2023-11-08 13:47

Copyrighted Image by: Reuters In a surprising turn of events, DCE iron ore futures experienced a 1.03% increase, closing at 935 yuan/mt on Wednesday. The rise came as a result of the resurgence of bullish confidence in the market following false real estate news. This surge in prices is expected to be temporary due to the lack of solid positive stimuli and loose market fundamentals. In addition to the rise in futures, PBF deals were finalized at 963-965 yuan/mt at Shandong port and 985-990 yuan/mt at Tangshan port. These transactions took place against a backdrop of declining blast furnace operations due to internal adjustments, dwindling profits, and staggered production schedules. The strong mining prices have instilled a fear of high positions among investors, leading to a departure from the market. As a result, the market continues to anticipate volatile mining prices in the coming days. This volatility is likely to impact both the futures and spot markets for iron ore, creating uncertainty for investors and producers alike. Despite these challenges, the iron ore market has shown resilience in recent times, with bullish confidence returning even amidst false news reports. However, the absence of solid positive stimuli and loose market fundamentals could potentially hinder sustained growth in the future. The iron ore market will continue to be closely watched by investors and industry stakeholders as it navigates the effects of volatile mining prices, declining blast furnace operations, and ongoing market uncertainty. https://www.investing.com/news/commodities-news/iron-ore-futures-rise-amid-market-volatility-and-declining-blast-furnace-operations-93CH-3227192

2023-11-08 12:56

The cryptocurrency market has seen significant activity recently, with Ethereum's recovery and the rise of NuggetRush (NUGX). Today, Ethereum's upward trend towards $2,000 is supported by technical indicators like the Awesome Oscillator (AO) and Relative Strength Index (RSI), following a recovery from a dip on Oct. 12. The trading volume for Ethereum has exceeded $229 billion, as reported by Santiment Analytics, and its decreasing supply on exchanges is drawing more investors. Meanwhile, NUGX, a new player in the crypto market, is gaining traction. It witnessed a 20% price surge in its second-stage presale where investors can claim 50% of their tokens. The token price is currently at 0.012 USDT, targeting 0.020 USDT, with over 29 million NUGX sold. This rapid growth and the $240K raised in the presale have drawn the interest of 'crypto whales'. NUGX introduces a unique selling point by combining gaming and finance. It offers a Play-to-Earn (P2E) gaming model that presents real-world utility. Players can mine virtual gold during treasure hunts and trade it for real gold. This feature has made NuggetRush popular among crypto beginners and the youth. In addition to this, NUGX offers revenue opportunities to miners in underdeveloped countries through non-fungible tokens (NFTs) representing game characters and utility assets. These NFTs are exchangeable for rare RUSHGEM NFTs. Holders can stake their NFTs for up to 20% APY. To ensure fair distribution, NuggetRush has allocated 43% of its coins for public purchase. Furthermore, it offers a Rush Guild membership which includes governance rights, VIP access, and rewards. Given its unique real-world utility, significant funds raised, and the attention of 'crypto whales', NuggetRush is poised to become a strong contender in the crypto market. https://www.investing.com/news/cryptocurrency-news/nuggetrush-cryptocurrency-gains-momentum-ethereum-recovers-from-october-dip-93CH-3226995

2023-11-08 10:55

Copyrighted Image by: Alpha Footage John Deaton, the attorney representing XRP token holders in the Ripple lawsuit against the SEC, anticipates potential U.S. approval for Bitcoin ETFs by late 2023. This prediction aligns with significant financial events such as Bitcoin Halving and pivotal Federal Reserve decisions expected in mid-2024. The alignment of these events could potentially trigger a sharp rise in Bitcoin's price, potentially reaching as high as $220,000 within 18 months, mirroring Max Keiser's predictions. Deaton also foresees a significant overhaul in crypto regulations around 2025 due to changes in the U.S. presidential administration. Crypto influencer Wendy O shares this view, suggesting that the upcoming U.S. presidential election might shift the regulatory scope of the crypto industry around that time. Implementing these changes, however, will require an extensive legislative process involving the House, Senate, and President - a challenging scenario that may extend to late 2025 due to election year dynamics. The attorney emphasizes that full approval of crypto bills, including a stablecoin bill, is likely by 2025 if a stable government is elected. This prediction comes at a time when Ripple executives Brad Garlinghouse and Chris Larsen are evading SEC charges, indicating an evolving regulatory stance on cryptocurrencies. The changing landscape of cryptocurrency regulation will also be influenced by key personnel changes. Gary Gensler's term as SEC Chair culminates in June 2026, marking another significant milestone in this evolving field. https://www.investing.com/news/cryptocurrency-news/bitcoin-etf-approval-anticipated-by-late-2023-crypto-regulations-overhaul-expected-by-2025-93CH-3226501

2023-11-08 09:47

Copyrighted Image by: Reuters In the wake of growing demand for stablecoin-based savings within the crypto space, Binance has launched a high-yield earning program for tether (USDT). The program offers an annual percentage yield (APY) of up to 13% and is active from Monday to Sunday. It enables real-time annual percentage rate (APR) earnings in Binance Earn wallets, aligning the company with competitors such as Nexo, Youhodler, Crypto.com, Coinbase (NASDAQ:COIN), Aave, and Compound that offer between 4% and 16% APY on USDT and USDC. Decentralized finance platforms Aave and Compound yield 8.09% and 5.17% on USDT, respectively. In addition to the USDT program, Binance has expanded yield-earning options for TAI and DAI stablecoins on its Simple Earn platform. The platform offers flexible lock-in periods ranging from 15 to 120 days. Binance's portfolio, which includes the Earn service, crypto exchange, and various wallets, is valued at approximately $63.71 billion. The company holds around $17.75 billion in USDT, which accounts for a notable 20.70% of the total USDT in circulation. This significant holding contributes to the company's overall crypto assets value. https://www.investing.com/news/cryptocurrency-news/binance-introduces-highyield-earning-program-for-usdt-amidst-rising-demand-for-stablecoinbased-savings-93CH-3226339

2023-11-08 09:42

Copyrighted Image by: Reuters. In a marked shift from traditional investment norms, a recent survey by the deVere Group reveals that 77% of under-40 clients prefer Bitcoin over gold for wealth creation and preservation. The findings indicate a generational shift towards digital assets, driven by younger generations' tech-savviness and belief in the future of cryptocurrencies. The survey participants, who are global clients from various regions, demonstrated a preference for Bitcoin due to its potential for high returns and its role as a hedge against inflation. Despite the inherent volatility of cryptocurrencies, the respondents showed a strong inclination towards Bitcoin, buoyed by its impressive year-to-date value increase of 112.75%, outperforming major indices such as the S&P 500, Dow Jones, and Nasdaq. Nigel Green, CEO of the deVere Group, attributes this trend to younger investors' comfort with digital assets and their view of Bitcoin as a native digital investment option. The surge in online transactions and digital payments underscores the rising significance of digital assets like Bitcoin. Bitcoin's fixed supply, capped at 21 million coins, offers protection against fiat currency devaluation, positioning it as an asset for wealth preservation. Its divisibility and ease of international transfer make it a versatile tool for portfolio diversification. https://www.investing.com/news/cryptocurrency-news/bitcoin-favored-over-gold-by-77-of-younger-investors-says-devere-group-survey-93CH-3226330

2023-11-08 08:09

XRP, the digital currency, experienced a decline of 4.10% to close at $0.6856 on Tuesday, after hitting a session low of $0.6518. This drop came amid a lack of progress in the SEC v Ripple case, with an upcoming deadline for agreeing on a briefing schedule set for Thursday, November 9. Despite this setback, XRP managed to stay above the 50-day and 200-day Exponential Moving Averages (EMAs), and a 14-day Relative Strength Index (RSI) reading of 74.31 indicated overbought conditions. Selling pressure was evident at the $0.7047 resistance level, fueling concerns that if no agreement is reached by the deadline, XRP's value could drop further to the $0.6354 support level. This comes as uncertainty prevails around the Programmatic Sales ruling, with fears of an interlocutory appeal by the SEC and a 4-hourly RSI reading of 58.37 suggesting potential for further price fluctuations. The Securities and Exchange Commission's proposed disgorgement of $770 million could pose significant hurdles for Ripple in reaching a favorable settlement. Attorneys Jeremy Hogan and John E. Deaton have suggested this outcome, while amicus curiae attorney Deaton has expressed doubts about ongoing settlement discussions. This development underscores the high-stakes nature of the SEC v Ripple case and its potential impact on XRP's market performance. As the November 9 deadline approaches, investors and market watchers are keeping a close eye on proceedings, with the outcome likely to have significant implications for the future of XRP and other digital currencies. https://www.investing.com/news/cryptocurrency-news/xrp-experiences-41-dip-ahead-of-sec-v-ripple-case-deadline-93CH-3226152