2023-11-07 05:30

Worldcoin (WLD) has seen a significant 25% rally since October 18, 2023, echoing Bitcoin's 30% rise and the overall uptick in the cryptocurrency market. The Relative Strength Index (RSI) and Awesome Oscillator (AO) indicators are currently favoring bullish trends, suggesting a positive outlook for the digital currency. The upcoming AI developer conference organized by OpenAI is expected to further boost this momentum. Should the current trend continue, Worldcoin could hit resistance levels at $1.948 and $2.049, an equal highs resistance zone identified on the WLD/USDT 1-day chart. If Worldcoin surpasses the midline at $2.317, it could potentially climb another 20% to reach a supply zone of $2.189-$2.430, indicating a trend continuation. This trajectory could set the stage for Worldcoin to aim for the $2.600 psychological level. On the flip side, if momentum fails to sustain, WLD might retract to its 50-day Exponential Moving Average (EMA) at $1.688, or descend further to its support floor at $1.661 or even the $1.450 swing low. This surge in Worldcoin's value mirrors the broader crypto market's performance, with Bitcoin leading the pack. The market's recent rally suggests that odds are favoring the bulls, with many digital assets experiencing increased value and trading volumes. https://www.investing.com/news/cryptocurrency-news/worldcoin-surges-25-in-anticipation-of-openai-developer-conference-93CH-3224310

2023-11-07 05:23

Copyrighted Image by: Reuters. Bitcoin's value has doubled in 2023, a year marked by economic turbulence, indicating the start of a new bull cycle, according to Bernstein. The potential accelerants pushing Bitcoin towards a target of $150,000 by mid-2025 are imminent SEC-approved ETFs and the forthcoming Bitcoin 'halving' event in April 2024. They suggest that investors can respond to this trend through direct participation or high-beta methods. One such method is backing Bitcoin mining companies, which could provide a significant return on investment given the predicted rise in Bitcoin's value. The SEC's potential approval of ETFs related to Bitcoin could also serve as a catalyst for the cryptocurrency's growth. ETFs would provide an accessible avenue for retail and institutional investors to tap into the burgeoning crypto market without having to buy and store the digital asset directly. Moreover, the anticipated 'halving' event in April 2024 is expected to further boost Bitcoin's value. This event, which halves the reward for mining new blocks, effectively reduces the rate at which new Bitcoin is created and has historically led to significant price increases. These factors combined point towards a promising future for Bitcoin amidst an otherwise turbulent economic landscape. As such, investors are being encouraged to consider strategies that capitalize on these developments. https://www.investing.com/news/cryptocurrency-news/bitcoins-bullish-trajectory-predicted-amid-economic-turbulence-93CH-3224303

2023-11-07 05:14

Kraken, a leading US cryptocurrency exchange, is actively exploring strategic partnerships with Polygon, Nil Foundation, and Matter Labs to develop its layer 2 (L2) scaling solution. The move is seen as an attempt to compete with Coinbase (NASDAQ:COIN)'s dominant Base layer 2 network, which was developed using Optimism's technology. According to CoinDesk sources, these potential partners were selected due to their advanced technology offerings in blockchain development. The crypto industry has recently witnessed a surge in blockchain development activities by established firms such as Polygon. This company provides a comprehensive toolkit for developing Ethereum Mainnet-based blockchain networks and unique scaling solutions. Earlier this year in August, Coinbase launched its Base blockchain using OP Stack software from Optimism, marking the beginning of autonomous distributed networks managed by public companies. The Base network amassed $139 million in deposits even before its public launch. Kraken's commitment towards the development of open-source technologies, L2 technologies, and on-chain scaling solutions is evident from its recent job advertisement for a Senior Cryptography Engineer. The company is looking for professionals who have a keen interest in open source, zero-knowledge proofs, and decentralized applications. The final decision on who will expedite the development of Kraken’s layer 2 capabilities to effectively leverage their customer base and trusted brand remains undecided. https://www.investing.com/news/cryptocurrency-news/kraken-explores-partnerships-for-layer-2-network-development-93CH-3224290

2023-11-07 05:07

Copyrighted Image by: Reuters. Investing.com-- Most Asian currencies fell on Tuesday as a warning from Federal Reserve officials and signs of more economic headwinds for China dented sentiment, while the Australian dollar tumbled after the Reserve Bank struck a seemingly dovish tone. The U.S. dollar rebounded from six-week lows, firming in Asian trade after Minneapolis Fed President Neel Kashkari cautioned against too much enthusiasm over an end to the Fed’s rate hike cycle. His comments somewhat dented optimism over a potential end to the Fed’s tightening cycle this year, and saw traders step back from a strong rally in risk-driven assets over the past four sessions. This saw Asian currencies reverse a bulk of their recent gains, with the Japanese yen once again weakening past the 150 level to the dollar. The rate-sensitive South Korean won lost 0.7%, as did the Malaysian ringgit, while the Indian rupee hovered near record lows. Australian dollar plummets on dovish RBA language The Australian dollar was by far the worst performer among its peers, down 0.8% after the Reserve Bank of Australia (RBA) hiked interest rates as expected, and signaled a more sticky outlook for inflation. The hike was driven chiefly by a stronger-than-expected inflation reading for the third quarter, which reversed a trend of easing inflation seen earlier this year. But a change in the RBA’s language- particularly with regards to more rate hikes, saw traders betting that the central bank was done with its rate hike cycle. Specifically, the RBA offered a more data-driven outlook on future monetary tightening than what it had signaled in the past. Still, Tuesday’s hike put Australian rates at their highest in 12 years. Chinese trade data disappoints, yuan down The Chinese yuan fell 0.1% as data showed that China’s exports shrank more than expected in October, while the country’s trade surplus narrowed to its weakest level in 17 months. While imports unexpectedly rose, weakness in exports signals a continued decline in China’s biggest economic engines- its exporters. A bulk of this decline was driven by worsening demand in the country’s biggest export destinations in the West. Weakness in China bodes poorly for broader Asian markets, which depend on the country as a trading hub. Chinese inflation data is due later in the week, and is expected to offer more cues on the Asian giant. Dollar rebounds as Kashkari warns against Fed pause bets The dollar index and dollar index futures rose 0.2% each in Asian trade, extending an overnight rebound from six-week lows. Kashkari warned that while the Fed had made some progress against inflation, it still remained well above the central bank’s 2% target- a trend that could attract more rate hikes. He noted that the U.S. economy had proven to be unexpectedly resilient, which in turn could keep inflation underpinned in the coming months. Prior to Kashkari’s comments, markets were pricing in a nearly 100% chance that the Fed was done with its rate hike cycle, especially following a weak payrolls reading last week. But traders scaled back bets for a Fed pause on Tuesday. https://www.investing.com/news/forex-news/asia-fx-sinks-on-fed-china-woes-aussie-slides-after-rba-3224271

2023-11-07 03:43

Copyrighted Image by: Reuters. Copper prices saw a slight increase on Tuesday, with both the LME copper and SHFE 2312 copper contracts experiencing a rise in their overnight sessions. The LME copper closed up by 0.96% at $8247 per metric ton, while the SHFE 2312 copper contract rose by 0.36% to 67690 yuan per metric ton. This increase came despite a contraction in Europe's economy, as indicated by October's Eurozone services PMI and composite PMI, which were reported at 47.8 and 46.5 respectively. In addition to the rise in copper prices, there was a decrease in China's copper stocks from Friday to Monday, November 6, of 3,500 metric tons to 60,200 metric tons. This is significantly lower than last year's figure of 102,200 metric tons. The decline in stocks was accompanied by a decrease in East China's imported copper volume and domestic copper arrival. However, local inventories in South China increased due to Guangdong's high premium and a decrease in downstream purchasing enthusiasm. A Federal Reserve survey revealed that US credit conditions continued to tighten in Q3 but at a slower pace, with loan demand declining. This could potentially influence the Federal Reserve's decision on interest rates at their upcoming December meeting. On Monday, copper prices remained stable due to factors such as a seasonal consumption slowdown, augmented supplies, and a weaker US dollar. The three-month copper on the LME was priced at $8,171 per metric ton, while the most-actively traded December copper contract on the SHFE dropped 0.4 percent to 67,380 yuan ($9,245.08) per ton. Despite these fluctuations, the price difference between copper cathode and scrap expanded with the rebounding copper prices, indicating a potential decline in demand for copper cathode amidst a wait-and-see market mood. https://www.investing.com/news/commodities-news/copper-prices-rebound-despite-economic-contraction-in-europe-93CH-3224249

2023-11-07 01:35

Copyrighted Image by: Reuters. Investing.com-- Oil prices fell in Asian trade on Tuesday as a rebound in the dollar weighed, while weaker-than-expected trade data from China also raised concerns over sluggish demand in the world's largest oil importer. Crude prices had risen slightly from multi-month lows on Monday, encouraged by commitments from Saudi Arabia and Russia to maintain their ongoing supply reductions until the end of the year. The U.S. also announced plans to buy three million more barrels of oil to refill the Strategic Petroleum Reserve, indicating more tightness in global supplies. But this was largely offset by a rebound in the dollar, while traders also continued to price in a smaller risk premium from the Israel-Hamas war. Uncertainty over crude demand also weighed, especially ahead of key readings on Chinese oil imports. Weak economic readings from the euro zone and UK also raised concerns that slowing economic growth will weigh on oil demand. Brent oil futures fell 0.4% to $84.83 a barrel, while West Texas Intermediate crude futures fell 0.4% to $80.52 a barrel by 22:22 ET (03:22 GMT). Both contracts were nursing steep losses over the past week, amid growing bets that the Israel-Hamas war will not disrupt Middle Eastern supplies. China trade data disappoints, but imports strong Data on Tuesday showed that China's exports shrank more than expected in October, while the country's trade surplus was at its worst level in 17 months. But imports unexpectedly grew during the month, highlighting some improvement in local demand as Beijing rolled out more stimulus measures. Still, the prolonged weakness in exports signaled more headwinds for China's biggest economic engines, which in turn could stymie growth in the country and dent oil demand. Chinese fuel consumption has remained largely languid this year, and export-oriented refineries have accounted for a bulk of the country’s crude demand. But the government recently introduced new output caps on fuel refiners to curb their carbon footprint. China was also seen steadily building its oil stockpiles with cheap Russia crude this year, which could see the country winding down imports in the coming months. Dollar rebounds as Kashkari downplays Fed pause bets The dollar rose from a six-week low, as overnight comments from some Federal Reserve officials suggested that market expectations for a pause in the central bank’s rate hike cycle may be premature. Minneapolis Fed President Neel Kashkari warned that the central bank may not be done raising interest rates, given that inflation has remained sticky in recent months. While he acknowledged some resilience in the U.S. economy, he also noted that the Fed had more work to do regarding inflation. Kashkari’s comments somewhat dented expectations that the Fed was done raising interest rates- bets on which had triggered sharp rally in financial markets over the past four sessions. His comments also spurred a rebound in the dollar, which in turn weighed on oil prices. More Fed officials are also set to speak later in the day. https://www.investing.com/news/commodities-news/oil-prices-dip-as-china-data-underwhelms-dollar-rebound-weighs-3224228