2023-11-10 06:06

Copyrighted Image by: Reuters. On Friday, Ethereum experienced a significant surge, surpassing the $2,000 resistance level with a more than 10% increase in just a few days. This growth was primarily driven by the rising popularity of decentralized finance (DeFi) applications, which are built on Ethereum's blockchain and provide various financial services without intermediaries. The anticipated Ethereum 2.0 upgrade also played a key role in this surge. The upgrade promises enhanced network scalability and security, sparking optimism among investors and leading to increased buying pressure on Ethereum. From a technical perspective, Ethereum's price was trading above $2,050 and the 100-hourly Simple Moving Average, indicating a positive trend supported by a short-term rising channel. However, the cryptocurrency faced a significant hurdle at the $2,135 resistance level. If it fails to overcome this resistance, it could lead to a downside correction with immediate support levels at $2,115 and $2,080 and main support at $2,000. The price surge followed Ethereum's milestone breakthrough on Thursday when it broke a key resistance level and witnessed a price surge of over 2%, ensuring the token's value stayed above $1,900 and traded at $1,914.42. Market indicators played crucial roles in these developments with the bullish Moving Average Convergence Divergence (MACD) indicating favorable market conditions and Bollinger Bands signaling high price volatility. Ethereum's Relative Strength Index and Chaikin Money Flow also remained high. Despite facing high selling pressure on Wednesday that led to a sharp drop in weighted sentiment during its rally, data from CryptoQuant on Thursday showed optimism with high active addresses and transferred volume for Ethereum. In the derivatives market, dominant buying sentiment was indicated by a green funding rate and taker buy/sell ratio. Cubic (NYSE:CUB) Analytics confirmed these developments as a milestone breakthrough for the cryptocurrency. https://www.investing.com/news/cryptocurrency-news/ethereum-surges-past-2000-resistance-level-influenced-by-defi-popularity-and-impending-upgrade-93CH-3230016

2023-11-10 05:35

Copyrighted Image by: Reuters Investing.com-- Gold prices fell slightly on Friday and were set for steep weekly losses after a string of hawkish comments from Federal Reserve officials saw markets rethink bets for a pause in more interest rate hikes. Diminishing safe haven demand, in the face of waning concerns over the Israel-Hamas war, also kept appetite for gold largely muted. After a 10% jump in October, gold prices were hit with a heavy degree of profit taking in early-November, pulling the yellow metal to over three-week lows this week. But prices still remained around the mid-$1900 mark. Spot gold fell 0.1% to $1,957.01 an ounce, while gold futures expiring in December fell 0.4% to $1,961.90 an ounce by 00:11 ET (05:11 GMT). Both instruments were set to lose about 2% this week- their worst week since late-September. Still, gold prices had seen some gains on Thursday after a disappointing Treasury auction spurred more selling in government bonds, with some traders pivoting into gold. But a corresponding spike in Treasury yields kept any gains in gold limited. Hawkish Powell pushes up dollar, yields The dollar rebounded from six-week lows this week, following a string of hawkish comments from Fed officials. Chair Jerome Powell warned on Thursday that the Fed remained unconvinced that monetary policy remained sufficiently restrictive, and also warned that sticky inflation could invite more rate hikes. His comments came on the heels of several similar comments from other Fed officials, which had chipped away at gold prices through the week. Expectations for an end to the Fed’s rate hike cycle rose substantially last week after traders interpreted Powell’s comments at a meeting as seemingly less hawkish. While a bulk of these bets still persisted, markets now grew less confident that the bank will trim rates by a wide margin in 2024. High interest rates bode poorly for gold, given that they push up the opportunity cost of investing in bullion. This trade has kept any major gains in gold limited, and with the Fed set to keep rates higher for longer, the near-term outlook for the yellow metal remained uncertain. Copper set for weekly losses as China sentiment worsens Among industrial metals, copper prices fell slightly on Friday, and were headed for their first weekly loss in three after a string of disappointing economic readings from China. Copper futures expiring in December fell 0.1% to $3.6303 a pound, and were set to lose 1.4% this week. China- the world’s biggest copper importer- slipped into disinflation territory for the second time this year, data showed on Thursday. This data was preceded by disappointing trade readings, which pointed to more headwinds for China’s biggest economic engines. https://www.investing.com/news/commodities-news/gold-prices-dip-set-for-2-weekly-loss-amid-hawkish-fedspeak-3230001

2023-11-10 05:27

Copyrighted Image by: Reuters The rise of Bitcoin and other cryptocurrencies in the digital era has significantly impacted the online gambling industry. Today, top platforms like Lucky Block, Mega Dice, TG.Casino, BC.Game, BetPanda, Wild.io, Metaspins, Heybets, Vave, and Flush.com are leading the charge in this transformation. These casinos offer attractive bonuses, a straightforward registration process, unmatched transaction speeds, and provably fair games. Bitcoin casinos have gained popularity for their versatility in accepting different cryptocurrencies. For instance, Lucky Block is renowned for its cryptocurrency versatility while Mega Dice offers an extensive game library. TG.Casino operates within Telegram while BC.Game provides swift transaction processes. BetPanda provides diverse gaming options but has been criticized for lacking operational transparency. Wild.io offers a varied game assortment, Metaspins supports multiple cryptocurrencies, and Heybets integrates cryptocurrency seamlessly. Vave Casino and Flush Casino also support various cryptocurrencies. To engage with these platforms, users create an account, link their wallet to their profile, select their preferred cryptocurrency as their payment method, and commence gaming. The use of digital tokens expedites payment processing and facilitates quick reward conversion to the player's preferred token. This process also frees players from the high processing fees associated with fiat currency. Crypto casinos offer unique incentives such as Non-Fungible Tokens (NFTs) and other intrinsic token rewards accessible later. The decentralized nature of Bitcoin ensures enhanced security, fostering player trust. Unlike traditional fiat casinos that impose transaction fees and daily limits, crypto casinos do not have these limitations. However, the stability of fiat currencies contrasts with the volatility of cryptocurrencies. While traditional casinos depend on financial institutions for security, digital casinos leverage decentralization for superior security. The processing time for payments and withdrawals is shorter in digital casinos but may require some level of expertise. Therefore, before engaging with any casino site, it's advisable for players to verify its legitimacy to ensure fairness and security. The online gambling scene is projected to reach a market size of $37.9 billion by the end of 2023, largely driven by the burgeoning digital economy and the adoption of cryptocurrencies. As such, the rise of Bitcoin casinos signifies a significant shift in the industry, offering players lower transaction fees and an enhanced gaming experience. https://www.investing.com/news/cryptocurrency-news/bitcoin-casinos-revolutionize-online-gambling-offering-swift-transactions-and-security-93CH-3229997

2023-11-10 05:16

Crypto influencer, Crypto Eri, has issued a cautionary note on Twitter about the potential initial public offering (IPO) of blockchain payment protocol company, Ripple. The warning came on Sunday, November 5, 2023, drawing comparisons with similar firms such as Nium and Tranglo, both of which have recently delayed their own IPOs. Nium, despite launching Global FX, hinted at a delay in its IPO until the second quarter of 2025. Similarly, Tranglo postponed its public listing by six months, resulting in a 23% loss in trust cash. Crypto Eri contrasted these circumstances with the recent disappointing IPO of Nubank, a fintech company backed by Warren Buffett. Nubank's share price plummeted 23% following its token launch. This sentiment was supported by a study indicating a 60% value crash in the largest IPOs of 2021. In their tweet, Crypto Eri suggested that improved market conditions might encourage private unicorns like Ripple to go public. However, they also referenced a statement from Ripple's CEO indicating that an early 2024 IPO would be impractical. To accurately value companies planning for an IPO, Crypto Eri provided a checklist that includes factors such as cash balance, debt, and the value of the investment portfolio. This comes as a valuable tool for investors amidst the current turbulent market conditions. The recent trend of delayed and depreciating IPOs raises questions about the viability of upcoming public listings for companies operating within the crypto and fintech sectors. With Ripple's potential IPO under scrutiny, it remains to be seen how the company will navigate these choppy waters. https://www.investing.com/news/cryptocurrency-news/ripples-potential-ipo-faces-scrutiny-amid-market-turbulence-93CH-3229990

2023-11-10 05:02

Copyrighted Image by: Reuters Riot Platforms (NASDAQ:RIOT) Inc., a leading company in the cryptocurrency industry, has reported significant gains in its Q3 financial results, released on Tuesday. The company's strategic growth and operational efficiencies have led to increased Bitcoin production and lower mining costs, with revenue growing from $46.3 million to $51.9 million year-on-year. Riot mined 1,106 Bitcoins at a cost of $5,537 each, significantly below the industry average. These figures demonstrate Riot's position as a leader in low-cost Bitcoin production. The company also holds $290 million in cash reserves and a large Bitcoin stockpile. The total revenue was constituted by $31.2 million from Bitcoin mining, $5.1 million from Data Center Hosting, and $15.5 million from Engineering revenue. Despite a strategic shift from legacy contracts causing a dip in Data Center Hosting revenue, the engineering sector maintained steady income. In Q3, Riot expanded its Bitcoin yield and improved liquidity through strategic stock offerings. It raised $100 million by selling 10.2 million shares of common stock, strengthening its position ahead of the anticipated 'halving' event in the crypto mining sector. Riot Platforms also earned $49.6 million in power curtailment credits, demonstrating its innovative approach to cost management and efficiency maximization. These credits represent a significant increase from the $13.1 million earned in Q3 of the previous year, equivalent to approximately 1,757 Bitcoin. Despite facing infrastructure challenges such as the Texas winter storm damages, Riot has shown operational resilience and adaptability. The company projects a hash rate capacity of 12.5 EH/s for Q4 and beyond. To further enhance its operations, Riot entered into a long-term purchase agreement with MicroBT Electronics Technology Co., LTD for the deployment of 33,280 Bitcoin miners by mid-2024. This move could potentially increase Riot's self-mining hash rate capacity to 20.2 EH/s. However, the company recorded a net loss of $45.3 million for the quarter, including significant non-cash expenses like stock-based compensation, depreciation, and impairment of Bitcoin. Despite this, Riot's liquidity remains robust with $290 million in cash and 7,327 Bitcoin on hand, representing nearly $500 million in combined liquidity. Riot's ATM offering in August 2023 raised considerable capital with net proceeds of approximately $126.0 million from share sales during Q3 and an added $101.1 million post-quarter end. Adjusted EBITDA for Q3 2023 was reported as $31.6 million, showing significant growth from the same period in 2022. https://www.investing.com/news/cryptocurrency-news/riot-platforms-reports-increased-bitcoin-production-and-lower-costs-in-q3-93CH-3229986

2023-11-10 04:46

Copyrighted Image by: Reuters Investing.com-- Most Asian currencies moved in a flat-to-low range on Friday, while the dollar held on to recent gains as comments from Federal Reserve officials saw traders reassess expectations of no more interest rate hikes. Concerns over an economic slowdown in China also dented sentiment towards Asia, following a string of weak data prints for October. While the data pushed up hopes for more stimulus measures from Beijing, it pointed to sustained weakness in the yuan, which fell 0.1% and was headed for a muted weekly finish. Losses in the Japanese yen- which weakened past the 151 level to the dollar, put traders on edge over any intervention in currency markets by Japanese authorities. A dovish Bank of Japan was the biggest weight on the yen, as the central bank signaled few plans to wind down its ultra-dovish policy. Broader Asian currencies also moved little on Friday, with Australia’s dollar losing 0.1%. The Reserve Bank of Australia flagged more upside potential for inflation in a quarterly monetary policy review, reiterating its comments made after an interest rate hike earlier this week. But the Aussie was set to lose over 2% this week, after the RBA struck a somewhat dovish tone. The South Korean won rose 0.2%, while the Indian rupee hovered near record lows, although steeper losses in the rupee were somewhat eased by steep declines in oil prices. In Southeast Asia, the Singapore dollar traded sideways, while the Malaysian ringgit sank over 0.6%. Dollar strong, set for weekly gain after Powell speech The dollar index and dollar index futures moved little in Asian trade on Friday, but were set to add about 0.8% this week after a string of hawkish comments from Fed officials. Chair Jerome Powell said on Thursday that the Fed was still not convinced that monetary policy remained sufficiently restrictive, and warned that the bank stood ready to hike rates further, if necessary. His comments came after a string of other Fed officials presented a similar rhetoric, and saw markets reconsider expectations that the Fed was done hiking rates. Sticky inflation and resilience in the U.S. economy are expected to keep the Fed hawkish in the coming months. Expectations for an end to the Fed’s rate hikes had flared up last week after traders interpreted Powell’s comments at a meeting as seemingly less hawkish. While a bulk of these bets persisted, markets now grew less confident that the bank will trim rates by a wide margin in 2024. The prospect of higher-for-longer U.S. rates bodes poorly for Asian currencies, as the gap between risky and low-risk yields narrows. U.S. Treasury yields also shot up in overnight trade, further pressuring regional markets. https://www.investing.com/news/forex-news/asia-fx-muted-dollar-strong-as-powell-downplays-rate-pause-bets-3229983