2023-10-13 06:52
Copyrighted Image by: Reuters The US dollar experienced a rally this week, buoyed by rising yields and persistent investor concerns over inflation, according to recent market data. This surge has led to a decline in equities and the Euro-US dollar (EURUSD) exchange rate falling below 1.06. The latest US inflation data did little to alleviate these fears and is not expected to influence the Federal Reserve's 'higher for longer' policy. This policy is designed to prevent 'last mile' mishaps and will likely be a focal point at the Fed's meeting in November. In currency markets, the dollar-yen cautiously bid near 150. Meanwhile, disappointing GDP growth data thwarted the British pound's (Cable) opportunity to rally above bearish trends. In commodities, the Energy Information Administration (EIA) disclosed a substantial increase in US crude inventories, leading to a temporary selloff in crude oil. However, buying resumed when prices hit Saudi Arabia's $80 per barrel limit. Investors are now looking forward to the third-quarter earnings reports from three major US banks, which are expected to provide further insight into the state of the economy and potential market trends. https://www.investing.com/news/forex-news/us-dollar-rallies-as-inflation-fears-persist-eyes-on-upcoming-fed-meeting-93CH-3198030
2023-10-13 06:26
In a significant move towards global crypto regulation, the G20 Finance Ministers and Central Bank Governors (FMCBGs) endorsed a comprehensive policy framework, or roadmap, for regulating crypto assets at their final meeting in Marrakesh on Friday. The roadmap, grounded in the IMF-FSB's Synthesis Paper, aims to mitigate macroeconomic and financial stability risks associated with crypto-assets. It emphasizes global coordination and includes applying Financial Action Task Force (FATF) anti-money laundering and counter-terrorist financing standards. The framework also takes into account the implications on Emerging Markets and Developing Economies (EMDEs) and seeks to harmonize divergent regulatory approaches worldwide. The FMCBGs called for the coordinated implementation of this roadmap, suggesting global supervision of stablecoins and supporting responsible fintech innovation. It also leaves room for domestic judiciary approaches. The roadmap is expected to guide India's rules for the volatile digital assets sector, which are anticipated to be finalized by year-end. Following the G20's adoption of this framework, Bitcoin price stabilized under $27,000. The adoption was announced by India's Ministry of Finance via a tweet. Brazil was welcomed as the next G20 chief during the meeting in Morocco. This development comes amidst growing popularity of crypto investments and controversy in its regulatory process. Governments aim to regulate the sector to curb illicit activities and shield citizens from scams, making this roadmap a crucial step towards achieving these objectives under India's 2023 G20 presidency. https://www.investing.com/news/cryptocurrency-news/g20-adopts-comprehensive-framework-for-crypto-regulation-93CH-3197973
2023-10-13 06:11
In the latest developments in the blockchain industry, Binance, the prominent cryptocurrency exchange, has shown its support for the aelf (ELF) upgrade. The upgrade is scheduled to take place at block height 175,663,892 on Tuesday, October 17. In preparation for this event, Binance will suspend ELF services from 12:00 that day. However, trading activities will remain unaffected during this period. The suspension of services is a precautionary measure and is intended to ensure a smooth transition during the upgrade process. Once the upgrade is completed and stability verification post-upgrade has been conducted, all services related to ELF will resume on Binance. aelf is a scalable blockchain solution designed for business applications. It operates using multiple independent blockchains, each equipped with unique smart contracts and consensus mechanisms. This structure allows for increased transaction speed and efficiency through parallel transaction execution. The main chain in the aelf system facilitates communication between these side chains. In addition to its technical capabilities, aelf also incorporates community voting mechanisms into its design. This feature enables self-regulation within the blockchain networks, allowing users to participate in decision-making processes. Furthermore, the use of smart contracts in aelf's system ensures automated and reliable contract execution. These digital contracts are self-executing agreements with the terms of the agreement directly written into code lines. They are triggered by predefined conditions and events, eliminating the need for intermediaries and reducing potential errors or fraud. The upcoming upgrade aims to further enhance these features and make blockchain technology's potential more accessible to large enterprises and a wider user base. By improving its scalability and efficiency, aelf seeks to position itself as a leading solution in the expanding field of enterprise blockchain applications. https://www.investing.com/news/cryptocurrency-news/binance-supports-aelf-upgrade-suspends-services-temporarily-93CH-3197974
2023-10-13 05:41
In a move that could potentially impact XRP's value, Wave Of Innovation, a non-profit organization, has announced its plan to provide grants to developers working on the XRP Ledger (XRPL) and its side chains. The announcement was made by Bill Morgan, a pro-XRP lawyer. Despite a bearish trend in XRP's price, Morgan revealed that the grant program will operate independently of the RippleX team and Ripple, the company which had previously offered a $100,000 grant to an XRPL-based decentralized exchange. This independence was confirmed by Crypto Eri, a prominent influencer in the XRP community. The organization is also in the process of organizing the 2024 XRP Gold Coast Conference. The impartial selection process for the grants, based on objective criteria to be announced before the conference, is expected to add another layer of intrigue to the event. With this initiative, Wave Of Innovation aims to foster innovation and growth within the XRPL developer community. https://www.investing.com/news/cryptocurrency-news/xrp-ledger-developers-to-receive-grants-from-wave-of-innovation-93CH-3197866
2023-10-13 05:41
Binance, the prominent cryptocurrency exchange, has expanded its margin trading portfolio by adding Neutron (NTRN) as a borrowable asset, according to an announcement made yesterday. The exchange has also established NTRN/USDT pairs in both Cross and Isolated Margin realms, in a move aimed at diversifying user portfolios and facilitating strategic margin trading with NTRN. The integration of Neutron into the margin trading offerings is part of Binance's strategy to potentially enhance profits for its users. However, the exchange reiterated the inherent high-risk nature of margin trading on Friday. This move by Binance is the latest in a series of strategic decisions aimed at broadening its offerings and providing more options for its users. It's worth noting that while this expansion could potentially increase profitability, it also carries significant risk due to the volatile nature of cryptocurrency markets. The incorporation of Neutron as a borrowable asset and the institution of NTRN/USDT pairs in both Cross and Isolated Margin realms are expected to offer Binance users more flexibility in their trading strategies. However, users are advised to exercise caution due to the high-risk nature of margin trading. https://www.investing.com/news/cryptocurrency-news/binance-broadens-margin-trading-with-neutron-addition-93CH-3197867
2023-10-13 05:25
China's central bank digital currency (CBDC), known as e-CNY, has expanded its pilot to 26 locations, a move that has been under way since 2019. This was revealed during a forum in Beijing, where the former governor of China's central bank, Zhou Xiaochuan, detailed the evolution and potential future direction of the digital currency. Zhou underscored the importance of security and abuse prevention in the development of e-CNY. He highlighted that cryptocurrencies have inadvertently facilitated illicit activities such as money laundering, arms trading in military conflicts, and fentanyl-related drug trades due to decreasing technology costs. In 2022, the People's Bank of China (PBOC) introduced an e-CNY pilot application as part of its ongoing efforts to promote and test the digital currency. The two-tier system of e-CNY encourages dynamic evolution through competition between the PBOC at the first level and commercial institutions at the second level. The former governor also noted that cross-border transactions are a significant area of exploration for CBDCs. This involves a complex interplay of technology, systems, and policy orientation. In this regard, Hong Kong is currently in the second phase of technical testing to integrate e-CNY into its main local payment system. This expansion and testing signify China's steady progress in CBDC development and its intent to enhance security measures in digital currency transactions. https://www.investing.com/news/forex-news/ecny-pilot-expands-to-26-locations-eyes-crossborder-transactions-93CH-3197837
