2023-10-30 01:30

Copyrighted Image by: Reuters. Investing.com-- Oil prices fell in Asian trade on Monday, reversing a bulk of gains made in the prior session as anticipation of a Federal Reserve meeting and key economic readings this week spurred some profit-taking. Traders remained watchful of the Israel-Hamas war, after Israel over the weekend launched a ground assault on Gaza. But signs of no immediate escalation in the war, as well as few actual disruptions to Middle Eastern oil supply kept concerns over the conflict somewhat limited. Fears that the Israel-Hamas war could disrupt oil supplies in the region had been a major boost to prices earlier in October, although traders struggled to gauge what the actual impact of the war will be. This kept crude markets largely volatile, with Brent constantly toying with the $90 a barrel level in recent sessions. Brent oil futures fell 0.6% to $88.74 a barrel, while West Texas Intermediate crude futures fell 0.7% to $84.94 a barrel by 21:12 ET (01:12 GMT). Both contracts lost about 3% last week. Fed meeting, China PMIs a key point of focus this week Oil markets were largely on edge before a Federal Reserve meeting this Wednesday, with any hawkish signals from the central bank presenting more headwinds for crude demand. Fears of higher-for-longer U.S. interest rates weighed on oil prices in recent months, somewhat offsetting a boost from tighter supplies. While U.S. fuel demand has remained steady despite higher rates, traders fear that this could change in the coming months. The Fed is widely expected to keep rates on hold this week. But officials have still kept the door open for one more rate hike this year, especially following several hotter-than-expected inflation readings. The dollar steadied on Monday, retaining recent gains and also keeping some pressure on oil prices. But before the Fed meeting, markets are also awaiting key purchasing managers index data from China, which is set to shed more light on business activity in the world’s biggest oil importer. China’s economy has shown some signs of stabilizing in recent months after seeing a sharp decline in growth this year. The country’s aviation regulator recently said it will increase domestic flights to 34% above pre-pandemic levels- a positive sign for oil demand, although air travel still makes up a small portion of the China’s overall fuel consumption. The Bank of Japan is also set to meet on Tuesday, with traders pricing in a potential policy shift in the bank as it grapples with rising inflation. https://www.investing.com/news/commodities-news/oil-prices-sink-as-fed-meeting-looms-meast-fears-on-backburner-3212846

2023-10-27 19:54

Bivu Das, a former executive of Starling Bank, has been appointed as the new UK managing director of Kraken, a leading FCA-registered cryptoasset exchange and custodian wallet provider. The announcement was made this week, marking the beginning of what Das refers to as the "next chapter" for the firm. Das's role at Kraken will involve overseeing the company's UK business, which includes managing 275 employees and a significant client base. Additionally, he will be responsible for handling 50% of GBP spot trading volume in crypto. Prior to his appointment, Das served as head of operations strategy and scaling at Starling Bank. He also led FIBR UK and Unblock, a startup focused on crypto payments gateway. This leadership change comes at a time when marketing restrictions are causing disruptions for offshore exchanges such as Gemini. These restrictions have led to Bybit suspending its UK operations and Binance halting its process of onboarding new customers. Anne Boden, founder of Starling Bank, and Harald McPike, a Bahamas-based billionaire who backed Starling Bank, are among those who are likely to see Das's vision as a pivotal moment in the crypto industry. His experience and strategic approach may play an essential role in navigating the current challenges facing offshore exchanges and securing Kraken's position in the market. Das takes over from Blair Halliday, who previously held the position of UK managing director at Kraken. The company has expressed confidence in Das's capabilities to lead the firm into its next phase of growth in the UK market. https://www.investing.com/news/cryptocurrency-news/kraken-appoints-former-starling-bank-executive-as-uk-managing-director-93CH-3212463

2023-10-27 19:11

Copyrighted Image by: Reuters. JPMorgan strategists are holding off on purchasing Turkey's longest-maturity lira bonds until yields reach 35.7%. The team's decision comes in response to the Central Bank of Turkey's recent actions, which have driven the 10-year lira bond index to a record-high yield of over 29%. The Central Bank's measures include a significant 500 basis point increase in its benchmark rate and a broader move towards market normalization. These steps are seen as a reaction to previous government interventions that had suppressed yields and effectively stalled the lira bond market. In an effort to attract foreign investors back into Turkey's assets and influence the USDTRY exchange rate, policymakers are gradually easing these restrictions. JPMorgan continues to maintain an overweight position on the lira, taking into account inflation risks, the competitiveness of the lira, and the potential impact of achieving business loan targets. The report further highlights the end of mandatory government bond-buying, penalties for banks with high lending rates, and interventions in fixed-rate bonds while transitioning towards lira longs. This indicates a shift towards more open market operations and less direct intervention by the government in Turkey's financial markets. https://www.investing.com/news/forex-news/turkeys-lira-bond-yields-lure-jpmorgan-strategists-amid-market-normalization-93CH-3212413

2023-10-27 17:54

In a series of events that tested the resilience of the cryptocurrency exchange HTX, formerly known as Huobi, the company reported its most profitable quarter under CEO Justin Sun. This achievement comes despite considerable hurdles which included an employee revolt and a significant hacking incident. HTX ended the quarter with a surplus of $104 million, pulling in $202 million in revenue against expenses totaling $104 million. This resulted in a profit of $98 million, marking it as the best quarter ever for the exchange, even amid a prevailing bear market in the industry. The company faced an employee revolt earlier this year, triggered by Sun's initial plan to dissolve the firm, a move that would have led to mass unemployment. This resulted in over half of the 2,500-strong workforce being laid off, reducing the staff count to around 900. On top of this, HTX was hit by a hacking incident. However, the crisis was resolved when the hacker returned all misappropriated funds. In an unusual move, HTX granted a 5% white hat bounty to the hacker. To regain trust and stimulate growth after these tumultuous events, HTX implemented a token burning strategy. The company now reserves 20% of its earnings for this purpose. As part of its promotional efforts to attract more users and increase transaction volume, HTX has also offered special promotions including up to $7,000 on deposits and $100 free offers. Looking ahead to Q4, CEO Justin Sun is maintaining a conservative financial approach. However, he expressed optimism that revenues will exceed his cautious estimates. Sun's approach and the company's recent financial performance underscore HTX's focus on future growth over immediate profits. https://www.investing.com/news/cryptocurrency-news/htx-records-profitable-quarter-amidst-challenges-ceo-optimistic-about-future-growth-93CH-3212358

2023-10-27 17:40

Crypto exchange Zodia Markets, backed by Standard Chartered (OTC:SCBFF), OSL, and Northern Trust (NASDAQ:NTRS), has received approval from the Central Bank of Ireland to operate as a Virtual Asset Service Provider (VASP). This approval comes as a significant step forward for the firm's EU expansion plans from its London base. Michael Walsh, CEO of Zodia Markets, views this approval as a gateway to the European market. The registration with the Central Bank of Ireland allows Zodia's local subsidiary to offer over-the-counter trading services to institutional clients throughout the European Union. This move is in line with the upcoming Markets in Cryptoassets Regulation. Jennifer Carroll MacNeill TD, Minister of State at the Department of Finance in Ireland, welcomed Zodia into Ireland's regulated digital asset space. Zodia Markets was founded in 2020 by Nick Philpott and Usman Ahmad. The firm had earlier secured regulatory licenses from the UK's Financial Conduct Authority and Abu Dhabi Global Markets. In April 2023, Zodia raised $36 million in a Series A funding round led by SBI Holdings, making the Japanese financial giant its second-largest shareholder. With the impending implementation of the EU's Markets in Crypto Assets regulation, Zodia anticipates substantial demand for its services. Other major financial firms such as Interactive Brokers (NASDAQ:IBKR), Coinbase (NASDAQ:COIN), Kraken, and Gemini have also chosen Ireland as their European base. Nana Murugesan, Vice President of International and Business Development at Coinbase confirmed that Coinbase would maintain its EU operations through its Ireland base. https://www.investing.com/news/cryptocurrency-news/zodia-markets-secures-irish-central-bank-approval-for-eu-expansion-93CH-3212347

2023-10-27 17:10

Litecoin (LTC), the digital asset that has been operational for 12 years, saw a surge in on-chain activity and whale transactions, reaching four-month highs, and indicating increased market interest. Despite this, the cryptocurrency experienced a decline in value early Friday, October 27, 2023. Sentiment data revealed a sharp rise in the on-chain movement towards the end of the week. Dormant LTC tokens significantly increased, suggesting more circulation among traders. On Wednesday, October 26, whale transactions valued at $100,000 or higher hit 7,418 in Litecoin. Concurrently, previously inactive wallets started moving LTC in large volumes - a six-week peak. The number of daily active addresses rose to 319,000 - the largest spike since June 2023. This suggests a bullish outlook for LTC despite its price struggles. The cryptocurrency rallied nearly 10% over the past week but declined by 1.5% on Friday. Despite a 1.35% dip on Friday, Litecoin is trading at $68.65 and has seen a 6.42% price increase in the past week. However, it's experiencing a bearish correction and if this trend hits the $66 support zone, a rebound is expected. The current LTC price is $67.69 on Binance. Increased Litecoin reserves on exchanges or whales shedding their LTC holdings could send it lower. However, rising demand from market participants combined with bullish on-chain metrics could kickstart a recovery in Litecoin. The digital asset recorded a 3% drop in trading volume ($353,198,358) but maintained an average of 319,000 daily active addresses and 7,418 whale transactions. Its trajectory is closely linked to Bitcoin's positive fundamentals such as potential Bitcoin ETF approval by the SEC which could lead to a significant performance boost for Litecoin. https://www.investing.com/news/cryptocurrency-news/litecoin-price-struggles-despite-surge-in-onchain-activity-and-whale-transactions-93CH-3212325