2023-11-03 07:03

Ripple's digital asset, XRP, was endorsed by Dubai's Financial Services Authority (DFSA) on November 2, 2023, under its virtual asset regime for the Dubai International Financial Centre (DIFC). This endorsement provides legal and regulatory clarity, facilitating efficient global value exchange. With this move, XRP becomes the first virtual asset approved since external applications were allowed, joining Bitcoin, Ethereum, and Litecoin in DFSA's portfolio. This endorsement allows institutions in DIFC to incorporate XRP into their operations. Ripple CEO Brad Garlinghouse lauded Dubai's innovative approach to virtual assets and committed to strengthening Ripple's presence in Dubai. He also expressed an intention to collaborate with regulators to tap into crypto's full potential. Ripple's Chief Legal Officer Stuart Alderoty applauded DFSA's clear guidelines that enhance Dubai's appeal for entrepreneurs. In contrast to Dubai's progressive stance, the US digital asset space is hindered by the SEC’s regulation-by-enforcement approach. SEC Chair Gary Gensler continues his anti-crypto rhetoric. On the same day as DFSA's endorsement, XRP saw a minor dip of 0.44%, closing at $0.6058 amidst increasing tensions with the US Securities and Exchange Commission (SEC). In terms of price action, XRP remained above its 50-day and 200-day Exponential Moving Averages (EMAs). If XRP surpasses its Thursday high of $0.6268, bulls might target the $0.6354 resistance level. On the other hand, a fall below the $0.5835 support level could lead to the $0.5470 support level being tested. https://www.investing.com/news/cryptocurrency-news/dubais-dfsa-endorses-ripples-xrp-contrasting-us-regulatory-landscape-93CH-3220520

2023-11-03 05:41

Copyrighted Image by: Reuters. ARK Investment Management CEO, Cathie Wood, has reiterated her belief in Bitcoin as the leading deflation safeguard for the next decade. In a recent podcast, she stated that Bitcoin's potential surpasses both gold and cash. This faith is rooted in the transformative influence of emerging technologies, including AI, EVs, robotics, genomics, and blockchain on market dynamics. Despite a significant 64% crash in Bitcoin's value in 2022 and prevalent inflation concerns, Wood remains resolute in her prediction that Bitcoin will cross the $1 million mark within the coming decade. The cryptocurrency has more than doubled its value this year due to its potential as an inflation hedge and market anticipation of the SEC's approval of Bitcoin ETFs. In partnership with 21Shares, ARK applied for a Bitcoin ETF and invested in Grayscale Bitcoin Trust (GBTC) at a 40% discount last November via the ARK Next Generation Internet ETF. GBTC, the fund's largest holding, has driven a 224% return this year, outpacing Bitcoin's own 114% rally. Wood suggests an imminent convergence of AI and Bitcoin could trigger a global labor revolution. She credits this transformative potential to the influence of emerging technologies on market dynamics. https://www.investing.com/news/cryptocurrency-news/bitcoin-to-cross-1-million-in-ten-years-predicts-arks-cathie-wood-93CH-3220438

2023-11-03 05:17

Copyrighted Image by: Reuters. Elon Musk, the CEO of Tesla (NASDAQ:TSLA), unintentionally promoted the potential of Bitcoin Ordinals during an interview on "The Joe Rogan Experience" on Thursday. While expressing his skepticism about non-fungible tokens (NFTs), Musk suggested that digital assets should be stored on-chain to avoid loss. His comments echoed the purpose of Bitcoin Ordinals, a protocol introduced by Casey Rodarmor that allows image and text inscriptions directly on the Bitcoin blockchain post-Taproot soft fork. Currently, over 38 million Ordinals inscriptions exist on Bitcoin’s blockchain. Rohun Vora, creator of DeGods and y00ts NFT projects, endorsed Musk's viewpoint, labeling Ordinals as an optimal solution to common NFT criticism. OnChainMonkeys, an Ethereum-native NFT project, announced plans to shift to Bitcoin due to the superior decentralization and security offered by the Bitcoin Ordinal protocol. However, it is important to note that not all NFTs are subject to Musk's critique. For instance, Larva Labs moved its CryptoPunks NFTs on-chain in August 2021 for long-term preservation. Musk's critique of NFTs was centered on the fact that many aren't fully integrated into the blockchain but are merely URLs to external servers hosting digital assets. This setup creates risk exposure and potential asset loss if those hosting companies dissolve. He advocated for JPEG encoding on the blockchain for improved security and digital art safety. His comments sparked a debate within the NFT community with some projects storing their assets on Ethereum's blockchain, while others rely on external servers thereby increasing risk. In response to Musk's comments, Bitcoin enthusiasts promoted the Bitcoin Ordinals protocol, a system that securely inscribes artwork and media onto the Bitcoin blockchain itself. This approach ensures the accessibility of NFTs as long as the Bitcoin network remains operational. https://www.investing.com/news/cryptocurrency-news/elon-musk-inadvertently-bolsters-bitcoin-ordinals-while-critiquing-nfts-93CH-3220422

2023-11-03 05:08

Copyrighted Image by: Reuters. Investing.com-- Gold prices steadied on Friday as traders hunkered down before key nonfarm payrolls data, with the yellow metal headed for a weekly loss as risk appetite improved in the wake of dovish signals from the Federal Reserve. While gold saw some relief from a drop in the dollar and Treasury yields, this was largely offset by traders dumping the yellow metal in favor of more risk-driven assets, particularly stocks and currencies. Gold was also hit with some profit taking this week, after increased safe haven demand, following the onset of the Israel-Hamas war, saw bullion prices jump over 10% in October. But traders were now pricing in a lower risk premium for gold, amid easing concerns that the conflict will spill over into the broader Middle East region. International attempts to broker a ceasefire furthered this notion. Spot gold steadied around $1,986.34 an ounce, while gold futures expiring in December were flat at $1,993.70 an ounce by 00:49 ET (04:49 GMT). Both instruments were down about 1% this week. Nonfarm payrolls in focus after Fed strikes dovish chord Markets were now awaiting key nonfarm payrolls data for October, due later on Friday. The reading comes just a few days after the Fed held interest rates steady and offered middling signals on its plans for more rate hikes. This spurred a rush into risk-driven assets, as markets bet that the Fed was done with its rate hike cycle, and will begin trimming rates by mid-2024. But the payrolls data will be closely watched, given that the Fed still left the door open for one more rate hike this year- although the move will largely depend on the trajectory of inflation and the labor market. While analysts expect Friday’s data to show a sharp drop in payrolls, the reading has beaten expectations for six of the nine months so far in 2023, reflecting a robust U.S. labor market. Traders kept largely clear of gold in anticipation of the reading, given that a strong print could reverse some of the dollar and Treasury losses seen this week. Copper prices rise for second straight week, but outlook bleak Among industrial metals, copper prices rose slightly on Friday and were set for a second straight week of gains, amid some improvement in risk appetite after the Fed decision. Copper futures rose 0.2% to $3.6928 a pound, and were up more than 1% for the week. But the outlook for the red metal remained largely weak, following a string of softer-than-expected economic readings from top importer China. A private survey showed on Friday that Chinese service sector activity grew less than expected in October- coming just a day after data showed a contraction in manufacturing activity. Prices of the red metal had slumped to a near one-year low in late-October, and were still struggling to recover. https://www.investing.com/news/commodities-news/gold-prices-steady-before-nonfarm-payrolls-weekly-losses-on-tap-3220414

2023-11-03 04:58

Copyrighted Image by: Reuters. Cryptocurrency experts at StoneBridge have highlighted the potential influence of Spot Bitcoin Exchange-Traded Funds (ETFs) on the value of Bitcoin, as firms like WisdomTree, BlackRock (NYSE:BLK), 21Shares, Valkyrie, and Ark Invest anticipate a possible approval in 2024. Spot Bitcoin ETFs allow for direct access to Bitcoin without the need for digital wallets or private keys. Bitcoins are securely stored in a digital vault that reflects their market price, with corresponding shares issued and traded on traditional exchanges. These ETFs differ from futures-based ETFs, which are tied to futures contracts. Instead, Spot Bitcoin ETFs offer direct ownership of Bitcoins by purchasing them from holders or authorized exchanges. The shares that correspond to the number of Bitcoins held are periodically rebalanced by authorized participants. Despite concerns from the Securities and Exchange Commission (SEC) regarding market manipulation, fraud, custody issues, and investor protection, industry giants remain hopeful about the approval. This optimism stems from recent modifications to their prospectuses, suggesting active discussions with the SEC. The potential approval of Spot Bitcoin ETFs could have a significant influence on Bitcoin's price by increasing adoption rates and providing market validation. It could also stimulate trading activity and reduce premiums for institutional investors. Furthermore, it may enhance market liquidity by attracting more buyers and sellers, leading to stable prices and reduced volatility. This development represents a significant milestone for the cryptocurrency market due to its potential to increase accessibility and transparency while indirectly impacting Bitcoin's value. Even though regulatory uncertainties persist, the anticipation surrounding Spot Bitcoin ETFs continues to build as we approach 2024. https://www.investing.com/news/cryptocurrency-news/spot-bitcoin-etfs-may-boost-bitcoin-value-awaiting-2024-approval-93CH-3220406

2023-11-03 04:14

Copyrighted Image by: Reuters. Investing.com-- Most Asian currencies advanced on Friday, while the dollar eased further as traders bet that the Federal Reserve was done with its interest rate hikes, although anticipation of key nonfarm payrolls data kept gains in check. Regional trading volumes were also somewhat muted on account of a Japanese market holiday. Rate-sensitive, risk-heavy units such as the South Korean won, Philippine peso and the Indonesian rupiah were the best performers for the day, rallying between 0.5% and 1%. The Japanese yen rose 0.1% in holiday-thinned trade, but still remained close to its weakest level in one year, at above 150 against the dollar. This kept traders wary of any intervention by the Japanese government in currency markets, after the Bank of Japan struck a less hawkish tone earlier this week. The Chinese yuan was flat, hovering around a one-year low following a string of weak economic readings this week. A private survey showed on Friday that Chinese service sector activity grew less than expected in October, although it did accelerate slightly from the prior month. Dollar weak on easing rate hike fears, nonfarm payrolls in focus Broader Asian currencies advanced, while the dollar nursed some losses for the week after the Fed kept rates steady, and offered somewhat dovish signals on more interest rate hikes. This spurred increased bets that the central bank was done with its rate hikes for the year, and will begin cutting rates from mid-2024. The dollar index and dollar index futures fell slightly in Asian trade, and were down 0.4% for the week. But the dollar still faced one more major test on Friday, with key nonfarm payrolls data for October due later in the day. Any signs of resilience in the labor market gives the Fed more impetus to hike interest rates, which could in turn reverse some of the dollar weakness seen this week. The Fed still left the door open for one more rate hike this year, although the move will be largely dependent on more economic data. Friday’s data is expected to show a sharp decline in payrolls. But the data has also consistently beaten market estimates so far in 2023, as the U.S. labor market remained strong. Australian dollar set for strong week as RBA rate hike looms The Australian dollar fell 0.1%, but was trading up 1.5% for the week amid increasing bets that the Reserve Bank of Australia (RBA) will hike interest rates when it meets this coming Tuesday. This notion was furthered by stronger-than-expected retail sales data for the third quarter, which indicated that strong retail spending could potentially underpin inflation in the coming months. Recent signs of sticky Australian inflation, coupled with a resilient labor market and retail spending are expected to spur the RBA into raising interest rates by at least 25 basis points next week. The bank had hiked rates by a cumulative 400 basis points over the past year, but had kept them on hold since May to gauge the effects of the rate hikes on the Australian economy. https://www.investing.com/news/forex-news/asia-fx-firms-as-dollar-extends-losses-before-nonfarm-payrolls-3220385