2023-10-25 16:36

Copyrighted Image by: Reuters. Crypto trader and economist Alex Krüger predicts a significant surge in Bitcoin's price to $42,000, largely due to the anticipated approval of a spot Bitcoin ETF by the SEC, expected in January 2024. This information was revealed in a blog post by Asgard Markets, Krüger's advisory firm. Krüger suggests that the market will likely anticipate the event six weeks ahead, driven by investor sentiment. He foresees Bitcoin stabilizing in the range of $30,000-$32,000 before making further gains. Market dips into the $29,000s are seen as potential buying opportunities. On the day of the ETF approval, an intraday move of +20% is expected, which would mark a significant rally for Bitcoin. The $42,000 target stands out as a crucial Fibonacci retracement level and was also a key milestone during China's crypto ban in 2021. Krüger's analysis underscores the influence of regulatory decisions on cryptocurrency prices and highlights the potential opportunities for investors amidst market fluctuations. https://www.investing.com/news/cryptocurrency-news/bitcoin-forecast-to-hit-42000-with-upcoming-bitcoin-etf-launch-93CH-3208917

2023-10-25 16:32

Polygon, a leading blockchain scaling platform, has unveiled its third-generation token, POL, as part of a significant upgrade to its ecosystem. The new token was launched on the Ethereum mainnet and is set to replace the existing MATIC token, following the company's roadmap. This development was managed by Polygon Labs, the entity behind the Polygon sidechain. The launch of POL plays a pivotal role in the network's broad upgrade plan. The new token will allow holders to become validators within the network across Polygon's extensive series of tech solutions. This includes application-specific blockchains tailored for specific use cases and zero-knowledge EVM-based networks like zkSync Era Starknet, and Linea. POL also facilitates users staking their holdings across compatible chains. Upon depositing their assets, users start earning protocol rewards and transaction fees on each staked chain. Existing MATIC holders have been given a four-year migration period to switch to POL. The transition from MATIC to POL is not influenced by recent regulatory actions where MATIC was labeled a security by the U.S. Securities and Exchange Commission in lawsuits against Binance and Coinbase (NASDAQ:COIN). This transition requires no action from MATIC holders or node operators. Following the announcement of the transition, MATIC's price experienced a 4% drop, reducing its market cap to $5.8 billion. The changes were first introduced in June 2023 and involve upgrades to the native gas token system and Intelligent Bridge MATIC contract, overseen by a decentralized governance structure featuring an ecosystem council for smart contract upgrades. Looking forward, Polygon aims to move its PoS chain exclusively to zkRollup and establish a new interoperability standard for its multiple chains. This marks a significant upgrade in the ecosystem and aligns with Polygon's 2.0 roadmap which includes the establishment of a new staking layer and zero-knowledge-proof interoperability protocols. https://www.investing.com/news/cryptocurrency-news/polygon-launches-3rd-generation-token-pol-plans-significant-ecosystem-upgrade-93CH-3208912

2023-10-25 16:31

Copyrighted Image by: Reuters Gold prices experienced a slight increase today, influenced by the ongoing Israel-Gaza conflict and anticipation of key US economic indicators, including the US third-quarter GDP figures and the PCE price index. Spot gold increased by 0.7% to $1,983.89 per ounce, while US gold futures rose by 0.5% to $1,995.20. Indicators such as the dollar index and U.S. 10-year Treasury yields also saw an increase, which somewhat limited the gains in gold prices. The Federal Reserve's interest rate decisions, which are monitored by the CME FedWatch tool, are expected to be swayed by these economic indicators. If signs of an economic slowdown emerge, the Fed may hold off on rate hikes, which could further support gold prices. In contrast to gold's performance, spot silver fell by 0.3% to $22.87 per ounce today. However, other precious metals such as platinum and palladium recorded gains. The recent uptick in gold prices comes amidst a backdrop of increased business activity in the US this October, which contrasts with a decline in the euro zone. Meanwhile, China's gold consumption has seen a significant rise due to its economic recovery and increased demand for gold. According to the China Gold Association, there was a 7.32% increase in China's gold consumption in the first three quarters of 2023. Bob Haberkorn of RJO Futures commented on these trends and their impact on the precious metals market, highlighting the influence of geopolitical events and economic indicators on gold prices. https://www.investing.com/news/commodities-news/gold-prices-rise-amid-israelgaza-conflict-and-us-economic-indicators-93CH-3208906

2023-10-25 16:21

In the wake of a significant SEC legal victory, blockchain veteran Ripple is partnering with Uphold to bolster its cross-border payment system. Leveraging Uphold's crypto liquidity expertise and fully automated high-frequency trading stack, the collaboration aims to ensure deep liquidity, diverse transaction routes, and expand Ripple's influence across six continents and 55 nations. With over a decade of experience in the blockchain industry, Ripple has been addressing multi-trillion-dollar pain points in cross-border payments, offering a transparent customer journey with a $30 billion volume. This partnership has led traders to reassess their XRP portfolios, anticipating swift, flexible cross-border payments due to Ripple's established reputation. Pegah Soltani of Ripple and Simon McLoughlin of Uphold have both praised the collaboration. On Wednesday, following a 15% price surge, XRP began testing a critical resistance level, suggesting a potential rally to $0.600. Ripple's strategic partnerships with Uphold and various international banks are designed to increase crypto liquidity and simplify cross-border transactions. Despite facing selective legal action from the SEC, Ripple and LBRY have managed to garner robust community support. Attorney John Deaton has publicly criticized the SEC's biased enforcement in the cryptocurrency sector. https://www.investing.com/news/cryptocurrency-news/ripple-and-uphold-partner-to-enhance-crossborder-payment-framework-93CH-3208899

2023-10-25 16:19

Copyrighted Image by: Reuters. Investing.com - US crude oil stocks rose above the consensus of Wall Street analysts, with an unexpected rise at the federal level and at the storage hub tied to the delivery of contracts traded on the New York Mercantile Exchange, a government report showed Wednesday. The build in crude inventories for the week ended Oct. 20 came after a drop in exports, the Weekly Petroleum Status Report of the Energy Information Administration, or EIA, showed. The US crude inventory balance rose by 1.372 million barrels during the week ended October 20, according to the EIA, versus analysts' consensus for a drop of 0.45M barrels. The build contrasted with the 4.491 million draw in the prior week to October 13, which was helped by a spike in exports. Last week, crude oil exports fell to 4.833M barrels per day from a prior 5.301M. Aside from the build in crude stockpiles at the federal level, there was also a rise of 0.213M barrels specifically at the Cushing, Oklahoma storage hub which serves as delivery point for US West Texas Intermediate crude futures traded on the New York Mercantile Exchange. Cushing storage levels have dropped drastically this year, prompting concerns they might reach such critical lows to complicate operations at the storage hub. In the prior week, the storage hub saw a net outflow of 1.005M barrels. Higher stockpiles were noted in gasoline, the premier US fuel product, while distillates — a raw material for diesel and heating fuel — saw draws. On the gasoline inventory front, there was a build of 0.156M barrels versus the prior draw of 2.371M and analysts’ consensus for a decline of 1.266M. Automotive fuel gasoline is the No. 1 U.S. fuel product. With distillate stockpiles, there was a drop of 1.686M barrels on top of the prior week’s deficit of 3.185M and analysts’ consensus for a drop of 1.75M. Distillates are refined into heating oil, diesel for trucks, buses, trains and ships and fuel for jets. https://www.investing.com/news/commodities-news/us-crude-stocks-up-last-week-both-at-federal-level-and-in-cushing-3208888

2023-10-25 16:18

Copyrighted Image by: Reuters. In response to the potential impact of escalating Middle East conflicts on global oil prices, the Biden administration is currently exploring a range of strategies. As of today, one key approach under consideration involves engaging with Saudi Arabia and domestic oil producers to increase oil supply. Another option on the table is the utilization of the Strategic Petroleum Reserve. This reserve was significantly depleted during Russia's invasion of Ukraine, demonstrating its potential value in stabilizing energy markets during periods of geopolitical turmoil. While the ongoing conflict in Israel has not yet caused a significant surge in oil prices, there are mounting concerns that an escalation could disrupt oil flow from Iran or other major regional producers in the Middle East. Despite these concerns and previous fears that prices could exceed the $5 per gallon threshold reached in spring 2022, current U.S gasoline prices remain stable at $3.54 per gallon. The administration's proactive measures aim to ensure this stability continues, even as geopolitical tensions escalate. https://www.investing.com/news/commodities-news/biden-administration-explores-strategies-to-mitigate-potential-oil-price-hikes-93CH-3208887