2023-10-30 18:14

Copyrighted Image by: Reuters. In the week ending Sunday, October 26, 2023, the United States Department of Agriculture (USDA) reported a decline in soybean export inspections while noting an increase in inspections for corn and wheat. These mixed results come amid shifting demand patterns in global grain markets. Data from the USDA showed that soybean export inspections decreased to 1.89 million metric tons from the previous week's pace. This marks a year-to-date decrease of 2.7% compared to last year's shipments. On the other hand, corn and wheat inspections saw increases, rising to 531,516 tons and 189,842 tons respectively. The top destination for US soybeans was China, while the Philippines led for wheat and Mexico topped the list for corn. Reflecting these trends in the commodities market, Dow Jones NewsPlus data indicated a decrease in most-active grain futures on the Chicago Board of Trade (CBOT) Monday morning. Corn futures fell by 0.2%, soybeans were down by 0.5%, and wheat experienced a decrease of 0.6%. These shifts in export inspections and futures prices highlight the dynamic nature of global grain markets and underscore the importance of tracking agricultural commodities as key indicators of economic performance and trade patterns. https://www.investing.com/news/commodities-news/us-grain-exports-show-mixed-performance-soybean-inspections-drop-corn-and-wheat-rise-93CH-3214253

2023-10-30 17:52

Copyrighted Image by: Reuters. Kasikornbank (KBank), one of Thailand's foremost banks, has made a strategic move into the digital currency market by acquiring a 97% stake in Satang Corporation, an influential player in the Thai cryptocurrency sector. The acquisition, worth $103 million, was executed through Unita Capital, KBank's subsidiary that focuses on digital asset investments. Following the acquisition, Satang Corporation will undergo a transformation to become Orbix Trade Company Limited. The rebranded entity will consist of three divisions: Orbix Custodian, which will concentrate on digital asset custody; Orbix Invest, which will focus on fund management; and Orbix Technology, dedicated to blockchain technology infrastructure. The acquisition comes at a time when traditional financial institutions are showing increased interest in the crypto space. Despite facing civil sanctions over fabricated trading volumes last year, Satang Pro, established in 2017, continues to be a key player in Thailand's crypto landscape. Poramin Insom, the founder of Satang and creator of the privacy-focused cryptocurrency Firo, confirmed the acquisition. He also assured that his other ventures such as Satang Technology and Satang Space would continue to operate. The acquisition aligns with KBank's recent endeavors into tech innovation. In September 2023, KBank launched a $100 million fund targeting Web3, fintech, and AI sectors. This commitment to technological advancement mirrors their 2016 partnership with IBM (NYSE:IBM) and their ambitious plans for Orbix Trade Co. Despite Siam Commercial Bank (OTC:SMUUY) (SCB) recently abandoning its acquisition of Bitkub due to regulatory concerns, KBank's investment into Satang Corporation indicates a continued interest from traditional financial institutions in the burgeoning crypto market. https://www.investing.com/news/cryptocurrency-news/kasikornbank-acquires-97-stake-in-thai-crypto-firm-satang-corporation-93CH-3214239

2023-10-30 17:23

Copyrighted Image by: Reuters. In a week marked by strong gains across the cryptocurrency market, Bitcoin's surge to $35,000 has been driven by regulatory shifts, technological advancements, and positive investor sentiment. This renewed interest in digital assets has seen associated entities such as Bitwise Bitcoin Strategy Optimum Roll ETF, Hashdex Bitcoin Futures ETF, VanEck Bitcoin Strategy ETF, ProShares Bitcoin Strategy ETF, and Valkyrie Bitcoin Strategy ETF all record gains of over 13%. The anticipation of U.S. approval for Bitcoin exchange-traded funds (ETFs) is fueling the cryptocurrency's price rise and attracting fresh capital into the market. The development of blockchain technology and its increasing recognition by traditional financial institutions have led to wider acceptance of cryptocurrencies. This trend is reflected in the Options market, which predicts further growth. Crypto-linked stocks are also experiencing a boost, presenting new investment opportunities. Bitwise's ETF offers exposure to Bitcoin through regulated futures contracts and boasts a $1.3 million asset base. Hashdex's ETF provides price exposure via futures contracts with a $2.1 million asset base. VanEck's ETF invests in futures contracts and has an asset base of $57.3 million with an average of 13,000 shares traded daily. ProShares' Bitcoin Strategy ETF is the world's largest cryptocurrency ETF with assets under management (AUM) of $1.1 billion. It primarily invests in Bitcoin futures contracts. Valkyrie's Bitcoin Strategy ETF also invests in bitcoin futures contracts and has an asset base of $31.9 million, trading an average of 185,000 shares per day. In addition to Bitcoin's climb, other cryptocurrencies such as Dogecoin and InQubeta are also benefiting from the bullish crypto market wave. Dogecoin's 10% surge was spurred by potential Bitcoin spot ETF news and speculation about its integration on social media platform X. Elon Musk's influence and a cryptic meme post from X have further boosted the coin, which reached an all-time high in 2021. InQubeta, currently in its fifth presale phase with a token price of $0.0161, is aiming for a 1,140% increase following a successful presale that raised $4 million and sold 428 million tokens. The project offers fractionated AI tech startup investments via non-fungible tokens (NFTs), a potential DeFi coin price of $0.0308, an NFT marketplace, and a rewards pool funded by a 5% transaction tax. https://www.investing.com/news/cryptocurrency-news/bitcoin-etfs-soar-as-crypto-market-rides-bullish-wave-93CH-3214223

2023-10-30 17:13

The ongoing Israeli-Palestinian conflict, further aggravated by Israel's ground invasion in Gaza and the resultant 8,000 casualties, could potentially cause significant disruptions in global commodity markets, according to a report by the World Bank. The institution has raised concerns about oil prices surging up to $157 per barrel in an extreme disruption scenario. The bank's report presents three risk scenarios for oil supplies, including a small disruption scenario which could see prices fluctuating between $93 and $102 per barrel. Despite these potential disruptions, forecasts indicate that average oil prices are set to decline to $81 next year, followed by a 4.1% decrease in overall commodity prices and eventual stabilization by 2025. This situation is reminiscent of the dual energy shocks experienced during the Russia-Ukraine war and the Libyan civil war back in 2011. These conflicts led to a modest 6% increase in oil prices while leaving other commodities largely unaffected. The World Bank's Chief Economist Indermit Gill and Deputy Chief Economist Ayhan Kose have expressed concerns over possible food price inflation due to higher oil prices and have urged policymakers to remain vigilant. They noted that over 700 million people were undernourished by the end of 2022 and warned that high oil prices could intensify food insecurity. The economists also highlighted a noticeable erosion of investor confidence as gold prices have risen by 8% since the onset of the conflict. The report advises against implementing food and oil price controls or export bans on food and fertilizer due to potential price volatility and heightened food insecurity. Instead, it recommends improving social safety nets, diversifying food sources, and transitioning to renewable energy as more sustainable solutions. The report acknowledges the resilience of the global economy in absorbing oil price shocks but warns of uncharted territories for global commodity markets due to the escalating Middle East conflict. https://www.investing.com/news/commodities-news/world-bank-warns-middle-east-conflict-may-disrupt-global-commodity-markets-93CH-3214216

2023-10-30 15:53

Copyrighted Image by: Reuters. Today, major cryptocurrencies recorded gains in trading, with Solana (SOLUSD) leading the way with a significant rise of 5.76%. Ethereum (ETHUSD) also saw an increase, albeit a modest one of 1.25%, while Bitcoin recorded a slight increase of 0.27%. Other notable cryptocurrencies such as Ripple (XRPUSD), Polygon (MATICUSD), Cardano (ADAUSD), Uniswap (UNIUSD), Polkadot (DOTUSD), and Dogecoin also experienced value appreciation. In addition to the cryptocurrency gains, shares of crypto-related companies also observed upward movement. Coinbase (NASDAQ:COIN) Global Inc. saw its shares increase by 3.14%. Other companies such as MicroStrategy Inc., Riot Platforms (NASDAQ:RIOT) Inc., Marathon Digital (NASDAQ:MARA) Holdings Inc., and Overstock.com (NASDAQ:OSTK) Inc. also experienced an uptick in their share values. However, not all companies associated with the crypto space saw gains today. Tesla (NASDAQ:TSLA) Inc.'s shares slipped by 0.57%, while Block Inc., Ebang International Holdings Inc., and Advanced Micro Devices (NASDAQ:AMD) Inc. all experienced declines. On a brighter note, PayPal Holdings Inc (NASDAQ:PYPL). recorded a rise of 0.94%, and NVIDIA Corp (NASDAQ:NVDA) documented slight increases. Within the fund space, Bitwise Crypto Industry Innovators ETF climbed by 3.24%, Amplify Transformational Data Sharing ETF rose by 2.48%, and Grayscale Bitcoin Trust marked an increase of 5.58%. Today's market activity underscores the dynamic nature of the cryptocurrency market and its associated stocks, with some experiencing gains while others face declines. https://www.investing.com/news/cryptocurrency-news/cryptocurrencies-and-related-stocks-on-the-rise-solana-leads-the-pack-93CH-3214066

2023-10-30 15:32

Copyrighted Image by: Reuters The Chicago Mercantile Exchange (CME) is gaining ground on Binance in the Bitcoin futures market, with its notional open interest nearing $3.54 billion, compared to Binance's $3.83 billion, according to data from Coinglass. This development mirrors the early stages of the 2020-21 bull run and signals the growing influence of traditional financial institutions in the cryptocurrency sector. With CME's cash-settled Bitcoin futures contracts surpassing the 100,000 BTC mark, a record-breaking open interest has been observed, indicating an increase in institutional interest. In addition, CME's market share has reached a lifetime high of 25%. Unlike offshore exchanges that focus on perpetual futures contracts, CME offers a variety of standard and micro Bitcoin and Ethereum futures contracts that cater to different types of investors. The rise of CME can be attributed to several factors. One is an institutional-led rally that saw Bitcoin's value surge by 27% this month. Another is the increasing popularity of futures-based Exchange-Traded Funds (ETFs) among retail investors. ProShares' Bitcoin futures ETF, which invests in CME's Bitcoin futures contracts, has seen a significant volume increase as reported by Matrixport. André Dragosch of Deutsche Digital Assets suggests that another contributing factor could be the unwinding of bearish bets on offshore exchanges. This combination of institutional and retail engagement, along with macroeconomic factors and optimism for a spot Bitcoin ETF, seems to be driving CME's rise in the Bitcoin futures market. https://www.investing.com/news/cryptocurrency-news/cme-closes-in-on-binance-in-bitcoin-futures-market-race-93CH-3214021