2024-02-28 15:41

Copyrighted Image by: Reuters. Bitcoin rally continues: Price climbs above $60k for the first time since November 2021 The price of bitcoin has pushed above the $60,000 mark during the US session on Wednesday, the first time it has risen above the level since November 2021. There has been a strong rally in the cryptocurrency this week, driven by strong inflows into US-based ETFs, which has been noted by various analysts. As of 10:34 am ET, bitcoin is up more than 7% at $61,170. So far this week, the premier cryptocurrency is up 17%, adding to its more than 44% gain so far in 2024. In the past 12 months, BTC has climbed 160%. Traders have flocked to the cryptocurrency ahead of the halving event expected in April. However, the rally has not been limited to BTC, with analysts noting this week that their digital asset portfolio is outperforming Bitcoin for the first time. "We believe this is quite significant as a signal to understand the crypto bull market is getting wider," wrote Bernstein in a research note. https://www.investing.com/news/cryptocurrency-news/bitcoin-rally-continues-price-climbs-above-60k-for-the-first-time-since-november-2021-432SI-3318744

2024-02-28 13:27

Copyrighted Image by: Reuters. Bitcoin Rises Over $60K Bitcoin rises over $60,000 for the first time since November 2021 in early Wednesday trading. https://www.investing.com/news/cryptocurrency-news/bitcoin-rises-over-60k-432SI-3318550

2024-02-28 10:37

Copyrighted Image by: Reuters Investing.com -- Shares in cryptocurrency-related companies jumped in premarket U.S. trading on Wednesday after Bitcoin surpassed the $59,000 mark, extending a rally in the digital asset into a fifth consecutive day. By 05:22 ET (10:22 GMT), the price of Bitcoin had risen by 4.6% to $59,202.5, placing the world's most popular cryptocurrency within touching distance of an all-time high of more than $68,000 reached in 2021. It has surged by more than 16% in the past seven days. Top crypto exchange Coinbase (NASDAQ:COIN), as well as crypto miners Marathon Digital (NASDAQ:MARA), Riot Platforms (NASDAQ:RIOT), CleanSpark (NASDAQ:CLSK), Cipher Mining (NASDAQ:CIFR) and Bit Digital (NASDAQ:BTBT), all climbed prior the opening bell in New York. Bitcoin’s stellar performance this year has been spurred on in part by the recent U.S. approval of exchange-traded funds that directly track the price of the token. The approvals have drawn a slew of institutional capital into Bitcoin. However, retail trading volumes have remained relatively muted, in an indication that faith in the crypto industry has potentially been dented by a string of high-profile scandals and bankruptcies. An announcement from MicroStrategy Incorporated (NASDAQ:MSTR), the biggest corporate holder of Bitcoin, that it had recently purchased 3,000 tokens for about $155 million has also supported the cryptocurrency. https://www.investing.com/news/cryptocurrency-news/cryptolinked-shares-jump-premarket-as-bitcoin-clears-59000-3317987

2024-02-28 08:56

Copyrighted Image by: Reuters Investing.com - The U.S. dollar firmed in early European trade Wednesday, shrugging off signs of U.S. economic weakness ahead of the release of this week’s key inflation data as traders look for clues as to when the Federal Reserve will start cutting interest rates. At 04:00 ET (09:00 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, traded 0.3% higher at 104.080. U.S. inflation to prove sticky? Data released on Tuesday showed that orders for U.S. durable goods fell a hefty 6.1% last month, while the Conference Board's consumer confidence was revised lower for January and declined further in February. However, these signs of economic weakness have had little impact on the U.S. currency with all eyes on the core personal consumption expenditures price index, the Fed’s favorite inflation gauge, due on Thursday. Economists are expecting a 0.4% increase for January after 0.2% in the previous month. A stickier-than-expected reading could prompt the Fed to delay rate cuts further. “We remain of the view that evidence of resilient inflation in the Fed’s preferred measure of inflation will offer more support to the dollar into the end of the week,” said analysts at ING, in a note. Markets have largely priced out a rate cut at both the Fed's March and May meeting, and the chance of a cut in June is seen as largely 50:50. Before the PCE data, a second reading on fourth-quarter GDP is due later on Wednesday, while there are more Fed officials due to speak, including Susan Collins, John Williams and Raphael Bostic. Euro edges lower ahead of eurozone CPI In Europe, EUR/USD traded 0.2% lower at 1.0818, with Europe also looking forward to its own slew of inflation reports, with Germany, France and Spain scheduled to release price data on Thursday ahead of the eurozone's figures on Friday. Economists are expecting an annual reading of 2.5% for February, dropping from 2.8% in January. Still, the dollar trade continues to dominate, and this inflation release will have to provide a major surprise to influence the pair substantially. “EUR/USD continues to follow the dollar dynamics without showing any material impact from eurozone-specific drivers. The pair looks likely to test 1.0800 in the coming days, in our view,” ING added. GBP/USD traded 0.4% lower at 1.2635, with sterling hit by a stronger dollar and after recent data showed U.K. grocery prices rising at their lowest rate since March 2022. Kiwi dollar slumps after RBNZ meeting In Asia, NZD/USD fell 1.1% to 0.6103, near a two-week low, after the Reserve Bank of New Zealand held interest rates steady at 5.5%, but flagged more progress in inflation moving towards its 1% to 3% annual target. While the bank still signaled that it will keep interest rates higher for longer in the near-term, its comments saw traders largely price out expectations of any more rate hikes. USD/JPY traded 0.2% higher to 150.80, with the yen weakening further beyond the 150 level, although steeper losses were limited by the prospect of early interest rate hikes and government intervention. USD/CNY traded largely unchanged at 7.1993, as traders awaited the release of key purchasing managers index data for February, due this Friday. https://www.investing.com/news/forex-news/dollar-firms-euro-slips-ahead-of-key-inflation-data-3317898

2024-02-28 05:42

Copyrighted Image by: Reuters. Investing.com-- Gold prices moved in a flat-to-low range on Wednesday, extending their recent run of muted performance as anxiety over higher-for-longer U.S. interest rates persisted ahead of key economic readings. The yellow metal remained squarely within a $2,000 to $2,050 trading range established over the past month, as any upside in gold was largely limited by a string of Federal Reserve warnings that the bank was in no hurry to begin trimming rates early in 2024. Strength in the dollar, which remained near three-month highs, also pressured gold prices. Still, gold prices also remained firm above the key $2,000 an ounce support level, indicating that fears of a global economic slowdown and geopolitical tensions in Russia and the Middle East were feeding some safe haven demand for the yellow metal. Spot gold steadied at $2,030.69 an ounce, while gold futures expiring in April fell 0.2% to $2,039.45 an ounce by 00:20 ET (05:20 GMT). PCE inflation, GDP data awaited for more cues Markets were now awaiting key inflation and economic growth readings for more trading cues. PCE price index data- the Fed’s preferred inflation gauge- is due on Thursday, and is expected to show inflation remained sticky in January. Such a scenario gives the Fed more impetus to keep interest rates higher for longer. Several Fed officials also warned this week that sticky inflation will keep the Fed from lowering interest rates early in 2024. Before the inflation data, a second reading on fourth-quarter GDP is due later on Wednesday, and is expected to show some cooling in economic growth. But the U.S. economy is still expected to remain well ahead of its developed world peers, giving the Fed enough headroom to keep rates higher for longer. Higher rates herald more pressure on gold, given that they increase the opportunity cost of buying bullion. Other precious metals also retreated on this notion, with platinum futures falling 0.5% to $892.05 an ounce, while silver futures fell 0.7% to $22.602 an ounce on Wednesday. Copper prices dip, China PMIs awaited Among industrial metals, copper futures expiring in March fell 0.4% to $3.8390 a pound. The red metal saw a strong run-up in recent weeks on optimism over more stimulus measures in top importer China. But this rally will be tested on Friday with the release of closely-watched purchasing managers index data from the country, which is expected to provide more cues on the state of business activity through February. Readings for January showed little improvement in the economy. https://www.investing.com/news/commodities-news/gold-prices-muted-as-rate-fears-keep-traders-to-the-sidelines-3317745

2024-02-28 04:29

Copyrighted Image by: Reuters. Investing.com-- Most Asian currencies moved in a flat-to-low range on Wednesday, while the dollar strengthened as markets positioned for more cues on the U.S. economy and interest rates due later in the week. The New Zealand dollar was the worst performer for the day after the Reserve Bank of New Zealand (RBNZ) offered up less hawkish signals during a meeting on Wednesday. Most other regional units also kept largely within a tight trading range established over the past two weeks, as a string of Federal Reserve officials signaled that the bank was in no hurry to begin cutting interest rates. Dollar steadies near three-month highs, PCE inflation in sight The dollar index and dollar index futures rose 0.1% each in Asian trade, as traders steadily priced out expectations of early interest rate cuts by the Fed. Focus this week was squarely on PCE price index data- the Fed’s preferred inflation gauge, for more cues on when the central bank could potentially begin trimming rates. But the reading is expected to show inflation remaining sticky in January, with stubborn inflation being a key point of contention for the Fed. Before the PCE data, a second reading on fourth-quarter GDP is due later on Wednesday. New Zealand dollar tumbles as RBNZ strikes dovish chord The New Zealand dollar was by far the worst performer among its peers on Wednesday, sliding 1% to a near two-week low. The Reserve Bank of New Zealand held interest rates steady at 5.5%, but flagged more progress in inflation moving towards its 1% to 3% annual target. While the bank still signaled that it will keep interest rates higher for longer in the near-term, its comments saw traders largely price out expectations of any more rate hikes, which had been a point of focus going into Wednesday’s meeting. Westpac analysts said that the RBNZ was likely to keep rates on hold until 2025. Australian dollar dips as steady inflation quashes rate hike bets The Australian dollar fell 0.4% as consumer price index data showed inflation remained at over two-year lows in January. The reading offset a recent warning from the Reserve Bank of Australia that sticky inflation could invite more rate hikes in 2024. But the reading still remained well above the RBA’s 2% to 3% annual target, which is likely to see the bank keep rates higher for longer. Other Asian currencies trended lower. The Japanese yen weakened further beyond the 150 level, although steeper losses were limited by the prospect of early interest rate hikes and government intervention. The Chinese yuan was flat ahead of key purchasing managers index data for February, due this Friday. The South Korean won lost 0.3%, while the Singapore dollar shed 0.1%. The Indian rupee steadied around 82.9 to the dollar, but stuck largely to a recently-established trading range. https://www.investing.com/news/forex-news/asia-fx-dips-before-more-inflation-cues-kiwi-slides-on-less-hawkish-rbnz-3317714