2023-11-08 17:42

Copyrighted Image by: Reuters Coinbase (NASDAQ:COIN) has strategically expanded its Global Advisory Council with four U.S. national security veterans to navigate the uncertain regulatory landscape and maintain U.S. leadership in the global cryptocurrency market. This move comes amidst intensified U.S. government scrutiny of the crypto industry, a situation further exacerbated by the FTX collapse. The newly appointed council members include Dr. Mark T. Esper, Stephanie Murphy, Frances Townsend, and David Urban. Their diverse experience ranges from Pentagon corridors to corporate strategy and homeland security. This collective expertise is expected to equip Coinbase with a strategic edge in shaping regulatory dialogues and navigating digital age complexities. Murphy held a significant role at the US Department of Defense; Esper is a former Secretary of Defense; Townsend served as a Counterterrorism and Homeland Security adviser during President George W Bush's administration; and Urban was the ex-manager of BRG Group. The strengthened council signals Coinbase's commitment to harness multifaceted challenges in the global race for internet governance through blockchain technology and digital assets, where the U.S. stands at risk without clear regulations. Looking ahead, Coinbase aims not only to weather cryptocurrency regulation turbulence but also to lead the industry's course. The integration of these experts into the Coinbase ecosystem is seen as a clear statement of intent, positioning Coinbase to confront regulatory challenges head-on and maintain the U.S.'s position as a digital economy leader. InvestingPro Insights Drawing from the latest InvestingPro data, Coinbase (COIN) boasts a substantial adjusted market capitalization of $20.59 billion. Despite the company's significant revenue of $2627.47 million in the last twelve months as of Q3 2023, the firm is not yet profitable, with an adjusted P/E ratio of -17.54. In line with this, one of the InvestingPro Tips indicates that analysts do not expect the company to turn a profit this year. However, it's important to note that the stock price has seen a considerable return over the past year, with a year-to-date price total return of 144.05% as of the end of 2023. An InvestingPro Tip worth considering is the significant volatility in the company's stock price. This is likely influenced by the uncertain regulatory landscape and the company's strategic moves to navigate it, as discussed in the article. For investors seeking more detailed insights, InvestingPro offers numerous additional tips and real-time data metrics. With InvestingPro, one can gain a deeper understanding of the market dynamics and make more informed investment decisions. https://www.investing.com/news/cryptocurrency-news/coinbase-fortifies-advisory-council-with-national-security-veterans-93CH-3227445

2023-11-08 17:23

Binance's native token, BNB, is demonstrating a bullish outlook with a recent uptick in development activity, increased social dominance on X (formerly Twitter), and a spike in open interest. The token's price has risen nearly 9% since the start of November, currently trading at $245.60. The increased development activity, which surged from 0.017 in August to 0.17 by today, has been a significant driver for the positive market sentiment surrounding BNB. This growth was accompanied by high social volume on X, indicating an elevated level of interest and discussion around the token. A bullish trend reversal in October led to a local top of $255 for BNB, further bolstering the optimistic outlook for the token. This reversal was marked by coinciding peaks in social dominance and local tops in BNB price. Between November 3 and 7, open interest in BNB saw a notable spike, indicative of an influx of capital into the token. Open interest is a measure of total contracts outstanding in derivatives trading, and its increase suggests growing investor interest and potential for further price movement. Adding to BNB's ecosystem growth was Binance's Blockchain Week 2023, held in Istanbul on Tuesday and today. The Turkish edition of the Web3 conference fostered discussions on crypto adoption, which is expected to contribute positively to the growth and adoption of BNB. With the ongoing rally of DeFi, Layer-1 blockchain tokens, and altcoins, BNB is poised for further growth. The combination of rising development activity increased social dominance and heightened open interest positions BNB favorably within the current market landscape. https://www.investing.com/news/cryptocurrency-news/binances-bnb-token-set-to-rally-amid-rising-development-activity-social-dominance-93CH-3227431

2023-11-08 17:03

Copyrighted Image by: Reuters. Russian energy giant Gazprom (MCX:GAZP) is developing a comprehensive gas distribution strategy for Kazakhstan and Uzbekistan, according to Alexander Sternik from the Russian Foreign Ministry. The plan, which was still in progress as of Wednesday, involves modernizing the Central Asia - Center pipeline with advanced Russian technologies. This move aims to leverage reverse gas pumping from Kazakhstan to Uzbekistan, addressing the growing energy needs of these rapidly evolving economies. The initiative aligns with Gazprom's 15-year cooperative venture, which seeks to broaden partnerships with Kazakhstan, Uzbekistan, and Kyrgyzstan. This development comes after Gazprom began gas routing to Uzbekistan via Kazakhstan on October 7th, 2023, in response to an energy shortfall during the colder months. As part of a two-year agreement, Gazprom assured a daily supply of 9 million cubic meters of gas, translating to an annual volume of 2.8 billion cubic meters. Sternik revealed these plans while speaking to Federal state unitary enterprise RAMI "RIA Novosti", indicating that Gazprom's initiative has received support from the Commonwealth of Independent States Ministry of Foreign Affairs. The modernization effort is expected to breathe new life into the Soviet-era "Middle Asia – the Center" gas pipeline system through reverse pumping and front-line applications. This approach is expected to significantly enhance the capacity and efficiency of gas supply routes to these emerging economies. InvestingPro Insights As Gazprom (GAZP) strategizes its gas distribution for Kazakhstan and Uzbekistan, it's essential to consider some key InvestingPro Tips and data. Gazprom is a prominent player in the Oil, Gas & Consumable Fuels industry, and it has been profitable over the last twelve months as of Q4 2022. Additionally, the company's liquid assets exceed its short-term obligations, indicating a healthy financial standing. InvestingPro data further paints an impressive picture of Gazprom's financial health. The company's market cap stands at $43191.17M, with a low P/E ratio of 3.32 as of Q4 2022. This low earnings multiple suggests that Gazprom's shares may be undervalued. Furthermore, the company's gross profit margin for the last twelve months as of Q4 2022 was an impressive 76.02%, further indicating its robust profitability. For more insights, including additional InvestingPro Tips, consider exploring InvestingPro's comprehensive suite of tools and resources. With InvestingPro, you can stay informed about your investments and make data-driven decisions. https://www.investing.com/news/commodities-news/gazprom-crafts-gas-distribution-strategy-for-kazakhstan-and-uzbekistan-93CH-3227430

2023-11-08 17:01

Copyrighted Image by: Reuters. Today, the crypto market experienced significant gains with Bitcoin increasing by 1.3% to $35,305. Despite a recent cooling of hype surrounding a potential Bitcoin ETF approval, the rise in Bitcoin's price continues to positively influence the broader crypto market. Altcoins such as SUI, LINK, and MATIC witnessed even greater increases. SUI, a cryptocurrency developed by ex-Meta engineers and priced at $0.57, surged nearly 12% today and over 31% this week. This sharp rise is attributed to its integration with the Microsoft-backed Space and Time platform. In addition, the Sui Foundation announced a $51.3 million ecosystem fund aimed at boosting its DeFi ecosystem and DeepBook platform. LINK also experienced an 8% increase following Vodafone (NASDAQ:VOD)'s integration with its Digital Asset Broker (DAB), which has been rebranded as Pairpoint. Similarly, MATIC grew around 8% after deploying its new POL token on Ethereum. https://www.investing.com/news/cryptocurrency-news/bitcoin-and-altcoins-gain-traction-sui-surges-on-microsoft-integration-93CH-3227421

2023-11-08 16:45

Copyrighted Image by: Reuters In a race to acquire the remnants of the once-leading cryptocurrency exchange FTX, Bullish, Figure Technologies, and Proof Group are among the top contenders in an ongoing auction. The news broke today as insiders reported the competition between these three firms. FTX, founded by Sam Bankman-Fried, had captured significant market share in its prime. The successful bidder could potentially revive FTX post its planned exit from bankruptcy in 2024. The auction comes in the aftermath of FTX's bankruptcy and co-founder Sam Bankman-Fried’s fraud conviction. Over 75 bidders have been approached with Bullish, led by ex-NYSE president Tom Farley, Figure Technologies, and Noah Jessop's Proof Group emerging as finalists. A decision is expected by December. This development comes at a time when the crypto market is witnessing an upswing. Bitcoin’s valuation has escalated from nearly $17,000 in January to about $35,000 this month. Centralized exchanges have experienced a 53% surge in trading volumes since September, reaching $2.57 trillion in October, encompassing both crypto derivatives and spot trading. FTX had reached a monumental valuation of $32 billion in January 2022. However, embezzlement by founder Sam Bankman-Fried led to the collapse of FTX and his subsequent conviction on all fraud charges in November 2022. An estimated $9 billion of customer deposits remain missing. In December 2022, Bullish, guided by former NYSE President Tom Farley, backed out of a planned $9 billion public merger deal. In early 2023, Figure Technologies, co-founded by ex-SoFi CEO Mike Cagney, was unsuccessful in acquiring bankrupt crypto lender Celsius while Proof Group emerged victorious in the Celsius auction. As the crypto industry anticipates a potential approval of a spot Bitcoin ETF, similar market surge is expected as witnessed between January and April 2021 when Bitcoin’s price soared from around $30,000 at the end of January to over $63,000 in April. https://www.investing.com/news/cryptocurrency-news/ftx-bankruptcy-auction-sees-bullish-figure-technologies-and-proof-group-as-top-bidders-93CH-3227403

2023-11-08 14:29

Copyrighted Image by: Reuters. Gold prices have been on a downward trend, with the XAU/USD pair dropping to $1,956.65 per troy ounce on Tuesday, following concerns about the potential continuation of monetary tightening by the Federal Reserve. Despite this, Wall Street managed to hold onto intraday gains as US Treasury yields remained subdued after Monday's rise. This downward trend was influenced by anticipated changes in the Federal Reserve's rate hikes, higher US Treasury yields, and easing consumer inflation. These factors led XAU/USD to a ten-day low of $1956.81. The demand for safe-haven assets like gold has been curtailed due to positive market sentiment reflected in Wall Street gains. Federal Reserve officials have been sending mixed signals about interest rates and inflation control measures. Fed Governor Lisa Cook views the current policy as restrictive enough for price stability, while Minnesota’s President Neil Kashkari questions its adequacy in light of economic strength. Chicago Fed President Austan Goolsbee suggests focusing on how long current interest rates should remain, whereas Fed Governor Michelle Bowman discusses potential additional rate hikes this year. Investors are closely monitoring these developments and are keenly awaiting Fed Chair Jerome Powell's speech for guidance on future interest rates and the prospect of more hikes this year to achieve the Fed's 2% inflation target. Technical indicators suggest that if XAU/USD drops below the October 24 intraday low of $1,953.53 (the immediate support level), further decline could occur. However, this bearish trend is mitigated by a bounce after briefly touching the bullish 20 Simple Moving Average (SMA). These indicators are heading south almost vertically and approaching their midlines, hinting at another possible slide in gold prices. https://www.investing.com/news/commodities-news/gold-prices-under-pressure-amid-mixed-signals-from-federal-reserve-93CH-3227265