2023-11-15 18:35

Copyrighted Image by: Reuters. NEW YORK - In the dynamic world of cryptocurrency, Bitcoin experienced a notable retreat from its 18-month peak of $38,000 achieved last week, settling at $34,800 as of last night. Amidst the broader market downturn, several altcoins bucked the trend, showcasing remarkable resilience and positive divergence. Key performers among these alternative cryptocurrencies included dYdX (DYDX), Celestia (TIA), PancakeSwap (CAKE), Avalanche (AVAX), Solana (SOL), and Lido DAO (LDO). Here's a snapshot of their recent gains: PancakeSwap, in particular, experienced a surge not only in price but also in activity. The decentralized exchange token saw its transaction volume skyrocket by 110%, reaching $284 million in the past 24 hours. With CAKE trading at $2.63 currently, analysts are keeping a close watch, as this spike in volume may signal the beginning of a significant upward trajectory for the token. Investors and market spectators are closely monitoring these developments as they unfold in real time, with many keeping an eye on whether these altcoins will continue to outperform Bitcoin or if they will follow its recent pullback. https://www.investing.com/news/cryptocurrency-news/bitcoin-pulls-back-from-18month-high-select-altcoins-see-gains-93CH-3235530

2023-11-15 18:27

Copyrighted Image by: Mundo Crypto PR NEW YORK - Cathie Wood, CEO of Ark Invest, has doubled down on her bullish Bitcoin forecast, suggesting the cryptocurrency could potentially surge to between $1 million and $1.5 million per coin in a bull scenario. In an interview with the Wall Street Journal today, Wood cited Bitcoin's value doubling since the start of the year as a primary driver behind her optimistic outlook. This increase is largely attributed to the growing anticipation around the approval of a spot Bitcoin exchange-traded fund (ETF). Wood's base case estimates place Bitcoin at $650,000, underscoring her confidence in the digital asset's future. She believes that the decentralized nature and resilience of Bitcoin have been highlighted by last year's bankruptcies of major crypto entities like FTX, Celsius, and Three Arrows. These events have seemingly reinforced the cryptocurrency's robustness in the face of industry turmoil. Earlier today, in a dialogue with Yahoo! Finance, Wood elaborated on her views, describing Bitcoin as the first global, digital, private, rules-based monetary system. She contrasted this with current global monetary policies and pointed to Bitcoin's finite supply and increasing institutional interest as key factors supporting her prediction. Wood also discussed Ark Invest's collaboration with 21Shares to launch digital asset ETFs and expressed optimism about the U.S. Securities and Exchange Commission (SEC) eventually approving a spot Bitcoin ETF. She believes that SEC approval would not only enhance institutional trust but also significantly impact Bitcoin's adoption rate and market capitalization. Furthermore, Wood touched upon the ongoing lawsuit between Coinbase (NASDAQ:COIN) Global Inc. and the SEC, expressing confidence in Coinbase's ability to appeal effectively, potentially up to the Supreme Court if necessary. Investors are closely monitoring these developments as they could pave the way for broader acceptance and integration of Bitcoin into traditional investment portfolios. The potential approval of a spot Bitcoin ETF is particularly seen as a milestone that could provide easier access for average investors and contribute to further price elevation for the leading cryptocurrency. https://www.investing.com/news/cryptocurrency-news/ark-invests-cathie-wood-sees-bitcoin-reaching-up-to-15-million-93CH-3235519

2023-11-15 18:20

Copyrighted Image by: Reuters WASHINGTON - The U.S. Department of Energy's Energy Information Administration (EIA) is scheduled to release a closely watched report later today, which is anticipated to show an increase in domestic crude oil inventories. According to a survey conducted by the Wall Street Journal, industry experts are expecting a swell in commercial crude stockpiles, with forecasts suggesting an 800,000-barrel rise for the week ending November 10. The survey, which aggregated predictions from eight analysts and traders, also projected an uptick in gasoline stocks, while distillates, which include heating oil and diesel, are predicted to have seen a slight decline. This inventory data is a critical indicator of supply and demand dynamics and can influence oil prices. The release of this data comes with a slight deviation from routine as the EIA had to postpone its Weekly Petroleum Status Report last week due to a system update. Consequently, today's report will provide two weeks' worth of inventory statistics, offering a more comprehensive look at the country's stockpile levels. Market participants often rely on these figures to gauge the balance in the oil market. An unexpected rise or fall in inventories can lead to volatility in crude prices as traders adjust their positions to reflect the current supply situation. The EIA's report is set for disclosure at 10:30 a.m. EST today, and it will be closely monitored by investors and analysts for insights into the health of the U.S. oil market. https://www.investing.com/news/commodities-news/us-crude-oil-inventories-expected-to-rise-eia-report-delayed-93CH-3235518

2023-11-15 18:15

Copyrighted Image by: Reuters. WASHINGTON – The US dollar, which has seen a strong performance in the latter half of 2023, is expected to face a downturn in 2024 as the Federal Reserve gears up to ease interest rates. In the second half of 2023, the dollar's bull trend was propelled by robust US economic growth, boasting a quarter-over-quarter annualized increase of 4.9% in Q3, even amidst declining inflation rates. This growth has made holding dollars more attractive, particularly as investors forecast a reduction in global demand that could impact Europe and Asia. However, the outlook for 2024 suggests a shift. prompting the Federal Reserve to lower interest rates by 150 basis points starting from the second quarter. This adjustment is seen as an alignment with the Fed's dual mandate and is expected to mark the end of what has been termed 'US exceptionalism.' As a result, opportunities may arise for investors to diversify and enhance non-dollar currencies. Leading up to the Fed's anticipated first rate cut, experts foresee a bullish steepening of the US yield curve. This phase in the business cycle typically favors a weaker dollar and could benefit undervalued commodity currencies. Furthermore, as rates in the US drop, 'growth' currencies like the Swedish krona may also experience recovery, mirroring trends seen in growth sectors such as technology and real estate. For the year ahead, baseline forecasts indicate that the bearish trend for the dollar could pick up pace throughout 2024. By year's end, various currencies are projected to strengthen against the dollar, ranging from a 2% rise for China’s renminbi to as much as a 13% increase for Scandinavian currencies. The EUR/USD exchange rate is potentially set to hit the 1.15 level. Yet, it's important to note that this outlook could be influenced by several factors including potential energy supply disruptions from the Middle East or political developments such as Trump's stance on China. Investors and market participants will be closely monitoring these developments as they recalibrate their strategies in response to changing monetary policies and global economic dynamics. https://www.investing.com/news/forex-news/us-dollar-forecast-to-weaken-in-2024-with-anticipated-fed-rate-cuts-93CH-3235513

2023-11-15 18:14

The Monetary Authority of Singapore (MAS) has partnered with JPMorgan, DBS Bank, BNY Mellon (NYSE:BK), and investment firm Apollo to conduct a series of tests on the tokenization of assets. This collaborative effort is part of the broader Project Guardian, which seeks to integrate digital assets into mainstream finance while addressing regulatory compliance, cybersecurity, and equitable access. The trials, which commenced today, are exploring a range of applications including bilateral digital asset trades, foreign currency payments, multicurrency clearing and settlement procedures, fund management protocols, and automated portfolio rebalancing mechanisms. These tests are critical steps towards creating a more efficient and secure financial infrastructure. In a significant move demonstrating the practical application of this technology, JPMorgan and Apollo have also unveiled a "proof of concept" for tokenizing funds on the blockchain. A key focus of the collaboration is the development of a digital infrastructure named Global Layer One (GL1). GL1 aims to host tokenized assets and applications that could expedite cross-border transactions and enable seamless trading across global liquidity pools. The project involves international regulatory bodies including Japan's Financial Services Agency (FSA), the UK's Financial Conduct Authority (FCA), and Switzerland's Financial Market Supervisory Authority (FINMA), reflecting its global scope. The testing of these tokenization applications is not only a milestone for MAS and its partners but also marks a significant development in the broader context of financial technology. It aligns with recent moves by other financial institutions seeking to leverage blockchain technology. For instance, SC Ventures, a division of Standard Chartered (OTC:SCBFF), launched Libearto create a tokenized Singapore dollar government bond fund for accredited investors in partnership with FundBridge Capital. https://www.investing.com/news/cryptocurrency-news/singapore-and-major-banks-test-asset-tokenization-under-project-guardian-93CH-3235511

2023-11-15 18:09

NEW YORK – On today's segment of CNBC's Squawk Box, Cathie Wood of ARK Invest highlighted the performance and potential of Solana (SOL) in comparison to its peers Bitcoin and Ethereum, citing its speed and cost efficiency as key advantages. In conjunction with her comments, Solana experienced a significant upswing in market value, reaching a peak of $63.20 per token. This price point marks a notable high for the cryptocurrency, which hasn't been achieved since May 2022. Wood's analysis comes at a time when Solana has shown remarkable resilience and recovery in the cryptocurrency market. After suffering a decline following the FTX exchange collapse, SOL has made an impressive rebound. Over the past week, Solana has seen an increase of 46%, including an 11.50% surge within a single day. In addition to discussing cryptocurrency performance, Wood also announced the launch of five new exchange-traded funds (ETFs) by ARK Invest. These funds are designed to provide investors with exposure to Bitcoin futures, Ethereum futures, and an array of Bitcoin and equity-related companies. The positive outlook from such a prominent figure in the investment community and the introduction of new investment vehicles have contributed to bolstering investor confidence in cryptocurrencies like Solana. As of today, Solana is trading at $63.20 on Binance, signaling a strong recovery from its mid-October lows and underscoring the dynamic nature of the crypto market. https://www.investing.com/news/cryptocurrency-news/solana-leaps-to-6320-hitting-6month-high-after-ark-invests-cathie-wood-remarks-93CH-3235506