2023-10-13 12:18

Investing.com - From near the jaws of $1,700 an ounce, gold bulls are back to $1,900 safety, after the Middle East’s latest crisis led to a huge leap Friday that topped a week of incredible price swings in the yellow metal. Gold’s most-active futures contract on New York’s Comex, December, settled at $1,941.50 per ounce, up $58.50, or 3.1%, on the day. For the week, the benchmark gold futures showed a gain of 5.2%, its most in a week since March. The spot price of gold, more closely watched by some traders than futures, was at $1,928.42 by 12:48 ET (16:48 GMT), up $59.55, or 3.2%. Last Friday, the spot price, which reflects real-time trades in bullion, hit an intraday low of $1,810.10 — less than $10 above $1,700 territory. Friday’s move up was the biggest in a day for spot gold since March 17. The rounded-up weekly gain of 5% in the current week was also the largest since March. Gold’s latest jump came after the Israeli government late on Thursday warned more than 1 million people in Northern Gaza to evacuate the area as its war with Hamas escalated. Talk was also growing that Israel was preparing for a major land assault on Gaza. “Growing chaos in the Middle Easter continues to fuel safe-haven demand for gold as a 2% rally into the weekend also puts pressure on bears in the marketplace,” Neils Christensen wrote on kitco.com, the website of the bullion trading brand of the same name. More startling, the gold rally came as the US Dollar Index, or DXY, ticked up for a second day in a row, resuming the greenback’s run-up over the last three months, which was interrupted only by last week’s slide. Gold typically moves in opposite direction to the dollar. https://www.investing.com/news/commodities-news/gold-biggest-week-since-march-back-at-1900-after-one-huge-geopolitical-leap-3198473

2023-10-13 12:06

Copyrighted Image by: Reuters Market analysts are closely monitoring the cryptocurrency market as significant options expiries loom, potentially signaling distinct trends for Bitcoin and Ethereum. Bitcoin's stability at $26,800 is under scrutiny with the impending expiry of 24,000 BTC options. These options carry a Put/Call Ratio of 1.23, a maximum loss point of $27,000, and a nominal value of $640 million. These factors suggest a potential downward trend for Bitcoin, which is currently trading at $26,770. Simultaneously, 190,000 Ethereum options are set to expire. With a Put/Call Ratio of 0.71, a maximum loss point of $1,600, and a nominal value of $290 million, these indicators may signal an upward trend for Ethereum. The put/call ratio serves as a market balance indicator predicting market trends. A ratio above 1 signifies a bearish trend while below 1 implies an upward trend. The current ratios indicate potential downward and upward shifts for Bitcoin and Ethereum respectively. With liquidity dwindling and high put positions in Bitcoin, analysts anticipate significant market activity in the coming days. As the cryptocurrency market prepares for these crucial expiries, traders will be keeping a close eye on these key indicators to gauge future trends. https://www.investing.com/news/cryptocurrency-news/bitcoin-faces-potential-bearish-trend-as-ethereum-eyes-rise-93CH-3198448

2023-10-13 11:04

In an unexpected development at Tether, one of the leading cryptocurrencies, CTO Paolo Ardoino is set to take up the mantle of CEO starting from December 2023. The current CEO, Jean-Louis van der Velde, will be stepping down from his role and transitioning to an advisory position within the company. Tether, known for its namesake stablecoin which maintains a 1:1 dollar peg, commands significant influence in the realm of crypto-to-crypto trading. According to CoinGecko, it boasts a circulation of $83.5 billion, placing it as the third-largest cryptocurrency following Bitcoin and Ether. Today's announcement marks a significant change in Tether's leadership structure. Van der Velde has maintained a relatively low public profile during his tenure as CEO. In contrast, Ardoino has been the primary public representative for Tether since he assumed the position of CTO in 2017. He frequently interacts with the public and media on Social Media Platform X, underscoring Tether's unique operational approach within the dynamic cryptocurrency market. The transition of leadership at Tether signifies a new chapter for the company as it continues to maintain its position in the competitive crypto world. The change is expected to take effect from December 2023. https://www.investing.com/news/cryptocurrency-news/tether-cto-to-take-over-as-ceo-in-management-reshuffle-93CH-3198348

2023-10-13 09:50

Copyrighted Image by: Reuters. Investing.com - “Never a dull moment in the oilfield,” oil services firm Panther says on its website. By that extension, of course, are the oil markets, which seldom go a day, or even hours, without drama. Friday was one such day. Crude prices jumped as much as 7% on the week — finishing the week with the same heightened nerves as they began — as the Middle East crisis moved into a new heightened phase after Israel said it will begin a ground assault on Gaza a week into its renewed war with Palestine militant group Hamas. The White House announced its first sanctions on companies aiding Russia in selling oil at above the $60 per barrel cap set by the United States and its allies. New York-traded WTI, crude for delivery in November settled up $4.78, or 5.8%, at $87.69 per barrel, after a session high of $87.83. The US crude benchmark finished the week up just shy of 6%. London-traded Brent crude for the most-active December contract settled up $4.89, or 5.7%, at $90.89, returning to above the $90-per-barrel sweet spot craved by oil bulls. The session peak for the global crude benchmark was $90.67. In between Friday and Monday’s 4% rally triggered by Hamas’ opening attacks on Israel in their all-new war, the market plunged on the largest US crude stockpile build since February and a new record for production that overwrote the pre-pandemic one. Reuters also reported that Saudi state oil firm Aramco (TADAWUL:2222) had notified at least four refiners in North Asia that it would supply them with the full contractual volumes nominated for November. That challenged the notion that Saudi priority was about keeping the market tight with production cuts, not assuring that supplies were generously available as needed. Iran looking eager to get into Middle East war action Prices shot back higher from a combination of the Israel-Hamas conflagration and the crackdown over Russia’s breach of the G7 price cap on oil — which could worsen the so-called ‘tight oil market’ narrative wired more into the brain of oil traders than anything else. Adding to the muddle was the Mullah leadership in Tehran looking eager to jump into the Middle East fray despite both Israel and the United States keeping them at bay for now. Scott Sheffield, broker and commentator for oil futures at ICAP (LON:NXGN) in Durham, North Carolina, stressed on that point in his market commentary on Friday, observing that the latest rally “appears to be correlated with Iran making statements supporting Hamas and stating that a “new front“ may open if Israel war crimes continue, while the media is blaming it on tighter sanctions." Iran's role in any expanded Israel-Hamas war is being closely watched given that it is the world's fifth largest oil exporter. While Iranian oil exports are under sanctions too like Russia, since late 2022, Washington has turned a blind eye to surging crude shipments from the Islamic Republic. The priority in Washington then was an informal détente with Tehran so as to allow the world more oil supply to offset output cuts by the producer group OPEC+. As a result, Iranian crude output is estimated to have surged nearly 700,000 barrels a day this year – the second-largest source of incremental supply in 2023, behind only US shale oil. That enforcement could change if Iran actively gets involved in the current Hamas war with Israel. https://www.investing.com/news/commodities-news/oil-up-7-on-week-after-swinging-on-mideast-us-crude-build-and-russia-3198289

2023-10-13 08:01

Copyrighted Image by: Reuters. Bitcoin mining, a process notoriously known for its high energy consumption, is increasingly turning towards renewable energy sources. This shift is driven by the pressing global concern over Bitcoin mining's significant issue of consuming an estimated 348 terawatt hours of electricity annually. Power industry professionals are actively seeking solutions and engaging in resource exchange on platforms such as Energy Central Power Industry Network®, with the aim of shaping the industry's response to this substantial challenge. The Bitcoin network's computational power is largely hosted by the U.S., China, and Kazakhstan, accounting for about 75% of its total. These countries derive 22.5%, 30.2%, and 11.3%, respectively, of their electricity from renewables. Despite this, coal remains a key energy source in Kazakhstan and China, although China also heavily invests in wind and solar power. Following China's crackdown on cryptocurrency mining in 2021, many miners relocated to Kazakhstan due to its affordable electricity, lax regulations, and political stability. Other significant contributions come from Ireland, Singapore, Thailand, and Germany, which collectively host a substantial portion of the network. Miners often operate from mobile units known as 'Bitcoin mining shipping containers', choosing their locations based on regulatory regimes, electricity costs, and average temperatures. Interestingly, Canada has seen a rise in its network share to 6.5% due to its abundant hydroelectric resources. However, countries rich in renewable energy like Iceland, Paraguay, and Norway have a minimal presence in the global Bitcoin network. This highlights the complexity of the transition to renewable energy within the Bitcoin mining industry and underscores the need for further efforts to address climate change concerns. https://www.investing.com/news/cryptocurrency-news/bitcoin-miners-shift-focus-to-renewable-energy-amid-climate-concerns-93CH-3198131

2023-10-13 06:55

Copyrighted Image by: Reuters Mastercard (NYSE:MA), the Reserve Bank of Australia (RBA), and Australian payment services company Cuscal have successfully trialed the integration of central bank digital currencies (CBDCs) with Ethereum-based non-fungible tokens (NFTs) on Mastercard's Multi Token Network. The trial, which began in June 2023, employed a wrapped CBDC solution. The process involved locking a pilot CBDC amount on the RBA’s platform and minting an equivalent of wrapped pilot CBDC tokens on Ethereum. This procedure was carried out by "allow-listing" Ethereum wallets of the buyer, seller, and NFT marketplace smart contract, permitting only specific transactions on public blockchains. On Thursday, Richard Wormald, Mastercard's Australasia President, confirmed the successful trial. He highlighted that this venture was in response to growing consumer demand and demonstrated commerce across multiple blockchains. The procedure involved locking the necessary CBDC amount on RBA's platform and minting wrapped tokens on Ethereum while maintaining necessary controls throughout. The compliance aspect of the operation was ensured through Mastercard's Multi Token Network and Crypto Credential offerings. These emphasized verification standards and scalable interoperability. The project also saw involvement from Australian firms Cuscal and Mintable. Mintable's CEO Zack Burcks views this CBDC wrapping technology as a means to eliminate fraud, end loss of documentation, and create new commerce opportunities. The RBA echoes this sentiment, believing that an Australian dollar CBDC could foster complex payment arrangements and enhance transaction speed, security, and interoperability in finance, thereby expanding the utility of digital currencies. The trial showcased Mastercard's ability to enable a holder of a pilot CBDC to transact on the public Ethereum blockchain for purchasing NFTs from an NFT marketplace. https://www.investing.com/news/cryptocurrency-news/mastercard-rba-and-cuscal-trial-cbdc-integration-with-ethereumbased-nfts-93CH-3198037