2023-11-09 19:08

Copyrighted Image by: Reuters Thursday saw a dip in Brent crude prices due to reduced energy demand in the United States. However, robust global consumption continues to counterbalance this slump. This information comes amidst ongoing risks to production stability due to tight supply strategies from key producers and potential disruptions from the Israel-Hamas conflict. Despite the current weakness in oil prices, a rebound is expected. Mark Haefele of UBS Global Wealth Management views the current situation as an opportunity for risk-takers. He suggests leveraging long positions on longer-dated Brent contracts, aiming to capitalize on the predicted price rise. The oil market continues to navigate a complex landscape, balancing weakened demand with strong global consumption and potential geopolitical disruptions. As the situation unfolds, all eyes will be on the market's response and whether it can sustain its resilience in face of these challenges. https://www.investing.com/news/commodities-news/brent-crude-prices-slump-amid-weakened-us-demand-global-consumption-remains-robust-93CH-3229480

2023-11-09 18:06

Copyrighted Image by: Reuters. JPMorgan Chase (NYSE:JPM) analysts have expressed concern over the recent crypto market surge, attributing it to heightened investor expectations spurred by potential SEC approval of spot Bitcoin ETFs and an expected easing of SEC's supervisory approach. As Bitcoin's value surpassed $36,000, edging towards $37,000, the analysts also challenged the likelihood of a relaxed SEC policy post-approval due to the largely unregulated nature of the industry. The analysts foresee new ETFs reallocating existing capital rather than attracting fresh funds. They pointed to muted interest in non-U.S. Bitcoin ETFs as a potential indicator of this trend. Despite recent legal victories for Ripple XRP/USD and Grayscale against the SEC, they cautioned against expecting a substantial regulatory reversal in the crypto industry due to pending US crypto regulations and memories of FTX fraud. The team also noted that the forthcoming halving cycle in April is impacting crypto markets but is already priced into bitcoin's current value. Amidst historic levels of bitcoin hoarding and future supply pressure, they maintain that any price hikes from the 2024 Bitcoin halving event are already pre-factored into the market. The market dynamics have taken a further twist as the SEC enters negotiations with Grayscale about converting its BTC fund into a spot Bitcoin ETF, intensifying anticipation around policy relaxation. However, JPMorgan analysts predict these funds will draw from existing bitcoin investments rather than new capital, anticipating a relative value trade. https://www.investing.com/news/cryptocurrency-news/bitcoin-etf-approval-unlikely-to-draw-fresh-capital-says-jpmorgan-93CH-3229447

2023-11-09 17:55

Copyrighted Image by: Reuters The next Bitcoin halving, a significant event that typically induces considerable price volatility, is scheduled for April 2024. The halving, which happens every four years or after 210,000 blocks are mined, will cut the creation of new Bitcoins per block by half, thereby reducing the rate at which new Bitcoin enters the market. Historically, such halvings have led to substantial price fluctuations both before and after the event. Previous occurrences in 2012, 2016, and 2020 resulted in a surge in Bitcoin's price due to a supply-demand imbalance caused by decreased supply and increased demand. However, this pattern does not necessarily predict future price movements. Bitcoin's price is influenced by a multitude of factors such as market sentiment, adoption rates, regulatory changes, macroeconomic conditions, and investor behavior. These elements play an essential role in determining the cryptocurrency's value and can significantly impact its trajectory following the halving event. https://www.investing.com/news/cryptocurrency-news/bitcoin-halving-in-april-2024-expected-to-impact-supply-and-price-93CH-3229432

2023-11-09 17:46

In a significant move in the cryptocurrency market, over 59 million XRP were reshuffled by whale accounts today. The activity was initially reported by CoinGape and Ripple News and further confirmed by Whale Alert, which monitors large cryptocurrency transactions. The data showed that unknown wallets heavily participated in these transactions, sending more than 38 million XRP to centralized exchanges, specifically Bitso and Bitstamp. Concurrently, about 21 million XRP were moved out of Upbit, a centralized exchange, to an undisclosed wallet. These transactions have led to contrasting market sentiments for XRP. The transfer of approximately 38 million XRP to centralized exchanges increased the number of circulating tokens, suggesting a bearish sentiment for the cryptocurrency. On the other hand, the movement of 21 million tokens out of Upbit indicated a decrease in circulation, hinting at a bullish sentiment. Interestingly, despite an 11.99% drop in trading volume to 1.96 billion, the price of XRP marginally rose to $0.6966 today. This price change followed a weekly surge of almost 15.52%, aligning with Ripple Lab's successful confrontation with the US Securities and Exchange Commission (SEC) and its involvement in global Central Bank Digital Currency (CBDC) projects. The reshuffling of such a substantial amount of XRP has sparked interest among crypto traders and investors, as they watch closely for potential impacts on the market dynamics and the price of XRP. https://www.investing.com/news/cryptocurrency-news/whale-transactions-reshuffle-59-million-xrp-amid-market-sentiment-shifts-93CH-3229425

2023-11-09 17:42

Copyrighted Image by: Reuters. In a significant development in the digital asset space, ARK Invest and 21Shares are set to launch a suite of exchange-traded funds (ETFs), aimed at enhancing investment options in digital assets. The announcement revealed that the partnership will provide exposure to Bitcoin (BTC) and Ether (ETH) futures contracts through five ETFs. The products are scheduled to begin trading on the Chicago Board Options Exchange (CBOE) in the upcoming week. The suite of ETFs is part of a broader strategy by ARK Invest, led by Cathie Wood, to leverage crypto-specific insights, traditional indicators, on-chain signals, and crypto-native experience. The goal is to achieve long-term capital appreciation through investments in BTC and ETH futures contracts. However, it's important to note that these ETFs won't offer direct investment in spot BTC. Instead, they suggest other forms of investment for those seeking exposure to BTC's price. In addition to the futures-based ETFs, the partnership also announced plans for the "ARK 21Shares Blockchain and Digital Economy Innovation ETF". This product will specifically invest in public equities of companies in the blockchain industry, providing investors with comprehensive exposure to this burgeoning sector. The move comes after ARK Invest and 21Shares filed for a Bitcoin ETF on October 12, designed to track the S&P Bitcoin Index. This product aims to offer investors direct exposure to Bitcoin's price movements. The recent developments indicate a growing interest in providing diverse crypto investment options for traditional investors. https://www.investing.com/news/cryptocurrency-news/ark-invest-21shares-to-launch-suite-of-digital-asset-etfs-93CH-3229421

2023-11-09 17:33

Copyrighted Image by: Mundo Crypto PR Bitcoin's market cap has outpaced Tesla (NASDAQ:TSLA) Inc., hitting over $750 billion on Thursday, marking a 6.4% surge in value and nearing $38,000. This significant increase now places Bitcoin in the 11th position among global assets by market cap, ranking higher than major entities like Eli Lilly (NYSE:LLY) and Visa (NYSE:V), but still trailing Warren Buffet’s Berkshire Hathaway (NYSE:BRKa). This growth is largely driven by the growing anticipation of the potential approval of 12 spot Bitcoin ETF applications by the U.S. SEC. An eight-day window for these decisions started on Thursday, with Bloomberg Intelligence analysts predicting a 90% chance of approval by January 10, 2024. Since the beginning of the year, Bitcoin's market cap has more than doubled from $320 billion to $735 billion, a level last seen in May 2022. Now, only six U.S. companies boast a higher market cap than Bitcoin. In addition, Bitcoin accounts for over half of the total cryptocurrency market. In terms of performance, Bitcoin's price increased by 130% in 2023, being outperformed only by NVIDIA Corp (NASDAQ:NVDA). and Meta Platforms Inc (NASDAQ:META). in the S&P 500 rankings. This marks its fourth consecutive week of gains, the longest streak since January 2023. Companies related to Bitcoin like Marathon Digital (NASDAQ:MARA) Holdings Inc., Riot Platforms (NASDAQ:RIOT) Inc., and Coinbase (NASDAQ:COIN) Inc., also experienced significant increases in response to this rally. However, despite this positive trend in Bitcoin's value, the stance of Elon Musk, CEO of Tesla Inc., remains unclear. On another note, Cathie Wood’s Ark Invest is partnering with 21Shares to launch a suite of crypto-focused ETFs. Earlier today, Bitcoin's market cap had surpassed Tesla's at $717.23 billion compared to Tesla's $706.06 billion according to CompaniesMarketCap data, driven by a rally close to $37,000. Tradingview data shows Bitcoin's value has surged over 120% this year, hitting an 18-month peak near $37,000 before falling back to around $36,568. This significant growth resulted in more than $65 million losses for Bitcoin short sellers. https://www.investing.com/news/cryptocurrency-news/bitcoin-surpasses-tesla-in-market-cap-nears-38000-amid-etf-anticipation-93CH-3229415