2023-11-17 05:35

Ethereum has emerged as the top scorer in the latest environmental, social, and governance (ESG) rankings among cryptocurrencies, according to a recent evaluation by CCData and the Crypto Carbon Ratings Institute (CCRI). With a score of 78, Ethereum outshined its peers on Thursday, underscoring its strengths across key ESG parameters. The assessment, which included 40 digital assets, revealed that other prominent cryptocurrencies like Solana, Polkadot, and Binance Coin also performed notably well, each securing an "AA" grade. This recognition is a testament to their effective management of ESG-related risks and their potential to provide sustainable returns. In contrast, Bitcoin, the most widely known cryptocurrency, was placed at the 26th position in the ranking. Its notably lower standing is primarily due to an environmental score of just 7. The leading digital currency has been frequently criticized for its substantial energy demands that contribute to higher greenhouse gas emissions. The ESG rankings are increasingly influential as they reflect a growing trend in both investor preference and regulatory focus. Investors are more frequently integrating ESG factors into their decision-making processes, looking for opportunities that align with broader sustainability goals. Similarly, regulatory bodies are placing greater emphasis on these factors within their frameworks. https://www.investing.com/news/cryptocurrency-news/ethereum-leads-esg-rankings-bitcoin-falls-behind-due-to-emissions-93CH-3237204

2023-11-17 05:26

Copyrighted Image by: Reuters The cryptocurrency market experienced a downturn on Friday, with the total market capitalization dropping to $1.38 trillion. Bitcoin, the leading digital currency, saw its value decrease by 2.66% to $36,493.07, while Ethereum, the second-largest cryptocurrency by market cap, also fell by 3.50% to $1,982.92. The decline in value affected several major cryptocurrencies over the past week. Bitcoin's market cap stood at $713.24 billion following a couple of price dips, and Ethereum's market cap was at $238.45 billion after shedding around $76 from its token value in a single day. Despite the overall market slump, some cryptocurrencies managed to record profits. Dogecoin rose by 6.67%, and Tether remained stable at $1. Binance USD saw a notable increase of 3.27%, trading at $252.9997. Solana, although it suffered a 9.24% drop on Friday, had a significant weekly gain of 25.09%. Similarly, Polkadot experienced a daily decrease of 2.26% but saw a weekly increase of 6.38%. Other altcoins like XRP and Cardano also faced declines. The market volatility was evident as some DeFi tokens like Avalanche and Chainlink, as well as NFT tokens such as Internet Computer and Theta Network, underwent price fluctuations. BlackRock (NYSE:BLK)'s pending Ethereum ETF application has been a positive influence on market sentiment toward Ethereum, despite the recent price correction phase that experts suggest could lead to new highs or further declines. The crypto market volume over the last 24 hours was reported at $71.62 billion, reflecting a dynamic nature with a 6.3% increase from the previous day. This contrasted with meme currencies like Shiba Inu which fell by 1.86% to $0.000008622 per token. https://www.investing.com/news/cryptocurrency-news/crypto-market-sees-overall-decline-bitcoin-and-ethereum-prices-fall-93CH-3237206

2023-11-17 04:46

Copyrighted Image by: Reuters Investing.com-- Most Asian currencies moved little on Friday after strong gains earlier this week, while the dollar headed for a sharp weekly fall as weak labor market data fueled more bets that the Federal Reserve will trim interest rates by mid-2024. Weakness in the dollar put most regional units on course for a strong weekly performance, although a bulk of these gains also came as Asian currencies recovered from multi-month lows. The Japanese yen was among the biggest beneficiaries of recent dollar weakness, and was set to add 0.6% this week- its best weekly gain in over four months. The currency recovered from a one-year low hit earlier in November. But Bank of Japan Governor Kazuo Ueda on Friday stressed on the need to maintain an ultra-dovish stance, presenting little near-term relief for the yen. Ueda’s comments also came just a few days after data showed Japan’s economy shrank much more than expected in the September quarter. The South Korean won steadied near three-month highs on Friday, and was set to add 1.8% this week, after signs of economic resilience in the country helped it recover sharply from a recent one-year low. The Australian dollar fell slightly on Friday and was set to add 1.6% this week. Focus was now on the minutes of the Reserve Bank’s recent meeting, which were due next week. The Singapore dollar traded sideways on Friday, taking some support from data that showed an improvement in the country’s key non-oil exports. But signs of continued weakness in China kept Singapore’s near-term economic prospects uncertain. Chinese yuan heads for weekly gain, rate decision on tap The yuan was flat, and was headed for a 0.6% weekly gain as it recovered from a one-year low. Data released this week showed some signs of resilience in the Chinese economy, as industrial production and retail sales grew more than expected. But other economic indicators for October still pointed to consistent weakness in the Chinese economy, especially as it slipped into disinflation territory. Focus is now on the People’s Bank of China, which is set to decide on its benchmark loan prime rate on Monday. But the bank is expected to keep rates at record lows, as it struggles to maintain a balance between shoring up economic growth and stemming weakness in the yuan. The Indian rupee was among the few outliers this week, falling 0.1% on Friday and remaining close to record lows, amid growing concerns that the Indian economy was running out of steam. Dollar set for weekly drop as markets look to Fed rate cuts The dollar index and dollar index futures steadied in Asian trade on Friday. But the greenback was set to lose nearly 1.5% this week, as a string of middling economic readings spurred bets that the Fed was done raising interest rates. After softer-than-expected inflation readings for October, data on Thursday showed that weekly jobless claims grew more than expected for a fourth straight week. The readings spurred growing bets that the Fed was done hiking interest rates, and will likely begin trimming rates by mid-2024. The minutes of the Fed’s October meeting are due next week, and are also set to provide more cues on the central bank’s outlook. https://www.investing.com/news/forex-news/asia-fx-muted-dollar-set-for-weekly-drop-on-fed-rate-cut-bets-3237193

2023-11-17 02:42

Copyrighted Image by: Reuters NEW YORK - Robinhood (NASDAQ:HOOD), the popular trading platform, has seen a flurry of Dogecoin (DOGE) activity over the past week, with significant transfers coinciding with a notable increase in the meme cryptocurrency's price. A Dogecoin whale moved over 103 million DOGE from Robinhood today following a substantial price uptick. The series of large-scale transactions began on November 7, when Robinhood received a massive transfer of 250 million DOGE, valued at approximately $50.3 million at the time. The activity continued into early November with two separate transactions involving 75.3 million and 73.6 million DOGE, respectively. On Sunday, another notable transfer occurred as 140.6 million DOGE were moved from Robinhood to an unidentified wallet. This was followed by an anonymous transfer of 690 million DOGE between unknown wallets on Tuesday. Dogecoin's price has experienced a surge, currently standing at $0.076853 according to CoinGecko data. The market capitalization of the digital currency is at $10.94 billion, with a 24-hour trading range between $0.074809 and $0.082678 and over $1.73 billion in trading volume. The recent spike in Dogecoin's value and trading activity is partially attributed to the growing excitement within the Dogecoin community regarding Astrobotic's upcoming launch of a physical Dogecoin token to the moon in December. This event has captured the attention of cryptocurrency enthusiasts and contributed to the heightened movements of Dogecoin across wallets and exchanges. https://www.investing.com/news/cryptocurrency-news/robinhood-sees-surge-in-dogecoin-transfers-as-price-climbs-93CH-3237174

2023-11-17 01:41

NEW YORK - Binance Labs, the venture capital arm of the world's largest cryptocurrency exchange Binance, has invested in blockchain intelligence firm Arkham, which operates an artificial intelligence (AI) platform aimed at enhancing transparency within the crypto industry. This strategic move by Binance Labs comes as part of its ongoing efforts to support innovative projects in the blockchain space. Arkham's cutting-edge platform utilizes a proprietary AI engine named ULTRA to deanonymize blockchain transactions. This technology offers users the ability to search transaction histories and algorithmically matches addresses with real-world entities, thereby fostering greater transparency. In addition to its analytical capabilities, Arkham has introduced the Arkham Intel (NASDAQ:INTC) Exchange. This on-chain marketplace facilitates the buying and selling of blockchain intelligence on a large scale. The platform's "Intel-to-Earn" program, underpinned by Arkham's native token $ARKM, incentivizes the production of intelligence. Users are also rewarded through the DATA Program for submitting information that aids in training ULTRA. The endorsement from Binance Labs has had a significant impact on Arkham's market performance. Following the announcement on Wednesday, $ARKM experienced a 22.25% surge in its price, signaling positive market reception and mitigating previous selling pressure. Today, despite the initial enthusiasm and price boost from Binance's backing, investors exhibited caution with only a slight increase in holder count from 16,600 to 16,700. Nonetheless, metrics such as Social Volume and Social Dominance have shown an uptick, suggesting a growing interest in ARKM among market participants. While Arkham currently ranks 343rd with a market capitalization under $100 million, some investors consider the project undervalued given its innovative approach to blockchain intelligence and potential for growth within the crypto ecosystem. Separately, Binance Labs has also extended its investment portfolio by backing Initia, a network designed for modular rollups operating on the Cosmos network. This initiative targets developers seeking to create scalable systems without the complexities associated with traditional modular and multi-chain systems. https://www.investing.com/news/cryptocurrency-news/binance-labs-invests-in-aipowered-blockchain-firm-arkham-93CH-3237157

2023-11-17 01:35

Copyrighted Image by: Reuters. Investing.com -- Oil prices staged a rally Friday, but that proved too little too late to avert a fourth-weekly slump as as growing global supply and cooling demand worries muddy sentiment ahead of the OPEC meeting next week. By 14:30 ET (19:30 GMT), the U.S. crude futures rose 4.1% to settle at $75.89 a barrel, while the Brent contract climbed 3.9% to $80.47 a barrel. Both contracts are on course for losses of around 4% this week, on track for their fourth straight week of losses, with the benchmarks having lost around a sixth of their value over the last four weeks. U.S. inventories point to rising supplies Oil prices have perked up Friday, a day after sinking 5% to a four month-low, mainly triggered by a bigger-than-expected build in U.S. oil inventories, coupled with record-high production levels, stoking concerns about oversupply. “It has become clearer that the oil balance for the remainder of this year is not as tight as initially expected,” said analysts at ING in a note. “Higher-than-expected supply has eroded a large amount of the expected deficit over 4Q23. And as things stand, the market is still expected to return to surplus in 1Q24.” Additionally, easing concerns over the Israel-Hamas war weighed, as traders priced in a smaller risk premium from the conflict after it proved to have little impact on Middle Eastern supplies. Baker Hughes rig count rises; CFTC data eyed Oilfield services firm Baker Hughes Co (NYSE:BKR) reported its weekly U.S. rig count rose to 500 from 494. CFTC positioning data slated for release later in the day will also come in focus following data last week showing traders reined in their bullish bets on oil for a sixth-straight week. OPEC meeting looms large Focus is now squarely on an upcoming OPEC meeting on Nov. 26, where traders will be looking to see if Saudi Arabia, principally, and Russia roll over their voluntary supply cuts into 2024. The two recently vowed to maintain their cuts until the end of 2023, with many now expected that the Saudis will likely extend cuts of 1 million barrels of oil per day to offset an expected supply surprise. "On the balance of risks, we think Saudi Arabia will extend its production cuts into 2024 if they want prices to remain above USD80/bbl," ANZ Research said in a note. https://www.investing.com/news/commodities-news/oil-prices-steady-at-4mth-low-set-for-fourth-straight-week-in-red-3237155