2023-10-17 09:26

Copyrighted Image by: Reuters. Investing.com -- Oil prices steadied Tuesday after the previous session’s selloff as traders keep an eye on developments in the Middle East as well as the potential for additional supply from Venezuela. By 09:20 ET (13.20 GMT), the U.S. crude futures traded 0.1% lower at $85.23 a barrel, while the Brent contract dropped 0.1% to $89.62 a barrel. Biden set to visit the Middle East U.S. President Joe Biden is set to the Middle East later this week in a likely attempt to contain a regional escalation of Israel’s war with Hamas. Biden leaves later Tuesday, amid reports Jordan will host a four-party summit in Amman on Wednesday with the U.S. President and Egyptian and Palestinian leaders expected to discuss the "dangerous" repercussions of the war in Gaza for the region. This has put the situation on hold for a day at least, delaying worries that an Israeli ground invasion into Gaza could draw other regional countries and groups into the war, and resulting in a tight trading range. Venezuela sanctions to be eased? Both contracts had fallen around $1 a barrel on Monday on a Reuters report that the United States had reached a preliminary deal with Venezuela to ease sanctions surrounding its oil exports if Venezuela's government, lead by President Nicolas Maduro, returns to political negotiations with the country's opposition, almost a year after the last meeting. The U.S. has sanctioned oil exports, since 2019, from Venezuela, a member of the Organization of Petroleum Exporting Countries, to punish Maduro's government following highly-disputed elections in 2018. The U.S. government has been seeking ways to increase the flow of oil to world markets to alleviate high prices. U.S. retail sales jumped in September Economic data released earlier Tuesday showed that U.S. retail sales increased more than expected in September, suggesting the largest economy in the world, and biggest oil consumer, ended the third quarter on a strong note. However, this could provide the Federal Reserve with more reason to increase interest rates once more before the end of the year, after consumer prices proved to be sticky last week, potentially weighing on economic activity further on down the line. Retail sales rose 0.7% last month, above the 0.3% growth expected, while data for August was revised higher to show sales advancing 0.8% instead of 0.6% as previously reported. China, the world’s largest oil importer, releases its third-quarter gross domestic product later Tuesday, with growth expected to have deteriorated further through the quarter. https://www.investing.com/news/commodities-news/crude-prices-stabilize-amid-middle-east-uncertainity-venezuela-sanctions-talk-3200973

2023-10-17 08:26

Copyrighted Image by: Reuters. Bitcoin (BTC) has held steady above $28,400, despite considerable market volatility sparked by false reports of BlackRock (NYSE:BLK)'s spot bitcoin ETF approval. This stability comes on the back of a transformative U.S. crypto law signed by California Governor Gavin Newsom on Tuesday, which is expected to fuel the growth of crypto businesses and the broader industry from July 2025. The new legislation has helped Bitcoin register a two-day gain of 2.1%, leading to an average return of 1.24% in the broader crypto market over the past 24 hours. Other major cryptocurrencies such as Ether (ETH) and BNB Chain's BNB tokens have remained static during this period. Uniswap (UNI) tokens, however, experienced a 3% dip following the introduction of a 0.15% swap fee per trade. The move sparked mixed reactions among investors and traders. Analysts from Bitfinex highlighted a strong "holding sentiment" among Bitcoin holders, with short-term holders accounting for less than 20% of the circulating supply. Despite this optimism, they warned of potential market risks due to low spot trading volumes and the increasing use of leverage among traders. Solo Ceesay of Calaxy emphasized the attractive risk vs reward ratio of crypto investing compared to other assets trading near all-time highs. This sentiment underscores the sustained appeal of cryptocurrency investments despite recent market turbulence. https://www.investing.com/news/cryptocurrency-news/bitcoin-holds-firm-amid-market-turbulence-spurred-by-new-crypto-law-93CH-3200875

2023-10-17 08:24

In response to the increased scrutiny of cryptocurrencies by Israeli authorities, Binance has blocked a further 100 accounts linked to the Palestinian militant group, Hamas, as reported on Tuesday. This move is part of a broader campaign by Israel against digital currency financing for militant organizations. The cryptocurrency exchange also confirmed that it has been asked to provide data on an additional 200 crypto accounts, most of which are held on its platform. These restrictions have been in place since the summer of 2023. An anonymous Binance employee emphasized the importance of tracing customers connected to each Hamas donation address. While Binance acknowledged its involvement, it only admitted to blocking a "small number" of accounts without providing specific details. The Israeli government's focus on cryptocurrencies has intensified following a severe Hamas assault from the Gaza Strip earlier this month. In June 2023, Israel confiscated millions in cryptocurrencies associated with Iran's Quds Force and Hezbollah, an operation Defense Minister Yoav Gallant described as the first significant crypto seizure, with assistance from Mossad, military intelligence, and local law enforcement. Simultaneously, Tether, known for the USDT stablecoin, has frozen over 30 addresses tied to illegal activities in Israel and Ukraine. The blocked addresses accumulated a total of $873,118. This action was taken in close collaboration with Israel's National Bureau for Counter Terror Financing (NBCTF). https://www.investing.com/news/cryptocurrency-news/binance-and-tether-take-action-against-hamaslinked-crypto-accounts-93CH-3200868

2023-10-17 08:00

Copyrighted Image by: Reuters. Ripple, the blockchain-based payment protocol company, has recently posted a job opening for a Senior Shareholder Communications Manager, further stoking speculation about a potential Initial Public Offering (IPO). The announcement was made on Tuesday, intensifying the ongoing discussions surrounding Ripple's future plans. The new role is expected to report to the Senior Vice President of People and Communications. The responsibilities include working closely with the Chief Financial Officer and managing investor relations, non-deal roadshows, and high-impact corporate events such as mergers and acquisitions. This has led observers to believe that Ripple might be preparing for significant corporate changes, possibly including an IPO. In addition to communicating Ripple's strategy and performance to shareholders, the Senior Shareholder Communications Manager will also collaborate with the Product and Marketing teams. The collaboration aims at creating presentations, developing case studies, conducting analyses, and preparing fact sheets for shareholders. The manager will also participate in executive speaking engagements. The inclusion of tasks related to investor relations and corporate events in the job description has fueled the IPO speculation. While no official confirmation regarding an IPO has been released by Ripple, this recent development suggests that the company might be gearing up for some significant strategic moves in the near future. The blockchain-based payment protocol company has been under scrutiny due to legal issues with the U.S. Securities and Exchange Commission (SEC). However, this recent job posting indicates that Ripple is continuing to plan for its future growth despite these challenges. https://www.investing.com/news/cryptocurrency-news/ripples-latest-job-posting-fuels-ipo-speculation-93CH-3200846

2023-10-17 07:52

Copyrighted Image by: Shutterstock In a move to enhance market health and consolidate liquidity, Coinbase (NASDAQ:COIN), a leading US cryptocurrency exchange, has suspended 80 non-USD trading pairs from its platforms, including Advanced Trade and Coinbase Prime. The announcement came on Tuesday, following an initial statement on October 3. The suspended trading pairs involved cryptocurrencies such as Bitcoin, Tether, Ethereum, and fiat currencies like euro and pound. These pairs were largely low-volume altcoins. Despite the suspension, Coinbase users can continue trading these assets in more liquid USD order books using their USDC balances on the Advanced Trade platform. This decision reflects a series of liquidity-enhancing measures taken by Coinbase. The exchange had previously suspended 41 non-USD markets in mid-September due to a significant drop in trading volumes over the course of the year. While facing legal challenges in the US over allegations of operating an illegal exchange, Coinbase continues to expand globally. The company has been securing licenses in Singapore and Bermuda as part of its international growth strategy. https://www.investing.com/news/cryptocurrency-news/coinbase-suspends-80-nonusd-trading-pairs-to-bolster-liquidity-93CH-3200814

2023-10-17 06:16

Ripple's XRP has been experiencing significant fluctuations in the second quarter of 2023 due to a series of events that have shaped investor sentiment and market dynamics. A critical court ruling by Judge Analisa Torres, categorizing XRP as a non-investment contract crypto, has been one of the key factors influencing these changes. The court ruling followed the Securities and Exchange Commission's (SEC) lawsuit against Ripple in 2020. The lawsuit alleged that Ripple was offering XRP as an unregistered security, leading to investor uncertainty and a negative impact on XRP's price. However, Torres' judgment that XRP isn't an investment contract on secondary exchanges prompted a temporary price surge, which later plateaued to pre-ruling levels. CryptoPotato predicts that XRP could reach $1 by 2023. The forecast is based on several factors including positive investor sentiment and demand, regulatory clarity from the ongoing Ripple-SEC case, and overall crypto market sentiment. The latter has been impacted by false reports of Bitcoin ETF approvals, which have led to investor caution and subsequent fluctuations in XRP's price around $0.50. https://www.investing.com/news/cryptocurrency-news/xrp-price-fluctuates-amid-court-rulings-and-market-sentiment-93CH-3200604