2023-11-01 14:29

Copyrighted Image by: Reuters. As the crypto market trends upwards, speculation about potential approvals for Bitcoin spot exchange-traded funds (ETFs) in 2023 has intensified. The Securities and Exchange Commission (SEC) appears to have relaxed its stance, with major applicants such as BlackRock (NYSE:BLK), Fidelity, Ark Invest, and VanEck making modifications to their applications. Bloomberg's ETF specialists view these changes as a positive sign towards Bitcoin ETF approval. On Tuesday, financial lawyer Scott Johnsson speculated on X (formerly Twitter) about a possible SEC approval for a Bitcoin spot ETF by November 2, 2023. He drew comparisons with the BITO approval following a similar closed-door SEC meeting and Grayscale's successful spot Bitcoin ETF bid after a U.S. Court of Appeals decision. Despite the anticipation, Johnsson emphasized the uncertainty of any announcement on that date. His post has fueled discussions about potential Bitcoin ETF approvals in the coming year. These developments suggest that the landscape for cryptocurrency investments could be set to change significantly in the near future. https://www.investing.com/news/cryptocurrency-news/bitcoin-spot-etf-approval-speculation-intensifies-amid-crypto-market-uptrend-93CH-3217347

2023-11-01 14:25

On Tuesday, the Nigerian naira showed a significant appreciation of 21.81%, closing at an official rate of N815.32/$1, up from N993.82/$1 the previous day. This change was accompanied by intraday figures that ranged between a high of N998.00/$1 and a low of N6475.00/$1, marking a spread of N523/$1. Despite this appreciation, Tuesday also saw a substantial decrease in forex turnover by 66.01% to $881.31 million. The black market also experienced a 2.54% depreciation with rates of N1180/$1 and peer-to-peer traders at N1165.23/$1. Data from FMDQ revealed that the black market exchange rate for the naira remained stable on Wednesday following a 2.5 percent appreciation against the US dollar on Monday. Despite low liquidity, trading on the Nigerian Association of Foreign Exchange Members (NAFEM) saw the naira strengthen by 17.96 percent, with the dollar quoted at N815.32, a significant improvement from Monday's N993.82 quote. However, the daily forex market turnover dipped to $74.73 million on Tuesday from $88.31 million on Monday, as per FSDH Research's report. In the money market, the Nigerian treasury bills (NT-Bills) secondary market held steady, with average yields across short-term and long-term maturities at 7.04 percent and 12.96 percent respectively. However, NTB bills due January 25, 2024 and April 11, 2024 experienced mild buying interest leading to a yield decline of 1 basis point each. The Overnight (O/N) rate rose by 0.52 percent to close at 16.46 percent, while the Open Repo (OPR) rate increased by 0.28 percent to finish at 15.58 percent. The Open Market Operation (OMO) bills market closed positively with a yield decrease of 1 basis point to close at 12.01 percent, including for the OMO bill due August 6, 2024. https://www.investing.com/news/forex-news/naira-appreciates-despite-forex-turnover-decrease-and-black-market-depreciation-93CH-3217344

2023-11-01 12:30

Copyrighted Image by: Reuters. Gold prices steadied on Today, with spot gold holding at $1,982.84 per ounce and U.S. gold futures experiencing a minor decline of 0.2 percent to stand at $1,991.35. The stabilization comes as market participants eagerly anticipate key monetary policy announcements from the Federal Reserve and the Bank of England. The consolidation of gold prices follows a surge last month due to heightened tensions in the Middle East. The escalation was amplified by Israeli airstrikes in the Gaza Strip that resulted in 50 Palestinian casualties, including a Hamas commander. Israel's Prime Minister Benjamin Netanyahu confirmed the ongoing conflict with Hamas. Investors are now turning their attention to potential interest rate changes and U.S. manufacturing activity, construction spending, and job openings data amid fears of an impending recession. They are particularly keen on insights from Fed Chair Jerome Powell regarding possible adjustments to interest rates. https://www.investing.com/news/commodities-news/gold-prices-stabilize-as-markets-await-key-monetary-policy-announcements-93CH-3217079

2023-11-01 11:23

Copyrighted Image by: Reuters. The euro (EUR) experienced a volatile trading session yesterday, initially strengthening due to a weakening US dollar (USD), but later relinquishing gains as the USD rebounded and European Central Bank (ECB) rate hike expectations faded due to subdued inflation figures. The pound (GBP) largely traded without direction amidst a lack of UK economic data and investor caution ahead of the Bank of England's interest rate decision. Despite disappointing Chinese data, the Australian dollar (AUD) remained directionless, while an uptick in unemployment led to a decline in the New Zealand dollar (NZD). The Canadian dollar (CAD) softened as oil prices slightly dipped. Today's manufacturing PMI is expected to further highlight the contraction in Canada's sector. The focus now shifts to today's high-impact jobs and manufacturing releases, as well as the upcoming Federal Reserve decision. The GBP/EUR exchange rates remained steady on Tuesday, trading at around €1.1468 (EUR1 = USD1.0544). ECB Policymaker Francois Villeroy de Galhau confirmed that the cooling inflation across multiple euro zone territories justified their recent halt in rate hikes, reflecting the ECB's decision-making process. The pound saw variable trade as investors shifted towards safer assets following reports of rockets fired by Yemen towards Israel, causing GBP to fall against these assets. However, sterling managed to gain against riskier currencies like AUD, but these gains were likely limited by UK's economic pessimism and tempered Bank of England interest rate hike expectations. The final manufacturing index for October could impact Sterling if it confirms previous contractions. Easing cost pressures indicated in the report could negatively affect Bank of England's interest rate bets. German unemployment data, due on Thursday, is expected to show an increase from 5.7% to 5.8%, which could exert downward pressure on the common currency by negatively influencing the EU labor market. https://www.investing.com/news/forex-news/euro-fluctuates-amid-cooling-inflation-and-fading-ecb-rate-hike-prospects-93CH-3216894

2023-11-01 10:35

Copyrighted Image by: Reuters. Invesco and Galaxy's spot Bitcoin Exchange-Traded Fund (ETF), denoted by the ticker BTCO, has appeared on the Depository Trust & Clearing Corporation's (DTCC) website, according to data from the WayBack Machine. This inclusion is a recent development as the ticker was not present on the site on October 25, 2023. Securities like BTCO are often added to the National Securities Clearing Corporation (NSCC) security eligibility file in anticipation of a potential market launch. However, the DTCC clarified that such an addition does not imply an endorsement of the product or guarantee future approval. This step does not provide any assurances regarding the outcomes of regulatory approval processes. Alongside Invesco and Galaxy, BlackRock (NYSE:BLK) has also submitted an application for a spot Bitcoin ETF, which is currently listed on the DTCC register. This listing signifies an intermediary bank's intention to acquire a DTCC designation, contingent upon approval from the Securities and Exchange Commission (SEC). Due to heightened attention, BlackRock's application was briefly delisted for further scrutiny but has since been reinstated. However, it should be noted that being on the DTCC list does not ensure successful navigation through necessary regulatory or other approval processes. https://www.investing.com/news/cryptocurrency-news/invesco-and-galaxys-bitcoin-etf-emerges-on-dtcc-website-93CH-3216735

2023-11-01 10:13

Copyrighted Image by: Reuters. Recent data from Amberdata and Galaxy Digital suggests a swift surge in Bitcoin's price beyond $36,000 may be on the horizon. This prediction is based on the strategies currently employed by options market makers. Bitcoin's recent 27% rally has led to increased demand for high strike price call options. This demand has resulted in substantial net short gamma exposure above $36,000 for market makers. To maintain a direction-neutral portfolio, these market makers have been increasing their purchases of the asset in the spot market as its value rises. This strategy, known as a "gamma squeeze," can accelerate the rally. Galaxy Digital's research suggests that if Bitcoin's price hits between $35,750 and $36,000, options dealers would need to buy $20 million in spot Bitcoin for each 1% rise. Such a scenario could potentially trigger a significant surge in Bitcoin's price. This current trend contrasts with the situation earlier this year when market makers were net long gamma. They maintained their books neutral by managing the bid-ask spread in the spot/futures market, which resulted in a volatility lull. Options are financial derivatives that allow buyers to transact an asset at a preset price later. The current bullish sentiment within the Bitcoin options market is indicative of traders' anticipation of a further increase in Bitcoin's price. https://www.investing.com/news/cryptocurrency-news/bitcoin-options-market-signals-potential-price-surge-beyond-36000-93CH-3216672