH-3238006

2023-11-17 17:18

Copyrighted Image by: Reuters. SEOUL - South Korea's largest cryptocurrency exchange, Upbit, is currently experiencing a delay in Bitcoin (BTC) withdrawals due to a significant increase in network traffic, reminiscent of the high activity levels seen during the 2021 Bitcoin bull run. The platform is actively managing the congestion by implementing network stabilization measures and prioritizing block processing to address both withdrawal and deposit refund delays. This network congestion comes at a time when the Bitcoin options market has reached an all-time high, with open interest in Bitcoin options soaring to $14.9 billion. This milestone surpasses the previous records set before Bitcoin reached its peak value of nearly $69,000 in October 2021. The current open interest figures are indicative of robust investor confidence and highlight a vibrant trading environment within the cryptocurrency space. Despite recent fluctuations, Bitcoin's price demonstrates resilience. After experiencing a dip of 3.24% over the last day, the digital currency still boasts a notable monthly increase of 26.71%, with its current valuation standing at $36,394. This sustained growth underscores Bitcoin's continued relevance and investor interest in the global financial landscape. The heightened activity in the perpetual futures market further reflects this optimism, where the funding ratio has reached a significant 0.02%. Such metrics are often seen as indicators of market sentiment, suggesting that investors remain bullish on Bitcoin's prospects despite short-term volatility. Upbit's response to the current conditions involves queuing BTC withdrawal requests based on network recovery and successful block confirmations. As traders and investors navigate this busy period, the exchange's efforts to stabilize transactions are crucial for maintaining user confidence and ensuring the smooth operation of market activities. https://www.investing.com/news/cryptocurrency-news/bitcoin-options-market-hits-record-high-as-upbit-faces-withdrawal-delays-93CH-3238002