2023-10-30 15:27

Copyrighted Image by: Reuters. Gold prices stayed close to the $2,000 mark today, buoyed by investors seeking safe-haven assets due to the ongoing conflict in the Middle East and ahead of the U.S Federal Reserve's policy meeting this week. Despite Israeli forces attacking Gaza's main northern city, spot gold experienced a minor dip of 0.4% to $1,998.39 per ounce. On the other hand, U.S gold futures saw a rise of 0.5% to $2,008.10 per ounce. Jim Wyckoff from Kitco Metals continues to hold a bullish outlook on gold, interpreting the continuing conflict as a stable foundation for both gold and silver markets. Rhona O'Connell of StoneX also suggests that gold is consolidating, positioning itself for potential gains. The imminent policy decision from the U.S central bank is drawing significant attention from traders. A hawkish stance by the Fed could potentially exert a slight negative influence on gold prices, according to Wyckoff. In other precious metals, spot silver saw an increase of 1.6% to $23.52 per ounce today. Additionally, platinum and palladium also recorded price increases of 2.5% and 2.1% respectively. https://www.investing.com/news/commodities-news/gold-prices-hover-near-2000-amid-middle-east-conflict-and-fed-meeting-anticipation-93CH-3214013

2023-10-30 15:24

Copyrighted Image by: Reuters Bitcoin's value has seen a significant increase this year, doubling to over $34,000. This growth, however, doesn't appear to be reaching a peak according to IntoTheBlock's MVRV ratio analysis, which was mentioned in their weekly newsletter. The MVRV ratio, an on-chain indicator measuring the difference between Bitcoin's market capitalization and realized capitalization, is currently at 170%, notably lower than the historical peak level of 300%. This suggests that there may be room for further growth in the Bitcoin bull market. Market capitalization, which is the total dollar value of circulating supply, and realized value, the paid value for all coins, are key metrics used to determine valuation levels. High levels suggest overvaluation while low levels indicate undervaluation. In addition to the MVRV ratio analysis, another factor pointing towards potential growth for Bitcoin is the low investor interest in meme cryptocurrencies like SHIB. Despite Bitcoin’s 27% surge this month, the dollar value tied up in SHIB perpetual contracts on Binance remains steady at $35 million. This lack of movement suggests that Bitcoin's peak could exceed $35,000. However, investors should remain cautious as rising geopolitical tensions and an ongoing oil rally could trigger broad-based risk aversion and exert downward pressure on Bitcoin. Macro forces and potential black swan events could also cause a market correction following the recent appreciation. https://www.investing.com/news/cryptocurrency-news/bitcoins-potential-for-growth-despite-doubling-in-value-this-year-93CH-3214012

2023-10-30 15:08

Copyrighted Image by: Reuters. Bitcoin (BTC) has emerged as a preferred investment alternative, with its price surging over 25% in the past two weeks to surpass $35,000. This surge comes against the backdrop of mixed earnings from big tech stocks causing instability in the stock market. Predictions suggest that BTC might soon breach the $40,000 mark. The rise in Bitcoin's price coincides with its increasing acceptance by institutions worldwide and multiple applications for Bitcoin ETFs by traditional finance houses. These developments indicate Bitcoin's transition into a less volatile growth phase, reinforcing its credibility in times of stock market turbulence. In related news, Block Inc.'s platform SQ, which facilitates Bitcoin transactions, is projected to see a 69% earnings growth rate this year. This forecast aligns with the recent rally in Bitcoin and underscores the growing institutional interest in cryptocurrency as a hedge against stock market volatility. https://www.investing.com/news/cryptocurrency-news/bitcoin-gains-momentum-amid-tech-stock-volatility-93CH-3214002

2023-10-30 14:54

Copyrighted Image by: Reuters. The digital asset XRP is showing renewed interest among investors, as three key indicators suggest a potential price surge in the near future. The indicators include a significant real volume spike, a shift in the circulating market cap from a sharp decline to a bullish trend, and a pattern of higher lows on the daily price chart. The substantial increase in real volume could be an indication of latent price movement waiting to manifest. This surge may be fueled by insider information or strategic partnerships. The circulating market cap's path from a drastic decline to a bullish trend signals a market correction and an anticipated upswing, which is seen as a positive sign for potential investors. Furthermore, the daily price chart of XRP reveals a pattern of higher lows, suggesting an enduring bullish undertone. This pattern is often interpreted by investors as a forecast of a robust rally ahead. This renewed interest in XRP comes despite the digital asset's relative underperformance and the recent legal developments involving its CEO Brad Garlinghouse. The Securities and Exchange Commission (SEC) recently dropped charges against Garlinghouse, which may have contributed to the increased attention towards XRP. Despite these challenges, the digital asset's untapped potential opens up investment opportunities. Industry observers are closely watching these developments and their possible impact on XRP's future performance. https://www.investing.com/news/cryptocurrency-news/xrp-shows-signs-of-potential-price-surge-amid-bullish-market-indicators-93CH-3213987

2023-10-30 14:46

Copyrighted Image by: Reuters The Chicago Mercantile Exchange (CME) has ascended to the position of the second-largest bitcoin futures exchange, boasting a notional open interest of $3.54 billion, and trailing only slightly behind Binance's $3.83 billion. This recent development, coupled with the fact that CME's cash-settled futures open interest surpassed 100,000 BTC for the first time, has led to CME securing a record 25% share in the BTC futures market. These figures indicate a significant shift from retail to institutional traders in the cryptocurrency market, with CME and Binance vying for dominance in the Bitcoin futures open interest market. Despite Binance, a global cryptocurrency exchange, slightly leading with over 28% market share compared to CME's 26%, the competition is fierce. The total open futures contracts represent an investment of 400,000 Bitcoin, with Binance leading at 113,419 Bitcoin and CME closely following at 103,075 Bitcoin. Standard and micro bitcoin futures contracts at CME correspond to 5 BTC and one-tenth of a BTC respectively. Some observers see this rise as an institutional-led rally. André Dragosch from Deutsche Digital Assets attributes it to the unwinding of bearish bets on offshore unregulated exchanges. The role of retail investors is also evident in this scenario. ProShares' bitcoin futures ETF volume witnessed a 420% increase to $340 million last week according to data from Matrixport. Amid macroeconomic uncertainty and optimism surrounding spot ETFs, Bitcoin has seen a significant surge of 27% this month. The majority of open interest in offshore exchanges is concentrated on perpetual futures. This escalating competition between Binance and CME underscores the increasing institutional interest in cryptocurrency markets and the evolving dynamics of Bitcoin futures trading. https://www.investing.com/news/cryptocurrency-news/cme-closes-in-on-binance-as-secondlargest-bitcoin-futures-exchange-93CH-3213980

2023-10-30 14:39

Copyrighted Image by: Reuters. The World Bank has issued a warning about the potential impact of the escalating conflict between Israel and Hamas on global oil and food prices, according to its Commodity Markets Outlook report. The international financial institution suggests that if the situation continues to deteriorate, it could push oil prices into "uncharted waters" and trigger a worldwide surge in food costs. The recent intensification of the conflict, marked by attacks from Hamas and a military response from Israel, including tanks and infantry moving into Gaza, has raised concerns about a broader Middle East conflict. Israeli Prime Minister Benjamin Netanyahu has announced a "second stage" in the war, while Hamas is seeking additional regional support from allies like Iran-backed Hezbollah in Lebanon. In its report, the World Bank outlined three scenarios for potential disruptions to global oil supply: small, medium, and large. A minor disruption could see oil prices averaging $81 a barrel next year. A medium disruption, similar to the effects seen during the Iraq war, could drive up prices by 35%. A significant disruption comparable to the Arab oil embargo of 1973 could escalate prices by 56% to 75%. Indermit Gill, Chief Economist at the World Bank, noted that the ongoing Russian invasion of Ukraine had already disrupted the global economy. He cautioned against a dual energy shock if tensions in the Middle East continue to escalate. Ayhan Kose, Deputy Chief Economist at the World Bank, also warned about the knock-on effect on food prices due to rising oil costs. The Biden administration is keeping a close watch on these developments. Treasury Secretary Janet Yellen represents the administration's monitoring efforts. The World Bank also noted that gold prices have risen about 8%, and oil prices increased by 6% since the onset of the conflict. Fatih Birol, Executive Director of the International Energy Agency, expressed concerns over the security of oil and gas supplies amid the ongoing Russian invasion of Ukraine and the escalating Middle East conflict. These geopolitical tensions have the potential to significantly disrupt global commodity markets, with potentially severe consequences for the global economy. https://www.investing.com/news/commodities-news/world-bank-warns-escalating-israelhamas-conflict-could-spike-global-oil-and-food-prices-93CH-3213970