2023-11-06 00:31

Copyrighted Image by: Reuters. Investing.com -- Oil prices rose Monday, rebounding after last week’s hefty losses on the expectation of a tight supply situation for the rest of the year after a couple of major producers reaffirmed their commitment to extra voluntary output cuts. New York-traded West Texas Intermediate, or WTI, crude for December delivery, settled at $80.82, up 31 cents, or 0.4%. UK-origin Brent crude for January delivery settled at $85.18, up 29 cents , or 0.3%. Saudi Arabia/Russia maintain output cuts Major suppliers Saudi Arabia and Russia confirmed on Sunday that they will maintain their ongoing supply reductions until the end of the year, heralding tighter oil markets. “The confirmation from these producers that they would continue with cuts shouldn’t come as too much of a surprise. However, what the market will be more interested in is if they extend these cuts into early 2024,” said analysts at ING, in a note. “Our oil balance shows that the market will be in surplus in 1Q24, which may be enough to convince the Saudis and Russians to continue with cuts through the seasonally weaker demand period of Q1.” Additional supply tightness Adding to the potential for further supply tightness, the U.S. oil rig count fell by eight over the last week to 496, according to Baker Hughes data, breaking three consecutive weeks of increases. “The lack of response from U.S. producers to the current price environment will likely give the Saudis confidence to continue holding supply from the market without the risk of losing a large amount of market share to U.S. producers,” ING added. Rebounding from last week’s selloff The market is rebounding after both benchmarks lost about 6% last week, as traders priced in a much lower risk premium from the Israel-Hamas war, given that fears of supply disruptions in the Middle East have not materialized. Israel has rebuffed mounting international pressure for a ceasefire, but a U.S. diplomatic blitz in the region has so far contributed towards the conflict escalating. Chinese trade, inflation data on tap Crude markets were now focused squarely on key economic readings from China, due later in the week. Chinese trade data is due on Tuesday and is expected to provide more cues on commodity demand in the country. While China’s oil imports and fuel demand have remained robust this year, the country has been steadily increasing its stockpiles, which could spur a drop in imports over the coming months. Traders also fear a drop in fuel demand, especially if economic conditions worsen. Inflation data due on Thursday is expected to offer more insight into spending patterns in the world’s largest oil importer, which has been grappling with disinflation in recent months. While China’s third-quarter GDP grew more than expected, a string of weak readings for October showed that business activity remained laggard, potentially heralding a weaker fourth quarter. https://www.investing.com/news/commodities-news/oil-prices-rise-as-rate-hike-fears-ease-china-data-deluge-in-focus-3222518

2023-11-05 18:13

The cryptocurrency XRP has demonstrated notable resilience amid market volatility, marking a significant 31% surge over the past three weeks since mid-October. This upswing led to an early August high of $0.6424, underlining the potential for tangible gains for investors. The upcoming Ripple Swell conference in Dubai, scheduled for November 8-9, is anticipated to have a profound impact on XRP's price despite Ripple's disconnection from the digital asset. The event is expected to catalyze significant announcements that could potentially lead to a bullish expectation in the market. Investors who entered the market in mid-October, eyeing tangible returns, might consider offloading their holdings. This action could trigger a potential surge and redistribution of XRP, further driving its market performance. The anticipation surrounding the Ripple Swell conference and its potential impact on XRP underscores the dynamic interplay between event-driven news and cryptocurrency market movements. https://www.investing.com/news/cryptocurrency-news/xrp-showcases-resilience-with-31-surge-as-ripple-swell-conference-approaches-93CH-3222481

2023-11-05 18:07

Crypto whale 0x56b has seen significant unrealized gains in their portfolio, with a nearly $2m profit from holding Chainlink (LINK), valued at $5.87m. This profit is largely due to a recent 58% surge in the price of LINK. From October 2022 to July 2023, the cryptocurrency investor accumulated over a million LINK from exchanges Coinbase (NASDAQ:COIN) and Bitrue. The average purchase price was $7.64 per LINK, leading to a total expenditure of approximately $7.84m. The investor also made sales at an average price of $11.41 per LINK, generating around $6m in revenue. These transactions resulted in close to $2m in profit, contributing significantly to the total estimated profit of $3.98m. This successful investment strategy showcases the potential profitability within the volatile cryptocurrency markets, particularly when strategic buying and selling are employed. InvestingPro Insights InvestingPro real-time data confirms the impressive gains of crypto whale 0x56b. As of Q3 2023, Chainlink has indeed experienced a notable 58% surge, validating the investor's successful strategy. Additionally, the average purchase price of $7.64 per LINK aligns with InvestingPro's data, further highlighting the accuracy of the investor's approach. Two InvestingPro Tips that could be relevant to this scenario are: "Consider the volatility of the crypto market when investing" and "Strategic buying and selling can significantly increase profitability". These tips align perfectly with the investor's strategy, as they capitalized on market volatility and employed a strategic buying and selling approach to realize substantial profits. Remember, these are just two of the many insightful tips available on the InvestingPro platform. https://www.investing.com/news/cryptocurrency-news/crypto-whale-0x56b-sees-nearly-2m-gain-from-link-holdings-93CH-3222479

2023-11-05 16:44

Sam Bankman-Fried, a renowned figure in the cryptocurrency world, is facing serious legal scrutiny following a tumultuous period marked by significant financial losses and the collapse of his company, FTX. The crypto expert is dealing with a $4 million loss in XRP investments from his Alameda Research and is also grappling with the fallout from FTX's collapse which resulted in an $8 billion customer fund loss. The recent events have raised suspicions about Alameda Research's daily trade volumes and activities during spring 2022. During a two-week halt in trading, the company had been making over 250,000 trades per day. The loss of funds, including 20 million XRP tokens, was traced back to Bithumb, a South Korean crypto exchange. Bankman-Fried claimed to be unaware of this development. The case against Bankman-Fried has drawn parallels with past scandals such as Elizabeth Holmes’ Theranos and Raj Rajaratnam’s insider trading cases. The trial has brought to light issues within the cryptocurrency industry, including FTX's rapid offshore growth, inexperienced leadership, lack of a CFO, and the creation of its own token (FTT). Bankman-Fried's lack of empathy during the trial was noted as a significant factor in his conviction. This situation has created tension between him and the Alameda team, leading to speculation about potential charges of fraud and conspiracy to commit money laundering if he is found guilty in court. The current environment surrounding cryptocurrencies remains uncertain and fraught with risk. As traditional finance entities consider Bitcoin offerings amidst possible regulatory approval, fears of continued crypto fraud persist. This unease is reflected in the mixed views of market observers like Bjoern Jesch. The saga involving Bankman-Fried adds another layer to the complex narrative surrounding cryptocurrencies. Factors such as venture capitalists' 2021 investments, Zbigniew Brzezinski's concept of "procedural morality," and the collapse of Mt Gox provide further context to the inherent risks in the crypto market. https://www.investing.com/news/cryptocurrency-news/crypto-mogul-faces-fraud-charges-following-ftx-collapse-and-alameda-research-losses-93CH-3222470

2023-11-05 16:07

Copyrighted Image by: Reuters Marathon Digital (NASDAQ:MARA) Holdings and Nodal Power have initiated a unique Bitcoin mining pilot in Utah, utilizing landfill methane gas as the sole source of power. This innovative project aims to harness the potential of stranded methane, a significant energy resource and a major contributor to U.S. methane emissions, as identified by the Environmental Protection Agency (EPA). The initiative underscores the growing trend within the cryptocurrency sector towards sustainable practices. It aligns with the global sustainability objectives and mirrors other eco-friendly efforts in the industry, such as Genesis Digital Assets Limited and Marathon's own 200-MW immersion-cooled plant in Abu Dhabi. Fred Thiel, CEO of Marathon Digital Holdings, emphasized that Bitcoin miners hold a unique position in transforming this environmentally harmful gas into clean, renewable energy. The project also intends to support landfill operators in achieving their environmental targets by reducing greenhouse gases. Despite achieving a Q2 2023 mining milestone of 2,926 Bitcoins and witnessing a surge in revenues by 228% to $132.8 million, Marathon's earnings fell below expectations. However, Thiel highlighted the potential of this project to lower energy costs and diversify operations. The United Nations Environment Programme (UNEP) has noted that methane's environmental impact is substantial for 20 years post-release, further emphasizing the importance of such initiatives in mitigating climate change. https://www.investing.com/news/cryptocurrency-news/marathon-digital-and-nodal-power-launch-bitcoin-mining-pilot-powered-by-landfill-methane-gas-93CH-3222463

2023-11-05 15:30

The ERC-20 token WazirX (WRX), valued at $0.12 or 0.00000347 BTC, rose by 0.9% against the U.S. dollar on Sunday, November 5th, 2023. The token, which has a market cap of $46.55 million and a daily trading volume of $615,057.27, showed a weekly gain of 9.1% against the U.S. dollar, outperforming several other cryptocurrencies in the market. In contrast, various cryptocurrencies including KILT Protocol, Aidi Finance, Zoo Token, CareCoin, OmniaVerse, and Jeff in Space traded down between 1.7% and 2.2% against the dollar and bitcoin. Counteracting this trend, Kitty Inu and Hokkaidu Inu rose by 1.9% and 1.2% respectively; Lego Coin held steady while Lumi Credits increased by 2.5%. WazirX offers fee discounts and staking rewards with its native WRX tokens which are also integrated into new product launches on the platform. With a total supply of 962,646,669 coins and a circulating supply of 381,856,872 coins within the WazirX ecosystem, these tokens are periodically "burned" to manage their scarcity and value. InvestingPro Insights Analyzing real-time data from InvestingPro, we can draw some interesting insights about WazirX. Firstly, despite its relative volatility, WazirX is trading near its 52-week low, which could present a buying opportunity for investors looking to enter the cryptocurrency market at a lower price point. This is one of the InvestingPro Tips that advises investors to consider the timing of their investments carefully. Secondly, the platform's native WRX tokens are periodically "burned" to manage their scarcity and value. This aligns with the InvestingPro Tip that warns of companies quickly burning through cash, suggesting that WazirX's token-burning strategy may be a crucial factor in its financial sustainability. For more in-depth analysis and tips, consider exploring the InvestingPro product, which contains over a hundred additional tips to help investors make informed decisions. Remember, investing involves risk, but with the right information, you can make decisions that align with your financial goals. https://www.investing.com/news/cryptocurrency-news/wazirx-token-shows-weekly-gain-of-91-amid-mixed-cryptocurrency-market-93CH-3222458