2023-10-17 01:13

Uniswap, the decentralized cryptocurrency exchange, has announced the introduction of a 0.15% swap fee on certain tokens, primarily stable pairs that account for 85% of the platform's trading volume. The new fee, effective Tuesday, is expected to finance protocol development. The announcement was made by Hayden Adams, the founder of Uniswap, on Monday. The decision has elicited mixed reactions from industry players. Ari Paul of Blocktower Capital expressed support for the move, while Crypto JAW criticized it as a new form of taxation on the platform. Simultaneously, Uniswap's price is currently hovering at $4.12 following a 4.36% intra-day swing seen on Monday. For a potential recovery, the price needs to surpass a resistance level of $4.47, which coincides with the 50-day exponential moving average (EMA). Despite these developments, some market indicators suggest a possible bearish trend. A bearish relative strength index (RSI) and a support line at $3.99 indicate that the price could potentially drop to $3.50 if breached. However, should bullish market signals prevail, the $4.47 resistance could potentially turn into support, aiming for the 100-day EMA line at $4.73. The upcoming days will reveal how these changes will affect Uniswap's market performance and user reactions to the new swap fee. https://www.investing.com/news/cryptocurrency-news/uniswap-introduces-015-swap-fee-on-select-tokens-93CH-3200299

2023-10-17 00:54

Copyrighted Image by: Reuters David Duong of Coinbase (NASDAQ:COIN) Institutional suggested on Tuesday that the market has already begun to factor in the potential approval of spot-based Bitcoin exchange-traded funds (ETFs). This anticipation is expected to gradually attract mainstream cryptocurrency investment, despite ongoing uncertainty around Bitcoin's performance following a possible positive decision from the Securities and Exchange Commission (SEC). Duong highlighted an inverse correlation between cryptocurrency prices and shifts in the US Treasury yield curve since the first quarter of 2023. Bitcoin has shown a weak linear relationship with the recent rise in the yield curve, with a 90-day correlation coefficient of 0.45. In contrast, Ethereum has displayed a strong inverse correlation, with a coefficient of 0.76. This divergence started in mid-June when several spot Bitcoin ETF applications were submitted in the United States. Duong drew parallels with the SPDR Gold Shares ETF (NYSE:GLD), which attracted inflation-adjusted income of $1.9 billion within its first 30 days and $4.8 billion during its first year. This comparison suggests considerable fund inflows into the Bitcoin market, provided at least one application is approved. https://www.investing.com/news/cryptocurrency-news/coinbase-institutional-predicts-market-adjustment-for-bitcoin-etfs-93CH-3200291

2023-10-17 00:44

Copyrighted Image by: Reuters. Investing.com-- Gold prices steadied after early declines on Tuesday as markets hunkered down before several upcoming cues on the U.S. economy, as well as a series of addresses from Federal Reserve officials. While the yellow metal saw strong gains after the onset of the Israel-Hamas war pushed investors into safe havens, it reversed course this week after a stronger-than-expected U.S. inflation reading pushed up concerns over higher interest rates. A lack of an immediate escalation in the war also dented any more near-term safe haven demand, while the dollar found its footing near 11-month highs. Gold’s most-active futures contract on New York’s Comex, December, settled up $1.40, or 0.07%, at $1,935.70 an ounce, after an intraday drop to 1,924.85. The spot price of gold, more closely watched by some traders than futures, was at $1,924.50.65 by 15:33 ET (19:33 GMT), up $4.28, or 0.2%, on the day. The session low for spot gold was $1,912.44. Fed comments on tap U.S. consumer inflation read higher-than-expected for September, data showed last week, ramping up concerns that the Fed will remain hawkish for longer, in order to bring down sticky inflation. A string of Fed officials are also set to speak this week, most notably Fed Chair Jerome Powell on Thursday. Powell’s comments will be closely watched in the wake of the strong inflation readings, given that the Fed Chair had signaled higher for longer rates at the Fed’s previous meeting. Higher interest rates bode poorly for gold, given that they increase the opportunity cost of investing in the yellow metal. This trade battered gold through the past year, and is expected to limit any major gains until the Fed starts cutting interest rates. Copper slides, China GDP in focus Among industrial metals, copper prices reversed recent gains on Tuesday, as markets hunkered down before key Chinese economic readings this week. Copper futures closed New York trading down 0.1% at $3.5820 a pound. Third-quarter Chinese gross domestic product data, due on Wednesday, is expected to show further deterioration in growth in the world’s largest copper importer. Industrial production data for September- also due on Wednesday- is expected to show continued weakness in the sector, which accounts for a bulk of Chinese copper demand. Still, copper bulls took some encouragement from quarterly production figures from major miner Rio Tinto Ltd (ASX:RIO). The miner clocked slightly stronger iron ore and copper shipments on steady demand in China. https://www.investing.com/news/commodities-news/gold-prices-extend-losses-before-us-data-dump-more-fed-cues-3200289

2023-10-17 00:44

Copyrighted Image by: Reuters. Investing.com-- Gold prices fell further on Tuesday, extending declines from the prior session as markets hunkered down before several upcoming cues on the U.S. economy, as well as a series of addresses from Federal Reserve officials. While the yellow metal saw strong gains after the onset of the Israel-Hamas war pushed investors into safe havens, it reversed course this week after a stronger-than-expected U.S. inflation reading pushed up concerns over higher interest rates. A lack of an immediate escalation in the war also dented any more near-term safe haven demand, while the dollar found its footing near 11-month highs. Spot gold fell 0.3% to $1,915.32 an ounce, while gold futures expiring in December fell 0.3% to $1,927.85 an ounce by 00:31 ET (04:31 GMT). Both instruments fell in a similar range on Monday. U.S. economic data, Fed comments on tap Focus is now on U.S. retail sales and industrial production data due later on Tuesday, with any signs of resilience, particularly in retail spending, pointing to an elevated outlook for inflation. U.S. consumer inflation read higher-than-expected for September, data showed last week, ramping up concerns that the Fed will remain hawkish for longer, in order to bring down sticky inflation. A string of Fed officials are also set to speak this week, most notably Fed Chair Jerome Powell on Thursday. Powell’s comments will be closely watched in the wake of the strong inflation readings, given that the Fed Chair had signaled higher for longer rates at the Fed’s previous meeting. Higher interest rates bode poorly for gold, given that they increase the opportunity cost of investing in the yellow metal. This trade battered gold through the past year, and is expected to limit any major gains until the Fed starts cutting interest rates. Copper sinks, China GDP in focus Among industrial metals, copper prices reversed recent gains on Tuesday, as markets hunkered down before key Chinese economic readings this week. Copper futures fell 0.5% to $3.5648 a pound. Third-quarter Chinese gross domestic product data, due on Wednesday, is expected to show further deterioration in growth in the world’s largest copper importer. Industrial production data for September- also due on Wednesday- is expected to show continued weakness in the sector, which accounts for a bulk of Chinese copper demand. Still, copper bulls took some encouragement from quarterly production figures from major miner Rio Tinto Ltd (ASX:RIO). The miner clocked slightly stronger iron ore and copper shipments on steady demand in China. https://www.investing.com/news/commodities-news/gold-prices-extend-losses-before-us-data-dump-more-fed-cues-3200289

2023-10-17 00:42

In the wake of recent attacks by Hamas on Israel, law enforcement authorities have intensified their efforts to sever ties between cryptocurrency markets and the militant group. Over 100 accounts on Binance, one of the largest crypto exchanges globally, have been shut down with information on an additional 200 accounts being pursued. On Tuesday, Tom Alexandrovich from the Israel National Cyber Directorate voiced concerns over the increased use of cryptocurrencies for terrorist financing during conflicts, as per a Financial Times report. In compliance with international sanctions rules, Binance has blocked several accounts while Tether, a popular stablecoin, has frozen 32 addresses linked to terrorism in Israel and Ukraine. Since October 7, Israeli authorities have identified roughly 150 Hamas-related donation initiatives, many promoted through social media posts. An anonymous Binance employee shed light on the difficulties the company faces in tracking customer exposure to these donation addresses. The US regulator, Commodity Futures Trading Commission (CFTC), had previously associated Binance with Hamas transactions. The complexities of combating digital terror financing were underscored by Israeli defence minister Yoav Gallant and echoed by the Financial Stability Board, which is currently developing a framework to address terrorist financing in crypto assets. Analytics firm Elliptic observed that suspicious groups in the Middle East frequently transact cryptocurrencies among each other before converting them into sovereign currencies. This revelation comes as Israeli officials were already monitoring suspected crypto accounts linked to terrorism, supported by a volunteer task force and public assistance. These measures demonstrate an escalating global effort to curb the misuse of cryptocurrencies for illicit activities. As digital currencies become more integrated into our financial systems, the challenge to ensure their safe and legal use remains a top priority for regulators worldwide. https://www.investing.com/news/cryptocurrency-news/crypto-crackdown-intensifies-amid-israelihamas-conflict-93CH-3200290

2023-10-17 00:01

Copyrighted Image by: Reuters. Investing.com-- Most Asian currencies fell slightly on Tuesday as demand for the dollar remained steady before several major U.S. economic readings this week, while sentiment also remained on edge over the Israel-Hamas war. U.S. retail sales and industrial production data is due later in the day, while a string of Federal Reserve members are set to speak this week, most notably Chair Jerome Powell on Thursday. The data and the addresses are set to offer more cues on the world's largest economy, and will be closely watched after a surprise rise in U.S. inflation over the past three months spurred fears of a more hawkish Fed. This kept the dollar pinned near 10-month highs, with the dollar index and dollar index futures rising slightly in Asian trade on Tuesday. Uncertainty over the U.S. economy kept most traders wary of risk-heavy Asian currencies. The Indian rupee was flat, while the South Korean won and the Taiwan dollar lost 0.3% and 0.1%, respectively. The New Zealand dollar was among the worst performers for the day, losing 0.3% after data showed inflation grew less than expected in the third quarter. The reading saw analysts scale back their expectations for more interest rate hikes from the Reserve Bank. Losses in the Singapore dollar were somewhat limited by data showing the island state's key non-oil exports beat expectations in September. The Australian dollar rose 0.3% as the minutes of the Reserve Bank of Australia’s recent meeting showed that policymakers were still considering more rate hikes, amid recent stickiness in inflation. The Japanese yen was flat, hovering just below the 150 level as markets watched for any potential government intervention in currency markets. Focus this week is also on Japanese consumer inflation data, which is expected to factor into the Bank of Japan’s plans to eventually tighten monetary policy. Most Asian currencies were nursing steep losses over the past two weeks, as the onset of the Israel-Hamas war dented risk appetite. Signs of sticky U.S. inflation also saw markets fear higher-for-longer interest rates, which bode poorly for regional markets. China GDP, interest rate decision awaited The Chinese yuan fell slightly on Tuesday, remaining near 11-month lows as markets hunkered down before key third-quarter gross domestic product data due on Wednesday. The reading is expected to show a sustained decline in economic growth, as the country’s manufacturing and service sectors struggle with a slowdown in overseas demand. A debt crisis in the property market is also expected to have further dented economic growth, although a string of monetary stimulus measures over the past quarter likely helped offset a bigger decline in growth. The People’s Bank of China is also set to decide on its loan prime rate on Friday, although it is unlikely to make any changes. https://www.investing.com/news/forex-news/asia-fx-edges-lower-as-dollar-finds-footing-before-more-economic-cues-3200284