2023-11-03 14:56

Ripple, the leading blockchain technology provider, has been chosen as the official technology partner for the National Bank of Georgia's (NBG) digital Lari pilot project. The announcement came following a rigorous evaluation process involving nine contenders. Ripple's CBDC platform, which is based on a private version of the XRP ledger, will be put to the test in a live setting during this pilot program. The partnership aims to assess Ripple’s Central Bank Digital Currency (CBDC) platform's potential in revolutionizing public service, business transactions, and retail usage. This all-inclusive solution for minting, managing, and redeeming CBDCs is backed by the XRP Ledger and is known for executing advanced applications such as smart contracts and tokenization. Acting Governor of the NBG, Natia Turnava, recognized Ripple's technical excellence, active role in five global pilot programs, and comprehensive end-to-end solutions it offers to central banks and governments. The execution strategy and phased rollout of this digital currency initiative will be a collaborative effort between the NBG and Ripple. James Wallis, VP of Central Bank Engagements at Ripple, commended NBG's innovative use of blockchain technology for economic digitization. He reiterated Ripple's commitment to promoting innovation and facilitating secure, transparent Blockchain transactions. Wallis highlighted the potential for significant advancements in public sector blockchain applications through this project. Ripple's influence in the CBDC space extends beyond Georgia. It is involved in similar pilot programs in Bhutan, Palau, Montenegro, Colombia, Hong Kong, and is in advanced discussions with over 20 other countries for potential collaborations on digital currency projects. The Georgian pilot adds to Ripple's growing portfolio of governmental projects, underscoring its leadership role in promoting digital economic advancement through blockchain technology. https://www.investing.com/news/cryptocurrency-news/ripple-partners-with-national-bank-of-georgia-for-digital-lari-pilot-93CH-3221799

2023-11-03 14:54

Copyrighted Image by: Reuters Bitcoin (BTC) experienced a slight increase of 0.25% in its value to $34,412 following the release of the U.S. jobs report for October, which showed a slowdown in job creation with only 150,000 new jobs against an expected 170,000. This development supports predictions of a deceleration in the Federal Reserve's interest rate hikes. The benchmark borrowing rate remained at 5.25%-5.50%, marking the second consecutive pause in rate hikes. The CME FedWatch Tool is currently predicting a 95.4% chance that this rate will remain unchanged at the Federal Reserve's next meeting on December 13th. Unemployment reached its highest since January 2022 at 3.9%, as per the Labor Department’s report. Despite a daily dip of 2.20%, Bitcoin saw an over 25% monthly rise according to CoinMarketCap data. Prior to the jobs data release, Bitcoin had dropped by 2%, valued at $34,235, after previously crossing $36,000 due to a near 15% surge from around $30,000. The upcoming U.S. Labor Department data was expected to show a decline in job additions for October to 180,000 from September's 336,000. The unemployment rate and growth in average hourly earnings were predicted to remain steady at 3.8% and slow to 4% respectively. Ilan Solot of Marex Solutions had warned that a positive jobs report could negatively impact risk assets such as Bitcoin. The Federal Reserve's decision to maintain the benchmark borrowing cost at 5.25% sparked speculation about an end to the tightening cycle and a potential rate cut. This cycle began last year and led to a 525 basis point rate hike, contributing to the crypto crash. Powell's dovish comments raised the risk of an upside surprise in jobs data which could strengthen the dollar index, exerting further downward pressure on Bitcoin amidst financial and credit conditions impacting economic activity, hiring, and inflation. https://www.investing.com/news/cryptocurrency-news/bitcoin-value-rises-slightly-after-us-jobs-report-shows-slowdown-in-job-creation-93CH-3221798

2023-11-03 14:52

Copyrighted Image by: Reuters The US dollar is forecasted to maintain its strength through the end of 2023, despite traditional weakness in the November-December period. This strength is driven by US macro outperformance and a hawkish Federal Reserve. High US rates, described as risk-negative events, are positively influencing the dollar while adversely affecting pro-cyclical currencies in Europe and Asia. Despite these trends, softer US macro data could potentially lead to a weaker dollar. However, significant shifts due to Chinese or European growth re-ratings are seen as unlikely. Notably, high US rates causing disruptions in the financial sector could result in a brief surge in dollar value due to tightened funding conditions. Year-end forecasts anticipate the EUR/USD exchange rate at around 1.05/1.06 and USD/JPY nearing 150. Yet, these predictions are not without significant threats. A looming Eurozone recession struggles to revive the Stability and Growth Pact, and potential geopolitical disruptions causing an oil price hike could impact the expected rise of EUR/USD to 1.10 by next summer and 1.15 by the close of 2024. A slowdown in the US economy is predicted in the upcoming quarter, which could lead to currency predictions being revised. As we transition into 2024, a drop in the short end of the US economic curve is foreseen ahead of anticipated Fed easing next summer. This could result in Dollar depreciation, but it's unlikely to relinquish its gains before this year concludes. https://www.investing.com/news/forex-news/dollar-maintains-strength-amid-global-economic-uncertainties-93CH-3221802

2023-11-03 14:51

Copyrighted Image by: Reuters. In a significant turn of events, the Nigerian Naira has appreciated against the United States dollar, trading below N1,000 for the first time in 44 days across all markets, including the black market. As of Thursday, the Naira traded at N995 against the US dollar, marking an appreciation by N118 within hours. This substantial increase is largely attributed to the Central Bank of Nigeria's (CBN) "Settlement of Matured FX Forwards by CBN" initiative that cleared forex obligation backlogs to international entities like Citi Bank on Wednesday. This initiative also extends to commercial banks and airlines, as part of a broader effort to stabilize the nation's currency. In addition to CBN's initiative, Bureau de Change dealers under ABCON's "No more N1k" initiative are also contributing efforts to stabilize the Naira in the black market. Further boosting expectations for the country's financial stability is Finance Minister Wale Edun's announcement of a forthcoming $10 billion foreign currency influx aimed at mitigating the ongoing forex crisis. This projected inflow is expected to catalyze further gains for the Naira. Supporting this positive outlook, JP Morgan predicts a rate of N850 to a dollar by year-end. Similarly, according to Legit.ng, the federal government expects an exchange rate of N650 to N750 by December 2023. As such, the dollar now trades below N1,000 in the Peer to Peer (P2P) segment used by fintech apps and cryptocurrency platforms, marking a notable shift in the country's financial landscape. https://www.investing.com/news/forex-news/nigerian-naira-appreciates-amid-central-banks-forex-initiative-and-expected-foreign-currency-influx-93CH-3221795

2023-11-03 14:48

Copyrighted Image by: Reuters. Marathon Digital (NASDAQ:MARA) and Nodal Power are pioneering an innovative approach to bitcoin mining, utilizing landfill methane gas to power their operations. The companies have initiated a 280-kW off-grid operation in Utah, marking a significant step towards sustainable cryptocurrency mining. The initiative is not only expected to reduce costs and save energy but also to mitigate environmental impact by harnessing methane, a potent greenhouse gas. According to the United Nations Environment Programme (UNEP), methane's potency as a greenhouse gas is 80 times greater than carbon. Landfill methane accounts for 14.3% of U.S methane emissions, per EPA data, underscoring the potential environmental benefits of the project. Nodal Power, which operates across the southeastern United States and Texas, has secured $13 million in seed funding to support two sites, including a data center. The company's involvement in this green initiative aligns with 'Net Zero' commitments, as highlighted in a recent tweet. Marathon Digital CEO Fred Thiel views this project as a pathway to diversify operations and create positive environmental impacts by utilizing stranded methane. Thiel also indicated the potential expansion of such environmentally friendly initiatives if they prove successful in aiding landfill operators in achieving environmental goals. This development comes amid the broader shift towards renewable energy within the Bitcoin mining industry. Reports from CryptoSlate Insight and the Bitcoin Mining Council (BMC) suggest that a majority of energy used in BTC mining is now sustainable, surpassing even the banking sector. Other recent examples include Genesis Digital Assets Limited's 8-MW hydropower facility in Sweden and Marathon's own 200-MW immersion-cooled facility in Abu Dhabi’s Masdar City. Despite falling short in Q2 earnings, Marathon achieved a record mining of 2,926 Bitcoin, resulting in a 228% year-on-year revenue increase to $132.8 million. The company's innovative approach to sustainable mining could potentially drive further growth and set a precedent for the industry. https://www.investing.com/news/cryptocurrency-news/marathon-digital-and-nodal-power-pioneer-bitcoin-mining-with-landfill-methane-gas-93CH-3221794

2023-11-03 14:22

Copyrighted Image by: Reuters In the world of cryptocurrencies, Bitcoin and Ethereum experienced a decline on Friday, with Bitcoin falling by 2.60% to $34,630.39 and Ethereum dropping by 3.20% to $1,797.61. Despite the daily dip, Bitcoin saw a weekly gain of 1.68%, bringing its market cap to $676.14 billion while Ethereum rose by 0.63% over the week, pushing its market cap to $216.07 billion. On the same day, other cryptocurrencies such as BNB, XRP, Cardano, and Dogecoin experienced price fluctuations. Notably, Solana led the pack with a robust weekly increase of 17.79%. PancakeSwap was another standout performer with a 9% daily rise. In contrast to the fluctuating prices of these cryptocurrencies, stablecoins like Tether, USD Coin, and Binance showed low volatility. DeFi tokens such as Chainlink (down 7.30%), Wrapped Bitcoin, Dai, Avalanche, and Uniswap also varied in performance. The market also observed activity in NFT tokens including Internet Computer (up 5.82%), Render, Stacks, Immutable, and Axie Infinity. The top five gainers in a day were Cronos (up 7.04%), PancakeSwap, Trust Wallet Token, Mantle, and UNUS SED LEO while the biggest losers were Conflux (down 13.65%), Render, Neo, Pepe, and Compound. The total crypto market volume over the last 24 hours was $50.25 billion with a global crypto market cap of $1.29 trillion marking a daily increase of 1.32%. This was slightly higher than the previous day's total crypto market volume of $48.57 billion which marked a decrease of 2.66%. The Fear & Greed Index for the crypto market was at 72 on Friday, indicating a level of investor sentiment that can influence market behavior. The top cryptocurrencies were Bitcoin, Ethereum, BNB, Tether, XRP, Cardano, Solana, Dogecoin, TRON, and USDC, each with varying degrees of increase or decrease in price over the last 24 hours. https://www.investing.com/news/cryptocurrency-news/bitcoin-and-ethereum-see-daily-drop-solana-posts-robust-weekly-gain-93CH-3221770