2023-11-13 21:05

Investing.com - XRP was trading at $0.73822 by 16:04 (21:04 GMT) on the Investing.com Index on Monday, up 11.29% on the day. It was the largest one-day percentage gain since November 13. The move upwards pushed XRP's market cap up to $37.98496B, or 2.69% of the total cryptocurrency market cap. At its highest, XRP's market cap was $83.44071B. XRP had traded in a range of $0.64231 to $0.73827 in the previous twenty-four hours. Over the past seven days, XRP has seen a stagnation in value, as it only moved 0.99%. The volume of XRP traded in the twenty-four hours to time of writing was $1.74141B or 2.89% of the total volume of all cryptocurrencies. It has traded in a range of $0.6343 to $0.7383 in the past 7 days. At its current price, XRP is still down 77.56% from its all-time high of $3.29 set on January 4, 2018. Elsewhere in cryptocurrency trading Bitcoin was last at $36,745.3 on the Investing.com Index, down 1.05% on the day. Ethereum was trading at $2,082.25 on the Investing.com Index, a gain of 1.46%. Bitcoin's market cap was last at $718.48862B or 50.82% of the total cryptocurrency market cap, while Ethereum's market cap totaled $251.12688B or 17.76% of the total cryptocurrency market value. https://www.investing.com/news/cryptocurrency-news/xrp-climbs-11-in-bullish-trade-3232895

2023-11-13 18:38

Copyrighted Image by: Reuters. Gazprom (MCX:GAZP), Russia's state-controlled energy giant, is setting its sights on a 15-year strategy to bolster natural gas supplies to Kazakhstan and Uzbekistan. The company's CEO, Aleksey Miller, emphasized this long-term plan during a broadcast on Russia 1 TV Sunday, underscoring the move as part of Russia's broader strategy to expand its influence over the Central Asian energy sector. The initiative aims to cement Russia's role as a key energy supplier in the region through the Central Asia-Center (CAC) pipeline system. This pipeline extends nearly 5,000 kilometers from Turkmenistan to Russia and is poised to play a pivotal role in the proposed increase of gas supplies. Gazprom is working towards finalizing a cooperation contract by mid-2024 and expects that Russian gas deliveries to Central Asian markets could surge to approximately 20 billion cubic meters by the year 2030. Miller's announcement reflects Russia's commitment to enhancing energy security and fostering economic development within Central Asia. The proposed expansion via the CAC pipeline system is seen as a strategic move to strengthen regional integration and economic ties. By increasing natural gas supplies, Gazprom aims to drive sustainable growth and ensure stability throughout the region. This development comes at a time when Russia is actively seeking to diversify its energy partnerships and solidify its position as a world leader in natural resource exports. The long-term relationship with Kazakhstan and Uzbekistan marks a significant step in this direction, potentially transforming the dynamics of the Central Asian energy market and offering mutual benefits for all parties involved. InvestingPro Insights Gazprom, or GAZP, is a prominent player in the Oil, Gas & Consumable Fuels industry, with an impressive gross profit margin of 76.02% over the last twelve months as of Q4 2022, according to InvestingPro data. This aligns with the company's strategy to strengthen its role as a key energy supplier in the Central Asian region. An InvestingPro Tip worth noting is that GAZP is trading at a low earnings multiple, with a P/E ratio of 3.32. Additionally, the company's stock generally trades with low price volatility, which could be an attractive feature for investors seeking stability amidst the company's ambitious expansion plans. GAZP's market cap stands at 43,404.53M USD, with a revenue growth of 13.99% over the last twelve months as of Q4 2022. This growth, coupled with the company's liquidity situation where liquid assets exceed short term obligations, paints a promising financial picture for the energy giant. For those interested in more comprehensive insights, InvestingPro offers numerous additional tips and real-time metrics for Gazprom and many other companies. https://www.investing.com/news/commodities-news/gazprom-aims-for-15year-gas-supply-deal-with-kazakhstan-uzbekistan-93CH-3232830

2023-11-13 18:36

Copyrighted Image by: Reuters JPMorgan Chase (NYSE:JPM) has expressed skepticism about the recent surge in bitcoin prices and the optimistic sentiment surrounding the potential approval of spot Bitcoin ETFs. The bank's analysts noted that, despite bitcoin's impressive 38% monthly climb to $37,000 and a year-to-date increase of 122%, the approval of Bitcoin ETFs is unlikely to attract fresh capital into the market. Instead, they expect a redistribution of investments from existing Bitcoin products to any newly approved ETFs, as has been the case in Canada and Europe. The caution from JPMorgan comes on a day when bitcoin continues to ride a bull market wave, with its price reaching notable highs. However, the bank warned that most bullish catalysts appear to have already been priced in, suggesting there might be a higher chance of a market downturn rather than continued growth. Adding to their cautious stance, JPMorgan analysts pointed out that regulatory challenges persist in the largely unregulated crypto sector. They referenced recent comments by SEC Chairman Gary Gensler, who has consistently voiced concerns over fraud within the industry. This stance was reinforced by pro-crypto Congressman Tom Emmer, particularly in light of incidents such as the FTX fraud case, which could shape legislative perspectives on cryptocurrency regulation. Moreover, the bank's report comes after Ripple CEO Brad Garlinghouse shared a hopeful outlook for more lenient crypto regulations following his company's legal successes against the SEC. JPMorgan, however, remains doubtful about any significant regulatory relaxation in the near future. https://www.investing.com/news/cryptocurrency-news/jpmorgan-warns-of-overhyped-bitcoin-rally-amid-etf-speculation-93CH-3232829

2023-11-13 18:26

Copyrighted Image by: Reuters. Bitcoin's price dropped below $36,950 today as the cryptocurrency market remained on edge in anticipation of this week's key macroeconomic data releases. The market's focus is on how these updates could influence risk-sensitive assets like cryptocurrencies. On the first trading day of the week, a bearish mood prevailed with Bitcoin falling around 1% to $36,784. CoinStats highlighted that if Bitcoin were to breach the support level of $36,343, identified by TradingView, it might trigger a correction pushing prices further down into the $35,500-$36,000 range. In contrast to Bitcoin's downturn, Ethereum showed resilience by climbing 1.68%. After rebounding from $2,029, Ethereum was trading at $2,091. This positive movement comes in the wake of BlackRock (NYSE:BLK)'s recent Ether ETF filing which has likely contributed to the bullish sentiment surrounding Ethereum. Other cryptocurrencies experienced mixed results; XRP mirrored Bitcoin's pattern with a 2.14% decline to $0.6477. Analysts suggest that if XRP closes near its critical level of $0.6283, it might see a further drop to approximately $0.60. The broader crypto market's sentiment was influenced last week by Federal Reserve Chairman Jerome Powell's remarks hinting at possible continued rate hikes. These comments tempered the initial optimism traders had regarding a pause in interest rate increases. The upcoming CPI inflation data and retail sales figures are highly anticipated as they are expected to significantly influence rate expectations. While Bitcoin struggles to maintain its ground and Ethereum gains slightly, other altcoins like Cardano have seen a 4% decrease. Polygon managed a 5% gain amidst this volatility. Memecoins such as Dogecoin and Shiba Inu did not escape the downturn, both experiencing declines of over 1%. https://www.investing.com/news/cryptocurrency-news/bitcoin-slips-below-36950-amid-cautious-market-eyeing-macroeconomic-data-93CH-3232824

2023-11-13 17:39

Copyrighted Image by: Reuters TORONTO - Shares of Calibre Mining Corp. and Marathon Gold Corp. experienced notable changes today after the companies announced their C$345 million merger. Calibre Mining saw its shares drop 13% to C$1.19, while Marathon Gold's shares climbed 9.4% to C$0.70. The merger comes at a time when Marathon's stock had already fallen nearly 40% year-to-date from its high of C$1.25. Despite this decline, the agreement between the two companies is set to facilitate the seamless construction of the Valentine Gold Project, located under Newfoundland and Labrador's jurisdiction. The project is expected to significantly boost gold production, with an anticipated output of around 500,000 ounces of gold in both 2025 and 2026. In addition to the Valentine Gold Project, the merger also promises exciting prospects for discovery in Nicaragua and Nevada operations. The combined entity aims for high-quality diversification, which is reflected in the ownership structure post-merger: Calibre shareholders will own approximately 66% of the new company, while Marathon shareholders will hold around 34%. This strategic consolidation is designed to create a more robust company with a stronger presence in the gold mining sector, leveraging both companies' assets and expertise. Investors have reacted to this news with mixed sentiment, as evidenced by the divergent movements in share prices for Calibre and Marathon today. InvestingPro Insights Drawing from InvestingPro's wealth of data and insights, we can shed further light on this merger. For Calibre Mining Corp (CXB), InvestingPro Tips highlights that the company yields a high return on invested capital and holds more cash than debt on its balance sheet. This financial stability could be a key factor in Marathon Gold Corp's decision to merge. From InvestingPro's real-time data, we see that Calibre's market cap stands at $402.94M with a promising P/E ratio of 4.51. In the last twelve months as of Q3 2023, Calibre experienced a significant revenue growth of 32.26%, indicating a strong financial performance. Turning to Marathon Gold Corp (MAW), InvestingPro Tips reveals that the company, similar to Calibre, holds more cash than debt on its balance sheet. Despite a declining trend in earnings per share, Marathon has seen a high return over the last year. The InvestingPro data for Marathon shows a P/E ratio of 25.85 as of Q2 2024, with a revenue of $382.75M. Despite a slight decrease in revenue growth, Marathon has maintained a healthy gross profit margin of 50.27%. These insights from InvestingPro, home to hundreds of additional tips and real-time data, provide a deeper understanding of the financial health and performance of both Calibre Mining Corp and Marathon Gold Corp. The merger of these two companies presents an intriguing development in the gold mining sector, and it will be interesting to track their progress in the coming years. https://www.investing.com/news/commodities-news/calibre-and-marathon-gold-shares-react-to-merger-news-93CH-3232796

2023-11-13 17:34

Copyrighted Image by: Reuters Bangladesh's central bank has reaffirmed its stance on maintaining a fixed exchange rate for the US dollar, as part of its ongoing efforts to stabilize the local currency and manage the dollar crisis that has intensified since the start of the financial year 2022-2023. Today, Bangladesh Bank (BB) engaged with representatives from leading foreign exchange entities, including Western Union (NYSE:WU) and MoneyGram, to reinforce a directive that caps the purchase rate of US dollars from remitters at Tk 116. The move follows a series of measures aimed at controlling the surging demand for US dollars in the country. BB governor Abdur Rauf Talukder announced transaction limits for money changers today, setting a buying price cap at Tk 115.5 and a selling price at Tk 117 each. This decision comes in response to recent fluctuations in the exchange rate, which saw the dollar surge to Tk 124 in banks and even higher to Tk 128 on the informal market between November 8 and 9. The volatility prompted intervention from BB, which held meetings with the Association of Bankers Bangladesh (ABB (ST:ABB)) and the Bangladesh Foreign Exchange Dealers' Association (BAFEDA). During these discussions, banks were mandated to comply with an interbank dollar rate set at Tk 111 by ABB and BAFEDA on November 8. However, money changers expressed difficulties in obtaining dollars at these rates, leading to a spill-over effect into the informal market where demand has significantly increased. https://www.investing.com/news/forex-news/bangladesh-central-bank-insists-on-fixed-dollar-rate-amid-currency-crisis-93CH-3232792