2023-10-16 05:19

Copyrighted Image by: Reuters Coinbase (NASDAQ:COIN), the major cryptocurrency exchange, has expressed its frustration over the United States Securities and Exchange Commission's (SEC) lack of clarity regarding digital currencies. On Monday, the company accused the SEC of neglecting their responsibilities in the U.S. Court of Appeals for the Third Circuit. This follows a public demand by Paul Grewal, Coinbase's Chief Legal Officer, on Sunday for a detailed response from the SEC to a rulemaking petition about cryptocurrencies submitted by Coinbase last year. Since July 2022, Coinbase has been pressing the SEC to establish clear guidelines for the cryptocurrency market, including defining which digital currencies are considered securities. After waiting nine months without a response, Coinbase demanded a mandamus - a legal directive - within one month. The SEC responded saying they had made a recommendation on Coinbase's appeal but did not disclose specifics. They also argued that they aren't obligated to fulfill Coinbase's demands. Grewal criticized the SEC's delays and highlighted the need for a mandamus on social media platforms. He described the SEC's previous update as insufficient and insisted on a detailed response within a month. Coinbase maintains that an enforcement action was initiated against them by the SEC without defining how these laws apply to cryptocurrencies. The company alleges that their rulemaking petition has been consistently ignored by the SEC for over a year. After this enforcement action, the court demanded that the SEC explain its denial of Coinbase's petition. The situation presents a catch-22 for digital asset firms: they are being asked to register or face legal action by the SEC, yet no clear guidance is given regarding when and how such registration should be carried out. In response to Coinbase's plea for a mandamus, the SEC requested an additional 120 days to provide a comprehensive response and asked the court to reject Coinbase's plea. This could potentially lead to a decision by late October or early November. https://www.investing.com/news/cryptocurrency-news/coinbase-pressures-sec-for-clear-cryptocurrency-regulations-93CH-3199243

2023-10-16 04:04

Poland's currency, the zloty, appreciated against major currencies including the euro, dollar, Swiss franc, and British pound on Monday. This followed the country's parliamentary elections where the Law and Justice party won 36.8% of votes, securing 200 seats in Sejm, the lower house of parliament. Despite this victory for the Law and Justice party, exit polls predict a majority for opposition parties collectively with 248 seats. The opposition parties are Civic Coalition (31.6%, 163 seats), Third Road (13%, 55 seats), Left (8.6%, 30 seats), and Confederation (6.2%, 12 seats). The political shift influenced Sunday's trade, leading to the zloty's gain. The exchange rates on Monday morning were PLN 4.47 for the euro, PLN 4.24 for the dollar, PLN 4.71 for the Swiss franc, and PLN 5.16 for the British pound. A late exit poll by Ipsos following Sunday's election revealed Law and Justice with 36.6% of votes, Civic Coalition with 31%, Third Way coalition with 13.5%, the Left party at 8.6%, and far-right Confederation at 6.4%. To pass laws in Poland's Sejm, a government needs a minimum of 231 seats out of 460. The electoral commission expects to announce the final result by early Tuesday. This political shift and its potential implications for governance in Poland will continue to influence the zloty's performance in the foreign exchange market. https://www.investing.com/news/forex-news/polands-zloty-strengthens-amid-political-shift-93CH-3199176

2023-10-16 03:37

Copyrighted Image by: Reuters. Bitcoin's value is on the rise, nearing $28,000 as of Monday, following a 4.5% surge during Asian trading hours. The increase in the cryptocurrency's value was driven by heightened anticipation of a US Bitcoin Exchange-Traded Fund (ETF) approval, following the Securities and Exchange Commission's (SEC) decision not to appeal a court ruling regarding Grayscale's bitcoin trust. The SEC's non-action could potentially lead to the Grayscale Bitcoin Trust (GBTC) becoming an ETF, a first in the US. This development has prompted traders to predict a further rise in Bitcoin's value. This follows Sunday's slight increase in Bitcoin's price by 0.10% to $26,900. The cryptocurrency community was excited by the SEC's approval of Grayscale's Bitcoin ETF, announced on Friday night after a significant ruling by a three-judge panel of the Washington DC Court of Appeals. This approval marks a new chapter for the cryptocurrency sector and is expected to unlock substantial value for investors through streamlined share formation and redemption processes, preventing steep discounts to Bitcoin's inherent value. Bitcoin's price rise is also influenced by the current low inflation environment, indicated by a 0.2% decrease in Consumer Price Index from August figures, and escalating geopolitical tensions. With a trade volume of $4.8 billion and 19,514,125 BTC tokens in circulation—almost reaching its set limit of 21 million tokens—Bitcoin is poised to retest the $30,000 mark, reinforcing its position as a refuge for investors against inflation and market upheaval. https://www.investing.com/news/cryptocurrency-news/bitcoin-nears-28000-on-us-etf-approval-anticipation-93CH-3199131

2023-10-16 02:02

In an effort to democratize real estate investment, the Moscow Exchange is planning to issue blockchain-based digital financial assets (DFA) by 2024, according to Sergei Kharinov, the director of digital assets at the exchange. This initiative, announced on Monday, aims to create a new funding avenue for developers and provide investors with a lower entry threshold, minimum return, an inflation hedge, and profits linked to the rise in square meters cost in housing complexes. The digital assets will be managed by entities such as the National Settlement Depository (NSD), Sberbank of Russia, Alfa Bank, St. Petersburg Exchange, and Blockchain Hub. These institutions are among ten financial entities sanctioned by the Bank of Russia to issue such assets. The initiative is designed to facilitate programmable transactions while reducing entry barriers for both retail and qualified investors. This move follows similar profitable investment opportunities offered by entities like Samolet Plus and G Group. The blockchain-based assets will allow direct fundraising for builders, offering a novel approach to real estate investment. The Central Bank of Russia (CBR) is pushing for short-term regulations to bolster security, ensure investor protection, and provide information disclosure. This comes despite an existing regulatory framework for smart contracts. The CBR insists on independent audits before deployment to enhance trust and security in this new form of investment. https://www.investing.com/news/cryptocurrency-news/moscow-exchange-plans-blockchainbased-real-estate-investment-for-2024-93CH-3199090

2023-10-16 00:36

Copyrighted Image by: Reuters. Investing.com-- Gold prices fell on Monday, reversing course after increased safe haven demand spurred a series of strong gains in the yellow metal, with focus remaining on any potential spillover from the Israel-Hamas war. The yellow metal saw a touch of profit taking after jumping over 5% in the prior week, as the onset of the Israel-Hamas war sent investors dashing for safe haven assets. Markets were now watching to see whether the Israel-Hamas conflict would spill over into the Middle East region, as Israel prepares a ground offensive in the Gaza strip. Spot gold fell 0.7% to $1,920.07 an ounce, while gold futures expiring in December fell 0.4% to $1,933.15 an ounce by 00:15 ET (04:15 GMT). Higher U.S. rate outlook limits gold’s appeal Stronger-than-expected U.S. inflation data released last week pointed to a sustained hawkish stance from the Federal Reserve, which is likely to keep interest rates higher for longer. This notion had battered gold prices over the past year, and with U.S. rates set to remain stubbornly high, is likely to limit any major upside in the yellow metal. While gold did see some strong gains on safe haven demand, the dollar still largely remained the safe haven of choice. Inflows to the greenback saw it come close to a 10-month peak last week. Higher interest rates bode poorly for gold, given that they push up the opportunity cost of investing in the yellow metal. This notion had limited any major gains in the yellow metal, even as worsening global economic conditions made for increased safe haven demand. Copper rebounds with China GDP in focus Among industrial metals, copper prices rose sharply on Monday after coming close to a five-month low in the prior week. Copper futures rose 0.5% to $3.5907 a pound. Focus this week is squarely on key economic readings from major copper importer China, mainly a reading on third-quarter gross domestic product. The reading is expected to show that Chinese economic growth weakened further in the prior quarter as business activity showed little signs of improvement despite some stimulus measures. Such a trend bodes poorly for Chinese copper demand, and could spark more weakness in the red metal in the coming weeks. Concerns over China have been a key dampener on copper prices over the past year. The People’s Bank of China is also expected to decide on its key loan prime rates this week, although a change appears unlikely. https://www.investing.com/news/commodities-news/gold-prices-sink-as-safe-haven-rally-pauses-m-east-tensions-in-focus-3199061

2023-10-15 23:42

Copyrighted Image by: Reuters. Investing.com-- Most Asian currencies fell slightly on Monday, while the dollar retreated from recent peaks as investors continued to fret over any potential spillover from the Israel-Hamas war. Appetite for risk-driven Asian currencies remained fragile, while the dollar saw a smidge of profit taking after coming close to 10-month highs last week. Fears of higher U.S. interest rates, following a strong inflation reading for September, kept sentiment towards Asian markets largely negative. Focus this week is also on a string of key economic indicators from China and Japan. The Chinese yuan fell 0.1%, with third-quarter gross domestic product data due later in the week. The reading is expected to show continued weakness in Chinese economic growth, as business activity remained subdued despite the lifting of anti-COVID measures at the beginning of the year. The People’s Bank of China is also set to decide on its key loan prime rates this week, although a change appears unlikely after the PBOC kept medium-term lending rates unchanged. The Japanese yen firmed slightly and remained just shy of the 150 level, which investors believe will attract intervention by the Japanese government in currency markets. Focus this week is on Japanese industrial production, and more importantly, consumer inflation data for September. Any stickiness in inflation gives the Bank of Japan more impetus to tighten monetary policy- a scenario that could support the yen. Recent weakness in oil prices helped the Indian rupee rise 0.1%, while markets also awaited wholesale inflation data due later in the day. The Australian dollar rose 0.4%, recovering from a 10-month low, although sentiment towards the currency remained dampened by weakness in commodity prices. Dollar sees safe haven demand as Middle East tensions persist The dollar index and dollar index futures both fell about 0.1% each in Asian trade on Monday, seeing some profit taking. But a surge in demand for safe haven assets, in the wake of the Israel-Hamas war, saw the greenback remain close to a 10-month peak. Israel is set to carry out a ground assault on the Gaza strip, a move that could mark an escalation in the conflict, and potentially draw in more Middle Eastern countries. But U.S. officials said that such a scenario appeared unlikely. The Israeli shekel steadied on Monday, after clocking a nearly 4% slump against the dollar over the past two weeks. The dollar was also boosted by expectations of higher U.S. interest rates, as recent data showed consumer inflation and sentiment remained robust. Focus this week is also on a string of Federal Reserve speakers, as well as more U.S. economic readings. U.S. rates are likely to remain higher for longer, pressuring Asian markets as the gap between risky and low-risk yields narrows further. https://www.investing.com/news/forex-news/asia-fx-muted-dollar-retreats-with-israelhamas-war-in-focus-3199049