2023-11-03 01:16

Copyrighted Image by: Reuters. Investing.com -- Oil prices fell Friday, racking up a second-straight weekly loss as easing concerns about Middle East supply disruptions took center stage offsetting the boost from a swing lower in the dollar following a weaker monthly jobs report. By 2:30 ET (18:30 GMT), the U.S. crude futures settled 2.4% lower at $80.51 a barrel, while the Brent contract fell 2.4% to settle at $84.89 a barrel. Crude dives for second-weekly loss as Middle East risk premium deflates The two crude benchmarks fell 4% and 6% respectively, marking their second consecutive week in red, after a lack of escalation in the Israel-Hamas war eased worries about a disruption to supplies in the Middle East. Israel was still carrying out a major ground assault on Gaza, while world powers attempted to broker a cease-fire to get some humanitarian aid into the war-torn region. Iran also called for an oil supply embargo against Israel, while Israel continued to carry out a major ground assault on Gaza, but other members of the Organization of Petroleum Exporting Countries have failed to agree with this call. Additionally, while a private sector survey, released earlier Friday, showed China's services activity expanded at a slightly faster pace in October, official numbers earlier in the week showed China's manufacturing activity unexpectedly contracted in October. Dollar slide on weaker monthly jobs report fails to help crude stem losses Oil prices were offered little respite despite a more than 1% fall in dollar following data showing the U.S. economy created fewer jobs than expected last month, ramping up bets that the Fed is unlikely to resume rate hikes. The U.S. economy added 150,000 jobs during the month, down from a revised figure of 297,000 in September and below the expected 180,000. "Given Powell's dovish tone at the FOMC meeting this past week and the softness of this data, it is hard to see how the Fed might hike again in December. It is very likely that we already saw the final hike for this cycle in July," Jefferies said in a note. Baker Hughes rig count falls; CFTC data in focus Oilfield services firm Baker Hughes Co (NYSE:BKR) reported its weekly U.S. rig count fell to 496 from 504. Eager for insight into whether appetite for bullish bets on oil continue to wane, traders will be watching the CFTC positioning data slated for release later in the day. https://www.investing.com/news/commodities-news/oil-prices-steady-after-wild-swings-but-set-for-second-week-of-losses-3220366

2023-11-02 21:02

Copyrighted Image by: Reuters. The Bitcoin market is experiencing a recovery rally, buoyed by the anticipation of the approval of Bitcoin Spot Exchange-Traded Funds (ETFs). Traders are closely monitoring ten applications, including a recent submission by VanEck. This anticipation has triggered a robust recovery in Bitcoin's price, hitting a 17-month peak and stabilizing at $35,000, following a year-to-date (YTD) move of 107.16%. On-chain indicators reflect the strong market sentiment towards Bitcoin. The Stablecoin Supply Ratio Oscillator (SSRO) has hit an all-time high of 4.13, suggesting traders are shifting their investments from stablecoins to Bitcoin. Despite this shift, the Reserve Risk remains low, indicating strong market confidence in Bitcoin's risk/reward proposition. Long-term holders control over 70% of Bitcoin's supply, which means that the potential approval of Spot ETFs could trigger unprecedented demand against this limited circulating supply. This could potentially propel Bitcoin to new all-time highs, despite potential headwinds such as increased geopolitical risks in the Middle East and the Federal Reserve's ongoing battle with stubborn inflation. As Bitcoin's price stabilizes, traders are exploring alternatives like Bitcoin Minetrix. This tokenized cloud-mining project has successfully raised $3 million during its Stage 4 funding round and is now trading at Stage 5 of its $BTCMTX presale. The growth of Bitcoin Minetrix has exceeded $3.1 million. Investors are also considering other cryptocurrencies such as $BTC20 and the $BITCOIN meme coin due to their significantly lower market cap and potential for value increase by several thousand percent. Moreover, Bitcoin Minetrix offers an additional revenue stream for its users who stake their $BTCMTX tokens. They are rewarded with ERC-20 mining credits at a current annual percentage yield (APY) of 195%, which can be redeemed for designated Bitcoin cloud mining time slots. As the $BTCMTX price rises to Stage 6 of the presale, investors are encouraged to move quickly. A 100% increase from its current price could drive Bitcoin to new heights. https://www.investing.com/news/cryptocurrency-news/bitcoin-spot-etfs-approval-anticipation-fuels-market-confidence-and-alternative-investments-surge-93CH-3220241

2023-11-02 19:15

Investing.com - Cardano was trading at $0.6822 by 01:32 (06:32 GMT) on the Investing.com Index on Thursday, up 10.26% on the day. It was the largest one-day percentage gain since January 10. The move upwards pushed Cardano's market cap up to $24.0118B, or 1.03% of the total cryptocurrency market cap. At its highest, Cardano's market cap was $94.8001B. Cardano had traded in a range of $0.6228 to $0.6822 in the previous twenty-four hours. Over the past seven days, Cardano has seen a rise in value, as it gained 14.76%. The volume of Cardano traded in the twenty-four hours to time of writing was $1.4739B or 0.75% of the total volume of all cryptocurrencies. It has traded in a range of $0.5689 to $0.6823 in the past 7 days. At its current price, Cardano is still down 77.99% from its all-time high of $3.10 set on September 2, 2021. Elsewhere in cryptocurrency trading Bitcoin was last at $63,242.4 on the Investing.com Index, up 10.79% on the day. Ethereum was trading at $3,471.02 on the Investing.com Index, a gain of 6.51%. Bitcoin's market cap was last at $1,242.4860B or 53.31% of the total cryptocurrency market cap, while Ethereum's market cap totaled $417.7820B or 17.93% of the total cryptocurrency market value. https://www.investing.com/news/cryptocurrency-news/cardano-climbs-10-as-investors-gain-confidence-3319472

2023-11-02 19:14

In line with its ongoing strategy initiated in 2017, Ripple Labs continued its practice of releasing one billion XRP tokens monthly and returning a significant portion of them to its escrow. This month, the company returned 800 million XRP tokens, worth around $476.7 million, back into escrow after their release. This move is part of Ripple's strategy to stabilize the price of XRP and is typically followed by retaining about 200 million XRP, valued at $121 million, for operational costs. The return of the tokens this month involved addresses 'Ripple 10' and 'Ripple 23', bringing Ripple’s escrow holdings to approximately 40.9 billion XRP. The Whale Alert crypto tracker also detected significant transactions involving XRP. An anonymous investor transferred 18.7 million XRP to Bitso, Ripple's On-Demand Liquidity (ODL) partner now rebranded as "Ripple Payments", which is the largest crypto exchange in Latin America and a company that Ripple has invested in. Another anonymous investor moved a substantial amount of 412,890,441 XRP ($248,922,341) between wallets. These large-scale movements of XRP have been seen as a way for these investors to accumulate more tokens during price dips. Despite these activities and a slight 3% price dip triggered by the monthly release of tokens, XRP's price has been on an upward trend. Since October 21, when XRP broke the 200-day Exponential Moving Average (EMA) line, the price has surged by nearly 20%. In addition to this, over the last 48 hours and the past week, XRP has seen a price increase of over 6% and over 14% respectively. As of today, XRP is trading at $0.61908 and is the fifth largest cryptocurrency by market capitalization. https://www.investing.com/news/cryptocurrency-news/ripple-labs-continues-strategy-of-xrp-release-and-return-price-sees-significant-surge-93CH-3219895

2023-11-02 19:03

The cryptocurrency market has seen a mix of highs and lows this week, with KILT Protocol leading the pack with a 9.3% surge. Other digital assets such as Kitty Inu and OmniaVerse also saw an uptick, with increases of 1.9% and 1.6% respectively. Hokkaidu Inu and Lumi Credits followed suit, each rising by 1.2% and 1.7%. However, not all cryptocurrencies experienced a positive trajectory, with Aidi Finance, Zoo Token, CareCoin, and Jeff in Space witnessing a drop of 2.2%. On the other hand, the HKD.com DAO (HDAO), launched on February 13th, 2022, continues to maintain its position in the market. With a total supply of 500 million tokens and a circulating supply of 450 million, HDAO is the sole token used within the HKD.com ecosystem. The platform has integrated various use cases for HDAO across its exchange platform and aims to foster an open financial infrastructure through its token economy. The community of HDAO holders is encouraged to grow through the HDAO reward system. This initiative is part of HKD.com DAO's broader goal to incubate quality projects that will boost Hong Kong's digital asset space. The platform is active on various social media platforms where potential investors can find more information about the project. Despite the mixed performance of various cryptocurrencies this week, it's clear that platforms like HKD.com DAO are continuing to innovate and create opportunities within the digital asset space. With its focus on fostering an open financial infrastructure through its token economy, HKD.com DAO is setting an example for other platforms in the crypto world. https://www.investing.com/news/cryptocurrency-news/crypto-market-sees-mixed-results-hkdcom-dao-continues-to-foster-open-financial-infrastructure-93CH-3219882

2023-11-02 18:40

The Dubai Financial Services Authority (DFSA) has licensed Ripple Labs' digital asset XRP for use within the Dubai International Financial Centre (DIFC), under its virtual assets framework. This endorsement permits firms licensed in DIFC to integrate XRP into their services. This move comes after a US ruling by Judge Analisa Torres that recognized XRP as a non-security and follows the approval of other digital currencies like Bitcoin, Ethereum, Litecoin, and Toncoin. Ripple, which established its MENA headquarters in DIFC in 2020, has been actively participating in fintech events and forging partnerships with leading banks like the National Bank of Abu Dhabi (NBAD), a front-runner in adopting Ripple's technology for real-time cross-border payments. This approval could spur XRP adoption, expand its ecosystem, and enable new regional payment methods and other virtual asset applications on the XRP Ledger. Brad Garlinghouse, Ripple's CEO, praised Dubai's proactive stance towards virtual asset regulation and encouragement of innovation. In his statement on a social media platform, he alluded to the forthcoming RippleSwell event while highlighting Ripple's focus on crypto-friendly regions and expansion strategy for Dubai. The UAE is establishing itself as a hub for regulatory clarity in virtual asset services, driving growth in the crypto, payments, and fintech sectors. The introduction of XRP is expected to stimulate new regional payment methods and virtual asset uses on the XRP Ledger. Ripple's mission is to leverage carbon-neutral blockchain technology and green digital assets to revolutionize global value exchange and management. It aims to provide regulatory clarity, ensure risk assurance, and increase access to inclusive and scalable financial systems without economic borders. Beyond its operations in Dubai, Ripple is actively expanding its global footprint. In addition to holding a Major Payments Institution license from Singapore's MAS and seeking further licenses from the UK and Ireland, Ripple is collaborating with the National Bank of Georgia on a digital lari pilot project. After being shortlisted from nine contenders, Ripple will proceed to live testing. This initiative features a tokenized Georgian lari (GEL) facilitated by Ripple’s CBDC Platform running on the XRP Ledger. Ripple's flagship event, Swell, scheduled in Dubai on November 8-9, will host industry leaders such as DIFC's COO Alya Al Zarouni and VARA's CEO Hensen Orser. https://www.investing.com/news/cryptocurrency-news/ripples-xrp-licensed-for-use-in-dubai-international-financial-centre-93CH-3219864