2023-11-06 08:19

Copyrighted Image by: Reuters MetaBID, a digital asset auction platform developed by MetFi DAO, has experienced a surge in user engagement within just two days of its launch on Saturday, November 4, 2023. The platform offers auctions for high-value assets such as XMR and BNB Coins, Crypto Punk #6995, iPhone 15 Pro Max among others. On Monday, a notable event is the auction of 1 Bitcoin (BTC) with a starting bid of only 1 USDT. This particular event has garnered significant attention due to the low entry bid for such a high-value asset. In addition to the Bitcoin auction, future auctions include assets like 10 XMR Coins, 1 ETH Coin, Bored Ape Kennel Club NFT #3810, Mutant Ape Yacht Club NFT #14730, and a Rolex Daytona Original. The platform's success can be attributed to its innovative pricing strategy and community-centric focus. MetaBID aims to democratize digital wealth by making high-value assets accessible to all through a transparent and fair online auction platform. It offers customizable bidding bots and BID packs for purchase to facilitate participation. To maintain transparency and fairness, MetaBID provides regular updates via its official website, Twitter, and Telegram channels. The platform has also been audited by Certik which adds to its credibility. The surge in user participation exceeds initial expectations indicating that MetaBID's approach to transforming the auction landscape is resonating with its users. The platform's low-entry bids combined with high-value asset auctions have contributed significantly to this early success. https://www.investing.com/news/cryptocurrency-news/metabid-sees-soaring-user-engagement-within-two-days-of-launch-93CH-3222714

2023-11-06 08:18

Investing.com - The U.S. dollar edged lower in early European trade Monday, falling to a six-week low and extending last week’s declines on the back of a less hawkish stance from the Federal Reserve. At 03:20 ET (08:20 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, edged 0.1% lower to 104.782, after dropping more than 1% last week, its heaviest fall since mid-July. Dollar weak ahead of Fed speakers The dollar has been on the wane since last week’s Federal Reserve policy-setting meeting, when the central bank offered somewhat dovish signals on more interest rate hikes. This tone was backed up by Friday’s official jobs report, which showed that U.S. nonfarm payrolls grew less than expected in October. The reading signaled more cooling in the U.S. labor market, which has been a key driver of the Fed’s hawkish stance this year. Fed fund futures imply around an 85% chance the Federal Reserve has now completed its hiking cycle, and an 80% chance it will start cutting in June. There are at least nine Fed speakers scheduled to speak this week, including two appearances by Chair Jerome Powell - the second of which on Thursday includes a Q&A session. Euro climbs despite economic weakness EUR/USD rose 0.1% to 1.0743, with the euro climbing to levels last seen in September on the back of the dollar weakness, rather than any form of regional economic strength. German factory orders rose 0.2% on the month in September, a stronger result than the fall of 1.0% expected, but still a sharp drop from the revised 1.9% gain seen in August. Additionally, Germany's residential construction sector was again hit by a wave of cancellations in October, according to a survey from the Ifo economic institute, published on Monday. "It's getting worse all the time, with more and more projects failing due to higher interest rates and elevated construction prices," says Klaus Wohlrabe, Ifo head of surveys. Sterling edged higher ahead of GDP data GBP/USD rose 0.1% to 1.2384, continuing last week’s strong rally ahead of the release of Britain's GDP data for the fourth quarter later this week. The Bank of England held rates steady last week, and while the central bank stressed that it did not expect to start cutting them any time soon the first BOE rate cut is almost fully priced for August. AUD/USD rose 0.1% to 0.6514, trading close to a two-month high as markets priced in a 25 basis point hike by the RBA on Tuesday. The move is widely expected by markets following a recent uptick in Australian consumer inflation. Other data also showed that retail sales unexpectedly grew in the third quarter, underpinning expectations of sticky inflation. Elsewhere, USD/JPY rose 0.1% to 149.58, in holiday-thinned trade, while USD/CNY fell 0.3% to 7.2789, with the focus is now squarely on trade and inflation data due this week, which is expected to shed more light on a sluggish economic recovery in the country. https://www.investing.com/news/forex-news/dollar-slips-lower-continuing-last-weeks-selloff-3222713

2023-11-06 07:21

Luxor Technology is preparing to launch a new hashrate-backed product that aims to deliver returns between 10% and 13%. The innovative approach, led by Matt Williams, Luxor's Head of Derivatives, involves investors providing Bitcoin as collateral. Luxor then lends this Bitcoin to miners, allowing them to maintain ownership of their mined Bitcoin while generating returns from hashrate trading and mining rewards. This forthcoming product distinguishes itself from the failed ventures of BlockFi and Celsius. Unlike these bankruptcies, Luxor's product is grounded in real economic production, marking a novel method in Bitcoin investment. Investors' returns are produced from miners surrendering part of their profits to those who finance them, not through rehypothecation. Part of Luxor's strategy involves creating a hashrate marketplace to provide better capital access for reputable miners. The hashrate is bought at a lower price and then sold at a higher one, generating returns for investors in the process. Luxor only holds bitcoin custody briefly while acting as an intermediary between investors and mining firms, reducing the counterparty risk associated with Luxor. Despite this innovative approach, industry figures like Peter McCormack and Unchained CEO Joe Kelly have expressed concerns and advised caution due to the unstable nature of the bitcoin lending market. To address these concerns, Luxor is implementing measures to mitigate risks. These include conducting due diligence checks on investors and potentially requiring miners to have insurance. However, despite the anticipation surrounding this new product, Luxor Technology has not yet disclosed a release date. The company remains committed to transparency and risk mitigation as it gears up for the launch. https://www.investing.com/news/cryptocurrency-news/luxor-technology-readies-hashratebacked-product-promising-up-to-13-returns-93CH-3222638

2023-11-06 07:16

In a recent development, Ripple Labs and the National Bank of Georgia (NBG) are progressing on their exploration of a central bank digital currency (CBDC), specifically the Digital Lari. The partnership, announced Sunday, is aimed at investigating the potential of blockchain technology in stimulating economic growth and business value within Georgia. Ripple's CBDC platform was chosen for this project after a competition that involved the submission of Project Execution Plans (PEPs) by various candidates. The platform, which operates on Ripple's new XRP ledger-based system, offers comprehensive end-to-end solutions and has proven experience from five pilot programs conducted globally. It provides control over digital currency flow, an essential feature for a central bank digital currency. The NBG has been actively seeking assistance from tech and financial firms since May 2021 to develop a CBDC. The bank is implementing a modular approach to boost retail convenience and interoperability, expecting transformative advancements in blockchain technology utilization. However, no specific launch date has been set for the Digital Lari. Earlier, it was revealed that Ripple Labs and NBG embarked on Georgia's first CBDC pilot program. This significant step towards digitizing the national currency, Lari (GEL), will leverage Ripple's CBDC platform to demonstrate how CBDCs can be effectively minted, managed, transacted, and redeemed. Ripple was chosen over nine other contenders due to its deep understanding and commitment to the project. The platform will be tested in a live environment for selected use cases during the pilot phase. James Wallis, Vice President of Central Bank Engagements at Ripple, commended the NBG for leading the exploration of blockchain technology in the country. https://www.investing.com/news/cryptocurrency-news/ripple-national-bank-of-georgia-advance-with-digital-currency-pilot-program-93CH-3222632

2023-11-06 06:55

Copyrighted Image by: Reuters Copper prices experienced mild fluctuations on Monday due to uncertainty in demand, elevated supplies, and the impact of a weaker US dollar. The three-month copper contract on the London Metal Exchange (LME) remained stable at $8,171 per metric ton, mirroring its weekly gain from Friday. Simultaneously, the heavily-traded December contract on the Shanghai Futures Exchange (SHFE) slid 0.4% to 67,380 yuan ($9,245.08) per ton. This fluctuation follows Friday's trading where LME and SHFE copper prices declined, with trading volumes marked at 21,000 and 32,000 lots respectively. This decline was influenced by disappointing U.S. non-farm payrolls in October which saw the smallest increase since June, a mere 150,000 jobs, along with downward revisions of total job numbers. On the other hand, lead prices on the LME opened at $2128/mt last Friday evening and soared to a new monthly high of $2,174/ton in the European session due to an unexpected stock drop. Late trading closed at $2,172.5/ton, up 2.09%. Concurrently, SHFE's December lead contract rose 0.51% to 16,635 yuan/mt. Copper inventory across Chinese markets stood at 63,700 mt on November 3rd due to spot resources replenishment and decreased output from smelters affected by maintenance. This inventory increase was also influenced by a copper price rebound which led to a wait-and-see sentiment downstream contributing to South China's new low inventory levels and an overall reduction in demand. Despite a recent decline in stocks within LME warehouses, they have generally increased over time. Copper stocks on SHFE spiked by 11.3% last Friday but remain near a yearly low. The seasonal consumption of the metal in power, transportation, and construction sectors is set to slow during the winter, compounded by an inconsistent economic recovery in China. In other developments, Sheng Qiuping's roundtable meeting in Shanghai announced the lifting of manufacturing foreign investment restrictions which could potentially affect future market dynamics. https://www.investing.com/news/commodities-news/copper-and-lead-prices-fluctuate-amid-demand-uncertainty-and-increased-supplies-93CH-3222616

2023-11-06 06:25

Copyrighted Image by: Reuters. Dogecoin (DOGE/USD) has been in the spotlight recently, with its price soaring by 4% and surpassing the $0.69 mark on Monday. The surge comes in contrast to Bitcoin's (BTC/USD) downward trend. A long-inactive Dogecoin wallet, which had been dormant since 2014, suddenly transferred 5,392,984 DOGE, equivalent to $372,461, to another wallet on Thursday and Friday of last week. The transfer was detected by Blockchair, a blockchain tracking tool. The value of the once dormant wallet witnessed an astonishing 80,000% increase to nearly $376,758 due to Dogecoin's current trading prices. The cryptocurrency was introduced on December 6, 2013, by Billy Markus and Jackson Palmer. They aimed to create a fun alternative to the serious crypto world, drawing inspiration from the Shiba Inu meme for the coin's design. Markus was responsible for the initial four releases while Palmer managed the Dogecoin.com website. Meanwhile, there is growing anticipation around the approval of a Bitcoin Spot ETF, which is expected to be a topic of discussion at Benzinga's Future of Digital Assets event. https://www.investing.com/news/cryptocurrency-news/dogecoin-gains-traction-as-dormant-wallet-stirs-bitcoin-slides-93CH-3222607