2023-11-06 16:45

Copyrighted Image by: Reuters Coinbase (NASDAQ:COIN), the leading cryptocurrency exchange, reported a substantial increase in its Q3 2023 earnings, surpassing revenue expectations. The company's revenue reached $674.15 million, exceeding the projected $656.61 million and marking a 14% increase from the previous year. This financial success was attributed to disciplined operations and effective cost management, resulting in consecutive positive adjusted EBITDA outcomes. CEO Brian Armstrong, during the earnings call, proposed 'on-chain' as the next significant milestone in online interaction. He compared the transformative role of cryptocurrencies to that of the Internet in its early days, coining the term "new online". Armstrong emphasized the democratizing capacity of cryptocurrencies, offering equal opportunities irrespective of economic or geographical barriers. Armstrong also highlighted how cryptocurrencies could reduce dependence on intermediaries, expedite transactions, and enhance the security of digital assets and identities. He announced Coinbase's global expansion into Brazil, Singapore, and Canada through strategic partnerships with regulators and payment networks. In addition to traditional cryptocurrency offerings, Armstrong underscored the importance of derivatives in Coinbase’s portfolio. The company introduced perpetual futures to eligible customers as part of its product expansion. Armstrong also unveiled Base - Coinbase’s Layer 2 solution designed to boost transaction efficiency. Following the mainnet launch of Base, Coinbase initiated the 'Onchain Summer' initiative which has reportedly driven significant platform engagement and asset accumulation. Armstrong acknowledged securing regulatory licenses in Singapore and Spain while designating Ireland as a regulatory hub in response to Europe’s MiCA legislation. Despite these advancements, he stressed the need for regulatory clarity in the United States to further enhance crypto adoption. The CEO concluded by reinforcing Coinbase's vision for global economic freedom and its potential role as one of the future tech titans. InvestingPro Insights Coinbase's financial trajectory has been marked by significant ups and downs, as evidenced by InvestingPro data. Over the last six months, the company's stock price has seen a considerable uptick of 47.32%, and over the past week, the return has been notably high at 16.58%. However, it's important to note that the company's stock price movements have been quite volatile, a point echoed by two InvestingPro Tips. Further, despite the recent revenue surge, analysts do not anticipate the company will be profitable this year, which aligns with the company's negative P/E ratio of -27.66 and the fact that it wasn't profitable over the last twelve months as of Q3 2023. The company's revenue growth over the same period was -47.88%, and the adjusted operating income stood at a negative $1459.05 million. In terms of market capitalization, Coinbase stands at a substantial $20.96 billion. While the company's fair value is estimated at $80 by analysts, InvestingPro suggests a more conservative figure of $55.58. This data, along with 5 additional InvestingPro Tips available for Coinbase, offers valuable insights for potential investors. It's always wise to consider the full range of metrics and expert opinions when making investment decisions. https://www.investing.com/news/cryptocurrency-news/coinbase-surpasses-q3-2023-revenue-expectations-promotes-crypto-as-new-online-93CH-3223814

2023-11-06 16:29

Copyrighted Image by: Reuters. Bitcoin and other cryptocurrencies have maintained their high values, with Bitcoin trading near $35,200, nearing its recent peak of $36,000. This represents some of the highest prices since May 2022's severe bear market and a significant recovery from its December low of $16,000. The recent rally triggered a 30% surge in Bitcoin's value within mere weeks, breaking away from the previous low volatility phase. The price stabilization is linked to expectations that the Federal Reserve's interest rate hikes have ceased due to weaker U.S. jobs data. Bitfinex and CTF Capital share this outlook, which is bolstered by the U.S. Labor Department's report of only 150,000 new jobs in October compared to September's 297,000. The potential stoppage is also tied to escalating bond yields and tightening financial conditions. Traders now anticipate a 95% likelihood of unchanged rates in December, up from 80% before the jobs data. Bitfinex analysts suggest wage-driven inflation could be subsiding, consistent with the Fed's pause in rate hikes. The Federal Open Market Committee's recent decision to retain the benchmark federal funds rate at 5.25%-5.50% reinforces this view. Key catalysts for this surge include anticipated U.S. regulator approval of the first spot Bitcoin exchange-traded fund (ETF) and Middle East geopolitical risks, reinforcing Bitcoin's "digital gold" status. This scenario is fostering investments in riskier assets like cryptocurrencies. The anticipation of the US SEC approving Bitcoin ETFs has fueled a 25% rally over two weeks. Darius Tabatabai from Vertex (NASDAQ:VRTX) Protocol and James Butterfill from CoinShares indicate bullish sentiment towards an imminent Bitcoin ETF listing in the US, following Grayscale Investments LLC's successful bid to create one. Growth is also seen in other digital assets like Ether and altcoins such as Cardano and Polygon. Projections indicate Bitcoin could approach $50,000 in the near future. Despite potential short-term pullbacks, Bitcoin is expected to continue its upward trajectory, potentially reaching or surpassing its previous record of almost $69,000. Bitcoin's value dipped slightly by 0.4% to $34,920 according to CoinGecko, while US equities and the crypto space continue their positive performance amid these developments. https://www.investing.com/news/cryptocurrency-news/bitcoin-retains-high-value-nearing-36000-peak-amid-halted-federal-reserve-rate-hikes-93CH-3223802

2023-11-06 16:24

Copyrighted Image by: Reuters Last week, the commodity market experienced substantial volatility due to a variety of factors such as global economic concerns, weather-related influences, production forecasts, and speculations concerning the US Federal Reserve's interest rate decision. Market optimism grew as indications suggested that the US Federal Reserve's cycle of rate hikes has come to an end. The Federal Reserve maintained its federal funds rate at the 5.25%-5.5% target range, a move that was supported by Chairman Jerome Powell's comments and met with market expectations, thereby stimulating risk appetite. This decision was reported by Anadolu Agency last week. In the precious metals sector, there was a mixed trend. Gold and palladium saw a decline of 0.6% and 0.3% respectively, while silver and platinum experienced an increase, rising by 0.4% and 2.9% respectively. In the energy market, Brent oil prices declined by 4.2%, but this decrease was counterbalanced by an 11.1% surge in natural gas prices on the New York Mercantile Exchange. Other commodities such as copper, lead, aluminum, and zinc also saw price increases, providing a stark contrast to the 1.5% fall in nickel prices last week. These fluctuations in the commodity market last week were largely driven by the culmination of the US Federal Reserve's rate hikes, global economic uncertainty, production estimates, and weather-related impacts. https://www.investing.com/news/commodities-news/commodity-market-sees-mixed-trends-amid-end-of-federal-reserve-rate-hikes-93CH-3223796

2023-11-06 16:19

Copyrighted Image by: Reuters Despite a significant drop in Non-Fungible Token (NFT) sales on the OpenSea platform, Ethereum (ETH) and Polygon (MATIC) have shown resilience in the market, driven by anticipation of Bitcoin Spot ETF approval, new partnerships, increased Ethereum staking, and zkEVM adoption. NFT sales for Ethereum plummeted from $659 million in January 2023 to $74 million by September, while Polygon's sales dropped from $109.12 million to $4.5 million during the same period. Despite this downturn, both cryptocurrencies demonstrated improved market performance in October. ETH increased by 8.7%, while MATIC rose by 14.3%. If network activity continues to rise, analysts predict that ETH could increase by 17.1% to $2,120 and MATIC by 42.2% to $0.923. In contrast to the decline in OpenSea's NFT sales, NuggetRush (NUGX) is preparing to launch a play-to-earn mining game with high earning potential. The game features a richly detailed virtual landscape with NFT characters such as skilled miners and business professionals. Players will mine mineral resources and receive real-world rewards through NFT to gold conversion using the NUGX token, which is currently in its Initial Coin Offering (ICO) presale stage. Given its growth prospects, analysts believe that NUGX is one of the most promising new ICOs on the market today. https://www.investing.com/news/cryptocurrency-news/ethereum-and-polygon-show-market-resilience-despite-nft-sales-slump-93CH-3223794

2023-11-06 14:05

Germany's DZ Bank AG has unveiled a blockchain-based platform for digital assets processing and custody, including Siemens' crypto bond. The move is part of the bank's anticipation of a notable shift towards distributed ledger technology (DLT) in the capital market over the next decade. Dr. Holger Meffert, Head of Securities Services & Digital Custody at DZ Bank, has projected a significant migration towards DLT in the coming years. The bank began constructing this platform under the Electronic Securities Act (eWpG) in 2022 and has already processed and custodied the first external transaction of crypto fund shares from Bankhaus Metzler. The bank's new platform received infrastructural support from Ripple Labs subsidiary Metaco, chosen for its Harmonize™ platform. As part of its expansion plans, DZ Bank applied for a crypto custody license from BaFin in June 2023 and is also developing direct crypto investment options for private customers. DZ Bank's existing infrastructure allows it to participate in the European Central Bank's project testing large-volume capital market transactions. It is also planning to enable cryptocurrency purchases for institutional and private customers. In related news, other German banks such as Commerzbank (ETR:CBKG) and DekaBank are also seeking BaFin's crypto custody licenses. In March 2023, Deutsche WertpapierService Bank (Dwpbank) launched the wpNex platform to facilitate digital assets access for 1,200 German financial institutions. Additionally, Deutsche Bank's asset management group DWS is partnering with Galaxy Digital to craft exchange-traded cryptocurrency products for the European market. InvestingPro Insights In light of the recent developments at DZ Bank AG, it's important to consider the financial performance and outlook of Siemens, one of the key players involved in the bank's blockchain-based platform. According to InvestingPro, Siemens (SIEGn), a prominent player in the Industrial Conglomerates industry, has a promising financial outlook. The company's net income is expected to grow this year, and it has been profitable over the last twelve months. InvestingPro data indicates that Siemens has a market capitalization of $109,794.65M and a P/E ratio of 11.46 as of Q3 2023. The company's revenue for the last twelve months as of Q3 2023 was $83,967.7M, with a growth rate of 11.76%. Notably, Siemens has maintained dividend payments for 32 consecutive years, with a dividend yield of 3.33% as of 2023. These InvestingPro Tips and data points suggest that Siemens' involvement in DZ Bank's blockchain initiative could be a strategic move, given the company's strong financial performance and growth potential. For more in-depth tips and data, consider exploring the InvestingPro platform, which offers an extensive range of investing insights. https://www.investing.com/news/cryptocurrency-news/dz-bank-launches-blockchain-platform-for-digital-assets-custody-93CH-3223502

2023-11-06 13:50

Ripple (XRP), the fourth largest cryptocurrency, has led the cryptocurrency market with a notable 10% surge in 24 hours, targeting the $0.7 value. This impressive growth has outpaced many other cryptocurrencies, including Bitcoin, which remains static at around $35K despite a modest 2% weekly rise. As a result of Bitcoin's flat daily performance, its market dominance has dropped below 50%, triggering a surge in altcoins. Among the altcoins, NEO and KuCoin's KCS have made significant gains, with NEO up by 14% and KCS by 11%. In contrast, Solana (SOL) is taking a pause from its rally, while EGLD has seen an 8% daily decrease despite holding a nearly 50% weekly increase. The surge in XRP is attributed to escalating institutional interest and Ripple's new approvals to operate in Georgia and Dubai. Additionally, the accumulation of XRP by 'whales', or large holders, is believed to have positively impacted its price. According to Santiment, a cryptocurrency analysis platform, wallets holding between 100,000 and 1 billion XRP have reached their highest level in 2023. Despite some fluctuations, XRP managed to achieve a three-month high when it rose by 23% against Bitcoin last week, underscoring its potential in the competitive cryptocurrency market. https://www.investing.com/news/cryptocurrency-news/ripple-xrp-surges-10-to-lead-cryptocurrency-market-93CH-3223478