2023-11-03 14:08

Copyrighted Image by: Reuters. The People's Bank of China (PBOC) announced plans on Friday to integrate its fintech regulatory tools with Hong Kong and Macao, aiming to fortify cross-border fintech applications. The announcement was made by Deputy Governor Zhang Qingsong at the HK FinTech Week. The initiative involves collaboration with the Hong Kong Monetary Authority (HKMA) and the Monetary Authority of Macao, incorporating HKMA's Fintech Supervisory Sandbox. As part of this initiative, Octopus Cards Ltd and the Bank of China (Hong Kong) (BOCHK) will facilitate the use of e-CNY in Hong Kong, with support from the Financial Services and the Treasury Bureau. The Shenzhen branch of PBOC has been actively promoting e-CNY, having conducted 73 events and spent 570 million yuan ($77.9 million). In addition, BOCHK has launched e-CNY services. The Bank of China (Hong Kong) is leading efforts to increase the use of e-CNY in Hong Kong through large-scale cross-border applications, focusing on transactions involving mainland visitors. This builds on its 2020 cross-border pilot projects, where the bank explored using e-CNY to top up Octopus cards. Octopus Group CEO Tim Ying Tien-chi explained that their extensive payment network and Octopus app could simplify currency exchanges and retail transactions. He emphasized the shift from physical cards to the app for enhanced user convenience. The PBOC's initiative aims to boost financial innovation in the Guangdong-Hong Kong-Macao Greater Bay Area and promote inclusive finance through the digital yuan. https://www.investing.com/news/forex-news/pboc-to-strengthen-crossborder-fintech-applications-with-hong-kong-and-macao-93CH-3221754

2023-11-03 13:50

Copyrighted Image by: Reuters. Oil prices, including West Texas Intermediate (WTI) and Brent for January settlement, saw an uptick recently, breaking a three-day losing streak. The WTI settled above $82 a barrel, while Brent surpassed $86.85 a barrel. This rebound has been attributed to multiple factors, including the Federal Reserve's signals of ending interest rate hikes and a decrease in the dollar value. Another significant factor was US intelligence reports indicating that Russia’s Wagner Group may supply air defense weapons to Iran-backed Hezbollah. This geopolitical tension further boosted oil prices. Despite these positive influences, crude continues to trade below pre-war levels. Fears of regional conflict disrupting oil supplies and a manufacturing contraction in China are contributing to these lower prices. An agreement between Israel, Egypt, and Hamas allowing some refugees to flee Gaza conflict zones through a Qatar-mediated deal has partially eased concerns but not enough to fully restore crude prices. US President Joe Biden's call for a pause in fighting hasn't fully alleviated fears either, indicating that geopolitical tensions continue to play a significant role in oil market dynamics. The market is closely watching these developments and their potential impact on future crude demand. https://www.investing.com/news/commodities-news/oil-prices-recover-on-fed-signals-and-geopolitical-tensions-93CH-3221634

2023-11-03 13:42

Binance, a leading cryptocurrency exchange platform, is listing Memecoin ($MEME), an ERC-20 token from Memeland by 9GAG, today. This follows the successful launch of the token on the Binance Launchpool. The introduction of Memecoin to the platform is expected to enhance its visibility and leverage the community around Memeland and 9GAG. The exchange will support various trading pairs for Memecoin, including BNB, BTC, USDT, FDUSD, TUSD, TRY. In addition, Binance plans to enable Trading Bots services for the MEME/USDT pair within 48 hours of trading initiation and offers zero maker fees on certain pairs until further notice. Binance Futures will also launch the USDⓈ-M MEME Perpetual Contract with up to 50 times leverage. Memecoin aims to integrate NFTs, gaming, and the metaverse into its ecosystem. Despite recent advancements, MEME has experienced a 20% price drop over the past week and a 21% decrease in market cap, now standing at $186,677,418. However, the trading volume remains constant at $198,172,059 with the current MEME price at $0.02127. Memeland had previously announced $10 million in commitments for the token sale and is planning Airdrops and FireSale for MEME to boost investor interest amidst the coin's volatility. The token is predicted to reach $0.1 from a firesale price of $0.001. In related news, Memeinator (MMTR), an AI-powered meme coin project likened to Shiba Inu, Pepe, and Floki Inu is currently in presale with over $1.1 million raised so far. MMTR integrates a gaming platform and NFTs, offers staking to MMTR holders, and aims for a $1 billion market cap. Its current price of $0.0125 is set to rise to $0.049 during presale stages. https://www.investing.com/news/cryptocurrency-news/binance-introduces-memecoin-trading-despite-recent-price-drop-93CH-3221606

2023-11-03 13:40

XRP, the digital asset backed by Ripple Labs for cross-border payments and foreign exchange transactions, has seen a 33% increase in value over the past five years despite its ongoing legal disputes with the U.S. Securities and Exchange Commission (SEC). Despite these challenges, XRP has managed to avoid the "altcoin graveyard," maintaining its potential for use in foreign-exchange transactions and cross-border payments. Ripple Labs has been embroiled in a legal battle with the SEC, which accused the company of selling XRP as an unregistered security. Ripple CEO Brad Garlinghouse and Executive Chairman Chris Larson countered this claim, arguing that XRP is a currency. This argument won favor with a New York judge who ruled in Ripple's favor, leading to the SEC retracting its lawsuit against them. However, the SEC is still demanding $770 million in penalties from Ripple for alleged securities laws violations. The price of XRP has been significantly impacted by these legal issues. Other factors influencing its price include Bitcoin's price trajectory, which is often mirrored by smaller cryptocurrencies like XRP. The potential approval of a spot Bitcoin ETF from firms like BlackRock (NYSE:BLK) or Grayscale could further positively influence XRP's price. The stance of SEC chairman Gary Gensler on crypto and the potential for altcoin ETFs, including a spot XRP ETF, could also affect XRP's future. As of November 2023, while XRP was once considered a prospective choice for mega-banks, it has not seen wide adoption. In October 2018, XRP was valued at $0.45 per token in an altcoin market that is now under increased regulatory scrutiny. Despite these obstacles, Ripple Labs continues to back XRP and contends with regulatory bodies to secure its position in the market. https://www.investing.com/news/cryptocurrency-news/xrp-value-rises-33-over-five-years-despite-ongoing-legal-battles-93CH-3221603

2023-11-03 13:23

Copyrighted Image by: Reuters. Despite growing 50% this year, Ethereum, the world's second-largest digital asset, has been underperforming in comparison to Bitcoin and other cryptocurrencies, trading below $2,000. The cryptocurrency's dominance in the blockchain sector is attributed to its introduction of smart contracts in 2015, which gave it a first-mover advantage in areas such as non-fungible tokens (NFTs) and decentralized finance (DeFi). It currently holds a significant 54% of total value locked (TVL) in DeFi, making it the leading Layer 1 blockchain. This dominance, however, could potentially be disrupted by competitors like Solana or Avalanche. Ethereum's extensive developer network led by founder Vitalik Buterin is dedicated to continuous improvement. They executed a complex technical feat known as The Merge last year and have plans for further upgrades like Dencun in early 2024, which has received high praise from Goldman Sachs. Investor interest in Ethereum may have dwindled due to The Merge failing to meet expectations. Improvements post-Merge were marginal and high transaction fees persisted. Uncertainty about future staking on the blockchain lingered until it was resolved in April 2022. Furthermore, sectors that initially sparked interest in Ethereum like NFTs and the metaverse lost favor in 2022. The rise of generative AI like ChatGPT also shifted investor sentiment away from Ethereum. Despite these challenges, Ethereum remains a promising long-term investment opportunity. With its current low price and the potential for growth from the upcoming Dencun upgrade, now could be an excellent time to invest. Although not among the top stocks recommended by the Motley Fool Stock Advisor, it remains a viable long-term investment option. https://www.investing.com/news/cryptocurrency-news/ethereums-future-potential-despite-lagging-behind-bitcoin-93CH-3221584

2023-11-03 12:13

Copyrighted Image by: Reuters. Bitcoin's recent surge to $35,000 has been largely influenced by macroeconomic factors rather than the anticipation of spot ETF approval, according to QCP Capital. The firm attributed the rally to a lower-than-expected Treasury supply in Q1 and a dovish stance from the Federal Open Market Committee (FOMC), which have led to decreased bond yields and bullish implications for risk assets like Bitcoin. The cryptocurrency reached its peak at the 38.2% Fibonacci retracement level at $35,912 before experiencing a pullback. Despite this rise, QCP Capital warned that the broader macroeconomic environment remains largely unchanged, which could question the sustainability of this rally in sparking a long-term global uptrend in equities and bonds. In addition to these factors, QCP Capital pointed out heightened activity in the Bitcoin derivatives market. This suggests traders are preparing for a significant move contingent on spot ETF approval. However, the firm emphasized that macroeconomic indicators such as bond yields exert more influence over Bitcoin than ETF speculation. The firm also noted the impact of bond market fluctuations on investor risk sentiment and thereby influencing the crypto market. Particularly, they highlighted the 30-year Treasury yield reaching a 16-year high above 5%. As of now, Bitcoin is priced at $34,235 and risks breaking its established uptrend channel. Meanwhile, traders are observing high derivative indicators while awaiting spot ETF approval that could further boost Bitcoin's rising spot price. Imminent events such as earnings reports from Coinbase (NASDAQ:COIN) and Apple (NASDAQ:AAPL) and the release of non-farm payroll data could trigger expected implied volatility and high call option premiums. However, significant regulatory actions led by SEC Chair Gary Gensler would be required to push the market below the $32K support level. https://www.investing.com/news/cryptocurrency-news/bitcoin-rally-driven-by-macroeconomic-factors-not-spot-etf-speculation--qcp-capital-93CH-3221301