2023-11-14 06:02

In a dramatic turn of events, the Grok cryptocurrency (GROK) has witnessed its market capitalization halve from $160 million to $78 million, following allegations of fraudulent activity. The digital currency, which had been experiencing rapid growth with over 12,000 holders since its launch, saw its price plummet by 90% on the decentralized exchange tracker DEXTools. The precipitous drop occurred on Monday after ZachXBT, an online entity known for investigating crypto-related scams, made public accusations of scam activities associated with GROK. As a result of these damaging claims, confidence in the cryptocurrency has significantly waned. Adding to the turmoil, the creators of GROK have renounced their contract, effectively losing any control over the currency's future operations. This act typically signifies a move towards decentralization but can also lead to uncertainty about the direction and governance of a cryptocurrency. https://www.investing.com/news/cryptocurrency-news/grok-cryptocurrency-market-cap-plummets-following-scam-allegations-93CH-3233195

2023-11-14 05:44

Copyrighted Image by: Reuters Investing.com-- Gold prices fell below key levels in Asian trade on Tuesday, as traders pivoted into the dollar before U.S. inflation data due later in the day, which is widely expected to determine the path of interest rates. The yellow metal saw a heavy degree of profit taking in the past two weeks, which pushed prices to an over three-week low as the prospect of higher-for-longer U.S. rates dampened gold’s outlook. Spot gold fell 0.1% to $1,944.71 an ounce, while gold futures expiring in December fell 0.1% to $1,948.25 an ounce by 00:32 ET (05:32 GMT). US CPI in focus, dollar and yields rise Gold prices were pressured by strength in the dollar and Treasury yields as markets kept chiefly to rate-sensitive assets before key consumer price index inflation data due later in the day. The reading is expected to show some cooling in inflation through October, after inflation rose past expectations for the past two months. The reading also comes shortly after a string of Federal Reserve officials warned that sticky inflation could give the bank more impetus to raise interest rates further. Higher-for-longer rates are expected to pressure gold, given that they increase the opportunity cost of investing in bullion. This trade battered gold over the past year, and has also kept its outlook largely uncertain. Still, expectations of a slowdown in the global economy have kept alive some bidders for the yellow metal. Data due later in the day is expected to show the euro zone entering a technical recession in the third quarter. The ongoing Israel-Hamas war is also expected to feed some safe haven demand for gold, although traders began pricing in a much lower risk premium on the yellow metal over the past two weeks. Copper pressured by weak China data Among industrial metals, copper prices fell on Tuesday, facing continued pressure from weak Chinese economic data. Copper futures expiring December fell 0.3% to $3.6603 a pound. China, the world’s largest copper importer, saw a severe decline in new loans through October, data showed on Monday. The reading indicated that liquidity levels in the country were dropping off despite recent stimulus measures from the government. More economic cues from the country are on tap this week, with industrial production, retail sales and fixed asset investment readings due on Wednesday. https://www.investing.com/news/commodities-news/gold-prices-sink-below-1950-as-cpi-data-looms-3233176

2023-11-14 05:34

Copyrighted Image by: Reuters The cryptocurrency market has witnessed a significant upswing, with Bitcoin and Ethereum leading the charge. Bitcoin surged nearly 36% over the past month, surpassing $36,500, while Ethereum ascended over 32%, reaching above $2,050. This bullish momentum is largely attributed to the anticipated launch of Bitcoin and Ethereum exchange-traded funds (ETFs) by investment giant BlackRock (NYSE:BLK). The global crypto market cap now stands at $1.4 trillion, marking a robust increase in total volume by around 31% to $62.44 billion from the previous day. Bitcoin maintains its dominance with over 51% of the market share and a market cap exceeding $713.67 billion. Over the past week, Bitcoin appreciated nearly 5%, and Ethereum outperformed with a close to 9% rise, surpassing Bitcoin in weekly gains though trailing in monthly increments. Ethereum's market cap is noted at approximately $247.3 billion. Analysts at WazirX linked the recent surge in crypto markets to several key factors: They emphasized that for this bull run to be sustained, regulatory clarity is needed following the Grayscale vs SEC lawsuit. Additionally, heightened institutional participation is anticipated if BlackRock's ETFs receive approval. A consistent flow of positive news and an upbeat market sentiment are crucial to attract more retail investors. https://www.investing.com/news/cryptocurrency-news/bitcoin-and-ethereum-rally-on-blackrock-etf-news-market-cap-soars-93CH-3233174

2023-11-14 05:23

In the dynamic world of digital currencies, investors have witnessed a mixed bag of performances over the past day. DAO Maker (DAO), a platform catering to Decentralized Autonomous Organizations, has seen its value appreciate by 4.2%, trading at $0.80 or 0.00002190 BTC as of Monday. This uptick is part of a broader 14% increase over the past week, bringing its market capitalization to $165.77 million. Contrasting this rise, OmniaVerse recorded a steep decline, dropping by 17.1%. Other cryptocurrencies such as KILT Protocol, Aidi Finance, Zoo Token, and CareCoin also experienced losses. KILT Protocol notably traded lower by 12.4%, at $0.42 or 0.00001164 BTC. Despite these downturns, some tokens bucked the trend. Kitty Inu saw a modest gain of 1.9%, with a trading value of $95.84 or 0.00338062 BTC, while Hokkaidu Inu also enjoyed an increase in value. Lego Coin remained stable in trading, and Jeff in Space experienced only a slight decrease. DAO Maker's performance stands out in the current market landscape. Launched on February 9th, 2021, DAO Maker has a total token supply of 274,810,687 and a circulating supply of 207,532,000 tokens. Although DAO Maker cannot be directly purchased with U.S dollars, interested investors can access it by first buying Bitcoin or Ethereum. https://www.investing.com/news/cryptocurrency-news/cryptocurrencies-display-mixed-results-with-dao-maker-rising-and-omniaverse-falling-sharply-93CH-3233169

2023-11-14 04:35

Copyrighted Image by: Reuters Investing.com-- Most Asian currencies crept lower on Tuesday, while the dollar clocked small gains before key U.S. inflation data that is expected to determine the path of monetary policy. Concerns over China also weighed on regional sentiment, as data showed a further slowdown in lending activity in the country through October. This saw the yuan fall 0.1%, coming close to the 7.3 level against the dollar. Chinese readings on industrial production and fixed asset investment are also due this week. The Japanese yen hovered around its weakest level in a year against the greenback, although further losses in the currency were stifled by Japanese authorities once again warning that they will intervene in foreign exchange markets. The yen saw a sharp reversal from recent losses on Monday, spurring some speculation that the government may have already intervened to support the currency. Weakness in the currency- which was close to a 32-year low, had triggered billions of dollars worth of intervention by the government in mid-to-late 2022. Broader Asian currencies retreated, although trading volumes were somewhat dull on account of several regional holidays. The South Korean won lost 0.5%, while the Australian dollar fell 0.1%, tracking data that showed further deterioration in Australian consumer sentiment in early-November. The reading presents a weak outlook for the Australian economy, particularly that retail spending will slow during the shopping-heavy holiday season. The Indian rupee traded sideways in holiday trade, hovering near record lows after data showed Indian consumer price index (CPI) inflation grew more than expected in October. But the chance of more interest rate hikes by the Reserve Bank of India remained slim, given that the bank had signaled an extended pause in its rate hike cycle. The Thai baht was the worst performer in Southeast Asia, falling 0.4%, while the Malaysian ringgit lost 0.3%. Dollar inches higher with CPI data in focus The dollar index and dollar index futures both rose 0.1% in Asian trade, steadying after rebounding from six-week lows over the past week. Markets were focused squarely on U.S. CPI data for October, due later in the day. The reading is expected to show some cooling after two straight months of beating expectations. The CPI data will be pivotal for markets this week, given that it comes after several Fed officials warned that sticky inflation could see the central bank hike rates even further. Any signs of sticky inflation is likely to ramp up bets on more rate hikes by the Fed- a scenario that bodes well for the dollar but poorly for Asian markets. Most Asian currencies were trading lower for 2023 due to fears of higher U.S. rates. https://www.investing.com/news/forex-news/asia-fx-weakens-dollar-creeps-higher-before-inflation-data-3233156

2023-11-14 02:01

Copyrighted Image by: Reuters. Investing.com - Oil markets managed to stay in the black for a fourth day in a row as data showed US inflation moderated in October, cooling expectations for another rate hike before the year-end. New York-traded West Texas Intermediate, or WTI, crude for December delivery, settled flat at $78.26 per barrel after a 3.8% rise over three past sessions. For last week though, WTI ended down 4.1%, after prior back-to-back weekly losses 6% and 3%. The US crude benchmark also tumbled 11% for October. As WTI settled, UK-origin Brent crude’s most-active January contract was also flat at $82.52 per barrel, after a near 3.8% gain over the past three sessions. Still, Brent finished last week down 3.8%, after prior weekly losses of 6% and 2%. The global crude benchmark also lost 11% in October. Cooling US inflation helps oil prices US inflation was flat in October, moderating rate hike forecasts, as unchanged price growth for last month prompted investors to bet that the Federal Reserve would be less inclined to tighten monetary policy before the year end. It was the first unchanged reading in the so-called Consumer Price Index, or CPI, in more than a year and came after a 0.4% rise in September. Economists on Wall Street had initially bet on the CPI to rise 0.1% for October. In the 12 months through October, the CPI gained 3.2% after rising 3.7% in September. Economists forecast a 3.3% increase year-on-year. Inflation hit a four-decade high of 9.1% in the 12 months to June 2022. To fight inflation, the Fed hiked interest rates 11 times between March 2022 and August 2023, raising them by 5.25% from a base rate of just 0.25%. The central bank is scheduled to decide on rates again at a policy meeting in December. Until a week ago, Fed Chairman Jerome Powell had appeared to be leaning towards a hike. But the flat CPI reading for October seemed to change this. “The odds of a December hike have been completely erased,” economist Adam Button wrote on the ForexLive forum. Oil gets surprise boost from EIA forecast Crude prices also got a surprise boost from a supply-demand forecast issued by the Paris-based International Energy Agency, or IEA — a consumer-based organization which is often at loggerheads with the producer-based OPEC, or Organization of the Petroleum Exporting Countries. The IEA lifted its 2023 growth forecast to 2.4 million barrels per day, or bpd, from 2.3 million. For 2024, it raised the forecast to 930,000 bpd from 880,000 bpd. That IEA forecast came a day after OPEC boosted its forecast for 2023 global oil demand growth and stuck to its relatively high projection for 2024. Market participants were also on the lookout for U.S. weekly oil inventory data, due after market settlement from API, or the American Petroleum Institute. The API will release at approximately 16:30 ET (21:30 GMT) a snapshot of closing balances on U.S. crude, gasoline and distillates for the week ended Nov. 10. The numbers serve as a precursor to official inventory data on the same due from the U.S. Energy Information Administration on Wednesday. For last week, analysts tracked by Investing.com expect the EIA to report a crude stockpile drop of 0.3 million barrels, versus the 0.774-million barrel build reported in the prior week. On the gasoline inventory front, the consensus is for a draw of 0.838M barrels over the 0.065M-barrel gain in the previous week. Automotive fuel gasoline is the No. 1 US fuel product. With distillate stockpiles, the expectation is for a drop of 1.484M barrels versus the prior week’s deficit of 0.792M. Distillates are refined into heating oil, diesel for trucks, buses, trains and ships and fuel for jets. https://www.investing.com/news/commodities-news/oil-prices-inch-higher-with-us-inflation-eu-recession-in-focus-3233134