2024-02-27 04:54

Copyrighted Image by: Reuters. Investing.com-- Most Asian currencies rose slightly on Tuesday, taking some relief from mild declines in the dollar before a key inflation reading which is set to offer more cues on U.S. interest rates this week. Still, gains across regional currencies were limited, with most units remaining squarely within a trading range established over the past two months. The greenback also remained in sight of a recent three-month high. Japanese yen firms as sticky inflation puts BOJ pivot in focus The Japanese yen was among the better performers for the day, rising 0.2% from its weakest level in over three months after consumer price index inflation read slightly higher than expected for January. While the reading still showed a retreat in inflation, it factored into growing expectations that the Bank of Japan will raise interest rates by as soon as April. The BOJ is widely expected to end its yield curve control and negative interest rate policies this year, with sticky inflation potentially giving the central bank more impetus to do so sooner than later. But worsening economic conditions in Japan may potentially delay the BOJ’s plans, especially as the economy unexpectedly fell into recession in the fourth quarter. Broader Asian currencies were mildly higher for the day, with a string of regional economic readings on tap. The Australian dollar rose 0.1% before a monthly CPI inflation reading, due on Wednesday. The New Zealand dollar fell 0.2% before a Reserve Bank meeting where the RBNZ is widely expected to hold interest rates and flag more potential hikes, amid sticky inflation. The Chinese yuan was flat before a string of key purchasing managers index (PMI) readings due this Friday, which are expected to shed more light on Asia’s biggest economy. The South Korean won and Singapore dollar rose slightly, while the Indian rupee was flat, but traded well above record-low levels. Dollar creeps lower with PCE inflation, GDP in focus The dollar index and dollar index futures both fell 0.1% each in Asian trade on Tuesday, with the greenback losing some ground in anticipation of key economic data. PCE price index data- which is the Fed’s preferred inflation gauge- is due on Thursday and is expected to factor into the central bank’s plans for interest rates. Before that, a second reading on fourth-quarter U.S. GDP is also due on Wednesday. Relative resilience in the U.S. economy and inflation saw the Fed signal that it was in no hurry to begin trimming interest rates early this year, which bodes well for the dollar but poorly for Asian currencies. https://www.investing.com/news/forex-news/asia-fx-firms-as-dollar-eases-yen-buoyed-by-sticky-inflation-3316014

2024-02-27 02:13

Copyrighted Image by: Reuters Investing.com -- Shares in cryptocurrency-exposed stocks jumped in premarket U.S. trading on Tuesday after the price of Bitcoin touched a two-year high. By 07:55 ET (12:55 GMT), Bitcoin had surged by 11.7% to $57,232.0, putting the world's largest cryptocurrency on pace for its best two-day rally so far this year. World no.2 cryptocurrency Ethereum had also risen by 6.6% to $3,265.04. The increases boosted crypto-linked stocks on Tuesday, pointing to an extension in gains made in the prior session. Top U.S. crypto exchange Coinbase Global (NASDAQ:COIN), as well as crypto miners Marathon Digital (NASDAQ:MARA), Riot Platforms (NASDAQ:RIOT) and CleanSpark (NASDAQ:CLSK), all gained prior to the opening bell in New York. Gains in Bitcoin, along with the broader digital coin market, came as a report from digital asset manager Coinshares showed crypto investment products saw a fourth straight week of capital inflows. Digital asset investment products were bolstered by inflows of $598 million in the week to Feb. 23, according to the report. Bitcoin exchange-traded funds commanded the lion’s share of the inflows. Bitcoin products registered $570 million of inflows, with BlackRock’s iShares Bitcoin Trust notching $543.5 million of inflows. This largely offset sharp outflows from Grayscale Bitcoin Trust, as it grappled with a slew of new entrants to the Bitcoin ETF space. Coinshares also noted that short interest in Bitcoin was building in the wake of recent price increases. The token is trading up about 24% so far in 2024, after more than doubling in price through 2023. Bitcoin was also supported by MicroStrategy Incorporated (NASDAQ:MSTR), the biggest corporate holder of the cryptocurrency, announcing that it had recently purchased 3,000 tokens for about $155 million. Bitcoin’s stellar performance this year has been spurred on in part by the recent U.S. approval of ETFs that directly track the price of the cryptocurrency. The approvals have drawn a slew of institutional capital into the token. 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. https://www.investing.com/news/cryptocurrency-news/bitcoin-clears-55k-as-spot-etfs-see-sustained-inflows-3315953

2024-02-27 02:09

Copyrighted Image by: Reuters. Bitcoin Climbs 10% In Rally Investing.com - Bitcoin was trading at $56,662.4 by 21:08 (02:08 GMT) on the Investing.com Index on Tuesday, up 10.08% on the day. It was the largest one-day percentage gain since October 23, 2023. The move upwards pushed Bitcoin's market cap up to $1,093.4B, or 51.64% of the total cryptocurrency market cap. At its highest, Bitcoin's market cap was $1,275.5B. Bitcoin had traded in a range of $54,464.0 to $56,844.8 in the previous twenty-four hours. Over the past seven days, Bitcoin has seen a rise in value, as it gained 7.78%. The volume of Bitcoin traded in the twenty-four hours to time of writing was $36.7B or 40.96% of the total volume of all cryptocurrencies. It has traded in a range of $50,537.6016 to $56,844.7734 in the past 7 days. At its current price, Bitcoin is still down 17.87% from its all-time high of $68,990.63 set on November 10, 2021. Elsewhere in cryptocurrency trading Ethereum was last at $3,253.29 on the Investing.com Index, up 4.72% on the day. Tether USDt was trading at $0.9994 on the Investing.com Index, a loss of 0.09%. Ethereum's market cap was last at $387.1B or 18.28% of the total cryptocurrency market cap, while Tether USDt's market cap totaled $98.1B or 4.63% of the total cryptocurrency market value. https://www.investing.com/news/cryptocurrency-news/bitcoin-climbs-10-in-rally-3315952

2024-02-27 01:42

Copyrighted Image by: Reuters Investing.com-- Oil prices settled higher Tuesday, as a report that OPEC and its allies were mulling extending production cuts in the second quarter and possibly through the end of the year, easing concerns about supply outstripping demand. By 14:30 ET (19.30 GMT), the U.S. crude futures settled 1.7% higher at $78.87 a barrel and the Brent contract gained 1.4% to settle at $83.65 OPEC+ reportedly considers extending production limits OPEC and its allies, or OPEC+, are considering extending voluntary oil output cuts into the second quarter and possible through year end, Reuters reported Tuesday, citing unnamed sources. In late-November last year, OPEC+ members agreed to voluntary output curbs totalling about 2.2 million barrels per day for Q1. The move to extend cuts arrived in the wake of a rising non-OPEC production, particularly in the U.S., which continues to see output near record levels. Gaza ceasefire not yet near finish line In a setback to Gaza ceasefire hope, Israel; and Hamas official downplayed U.S. President Joe Biden hopes of a ceasefire in Gaza for the Muslim holy month of Ramadan for about 40 days. Basem Naim, a senior member of Hamas’s political, reportedly said that no official truce proposal had been received yet, while Israeli prime minister Benjamin Netanyahu said he had been resisting pressure to end the war "prematurely." Biden on Monday said Monday that Israel had agreed to a halt military activities during Ramadan, which is expected to begin Mar. 10. Fears of supply disruptions, particularly in the Middle East, have provided oil prices with a floor in recent months. Fresh inventory data on tap Following the Energy Information Administration's report last week of a much larger build in U.S. crude stockpiles, the American Petroleum Institute's petroleum report due later on Tuesday will provide fresh insight into domestic supplies. https://www.investing.com/news/commodities-news/oil-prices-edge-higher-after-supply-jitters-trigger-sharp-gains-3315948

2024-02-26 13:41

Copyrighted Image by: Reuters MicroStrategy (MSTR) buys 3,000 Bitcoin for $155 million Michael Saylor’s MicroStrategy (MSTR) has purchased an additional 3,000 Bitcoins for approximately $155 million, with an average price of $51,813 per Bitcoin, the securities filings showed on Monday. The company’s shares rose more than 1.8% in premarket trading. As of February 25, 2024, MicroStrategy now possesses 193,000 Bitcoins, obtained for around $6.09 billion, with an average price of $31,544 per Bitcoin. Based on current prices, MSTR’s Bitcoin holdings are valued at slightly under $10 billion, resulting in a return of nearly 63%. https://www.investing.com/news/cryptocurrency-news/microstrategy-buys-3000-bitcoin-for-155-million-432SI-3315381

2024-02-26 11:19

Copyrighted Image by: Reuters. SYDNEY - Iris Energy Limited (NASDAQ: IREN), a data center firm specializing in Bitcoin mining and AI cloud services, announced its operational expansion plans for 2024, aiming to reach a 20 EH/s hashrate capacity. The company, which operates on 100% renewable energy, reported that it has already increased its operating hashrate to 7 EH/s and anticipates commissioning the remaining 3 EH/s in the first half of the year. The second half of 2024 is set to see a significant scaling of operations, with an additional 10 EH/s of new Bitmain T21 miners secured under fixed price contracts. This expansion is coupled with a 200MW increase at its existing Childress data center. Iris Energy's current operational capacity stands at 220MW, with plans to expand to 460MW within the year. The company's growth strategy also includes the expansion of its AI cloud services, leveraging 816 NVIDIA (NASDAQ:NVDA) H100 GPUs. Its development portfolio boasts 2,160MW of secured power capacity across North America and a property portfolio exceeding 1,000 acres, along with an additional development pipeline. Iris Energy's commitment to renewable energy targets underutilized sources and aims to support electrical grids and local communities. The company's technology stack is designed to optimize performance across its AI Cloud Services, Bitcoin Mining, and energy trading operations. These forward-looking statements, as defined by the Private Securities Litigation Reform Act of 1995, involve risks and uncertainties that could cause actual results to differ materially from those projected. Factors influencing these projections include Bitcoin price fluctuations, the company's ability to obtain additional capital, the success of growth strategies, and the ability to secure customers, among others. This business update is based on a press release statement from Iris Energy Limited. The company's strategy and operational goals are subject to change based on market conditions, shareholder value considerations, and funding availability. Decisions regarding the Childress expansion and miner purchase options are expected to be made throughout 2024. https://www.investing.com/news/cryptocurrency-news/iris-energy-ramps-up-bitcoin-mining-operations-93CH-3314920