2023-11-02 07:52

The cryptocurrency XRP has witnessed a significant resurgence in recent weeks, as marked by a boost in its price and trading volume. The token's price hit $0.6 for the first time since its tumble on August 16th, representing a 25% surge within two weeks. This recovery follows an all-time high of 277,620 wallets holding at least 10,000 tokens, indicating renewed investor confidence. In addition to the price recovery, XRP's trading volume has also seen a substantial increase. A recent 57.66% surge in trading volume equates to $2.19 billion worth of tokens traded, reflecting renewed interest in the cryptocurrency. Data from Santiment further underscores this resurgence in confidence among major investors or 'whales'. Over 255 transactions valued at $1 million each were conducted in October, marking a three-month high. This surge in both wallet count and trading activity suggests that XRP is gaining momentum among large-scale investors. The recent developments surrounding XRP highlight the volatile nature of the cryptocurrency market, where investor sentiment can shift rapidly. The current uptrend for XRP suggests a positive outlook among investors, with an increased number of wallets holding significant amounts of the token and heightened trading activity. https://www.investing.com/news/cryptocurrency-news/xrp-sees-surge-in-price-and-trading-volume-hits-new-wallet-record-93CH-3218299

2023-11-02 07:36

Copyrighted Image by: Reuters Dogecoin (DOGE), the early memecoin, has seen substantial growth since the 2021 bull market, although it has yet to surpass its all-time high. The cryptocurrency enjoys strong backing from Elon Musk and a robust community of over 3.83 million wallet addresses. Each wallet holds at least one DOGE, valued at $0.067. BitInfoCharts data reveals that these addresses collectively hold 141.68 billion DOGE, equating to approximately $9.5 billion. If these addresses were viewed as a population, they would be comparable to Berlin's 3.67 million residents. However, their combined wealth is significantly lower, approximately 18 times less than Berlin's GDP of $171.77 billion. An interesting aspect of Dogecoin's wealth distribution is its skewness - the top 13 addresses own more than 25% of all available Dogecoins, amounting to around $2.45 billion. This highlights a significant concentration of wealth within a small fraction of the community. Due to Dogecoin's pseudonymous blockchain nature, the exact number of individual owners remains unknown since one person can control multiple addresses. Despite this uncertainty, the growth and support for Dogecoin are evident in its increasing number of wallet addresses and its prominent backers such as Musk. https://www.investing.com/news/cryptocurrency-news/dogecoin-community-grows-yet-wealth-distribution-remains-skewed-93CH-3218275

2023-11-02 07:20

Copyrighted Image by: Reuters. Oil prices have seen an increase following the Federal Reserve's indication of potentially halting further interest rate hikes, thereby stabilizing a previously uncertain demand outlook. This comes as the Federal Reserve refrained from raising borrowing costs for two consecutive meetings. The recent rise in long-term Treasury yields has been cited as a factor reducing the need for another hike. The global benchmark Brent and West Texas Intermediate (WTI) oil prices have advanced, with Brent nearing $86 per barrel. This movement is in line with broader financial markets. Despite concerns about the Israel-Hamas conflict potentially disrupting oil supplies, the situation has not escalated to that extent. A Qatar-mediated deal endorsed by US President Joe Biden allowed refugees to escape Gaza into Egypt, easing tensions. The oil market has thus relinquished its war premium, shifting focus towards signs of weakening global demand. In the United States, nationwide oil inventories have expanded for two consecutive weeks, increasing by 773,000 barrels according to Energy Information Administration data. The inventories at Cushing, Oklahoma's oil storage hub have also seen an uptick. https://www.investing.com/news/commodities-news/oil-prices-rise-as-fed-hints-at-halting-interest-rate-hikes-93CH-3218245

2023-11-02 06:52

Copyrighted Image by: Reuters. Bitcoin's price has remained steady above $35,500 on Binance following the Federal Reserve's decision to keep interest rates unchanged. The cryptocurrency market is closely watching the upcoming US Nonfarm Payrolls (NFP) report for October, which is expected to significantly influence Bitcoin's short-term price movement. Traders are bracing for potential market volatility in response to the NFP report. The Federal Reserve's data-driven approach to interest rate decisions has had a positive effect on Bitcoin's price, suggesting that the October NFP report could play a key role in determining whether interest rates remain high or increase before 2023 ends. Market forecasts predict an addition of 180,000 Nonfarm payrolls in October. A higher-than-expected increase in the NFP report could lead to a temporary pullback in Bitcoin's price. However, a quick recovery is anticipated due to bullish sentiment fueled by the potential approval of a spot Bitcoin ETF by the Securities and Exchange Commission (SEC). The anticipation surrounding these economic indicators underscores their significant impact on cryptocurrency markets. As traders prepare for these events, they will be keenly monitoring any shifts in Bitcoin's price and market sentiment. https://www.investing.com/news/cryptocurrency-news/bitcoin-holds-steady-above-35500-as-traders-anticipate-impact-of-us-jobs-report-93CH-3218205

2023-11-02 05:32

Copyrighted Image by: Reuters Vitalik Buterin, the co-founder of Ethereum, has recently transferred 100 ETH, equivalent to $181,000, to Coinbase (NASDAQ:COIN). This move has ignited speculation within the cryptocurrency sector, as it contradicts his commitment since 2018 not to sell ETH for personal profit. The sudden transfer was reported on Thursday and has drawn attention due to the transparency of blockchain technology. Buterin is well-known for his generous donations of ETH to charities and projects that advance Ethereum. His recent transfer has raised questions about a possible shift in his financial strategy. Some suggest that this move could be influenced by Ethereum's transition to Ethereum 2.0, which may necessitate a reassessment of his portfolio. Others propose it might be a strategic liquidation of assets to fund Ethereum's ongoing development and his philanthropic initiatives. The transaction was first reported by Chinese crypto reporter Colin Wu and shared on social media. This sparked speculation among the cryptocurrency community due to Buterin's past commitment to use his ETH for philanthropic purposes rather than personal gain since 2018. The absence of official information about this transaction has further fueled speculation. Simultaneously, Ethereum's price is under close scrutiny following a 20% surge over two weeks from $1,542 to $1,865. Despite the speculation and close monitoring of Ethereum's price, Buterin remains silent about his intentions behind the Coinbase transfer. https://www.investing.com/news/cryptocurrency-news/ethereum-founders-unexpected-transfer-sparks-speculation-93CH-3218129

2023-11-02 05:10

Copyrighted Image by: Reuters. Investing.com-- Gold prices rose on Thursday, encouraged by a weaker dollar and Treasury yields after the Federal Reserve struck a less hawkish tone than expected, although gains in the yellow metal were limited by increased risk appetite. The central bank left interest rates on hold, as widely expected, on Wednesday. But comments from Fed Chair Jerome Powell saw markets pricing in a diminished chance of any more rate hikes, especially as the Fed chair acknowledged that financial conditions had tightened substantially in recent months. Fed fund futures showed that traders were pricing in an 80% chance of a rate pause in December, and that the Fed will begin trimming rates by mid-2024. The dollar and Treasury yields sank on this notion, benefiting gold. But traders mostly pivoted into risk-driven assets like stocks, limiting any major gains in the yellow metal. Spot gold rose 0.2% to $1,986.07 an ounce, while gold futures expiring in December rose 0.3% to $1,993.70 an ounce by 00:52 ET (04:52 GMT). Gold sees some rate relief, but nonfarm payrolls another test Focus was now squarely on upcoming U.S. nonfarm payrolls data, due on Friday. Any signs of strength in the jobs market gives the Fed more impetus to hike rates, with Powell also reiterating that notion on Wednesday. A private payrolls reading released on Wednesday showed some cooling in the jobs market, which could signal a softer nonfarm payrolls reading. While gold is expected to benefit from the prospect of no more rate hikes, any major upside in the yellow metal remains doubtful with U.S. interest rates likely to remain higher for longer. Powell had also acknowledged that the Fed still had a long way to go before reaching its 2% inflation target, and had previously signaled that the bank’s target rate will remain above 5% until at least end-2024. Higher rates bode poorly for gold, given that they increase the opportunity cost of holding the yellow metal. Still, the yellow metal was sitting on strong gains from October, as the outbreak of the Israel-Hamas war drove up safe haven demand. Copper rises on softer dollar, but China fears limit gains Among industrial metals, copper prices rose slightly on Thursday, benefiting from a weaker dollar after the Fed meeting. Copper futures rose 0.3% to $3.6710 a pound. But bigger gains in the red metal were held back by persistent concerns over China, following a string of weaker-than-expected readings on manufacturing activity this week. Markets were now awaiting a reading on the services sector, due this Friday. https://www.investing.com/news/commodities-news/gold-prices-rise-on-bets-of-no-more-fed-rate-hikes-but-gains-limited-3218122