2023-10-13 04:29

Copyrighted Image by: Reuters In a week marked by geopolitical disruptions and speculation around the Federal Reserve's rate-hike policy, both silver (XAG/USD) and gold (XAU/USD) posted significant gains. This was the best week for gold in seven months, with spot gold reaching $1,873.25 per ounce and US gold futures rising to $1,885.80. Concurrently, silver also saw robust weekly gains with spot silver registering a 1.32% increase at $22.12 and U.S. silver futures ascending 1.35% to $22.26. The shift in market sentiment was largely driven by modest U.S. inflation data that led to a reduction in Treasury yields and the dollar's value, thereby increasing the attractiveness of both precious metals. The anticipation of an end to the Fed's rate hikes further boosted this sentiment. The Israel-Hamas conflict and China's weak inflation and factory-gate prices have amplified gold's appeal as a safe-haven asset amidst these global uncertainties. The short-term outlook for gold is bullish, with prices predicted to range between $1,856 and $1,904. Likewise, silver mirrored gold’s strong performance this week, benefiting from the same geopolitical factors and market dynamics. The decrease in Treasury yields and the dollar's value further enhanced silver's attractiveness as an investment option. While the geopolitical landscape continues to evolve, the performance of these precious metals underscores their role as safe-haven assets in times of global uncertainty. https://www.investing.com/news/commodities-news/silver-and-gold-shine-amidst-geopolitical-disruptions-and-ratehike-uncertainty-93CH-3197780

2023-10-13 03:13

Copyrighted Image by: Reuters. Investing.com - The U.S. dollar edged lower in early European trade Friday, but remained near the previous session’s elevated levels after the release of sticky U.S. inflation data awakened the prospects of another Federal Reserve interest rate hike this year. At 03:10 ET (07:10 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, traded 0.1% lower at 106.222, just off Thursday's high of 106.60, when the index registered its biggest one-day percentage jump since March. U.S. CPI lifts chances of December Fed hike Headline U.S. consumer prices grew at a faster-than-anticipated rate in September, data showed Thursday, potentially complicating the Federal Reserve's upcoming policy decisions aimed at corraling elevated inflation. The consumer price index registered a rise of 3.7% on an annual basis, the same pace as in August, and rose by a larger-than-forecast 0.4% month-on-month. Economists had expected readings of 3.6% and 0.3%. This data stoked expectations that the Federal Reserve is perhaps not yet done with monetary tightening, boosting the dollar, even with many officials pointing to the recent run-up in Treasury yields as lessening the need to further tighten financial conditions. Markets are now pricing in about a 40% probability of a rate hike in December, versus a 28% chance before the report. The University of Michigan's consumer sentiment reading for October is due out later in the session, and traders will also be studying earnings from a number of major banks for clues about the health of the economy. Euro edges higher after French/Spanish CPI data EUR/USD rose 0.1% to 1.0537, after a sharp drop during the previous session, with more inflation data emerging in the eurozone. French CPI climbed 4.9% on the year in September, while Spanish consumer prices rose 3.5%, both still above the European Central Bank’s medium-term target. ECB policymaker Francois Villeroy de Galhau repeated his view on Thursday that the central bank should keep its key interest rate at its current level - the highest in its 25-year history - for as long as necessary to ensure inflation returns back to its 2% goal. More weak Chinese trade data USD/CNY rose 0.1% to 7.3078 after China's exports for September shrank by 6.2% from a year earlier, while imports also declined by 6.2%, showing that the second-largest economy in the world remained in a difficult position. That said, these figures both contracted at a slower pace than the previous month, adding to recent evidence that the world's second-biggest economy is stabilising. Elsewhere, GBP/USD rose 0.2% to 1.2193, AUD/USD rose 0.1% to 0.6319 and NZD/USD fell 0.2% to 0.5916. https://www.investing.com/news/forex-news/dollar-lower-but-remained-elevated-after-us-cpi-release-3197743

2023-10-13 02:15

Copyrighted Image by: Reuters Cryptocurrency exchange, Coinbase (NASDAQ:COIN), has formally lodged objections against the Internal Revenue Service's (IRS) proposed tax regulations for digital transactions. The firm argues that these rules could infringe on Americans' privacy rights and lead to burdensome reporting requirements. Coinbase asserted these regulations would lead to invasive government surveillance into Americans' daily activities, raising concerns about the potential impact on privacy rights. This move comes as a response to the IRS's proposed rules aimed at enhancing transparency in the crypto industry and boosting tax revenue generation. On the other side of the debate, Democratic senators are advocating for a swift implementation of these regulations. Their stance is driven by the potential to significantly enhance transparency in the rapidly growing cryptocurrency industry and to boost tax revenue generation from digital transactions. The ongoing debate highlights the tension between privacy concerns and the need for regulatory oversight in the burgeoning cryptocurrency market. As digital transactions continue to grow in popularity, balancing these competing interests will be a key challenge for regulators and industry participants alike. https://www.investing.com/news/cryptocurrency-news/coinbase-challenges-irss-proposed-crypto-tax-regulations-93CH-3197702

2023-10-13 02:01

Copyrighted Image by: Alpha Footage The US Securities and Exchange Commission (SEC) is set to make a decision on spot Bitcoin Exchange-Traded Fund (ETF) applications filed by BlackRock (NYSE:BLK) and other financial institutions. The verdict, which is expected within a 240-day window from today, Friday, has the potential to significantly impact the $7 trillion capital market and expand investor access. The recent filings have named Coinbase (NASDAQ:COIN) as a surveillance partner to address regulatory concerns, resulting in considerable bitcoin price movement. The SEC's decision will be influenced by various factors, including the outcome of the Grayscale Vs. SEC lawsuit and the performance of existing Bitcoin Futures ETFs. In a related development earlier this week, the deadline for the SEC to appeal against the Grayscale verdict was approaching, as reported by Coindesk. This appeal deadline could further influence the approval of bitcoin ETFs in the United States. While Europe and Canada already have operational Bitcoin ETFs, their approval in the US would mark a significant milestone for cryptocurrency adoption in the country. However, risks remain due to events such as FTX's collapse and the failure of the Terra-Luna stablecoins. According to a research report by Sanford C. Bernstein, if approved, ETFs could account for up to 10% of Bitcoin's market value. This projection underscores the potential impact that the approval of Bitcoin ETFs could have on the cryptocurrency market. https://www.investing.com/news/cryptocurrency-news/bitcoin-etf-applications-surge-sec-decision-expected-within-240-days-93CH-3197692

2023-10-13 01:04

Copyrighted Image by: Reuters. Bitcoin's relationship with its Google (NASDAQ:GOOGL) Trends score has historically been a significant factor in its price oscillations. However, recent data shows a divergence, with the cryptocurrency's search frequency hitting a new low on Wednesday, resembling levels last seen in 2020. The current week's score stands at a mere 14, despite Bitcoin trading within a bracket of $24,700 to $31,800 since March 2023. This is not the first instance of such a deviation. In 2020, Bitcoin entered an uptrend while Google scores remained low, sparking a bull market that lasted until March 2021. Another significant discrepancy was observed when Bitcoin reached its all-time high (ATH) of $69,000 in November 2021, with Google Trends showing a score of just 36. Over the past two years, Bitcoin's value has seen significant fluctuations. After reaching its ATH in November 2021, it dropped to a low of $15,400 in November 2022. Despite this volatility and the recent decrease in Google Trends scores, the cryptocurrency has managed to rise from its low level and maintain a relatively stable trading range since March this year. https://www.investing.com/news/cryptocurrency-news/bitcoins-google-trends-score-hits-2020-levels-amid-price-fluctuations-93CH-3197678

2023-10-13 00:59

Copyrighted Image by: Reuters. Sistine Research suggests that cryptocurrencies Monero (XMR), Solana (SOL), and Tron (TRX) could experience significant rallies if they successfully surpass certain resistance levels, according to a report published on Friday. These resistance levels are identified as 0.005757 BTC for XMR, $40 for SOL, and $0.125 for TRX. However, the research also warns of potential downturns for these digital currencies should they fail to break through these resistance levels. In such a scenario, XMR could see a decrease to 0.005577 BTC, SOL might plummet to $16 unless it reclaims its $25 support level, and TRX might lose its uptrend line support despite having grown over 81% since November 2022. The futures of these cryptocurrencies are closely linked to Bitcoin due to their high correlations—0.68 for XMR, 0.72 for TRX, and 0.93 for SOL. This suggests that the movements of these digital assets will likely follow the trajectory of Bitcoin. https://www.investing.com/news/cryptocurrency-news/crypto-assets-monero-solana-tron-eye-rallies-tied-to-bitcoins-trajectory-93CH-3197676