2023-10-24 20:34

Copyrighted Image by: Reuters Today, Bitcoin is trading just above the $34,000 mark, following a surge to a high of $35,280, influenced by market fluctuations. The volatility was triggered by the removal of BlackRock (NYSE:BLK) iShares BTC Trust (IBTC ticker) from the Depository Trust & Clearing Corporation (DTCC) list. This unexpected delisting led to a crash of the DTCC website due to heavy investor traffic. The market reaction was reminiscent of the response to earlier incorrect news regarding the approval of the BlackRock iShares spot Bitcoin exchange-traded fund (ETF) by the US Securities & Exchange Commission (SEC). Speculation suggests that the SEC may have requested BlackRock to postpone their plans, which contributed to nudging Bitcoin's price towards its current level. Despite these developments, Bitcoin's market sentiment remains bullish, with potential for an upward trend towards $35,000 if more investors participate. The Relative Strength Index (RSI), currently at 87 as per Welles Wilder's interpretation, indicates a possible sell-off in the near future. Conversely, the Awesome Oscillator (AO) shows large volumes of green histogram bars, signaling continued bullish market control. However, if profit-takers dominate the market, Bitcoin could risk losing its critical support at $31,777 and potentially drop below the significant $30,000 psychological level. Amidst these market dynamics, ETF specialist Eric Balchunas commented on the unusual attention garnered by these events. https://www.investing.com/news/cryptocurrency-news/bitcoin-hovers-near-34000-amidst-blackrock-ishares-btc-trust-delisting-93CH-3207632

2023-10-24 20:30

Copyrighted Image by: Reuters. Investing.com - US crude stockpiles possibly fell as much as 2.7 million barrels last week, petroleum trade group API said Tuesday, reporting a second straight week of declines that suggested that strong exports were again influencing inventories. Declines were also seen in inventories of gasoline, the premier US fuel product and, distillates — a feedstock for diesel and heating fuel, the weekly inventory report from the API, or American Petroleum Institute, showed. Typically at this time of year, demand for fuels is softer in the United States as fewer families do trip roads with children back in school or college. But with the refinery industry on seasonal maintenance, larger-than-usual declines in fuel stocks are also common with limited replenishments coming in. The U.S. crude inventory balance fell by 2.668M barrels during the week ended Oct. 20, according to the API. That was in addition to the 4.383M-barrel crude inventory slump during the prior week to Oct. 13, helped largely by a spike in exports. Notwithstanding the headline crude draw, the API noted a 0.513M barrel build 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. Last week, the storage hub saw a net outflow of 1.005M barrels. On the fuel side, the petroleum trade group reported a gasoline inventory slide of 4.169MM barrels and distillate stock drop of 2.313M barrels. In the prior week, gasoline saw a 1.578-M barrel deficit while distillates experienced a 0.612M drop. The API data serves as a precursor to official inventory data on the same due from the US Energy (NASDAQ:USEG) Information Administration, or EIA, on Wednesday. For last week, analysts tracked by Investing.com expect the EIA to report a crude stockpile drop of 0.55M barrels, to add to the 4.491M-barrel reduction reported during the week to Oct 13. On the gasoline inventory front, the consensus is for a draw of 0.1M barrels over the 2.371M-barrel decline in the previous week. Automotive fuel gasoline is the No. 1 U.S. fuel product. With distillate stockpiles, the expectation is for a drop of 1M barrels versus the prior week’s deficit of 3.185M. 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-down-27m-barrels-cushing-storage-hub-sees-build--api-3207613

2023-10-24 20:19

Copyrighted Image by: Reuters. Bitcoin reached an 18-month high on Tuesday, propelling related exchange-traded funds (ETFs) upwards while causing the ProShares Short Bitcoin Strategy ETF to tumble to a new low. The recent bitcoin rally has been fueled by speculation around the potential approval of a spot bitcoin ETF, further ignited by BlackRock (NYSE:BLK)'s iShares ETF appearing on the clearing house DTCC's website. The ProShares Short Bitcoin Strategy ETF, designed to short bitcoin futures, fell to a record low of $16.18. This was a significant drop from its peak of $45.61, which it achieved following the collapse of FTX. Despite this downturn and a 59.3% loss in 2021 according to Lipper data, the fund, holding net assets worth $62.98 million, is projected to record its second month of inflows. Lucas Kiely from digital wealth platform Yield App suggested that investors are buying on rumors and utilizing the BTC short ETF as a tool to express their belief in an impending BTC sell-off or as a hedge against a BTC short squeeze. Meanwhile, other bitcoin-related ETFs experienced gains. The ProShares Bitcoin Strategy ETF and Valkyrie Bitcoin Miners ETF saw increases of over 9%. Newly launched funds such as the Valkyrie Bitcoin and Ether Strategy ETF, which tracks Ether futures, also reported a rise of 9.4%. https://www.investing.com/news/cryptocurrency-news/bitcoin-etfs-surge-as-proshares-short-bitcoin-strategy-etf-hits-record-low-93CH-3207596

2023-10-24 19:48

Copyrighted Image by: Reuters Coinbase (NASDAQ:COIN), a leading cryptocurrency exchange, is preparing its motion to dismiss (MTD) order in response to allegations by the U.S. Securities and Exchange Commission (SEC) of violating securities laws regarding its trading platform and staking offerings. The company maintains that the assets traded on its platform are not securities and is invoking the Major Questions Doctrine, which limits regulatory bodies from managing industries without Congressional approval. The cryptocurrency firm plans to use the Biden administration's 2023 request for Congress to scrutinize cryptocurrency regulation as evidence that crypto technology fits the Major Questions Doctrine criteria. This move suggests that the SEC lacks Congressional backing to regulate the industry. Crypto attorney John Deaton expressed his support for Coinbase's motions via a tweet, indicating a high likelihood of success. He highlighted that Judge Katherine Polk Failla might rule that secondary sales on Coinbase's platform do not fall under the SEC's application of the Howey Test. This potential ruling aligns with Judge Analisa Torres' decision in Ripple's lawsuit against the SEC. Deaton underscored that no court has considered a secondary exchange of assets as a securities transaction in 80 years. Despite this, he acknowledged that Coinbase might face challenges refuting the SEC's assertion that its staking products violated securities laws. A partial victory for Coinbase could potentially challenge SEC Chair Gary Gensler's opinion that nearly all cryptocurrencies are securities. It is anticipated that Judge Failla will soon respond to Coinbase's MTD order. She may invite both parties for an in-person hearing before making her decision. https://www.investing.com/news/cryptocurrency-news/coinbase-invokes-major-questions-doctrine-in-response-to-sec-allegations-93CH-3207509

2023-10-24 19:47

Copyrighted Image by: Reuters Ethereum (ETH) experienced a significant price surge of 7.5% over the last 24 hours, following substantial purchases by new whales. The cryptocurrency's value escalated from $1,717 to $1,846 before slightly falling to $1,828 on the Bitstamp exchange, according to data provided by blockchain analyst @OnchainDataNerd on a popular social media platform. This increase comes in the wake of Bitcoin's 9.73% price spike, which was largely driven by anticipation for the Securities and Exchange Commission's potential approval of the Bitcoin spot Exchange-Traded Fund (ETF) later this year. In recent developments, four new whales were observed making substantial ETH purchases on Coinbase (NASDAQ:COIN), a leading US-based cryptocurrency exchange. Data reveals that three of these whales collectively bought 47,760 ETH worth $82.97 million in a single day. Another fresh wallet procured and withdrew an additional 8,310 ETH from Coinbase, valued at $15.09 million. In parallel with these activities on Coinbase, Whale Alert tracked significant ETH transfers from Binance to anonymous wallets. These included a large transfer of 30,709 ETH from Binance. These events reflect the increasing interest and activity in the Ethereum market among large-scale investors or 'whales'. Their substantial purchases and withdrawals have contributed to Ethereum's recent price surge and indicate growing confidence in the cryptocurrency's potential. https://www.investing.com/news/cryptocurrency-news/ethereum-sees-price-surge-as-new-whales-make-substantial-purchases-93CH-3207508

2023-10-24 19:46

Copyrighted Image by: Reuters Dogecoin, the cryptocurrency famously endorsed by Tesla (NASDAQ:TSLA) CEO Elon Musk, is currently trading at $0.0679, a significant drop from its May 2021 peak of $0.7376. Despite a recent jump from $0.0607 to $0.0687 following a potential SEC approval of a Bitcoin spot ETF, Dogecoin remains nearly 91% below its previous high. This decline comes despite multiple tweets from Musk endorsing the digital currency. The Dogecoin Fear and Greed Index currently stands at a "greed" level of 71, suggesting that a market correction could be on the horizon. This index measures market sentiment, with extreme fear indicating that investors are worried and extreme greed suggesting that the market may be due for a correction. Analysts Ali Martinez and @AngloBTC have noted a descending triangle pattern in Dogecoin's price movement, predicting that the cryptocurrency could reach $1. However, this optimistic view contrasts with the current market sentiment and Dogecoin's recent performance. Musk, who has been a vocal supporter of Dogecoin, made headlines when he endorsed the cryptocurrency on Saturday Night Live. Despite his endorsement and statements such as "The universe owes me 1 billion dollars," Dogecoin has not managed to regain its previous highs as investors have taken profits. Bitcoin, the world's largest cryptocurrency by market cap, is currently trading at $34,585 on Bitstamp. Its surge was sparked by potential SEC approval of a Bitcoin spot ETF, which also influenced Dogecoin's recent price increase. https://www.investing.com/news/cryptocurrency-news/dogecoin-trades-lower-despite-bullish-predictions-and-musks-endorsement-93CH-3207507