2023-11-13 16:26

NEW YORK - The cryptocurrency market experienced a notable downturn at the start of the week, with most major digital currencies posting losses during Monday's morning trading session. Cardano (ADAUSD) led the decline, falling by 4.94% to hit 37 cents. A host of other significant cryptocurrencies followed suit, including Polygon (MATICUSD), Polkadot (DOTUSD), Ripple (XRPUSD), Dogecoin (DOGEUSD), Solana (SOLUSD), Uniswap (UNIUSD), and Bitcoin (BTCUSD), which saw its value decrease to $36,813.80. In a contrasting move, Ethereum (ETHUSD) stood out as the sole major cryptocurrency to buck the downward trend, registering a modest gain of 0.97% to reach $2,079.98. The ripple effect of the crypto market's performance was felt across related stocks. Key industry players such as Coinbase (NASDAQ:COIN) Global Inc., MicroStrategy Inc., Riot Platforms (NASDAQ:RIOT) Inc., Marathon Digital (NASDAQ:MARA) Holdings Inc., Block Inc., and PayPal Holdings Inc (NASDAQ:PYPL). all saw their shares retract, with losses ranging from 0.35% to 6.14%. Notably, Riot Platforms' shares declined by 4.84%, Marathon Digital's fell by 5.05%, PayPal Holdings dipped 1.00% to $54.23, and Block Inc.'s shares decreased by 0.68% to $51.15. Coinbase Global Inc.'s stock also took a hit, dropping by 3.27%. In contrast, Tesla (NASDAQ:TSLA) Inc.'s shares managed to climb slightly by 0.60% to $215.93. Other tech companies with ties to cryptocurrency and blockchain technology had mixed outcomes. NVIDIA Corp (NASDAQ:NVDA).'s stock edged up by 0.20% to $484.34, while Advanced Micro Devices (NASDAQ:AMD) Inc. declined by 1.59% to $116.70, and Ebang International Holdings Inc.'s shares fell by 2.38%. Investors tracking funds associated with digital assets also navigated through a sea of red as both the Amplify Transformational Data Sharing ETF and the Bitwise Crypto Industry Innovators ETF recorded declines of 2.13% and 4.10%, respectively. The Grayscale Bitcoin Trust was not spared either, witnessing a fall of 1.71%. The overall downturn in the crypto market and related sectors reflects broader trends impacting investor sentiment and valuations within this volatile asset class. https://www.investing.com/news/cryptocurrency-news/cryptocurrencies-slide-with-cardano-leading-the-drop-ethereum-bucks-the-trend-93CH-3232738

2023-11-13 16:02

NEW YORK - Tether, the company behind the widely used USDT stablecoin, has recently increased its token issuance, adding 2 billion USDT to its inventory on the Ethereum and Tron blockchains. The latest minting activities occurred on Thursday and Friday, with 1 billion USDT issued on each platform. This move aligns with Tether's practice of responding to market demand and precedes the launch of five innovative projects slated for 2024 aimed at challenging established Web2 services. The cryptocurrency firm has had a dynamic year, with significant token minting and burning events. In March, Tether minted an eye-catching 9 billion USDT, followed by an additional 3 billion in April. From June through July, it introduced another 3.75 billion USDT into circulation. However, Tether also engaged in coin burning to reduce supply, destroying 1.2 billion Tron USDT in August and a substantial 2 billion Ethereum USDT earlier in February. These actions come after several banks such as Silicon Valley Bank, Silvergate, and Signature Bank (OTC:SBNY) halted operations earlier in the year. Tether faced allegations regarding exposure to these banks but firmly denied any connections. Looking forward, Tether's CEO Paolo Ardoino has announced ambitious goals for the upcoming year. In 2024, the company plans to unveil five disruptive initiatives intended to replace popular centralized Web2 services. These projects reflect Tether's strategic direction towards innovation and potential market expansion. Overall, Tether's aggressive minting strategy has seen a total of 22.75 billion USDT created this year alone, with the majority being issued on the Tron blockchain. Despite this expansion, the company continues to adjust its supply actively, balancing market needs with operational stability. https://www.investing.com/news/cryptocurrency-news/tether-issues-2-billion-usdt-amid-plans-for-2024-projects-93CH-3232694

2023-11-13 15:24

Copyrighted Image by: Reuters NEW YORK - Bitcoin investors faced a setback today as the cryptocurrency retreated to $36,880, erasing the 5% gains achieved over the past week. The digital currency briefly touched $37,900 on Wednesday, marking its first approach to the $38,000 threshold since May 2022. However, the anticipation of upcoming US CPI data and a speech by Federal Reserve Chair Jerome Powell prompted a more cautious stance among traders. The expected October Headline CPI is anticipated to show a modest rise of only 0.1% month-over-month, a sharp decline from the 0.4% increase seen in September. This projection has contributed to a sideways trend in Bitcoin as market participants navigate the uncertainty. Typically, higher inflation rates lead to increased selling pressure on risk assets like Bitcoin due to concerns over purchasing power and economic stability. Jerome Powell's recent remarks did not exclude further interest rate hikes to maintain price stability, yet investors seem to be betting that the Federal Reserve may pause additional increases for the time being. The Core CPI inflation rate, which strips out volatile items such as food and energy, is expected to remain high at an annual rate of 4.1% and a monthly rate of 0.3%, it could have a positive effect on equities while putting pressure on the US Dollar. Bitcoin's price fluctuations are often influenced by macroeconomic indicators, which can cause short-lived volatility in its market value. At the time of reporting, Bitcoin's price stood at $36,929 on Binance, reflecting the market's sensitivity to economic releases and central bank policies. https://www.investing.com/news/cryptocurrency-news/bitcoin-retreats-from-38000-peak-as-cpi-data-looms-93CH-3232607

2023-11-13 15:08

Copyrighted Image by: Reuters. LONDON - Lloyds Banking Group (LON:LLOY) has sounded the alarm over a significant increase in cryptocurrency investment scams, with a 23% surge reported this year compared to 2022. British investors have been particularly hard-hit by these fraudulent schemes, with average losses per victim climbing to £10,741, up from £7,010 last year. Scammers have been leveraging social media platforms like Instagram and Facebook (NASDAQ:META) to execute their frauds, accounting for 66% of all investment scams reported. These platforms have become fertile ground for tactics such as bogus ads, fake celebrity endorsements, and direct messaging campaigns that target individuals, especially those between the ages of 25 and 34. This demographic is often enticed by the allure of quick wealth through cryptocurrency investments. Organized criminal groups are behind these sophisticated scams, continuously refining their approaches to exploit trends and deceive investors. Victims typically make approximately three payments over the span of 100 days from the first transaction before recognizing they've been duped. By this time, the chances of recovering lost funds are slim. Moreover, Revolut has been identified as the most common service for scam payments made by Lloyds Bank customers before the money is transferred elsewhere. The issue is further compounded by victims having legitimate accounts on trading platforms like Coinbase (NASDAQ:COIN) or Binance. These platforms' relatively relaxed account opening procedures make it easier for fraudsters to establish accounts in the victims' names or for victims themselves to be tricked into sharing login details or control of their digital wallets. Liz Ziegler, Lloyds Bank's fraud prevention director, has highlighted the high-risk nature of cryptocurrencies and their lack of regulation. She expressed concern over social media companies' roles in facilitating these scams and criticized them for not doing enough to protect users or offer refunds when their platforms are used for fraudulent activities. The bank's alert serves as a stark reminder of the dangers associated with unregulated investment opportunities and the importance of vigilance in online financial transactions. InvestingPro Insights InvestingPro's real-time data provides additional insight into Lloyds Banking (NYSE:LYG) Group's financial performance. The bank's market capitalization stands at a robust $32.08 billion USD as of Q3 2023. Its Price/Earnings ratio, a commonly used metric to assess a company's valuation, is relatively low at 4.23, indicating that the bank's shares may be undervalued. Furthermore, the bank has demonstrated strong revenue growth, with a rate of 38.49% over the last twelve months as of Q3 2023. Turning to InvestingPro Tips, there are a couple of key points that align with the bank's performance. Firstly, Lloyds has been able to raise its dividend for 3 consecutive years, a positive sign for investors seeking income. Secondly, the bank is a prominent player in the banking industry, which is in line with its substantial market cap. However, it's worth noting that the bank suffers from weak gross profit margins, which could be a potential area of concern. For more detailed insights and additional tips, consider checking out the InvestingPro platform, which features a wealth of information to aid in your investment decisions. It's worth noting that InvestingPro offers a total of 7 tips for Lloyds, providing a more comprehensive overview of the bank's prospects. https://www.investing.com/news/cryptocurrency-news/lloyds-bank-reports-23-rise-in-crypto-investment-scams-93CH-3232587

2023-11-13 14:52

In light of recent changes to China's graphite export permits, industries worldwide are poised for potential supply chain disruptions. As the dominant player in the global graphite market, China's decision could lead to increased costs and a push for countries to diversify their sources of this crucial mineral used in battery production. China, which produced 850,000 tonnes of graphite in 2022 and controls over 90% of the refining process, has been integral to the supply chains of many developers and explorers in the sector. However, with the introduction of new export permits by the Chinese government, companies are now facing the reality of a more complex and potentially costly procurement process. This development comes as the United States actively seeks to bring critical supply chains onshore through legislation such as the Inflation Reduction Act (IRA). The IRA is designed to bolster domestic production capabilities, but the complexity inherent in graphite manufacturing presents significant challenges. In response to these market shifts, several Australian companies are making strategic moves. EcoGraf (ASX:EGR) plans to capitalize on its proprietary HFfree purification technology to produce battery anode material at its facility in Western Australia. Furthermore, EcoGraf aims to source high-purity graphite from Tanzania's Epanko project, indicating a strategic pivot towards alternative supply avenues. Similarly, Renascor Resources (ASX:RNU), with support from Mitsubishi Chemical, is progressing its Siviour project located on South Australia's Eyre Peninsula. The project's goal is to deliver purified spherical graphite necessary for lithium-ion batteries. Other Australian players are also advancing their positions. Kingsland Minerals (ASX:KNG) is moving forward with its Leliyn graphite project in the Northern Territory and is preparing for an initial resource estimate. iTech Minerals (ASX:ITM), with its Campoona project also situated on South Australia's Eyre Peninsula, boasts a battery-grade resource and has secured a mining lease. These developments signify a broader industry trend towards geographical diversification and technological innovation in response to shifting trade policies and market demands. Companies worldwide are closely monitoring these changes as they adapt their strategies in an evolving landscape where securing a stable supply of critical minerals like graphite is becoming increasingly important for technological advancement and energy transition. https://www.investing.com/news/commodities-news/chinas-graphite-export-policy-may-reshape-global-supply-93CH-3232575

2023-11-13 14:38

PALO ALTO - Mega Matrix Corp., a diversified company with interests in the cryptocurrency sector, has released its third quarter financial results today. The Palo Alto-based firm reported having $2.0 million in cash, $7.0 million in liquidity, and total assets valued at $9.0 million as of September 30. The company's shareholder equity stood at $10.3 million. The CEO of Mega Matrix Corp., Yucheng Hu, highlighted the company's Ethereum holdings, which increased from 2,978.8 ETH on September 30 to 3,113.5 ETH today, currently valued at approximately $6.3 million. In a strategic move to expand its crypto-business operations, Mega Matrix has initiated Solo-Staking with 1,600 ETH, which will enable the company to become fifty validators on the Ethereum network. Mega Matrix Corp.'s portfolio includes several subsidiaries focused on various aspects of the digital asset ecosystem: Saving Digital Pte., MarsProtocol Inc., Mega Metaverse Corp., Marsprotocol Technologies Pte., and JetFleet Management Corp. These entities collectively contribute to the company's footprint in the rapidly evolving crypto-business landscape. The initiative to engage in solo staking is indicative of Mega Matrix's commitment to leveraging blockchain technology and its potential financial benefits. Staking is a process that involves holding funds in a cryptocurrency wallet to support the operations of a blockchain network, and it often rewards participants with additional cryptocurrency. This move by Mega Matrix Corp. comes at a time when businesses across various industries are exploring ways to integrate blockchain technology and cryptocurrencies into their operations, seeking to capitalize on the innovative opportunities they present. https://www.investing.com/news/cryptocurrency-news/mega-matrix-corp-reveals-q3-financials-and-ethereum-staking-plan-93CH-3232550