2023-11-11 15:31

Copyrighted Image by: Reuters. The US dollar crisis in Bangladesh has intensified as the open market rate soared to Tk128 per dollar Today, a sharp increase from the rate earlier in the week. Despite the Bangladesh Bank's (BB) stringent directives and warnings of harsh penalties for non-compliance, banks and money changers continue to bypass BB's fixed exchange rates, leading to a surge in illegal currency trading. On Wednesday, the dollar was already trading significantly above the central bank's set rates, fetching Tk124 in the open market compared to the BB's buying and selling rates of Tk113.75 and Tk115.25, respectively. The gap between official and actual market rates has widened, with reports of illegal transactions occurring in busy commercial areas like Motijheel, Dilkusha, Paltan, and Fakirapool. BB spokesperson Mezbaul Haque confirmed that BB had issued warnings and threatened severe punishment for financial institutions that disregarded the official rates. However, these measures have not deterred black market activities, as confirmed by Heller Sikder from the Money Changers Association of Bangladesh. Customers have been left with no choice but to turn to unauthorized dealers who demand exorbitant rates due to the scarcity of dollars at legal exchange points. This financial turmoil comes amidst aviation news where Jin Air, an affiliate of Korean Air group, has shown interest in establishing regular direct flights between Bangladesh and South Korea. This move follows Jin Air's successful operation of 121 direct chartered flights over three years between Dhaka and Incheon. The airline's commitment to maintain fair pricing for Bangladeshi expatriate workers even with higher operational costs highlights its dedication to serving the Bangladesh-South Korea route. The escalating dollar price in Bangladesh's open market poses a significant challenge to the country's financial stability. Authorities are under pressure to curb illegal trading practices and align market operations with official guidelines to prevent further economic strain. https://www.investing.com/news/forex-news/bangladesh-grapples-with-soaring-dollar-prices-amid-illegal-trading-93CH-3231426

2023-11-11 15:13

In a significant development for Fetch.AI, the artificial intelligence-focused cryptocurrency, its price soared over $0.45 today, marking a notable 10% increase within half a day. This surge in value also represents a doubling of its price over the past month, reaching heights last seen in early February 2023. The catalyst behind this rapid appreciation is the release of Fetch.ai Wallet 0.17, which introduced several key features enhancing its functionality and appeal to users. The update brings interoperability with the Ethereum and Cosmos ecosystems through the Axelar native bridge, a move that broadens the potential use cases and accessibility of Fetch. AI. Additionally, the new wallet version offers customizable RPC (NYSE:RES) endpoints for manual network connections and an intelligent gas calculation module designed to facilitate more efficient swaps and liquidity-providing decisions. This wallet upgrade has not only had a positive impact on Fetch.AI's price but also contributed to an upswing in the broader AI cryptocurrencies segment. The net capitalization of this market segment witnessed a 10.6% increase in the last day alone, pushing its total valuation beyond the $3.89 billion mark. Fetch.AI's momentum is further bolstered by its recent attainment of Gold Sponsor status for the upcoming AI Summit New York, scheduled for December 6-7, 2023, at the Javits Center. The team is set to showcase their innovations at booth 241, where they will likely engage with industry peers and potential users, potentially furthering investor interest and adoption of their technology. The convergence of these strategic developments indicates a period of robust growth for Fetch.AI as it strengthens its position within the AI and blockchain sectors. https://www.investing.com/news/cryptocurrency-news/fetchai-price-jumps-10-as-wallet-update-fuels-growth-93CH-3231418

2023-11-11 14:59

Copyrighted Image by: Reuters. In a recent revelation, Gazprom (MCX:GAZP)'s CEO, Aleksey Miller, stated that contrary to the claims of several European nations, Russian gas is still being supplied to the EU. The disclosure was made during an interview on the show Kremlin. Putin, where Miller clarified that the gas reaches Europe through a Ukrainian route and is distributed after reaching Austria's Baumgarten hub. The statement by Miller comes at a time when European countries have been vocal about reducing their reliance on Russian energy. Earlier this year, top EU officials had asserted their progress in diminishing dependence on Russian gas following the Nord Stream pipeline destruction in 2022 and the subsequent supply challenges. The EU's rejection of Moscow's demand for fuel payments in rubles further strained relations and led to a significant drop in Russian gas imports. In response to the cut in Russian supplies, the EU emerged as the largest global buyer of liquefied natural gas (LNG), with the United States stepping up as a key LNG exporter to the market. Despite these efforts, Miller’s recent comments indicate that Russian gas has not been entirely phased out from the European market. Miller further detailed that the continued supply of Russian gas to Europe is facilitated via infrastructure at the Russian compression station of Soudja, which then transits through Ukraine. This route remains active despite earlier claims suggesting a cessation of Russian gas deliveries. In addition to this, Miller disclosed that certain unnamed EU nations continue to receive Russian gas supplies due to binding agreements, particularly prevalent in southern and southeastern Europe. He suggested that tracing the gas's actual destination is complex due to its lack of "national coloring". He revealed that under existing contracts, Russian gas is being supplied especially to countries in south and southeast Europe. The ongoing situation underscores the complexities of Europe's energy landscape and its continued entanglement with Russian energy resources. While efforts to achieve energy independence persist, the recent statements by Gazprom's CEO highlight that the transition away from Russian gas may be more gradual than previously communicated by EU officials. In response to 2022's EU sanctions, Russia demanded payment for their gas in rubles, causing a reduction in Russian gas supplies to the EU market. Consequently, the EU ramped up its liquefied natural gas (LNG) purchases, becoming the world’s largest buyer by the end of the year. The US emerged as a significant LNG exporter to the EU, while Russia increased its LNG shipments by 20%. These facts emerge as the EU strives to decrease their dependence on Russian fuel following Russia's military operation in Ukraine in February 2022. Despite these geopolitical tensions, and public renouncements from certain European nations, they continue to import Russian gas due to binding agreements, reinforcing Miller's assertions about the ongoing supply of Russian gas to Europe. In an interview with Rossiya 1 reporter Pavel Zarubin on Saturday, Miller confirmed that Russian gas continues to be exported under existing contracts to European nations, including those in southern and southeastern Europe, despite their official refusal. This information underscores the complex dynamics of the European energy landscape against the backdrop of military operations initiated by Russia in Ukraine in February 2022. The EU's attempt to limit Russia's fuel export income in response to this has led to a sharp surge in gas prices across the EU region. InvestingPro Insights In light of the recent developments, InvestingPro provides some insightful data and tips for Gazprom (GAZP). As of the last twelve months of Q4 2022, Gazprom has a market cap of 43178.74M USD and trades at a low earnings multiple with a P/E ratio of 3.32. This data suggests Gazprom's strong financial standing despite the ongoing geopolitical tensions. InvestingPro Tips highlight Gazprom's impressive gross profit margins, which stood at 76.02% for the last twelve months of Q4 2022. This aligns with Gazprom's status as a prominent player in the Oil, Gas & Consumable Fuels industry. Furthermore, Gazprom's liquid assets exceed its short-term obligations, indicating a healthy financial position. However, it's worth noting that Gazprom does not pay a dividend to shareholders. This could be a crucial factor for potential investors to consider. For more in-depth insights and additional tips, consider exploring the InvestingPro platform, which currently lists eight valuable tips for Gazprom. https://www.investing.com/news/commodities-news/gazprom-ceo-confirms-russian-gas-still-flows-to-eu-via-ukraine-93CH-3231421

2023-11-11 13:21

Copyrighted Image by: Reuters. Bitcoin's price has soared to an 18-month peak, spurred by a potent mix of market dynamics and regulatory developments. The cryptocurrency eclipsed the $37,000 mark on Thursday, reaching a high of $37,073 at 7:47 am Eastern Time. This rally was propelled by the market's anticipation of the U.S. Securities and Exchange Commission (SEC) approving multiple spot Bitcoin exchange-traded funds (ETFs). The fervor around potential SEC approval has been building, with the regulatory body set to decide on fund managers' offerings by November 17. However, even with this deadline in sight, the launch of these ETFs could face delays. The excitement reached its zenith when Bitcoin futures peaked at $37,450 at 5:22 am ET on the Chicago Mercantile Exchange (CME). Investors and analysts alike have been closely monitoring the situation. Notably, Grayscale is engaging with the SEC to convert its Bitcoin Trust into an ETF, adding further momentum to the bullish sentiment. The possibility of a physical backing for spot Bitcoin ETFs introduces a new layer to cryptocurrency investment, potentially attracting more institutional investors. This surge in price has not been without its volatility. Following a period of profit-taking, Bitcoin's price experienced a swift decline below $37,000. This price movement was accompanied by significant liquidations across Asian exchanges like BitMEX and OKEx, where approximately $78.44 million worth of Bitcoin shorts were wiped out within 24 hours. Adding to the complexity of the market landscape are concerns voiced by prominent figures like Arthur Hayes and Samson Mow. Hayes raised alarms over a potential BlackRock-managed Bitcoin ETF that could lead to a "Bitcoin bifurcation," while Mow pointed out the implications of institutional investors' focus on Bitcoin. Despite these concerns, the bullish trend appears to be underpinned by Bitcoin's four-year halving cycle and intense speculation over the SEC's green light for a Bitcoin ETF. Binance has also stirred up investor interest by offering a $100 bonus to new registrants, further fueling market activity. As traders and investors navigate this dynamic environment, they remain keenly aware that short selling can paradoxically cause sharp price increases when there is an asset shortage. This scenario played out recently when short sellers were forced to buy more to cover their positions during early Asian trading hours on Friday, leading to nearly $50 million being liquidated in just four hours. The crypto market continues to evolve with these developments, as stakeholders eagerly await the SEC's decision and its impact on the future of Bitcoin investing. https://www.investing.com/news/cryptocurrency-news/bitcoin-surges-to-18month-high-amid-etf-anticipation-93CH-3231394

2023-11-11 13:17

Copyrighted Image by: Reuters. In a recent surge within the cryptocurrency market, Bitcoin is closing in on the $40,000 mark, bolstered by growing optimism from Wall Street. This rally is part of a broader upswing in the crypto sector, identified as a significant $17.7 trillion opportunity by market strategists. The momentum gained additional thrust following BlackRock (NYSE:BLK)'s surprising move to apply for an Ethereum spot Exchange-Traded Fund (ETF), which led to a short squeeze in Ethereum. Markus Thielen of Matrixport highlighted that this period poses challenges for crypto skeptics, as the market reacts to BlackRock's initiative. The financial giant's application comes on the heels of its bitcoin spot ETF filing in June 2023, signaling a potential trend where other firms may follow suit with their own crypto ETF filings. Despite recent difficulties faced by the wider crypto market, including waning interest in web3 and Non-Fungible Tokens (NFTs), industry experts remain optimistic about the future of cryptocurrencies. Simon Peters from eToro expressed confidence that an approved spot ETF could elicit a positive market response. Moreover, the U.S. Securities and Exchange Commission's (SEC) ongoing dialogues with Grayscale about converting its bitcoin trust into a spot ETF is seen as a step toward increased mainstream financial acceptance of digital currencies. This engagement with one of the largest digital asset managers indicates a growing institutional interest in incorporating cryptocurrencies into traditional investment vehicles. As Wall Street's influence appears to be injecting new life into the crypto markets, investors and enthusiasts alike are closely watching regulatory developments and their potential impact on future valuations and adoption of cryptocurrencies. https://www.investing.com/news/cryptocurrency-news/bitcoin-approaches-40000-amid-wall-streetdriven-crypto-rally-93CH-3231395

2023-11-10 21:05

Amidst a backdrop of regulatory uncertainty, the crypto market experienced a notable upswing Today, with leading cryptocurrencies such as Bitcoin, Ethereum, and Dogecoin capturing gains. This upward momentum, which began in mid-October, has been largely fueled by investor anticipation surrounding new investment vehicles like BlackRock (NYSE:BLK)'s proposed Ethereum and Bitcoin exchange-traded funds (ETFs). The lack of clear guidelines from the U.S. Securities and Exchange Commission (SEC) and Congress has not dampened the enthusiasm for digital assets. Instead, the potential introduction of ETFs by a major player such as BlackRock has provided a boost to market sentiment. Investors are seemingly engaging in the classic "buy the rumor, sell the news" trading pattern, snapping up cryptocurrencies in the hopes that these new products will lead to broader adoption and price increases. Further bolstering the market's confidence is the ongoing innovation within the blockchain space. Major companies like Visa (NYSE:V), Shopify (NYSE:SHOP), and MercadoLibre (NASDAQ:MELI) are actively testing blockchain technology for payment processing applications. These tests underscore the growing interest in blockchain's utility beyond mere speculation. Ethereum and Solana, blockchains with a focus on functionality such as smart contracts and decentralized applications, have particularly benefited from these developments. Their increased activity reflects a market that is not only interested in the investment opportunities cryptocurrencies provide but also in their potential to revolutionize various aspects of digital commerce and finance. https://www.investing.com/news/cryptocurrency-news/crypto-market-rallies-on-etf-anticipation-and-blockchain-payment-tests-93CH-3231311