2023-11-01 18:43

Copyrighted Image by: Reuters The British pound is showing resilience ahead of the Bank of England's (BoE) Monetary Policy Committee (MPC) November interest rate decision, which is expected to maintain the 5.25% rate, a prediction backed by over 90% of money markets and a majority of surveyed analysts. The BoE's anticipated "high-for-longer" policy might bolster the pound against the euro's previous gains, as it favors future tightening. The vote composition of the MPC and economic projections are steering this resilience. Market expectations are pivotal, especially if dovish MPC member Swati Dhingra votes for a rate cut, which could potentially destabilize the pound. Changes in 2025 inflation and growth forecasts could also influence the pound's trajectory. The previous month saw a narrow 5-4 vote to hold rates. The reasons against a rate hike include slowing economic activity, weaker housing market, falling consumer spending, decreasing inflationary pressure, falling consumer confidence, retail sales slowdown, construction output slump, and manufacturing decline as highlighted by Mike Riddell from Allianz (ETR:ALVG) Global Investors and George Buckley from Nomura. Despite Deutsche Bank's inflation warnings, it anticipates a 6-3 vote in favor of maintaining rates. The vote split will be crucial for future decisions. Deputy Governor Breedon will replace Cunliffe on the committee, who had voted for a rate hike previously. Barclays predicts a 1-6-2 vote split with Dhingra voting for a cut and Haskel and Mann voting for a 25bp hike. ING foresees previous rate hike supporters maintaining their stance and predicts that new Deputy Governor Sarah Breeden will align with the consensus in her first meeting. Forward guidance from the bank will also be significant. Danske Bank expects a higher threshold for further rate hikes and predicts the first rate cut of 25bp in June 2024, followed by quarterly cuts totaling 75bp throughout 2024. Alongside the decision, the BoE will also release its Monetary Policy Report (MPR), updating growth and inflation forecasts. If rates remain steady, market reactions should be subdued, with possible minor Pound losses if dovish guidance is issued. An increase in rates could cause an initial Sterling surge before a potential fall due to recession fears. https://www.investing.com/news/forex-news/british-pound-stands-firm-ahead-of-boes-november-interest-rate-decision-93CH-3217613

2023-11-01 17:59

Francis Menassa, former banker at Credit Suisse and Merrill Lynch, is now facing personal bankruptcy following a series of unsuccessful investments. His assets have been frozen under a court order and his holding company, JAR Financial Management, is in debt of nearly £10 million ($12.1 million) to more than a dozen creditors as of late April. Menassa, who also established the asset management firm JAR Capital, had his shareholder's loan account overdrawn by approximately £950,000. The firm, which was based in London’s Mayfair district and managed over $1 billion across wealth and asset-management divisions, was ordered to close by the court in October. The financial troubles Menassa faces are linked to his investments in several ventures. These include The Wave, a UK inland-surfing venture; BlockEx, a crypto trading platform; and an unsuccessful attempt to acquire an unnamed Gibraltar bank. This series of events marks a significant setback for Menassa, who was once a respected figure in the banking sector and co-managed Plumiri Wealth. The recent developments represent a stark contrast to his previous standing, exemplifying a dramatic fall from grace in the financial world. https://www.investing.com/news/cryptocurrency-news/francis-menassas-financial-downfall-following-failed-investments-93CH-3217599

2023-11-01 17:48

Copyrighted Image by: Reuters. In recent events, SEC Chairman Gary Gensler has utilized the anniversary of Bitcoin's whitepaper for a light-hearted interaction with the cryptocurrency community, emphasizing the importance of adherence to securities laws. This move by Gensler comes at a time when the crypto world is facing multiple challenges. Today, Tether, despite holding a substantial $72 billion in cash reserves, is struggling to maintain its dominance in the stablecoin market. The company is dealing with increasing competition from other players in the field, which is gradually eroding its market share. In addition to this, the US and its 40 allied nations are currently developing a strategic response to an escalating ransomware problem that demands cryptocurrency ransoms. This counter-offensive strategy involves an unprecedented level of international data sharing on criminals' crypto wallets. The aim is to trace and recover stolen cryptocurrency assets, highlighting a growing concern over the security of digital currencies. These developments indicate a pivotal moment for cryptocurrencies as they navigate regulatory scrutiny, market competition, and security threats. https://www.investing.com/news/cryptocurrency-news/bitcoin-whitepaper-anniversary-leveraged-by-sec-chairman-amid-crypto-challenges-93CH-3217583

2023-11-01 17:29

Bitfinex, a cryptocurrency exchange platform, has been issued a warning by the UK Financial Conduct Authority (FCA) for alleged unauthorized promotion of financial services. The FCA has cautioned UK citizens to avoid using Bitfinex's services due to potential breaches of UK law. The FCA has added Bitfinex to its warning list, suggesting that the firm might be promoting financial products without proper authorization. This action is in line with the FCA's mandate to ensure fair and transparent financial markets, established since its inception in 2013. Bitfinex, which also offers margin trading and lending services, expressed disappointment at this development. On its blog, the company vehemently denied these allegations. It pointed out that it had engaged in detailed discussions with the FCA and had proactively announced measures in June to comply with the FCA’s requirements. These measures included issuing a customer notice explaining these efforts. However, the FCA maintains that Bitfinex's promotional activities violate current legislation, specifically section 21 of the Financial Services and Markets Act. Such a violation could result in two years of imprisonment and an unlimited fine for Bitfinex's administration. In a parallel development, the UK Treasury is crafting a new law aimed at regulating stablecoins. The proposed legislation intends to bring fiat currency-backed assets under the oversight of the FCA. https://www.investing.com/news/cryptocurrency-news/uks-fca-warns-against-bitfinexs-unauthorized-financial-promotions-93CH-3217573

2023-11-01 17:06

In a day marked by a general downturn in the cryptocurrency market, Solana (SOLUSD) emerged as the only significant digital currency to post gains on Wednesday. The cryptocurrency recorded a 6.89% increase, bucking the trend seen in other major coins such as Ripple (XRPUSD), Bitcoin (BTCUSD), Ethereum (ETHUSD), and others that saw their values decline. Dogecoin (DOGEUSD) led the decrease, falling by 2.14%, while other major cryptocurrencies like Polkadot (DOTUSD), Cardano (ADAUSD), Uniswap (UNIUSD), Ethereum (ETHUSD), Polygon (MATICUSD), Ripple (XRPUSD), and Bitcoin (BTCUSD) also experienced a dip in their values. In the realm of crypto-related companies, there was mixed performance observed. Coinbase (NASDAQ:COIN) Global, a leading cryptocurrency exchange, experienced a minor rise in its share value. On the other hand, MicroStrategy, Marathon Digital (NASDAQ:MARA) Holdings, Overstock.com (NASDAQ:OSTK), and Block Inc witnessed drops in their share prices. Meanwhile, shares of Riot Platforms (NASDAQ:RIOT) and Ebang International Holdings remained stable. Other tech companies involved in the crypto space such as PayPal (NASDAQ:PYPL) Holdings, NVIDIA Corp (NASDAQ:NVDA), and Advanced Micro Devices (NASDAQ:AMD) recorded gains. Turning to the ETF sector, Amplify Transformational Data Sharing ETF and Bitwise Crypto Industry Innovators ETF saw slight decreases. However, Grayscale Bitcoin Trust managed to increase marginally. This information was generated using data from Dow Jones and FactSet by Automated Insights. https://www.investing.com/news/cryptocurrency-news/solana-bucks-trend-as-major-cryptocurrencies-decline-93CH-3217562

2023-11-01 16:49

Copyrighted Image by: Reuters. In Wednesday's morning trading session, a majority of prominent cryptocurrencies experienced a decline, led by Dogecoin (DOGEUSD), which dropped 2.14% to 7 cents. Other significant cryptos such as Polkadot (DOTUSD), Cardano (ADAUSD), Uniswap (UNIUSD), Ethereum (ETHUSD), Polygon (MATICUSD), Ripple (XRPUSD), and Bitcoin (BTCUSD) also faced downturns. In contrast, Solana (SOLUSD) demonstrated resilience against the trend, posting a 6.89% increase to $39.71. On the equities front, shares of Coinbase (NASDAQ:COIN) Global Inc., Tesla (NASDAQ:TSLA) Inc., NVIDIA Corp (NASDAQ:NVDA)., and Advanced Micro Devices (NASDAQ:AMD) Inc. experienced an uptick. However, stocks of MicroStrategy Inc., Riot Platforms (NASDAQ:RIOT) Inc., Marathon Digital (NASDAQ:MARA) Holdings Inc., Overstock.com (NASDAQ:OSTK) Inc., Block Inc., and PayPal Holdings Inc (NASDAQ:PYPL). saw a decrease in their value. Ebang International Holdings Inc.'s stocks remained stable amidst these market fluctuations. In the ETF sector, Amplify Transformational Data Sharing ETF and Bitwise Crypto Industry Innovators ETF along with Marathon Digital Holdings Inc.'s stocks slid. Bucking the trend was Grayscale Bitcoin Trust, which tracks Bitcoin's market price and recorded an increase during the same trading session. https://www.investing.com/news/cryptocurrency-news/cryptocurrencies-face-downturn-while-select-stocks-see-uptick-93CH-3217557