2023-11-07 01:35

Copyrighted Image by: Reuters. Investing.com - “No, not again!” — the Saudis must be thinking. But that’s exactly what it was as crude prices hit near seven-month lows on Tuesday, plunging to $70 territory, as disappointing trade data from China raised fresh concerns about the economic health of the world’s largest crude importer. New York-traded West Texas Intermediate, or WTI, crude for December delivery, settled at $77.37 per barrel, down $3.45, or 4.3% on the day. The session low for the US crude benchmark was $77.28, marking a bottom not seen since April. As WTI settled, UK-origin Brent crude’s most-active January contract was at $81.67, down $3.51, or 4.1%, by 14:30 Eastern US Time (19:00 Greenwich Mean Time). The US crude benchmark’s 4% drop since the start of November adds to October’s torrid 11% loss. For Brent, this month’s 3% drop comes on top of the previous month’s 11% plunge. Oil’s correction came as the market unwinds all of the war risk premium from the Israel-Hamas war and defied pledges of supply cuts through the year-end by OPEC+ heavyweights Saudi Arabia and Russia to keep prices up. “That we're seeing data that confirms economies are struggling under the pressure of high interest rates which are not expected to decline soon may also have contributed to oil reversing its gains,” said Craig Erlam, analyst at online trading platform OANDA. “It's no surprise then that Saudi Arabia and Russia remain committed to their end-of-year cuts, it's just a question of whether they will be extended. That they haven't already perhaps suggests there's some reluctance too, which may also be weighing on prices a little Data released 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. Imports unexpectedly grew during the month, highlighting some improvement in local demand as Beijing rolled out more stimulus measures, but the prolonged weakness in exports could stymie growth in the country and dent oil demand. Also weighing on market sentiment was weak economic readings from the eurozone and U.K., which raised concerns that slowing economic growth will weigh on oil demand in this important energy consuming region. Dollar rebound weighs on crude market The dollar rose from a six-week low as Minneapolis Fed President Neel Kashkari warned that the central bank may not be done raising interest rates. Kashkari’s comments somewhat dented expectations that the Fed was done raising interest rates, spurring a rebound in the dollar, which in turn weighed on oil prices. Net long positions sharply reduced The crude market had recorded steep losses last week, as traders had begun to factor in growing bets that the Israel-Hamas war will not disrupt supplies in this oil-rich region. The latest positioning data shows that money managers reduced their net long positions in both the NYMEX WTI and ICE Brent contracts, “driven by fresh shorts entering the market, whilst there was obviously a fair amount of long liquidation,” said analysts at ING, in a note, resulting in “smallest net long speculators have held in WTI since July.” https://www.investing.com/news/commodities-news/oil-tumbles-4-to-april-lows-on-china-woes-3224228

2023-11-06 21:49

Copyrighted Image by: Reuters. CryptoCon, a prominent crypto analysis firm, has predicted Bitcoin's price trajectory using its Halving Cycles Theory and Trend Pattern Price model. Today, the firm shared that its model forecasts a Bitcoin cycle peak of $130,000 by November 28, 2025. The model also anticipates an early top around July 9, 2024, with prices ranging from $42,000 to $48,000. The Halving Cycles Theory and Trend Pattern Price model incorporates Bitcoin's historical price trajectory and halving events into four distinct cycles: Green Year (accumulation period with best cycle buying prices), Blue Year (preparation phase revolving around the price median), Red Year (all-time highs), and Orange Year (bear market). CryptoCon's model has proved accurate since its inception, demonstrating its reliability despite criticisms regarding cycle peak timings. The company remains confident in its predictions, which include an early top in the summer of 2024 and a cycle top within a 21-day window from November 28, 2025. In addition to these peaks, the model also predicts a cycle bottom of about $27,000 within a 21-day range from November 28th, 2026. This prediction offers insight into potential market lows following the anticipated peak in late 2025. At the time of reporting today, Bitcoin was trading at $35,229 amidst a progressing BTC bull pennant. CryptoCon's analysis provides valuable foresight for investors navigating the volatile cryptocurrency market. The firm continues to use color-coded cycles to represent different market phases and guide its predictions. https://www.investing.com/news/cryptocurrency-news/bitcoins-price-trajectory-predicted-through-2026-by-cryptocons-halving-cycle-theory-93CH-3224105

2023-11-06 21:15

Copyrighted Image by: Reuters. Kenya's Energy and Petroleum Secretary, David Chirchir, has warned of a possible increase in petrol prices to Sh300 per liter, driven by the ongoing Israel-Gaza conflict and the global petroleum price surge. This comes despite the Central Bank of Kenya (CBK) reporting a decline in international oil prices, with Murban oil dropping from $90.23 to $87.24 per barrel. The CBK's weekly bulletin highlighted a decrease in Murban oil prices, a key component of Kenya's imported refined petroleum products. Yet, Chirchir anticipates that the Middle East conflict could trigger a fresh increase in fuel prices due to potential disruptions in oil production and supply from major Middle East oil producers. This concern is shared by the World Bank, which has issued a warning that the conflict could push oil prices to over $150 per barrel. This would pose a significant threat to global food security if sustained. Murban oil, produced in Abu Dhabi and favored by Kenya, is also popular in Asian markets such as China, India, and Japan. Since President William Ruto's election in 2022, increased taxes on petroleum products and global pricing dynamics have led to steep fuel price hikes. This contradicts Ruto's promise of cheaper oil imports following a deal with two Asian countries. The escalating fuel prices have significantly impacted Kenyans' living standards, with super petrol retailing at Sh217.36 per liter in Nairobi. High fuel costs have escalated living expenses and business operations, affecting goods' prices, household energy bills, and transport costs. Despite implementing a fuel stabilization mechanism and renegotiating freight and premium costs in the Gulf deal to protect consumers from rising prices, pump prices have continued to increase. This situation has prompted Uganda, under President Yoweri Museveni, to switch its petroleum import partner from Kenya to a Bahrain company, citing high costs imposed by Kenyan middlemen. This presents a significant challenge for President Ruto's administration as Kenyans demand effective solutions to the high cost of living. https://www.investing.com/news/commodities-news/kenyas-fuel-prices-may-rise-amid-israelgaza-conflict-and-global-petroleum-price-surge-93CH-3223956

2023-11-06 20:21

Bitcoin's impressive annual gain of over 65% is fueling a bullish sentiment in the crypto market, as reported by Bitfinex Alpha today. Long-term holders (LTHs) of the digital asset are exhibiting steadfastness, as indicated by the diminishing Coin Days Destroyed (CDD) metric, which measures the Bitcoin network's economic activity. The study also highlighted low sell-side liquidity and a decrease in selling activity among large Bitcoin holders, those with 1,000-10,000 BTC in their wallets. This suggests these investors are either expecting more price growth or are comfortable with holding their Bitcoin for longer durations. The Spent Output Value Bands (SOVB) metric for these wallets is declining, indicating reduced activity and potentially a bullish market sentiment. In contrast, smaller Bitcoin holders, those with 10-100 BTC in their wallets, are contributing to selling pressure. However, this pressure has had a limited impact recently and aligns with the early stages of a bullish market. The SOVB metric for these wallets shows an increase, indicating a rise in selling activity. Binance's recent special offer of free $100 and reduced fees could stimulate more trading activity in the market. Despite these offers and the increased selling pressure from smaller holders, the Bitcoin market remains strong and resilient, demonstrating faith in its value proposition and future potential. The overall market patterns align with the initial stages of bullish markets, suggesting that large Bitcoin holders may expect more price growth or are prepared to extend their holding duration. This aligns with the early stages of a bullish market and reflects optimism about Bitcoin's future potential. https://www.investing.com/news/cryptocurrency-news/bitcoin-holders-show-resilience-amidst-65-annual-price-growth-93CH-3223902

2023-11-06 20:11

Copyrighted Image by: Reuters. Leading cryptocurrencies Bitcoin (BTC), Ethereum (ETH), and XRP are showing significant gains, according to data from CoinStats. Today, BTC saw a 0.91% increase, trading at $35,171, with expectations to breach its resistance of $35,612. If this level is surpassed, BTC could potentially reach up to $36,000 by the end of this week. ETH, on the other hand, outperformed other cryptocurrencies with a 1.73% rise and is currently trading at $1,909. If ETH surpasses yesterday's peak, it is predicted to hit the crucial zone of $2,000 by mid-November. XRP also demonstrated notable growth following yesterday's bullish closure. The cryptocurrency has seen an almost 12% surge and is currently being traded at $0.7230. If today's bar closes without a long wick, XRP could swiftly test the area of $0.80 by the end of this week. These positive trends reflect the overall bullish sentiment in the cryptocurrency market as major digital currencies continue to gain momentum. https://www.investing.com/news/cryptocurrency-news/bitcoin-ethereum-and-xrp-lead-in-surging-cryptocurrency-market-93CH-3223897

2023-11-06 19:27

Copyrighted Image by: Reuters. Global investments in spot Bitcoin Exchange-Traded Funds (ETFs) have reached $4.16 billion, marking a significant shift in the cryptocurrency market, according to recent data from CoinGecko. The primary markets for these funds are Canada and Europe, with Canada leading the way with seven Bitcoin ETFs totaling $2 billion. Among these, the Purpose Bitcoin ETF stands as the largest globally with assets of $819.1 million. Germany is not far behind, holding the second-largest globally traded Bitcoin fund - the ETC Group Physical Bitcoin valued at $802 million, showcasing Europe's flexible regulatory approach towards cryptocurrencies. G20 group members including Canada, Germany, Brazil, and Australia are among the eight countries that have approved Bitcoin ETFs. Several tax havens such as Jersey, Liechtenstein, Guernsey, and Cayman Islands also offer spot Bitcoin ETFs, contributing significantly to Europe's crypto-friendly climate. While the U.S. has remained cautious due to concerns over market manipulation and cryptocurrency fraud, it currently approves only ETFs linked to Bitcoin futures contracts. However, this could change if the Securities and Exchange Commission (SEC) approves up to 10 pending spot Bitcoin ETF applications in the country. The approval of these ETFs could result in an estimated $155 billion influx into the Bitcoin market due to increased demand. If firms allocate just 1% of their assets under management (AUM) to Bitcoin ETFs, this would represent nearly one-third of Bitcoin's current market capitalization. Such a development could mark a significant turning point for cryptocurrencies by unlocking new market opportunities. https://www.investing.com/news/cryptocurrency-news/bitcoin-etfs-attract-416-billion-in-global-investments-93CH-3223887