2023-10-26 02:38

Copyrighted Image by: Mundo Crypto PR Bitcoin's value has experienced a 10% surge, propelling it back above the $34,000 mark, in anticipation of U.S regulatory approval for a Bitcoin ETF. This optimism is shared by major institutions such as BlackRock (NYSE:BLK) and has led to a bullish market phase. The Bitcoin Fear and Greed Index, which is influenced by factors like volatility, volume, and social media sentiment, has risen to 72 from 66 just yesterday. A week ago, the index stood at a neutral 50. The index signals "Greed" during bullish market phases and "Fear" during downturns, serving as an indicator for contrarian investors. The digital currency recently hit a 17-month high of $35,000, spurring investor greed. Historical highs in February and October 2021 suggest potential for further escalation in investor greed as the current bullish phase continues. The Bitcoin ETF approval anticipation is fueling this surge, reflecting a positive sentiment among traders and institutions alike. https://www.investing.com/news/cryptocurrency-news/bitcoin-etf-anticipation-fuels-surge-investor-greed-index-rises-93CH-3209351

2023-10-26 01:50

Copyrighted Image by: Reuters. Investing.com-- The Japanese yen weakened past the key 150 level to the dollar on Thursday, raising the chances of intervention in currency markets by the government and also putting pressure on the Bank of Japan to consider tightening policy. The yen fell 0.1% to an one-year low of 150.25 against the dollar, as anxiety over an upcoming U.S. GDP reading and a Federal Reserve meeting next week drove steady flows into the greenback. The move now ramps up the chances of government intervention to support the yen, given that its breach of the 150 level last year had spurred the government into spending as much as $60 billion to fish the currency from 32-year lows. The yen had also weakened to as low as 150.16 on October 3, before rebounding sharply. The rebound had spurred speculation that the government had intervened in currency markets. Before October 2022, the last time the yen had breached 150 was in August 1990, during the onset of Japan’s “lost decade.” But circumstances are different now, with a bulk of the pressure on the yen coming from a growing rift between domestic and U.S. interest rates. The Bank of Japan (BOJ) is the only major central bank to have negative interest rates, given that most other global banks, chiefly the Federal Reserve, hiked rates sharply over the past year to curb a spike in inflation. This trend saw the yen lose out severely to the dollar, with the currency ranking among the worst performing Asian units this year. The yen has tumbled more than 12% so far in 2023. The BOJ has largely maintained its dovish stance over the past year, citing the need for more economic support in the wake of the COVID-19 pandemic. It has also maintained its controversial yield curve control mechanism, having intervened in bond markets earlier this month to curb rising yields on Japanese government bonds. But media reports suggested that the BOJ was now considering an alteration in its yield curve control mechanism, to better match U.S. rates. Such a move could also support the yen. The central bank is now set to meet next week, although any major changes to its dovish stance appear unlikely. The BOJ meeting also comes just a day before the conclusion of a Federal Reserve meeting. https://www.investing.com/news/forex-news/japanese-yen-breaches-150-intervention-in-focus-3209345

2023-10-26 01:13

Copyrighted Image by: Reuters. Investing.com-- Oil prices moved little in Asian trade on Thursday as markets hunkered down before key U.S. economic data due later in the day, while focus also remained on any more developments in the Israel-Hamas war. Crude markets logged volatile swings this week, as traders struggled to gauge whether the war would spill over into the Middle East region and disrupt crude supplies. Diplomatic missions earlier this week appeared to have prevented some immediate escalation in the conflict. But persistent bombing of the Gaza strip, along with Israel’s commitment to a ground assault on the region saw traders pricing in a greater chance of escalation in the conflict. This saw oil prices jump 2% on Wednesday, rebounding from a series of recent losses. These gains paused on Thursday, with Brent oil futures steadying at $90.06 a barrel, while West Texas Intermediate crude futures moved little at $85.39 a barrel by 21:09 ET (01:09 GMT). Both contracts were trading lower for the week, after a string of weak economic readings from the euro zone brewed doubts over just how strong global oil demand will remain this year, as the bloc faces a potential recession. U.S. oil inventories also grew more than expected in the week to October 20, with a build in gasoline stockpiles pointing to some cooling fuel demand. But overall U.S. oil stockpiles remained close to historic lows, as the country ramped up oil exports to plug a supply hole stemming from Saudi Arabia and Russia. US GDP in focus as Fed meeting looms Data earlier this week showed that U.S. business activity remained robust in October, heralding a potentially strong third-quarter gross domestic product reading later in the day. Economic growth is expected to have accelerated to 4.2% in the third quarter, indicating continued resilience in the world’s largest fuel consumer. A positive reading could potentially herald resilient oil demand in the remainder of the year. But strength in the U.S. economy also gives the Federal Reserve more headroom to keep interest rates higher for longer- a scenario that bodes poorly for long-term economic growth. The central bank is widely expected to keep rates on hold when it meets next week. But Fed officials have still left open the possibility of at least one more rate hike this year. Interest rates are also set to remain above 5% until at least end-2024. The dollar saw increased bids this week in anticipation of the GDP data and the Fed meeting, which in turn also weighed on oil markets. A stronger dollar makes U.S. crude more expensive for international buyers. https://www.investing.com/news/commodities-news/oil-prices-flat-before-us-gdp-data-middle-east-concerns-persist-3209339

2023-10-26 01:13

Copyrighted Image by: Reuters. Investing.com - Crude prices fell 2% Thursday, reversing the previous day’s gain, on signs that Israel was acceding to international calls to hold back from a ground invasion of Gaza, as world powers worked to limit casualties and also negotiate the release of some 200 Israeli hostages held by Hamas. New York-traded West Texas Intermediate, or WTI, crude for December delivery, settled at $83.21 per barrel, down $2.18 or 2.5% on the day. The US crude benchmark rose 2% on Wednesday after a 6% drop in three prior sessions. UK-origin Brent crude for December delivery settled at $87.93, down $2.20, or 2.4%. The global crude benchmark rose 2.3% in the previous session after a 5% plunge over three prior sessions. Hard to decide appropriate risk premium for oil from Mideast conflict “I’ve said this before and I’m reiterating: It’s really hard to assign an appropriate war risk premium to crude now because the Middle East oil traffic hasn’t really been impacted by this conflict,” said John Kilduff, partner at New York energy hedge fund Again Capital. Technical charts for WTI indicated further downside, possibly below $80 per barrel, said Sunil Kumar Dixit, chief technical strategist at SKCharting.com. “The current price action remains bearish for US crude as long as $84.50 is active resistance,” said Dixit. “On the downside, we can see a pull back towards $82.70 and $82. Major support is seen at $81. A day close below $81 can open the door to $77.50.” Thursday’s slump in oil came despite US gross domestic product, or GDP, growth beating forecasts with a 4.9% annual for the third quarter, according to data that boosted the notion of a ‘soft landing’ Idea for the economy. Most Wall Street economists had warned at one time or another this year about the potential for a recession as the Federal Reserve hiked rates aggressively to counter inflation. While there was still a war premium attached to the possibility of contagion from the latest conflict in the Middle East, market concerns about specific consequences for the oil trade and the global economy were easing, officials said. “Of course, there could be more meaningful consequences but I think it’s pretty immature especially [to discuss] about those,” US Treasury Secretary Janet Yellen said in comments carried by Bloomberg Television. “I think our focus should be keeping this contained and not spreading.” The war premium on oil has been declining since a Wall Street Journal report on Wednesday that Israel had agreed to a US request to delay its expected ground invasion of Gaza so the Pentagon can place air defenses in the region to protect US troops, according to U.S. officials and people familiar with the Israeli planning. The Pentagon is scrambling to deploy nearly a dozen air-defense systems to the region, including for U.S. troops serving in Iraq, Syria, Kuwait, Jordan, Saudi Arabia and the United Arab Emirates, to protect them from missiles and rockets. U.S. officials have so far persuaded the Israelis to hold off until those pieces can be placed, as early as later this week. Israel is also taking into account in its planning the effort to supply humanitarian aid to civilians inside Gaza, as well as diplomatic efforts to free more of the hostages held by Hamas, The Journal reported. https://www.investing.com/news/commodities-news/oil-down-2-reversing-rebound-as-israel-pauses-on-gaza-ground-assault-3209339

2023-10-25 21:52

Bankrupt cryptocurrency exchange FTX, along with Alameda Research, has been reported to be transferring over $8.6 million in crypto assets to a Binance deposit address. This move, which indicates that asset sales are currently underway, is part of a court-approved liquidation process. The assets being transferred include LINK token, Aave, Maker, and Ether. The recent unstaking of 5.5 million Solana worth $122 million from an FTX wallet is also part of this liquidation process. Since its collapse in November, FTX has managed to recover around $7 billion in assets, including billions in illiquid altcoins. The objective of these actions is to maximize creditor value as guided by FTX's bankruptcy trustees. Crypto analytics firm Nansen tracked this asset transfer and shared the information on Twitter. This development is being closely monitored by analysts and investors alike due to the significant implications it holds for the cryptocurrency market. FTX's ex-CEO and co-founder, Sam Bankman-Fried, is currently facing seven criminal charges related to the exchange's collapse in a Manhattan court trial. Meanwhile, FTX is seeking approval from the Delaware Bankruptcy Court to liquidate an additional $3.4 billion in crypto assets. In addition to these measures, FTX has filed a lawsuit against LayerZero, an onchain interoperability protocol, in an effort to recover $21 million in lost assets. As part of their proposed strategy for managing this asset sale, FTX's legal team has suggested Mike Novogratz's Galaxy as the entity to handle it. The new management at FTX is working diligently towards repaying creditors by selling assets that predominantly comprise digital coins and tokens. This includes staking Solana tokens as part of their recovery strategy. https://www.investing.com/news/cryptocurrency-news/bankrupt-ftx-and-alameda-research-liquidate-86-million-in-crypto-assets-93CH-3209265

2023-10-25 21:03

Bit Digital, Inc. (Nasdaq: BTBT) ("Bit Digital" or the "Company"), a sustainable digital infrastructure platform for digital assets and cloud computing services, headquartered in New York, is pleased to announce that it has finalized an agreement with Soluna Computing, Inc ("Soluna") for 4.4 megawatts of incremental hosting capacity at Project Sophie in Kentucky to power its miners for an initial contract term of twelve months. The company will fill the capacity with existing miners from its fleet and expects the miners to be actively hashing by early-November, 2023. Sam Tabar, Bit Digital's CEO, commented: "We are pleased to enter into this agreement and further diversify our hosting portfolio both geographically and across counterparties. We believe this contract is structured in such way to provide us with enhanced operational flexibility through the 'halving' scheduled for 2024." https://www.investing.com/news/cryptocurrency-news/bit-digital-announces-new-hosting-location-in-kentucky-432SI-3209224