2024-01-19 05:21

WASHINGTON - The U.S. Securities and Exchange Commission (SEC) has decided to extend its review period for the Cboe BZX Exchange's filing concerning Fidelity Ethereum Fund shares, deferring its verdict until March 5, 2024. This decision was made as the agency requires additional time for a more comprehensive evaluation under Section 19(b)(2) of the Securities Exchange Act of 1934. The initial deadline for the decision was originally slated for January 20, but has now been delayed. The extension of the review period by the SEC arrives during a challenging phase for the cryptocurrency market. The regulator has not yet reached a conclusion on the proposal, with the initial deadline having elapsed without an approval or disapproval. https://www.investing.com/news/cryptocurrency-news/sec-extends-review-of-fidelity-ethereum-fund-shares-to-march-5-93CH-3277891

2024-01-19 04:55

Copyrighted Image by: Reuters. Investing.com-- Most Asian currencies moved little on Friday but were headed for weekly losses, while the dollar hovered near one-month highs amid increasing doubts that the Federal Reserve will cut interest rates early this year. The Japanese yen was the worst hit by concerns over higher-for-longer rates, and was also the worst performer in Asia this week. The yen fell 0.1% on Friday and was set to lose 2.3% this week. Data on Friday showed Japanese consumer price index (CPI) inflation fell to its lowest since June 2022 in December, setting up the Bank of Japan to largely maintain its ultra-dovish policy when it meets next week. Chinese yuan hit by economic jitters, but PBOC action limits losses Broader Asian currencies were also dented by growing concerns over China, after the region’s largest economy grew less than expected in the fourth quarter. Growth for 2023 also just edged past a 5% government target. Losses in the yuan were limited by a series of strong midpoint fixes from the People’s Bank of China. The PBOC was also seen selling dollars on the open market to support the Chinese currency. The yuan was set to lose 0.4% this week- its third straight week of declines. The currency sank to a near two-month low earlier in the week. The PBOC is also widely expected to keep its benchmark loan prime rate on hold at record lows this Monday. Weakness in China spilled over into other currencies. The Australian dollar rose 0.2% on Friday but was down 1.6% for the week after sinking to a one-month low. The South Korean won was headed for a 1.8% weekly decline, while the Singapore dollar was set for a 0.8% weekly decline following an unexpected drop in the country’s key non-oil exports. Most Asian currencies were nursing a weak start to 2024, as signs of sticky U.S. inflation and labor market strength spurred growing doubts over early interest rate cuts by the Fed. Regional currencies largely reversed all gains made through December, as markets began pricing in later and potentially smaller U.S. rate cuts in 2024. Dollar heads for strong weekly gains as March cut bets recede The dollar index and dollar index futures fell slightly in Asian trade, but remained close to an over one-month high hit earlier this week. The two were also set to end the week between 0.9% and 1% higher. Strong retail sales data and a series of hawkish-leaning comments from Fed officials this week spurred increasing doubts that the Fed will begin cutting rates by as soon as March 2024. Traders were also seen sharply scaling back bets on a March cut, according to the CME Fedwatch tool. Traders were now pricing in a 51.9% chance for a March cut, down sharply from the 68.3% seen last week. Recent signs of resilience in the U.S. economy gives the Fed enough headroom to keep rates higher for longer. Than bank is also unlikely to budge on interest rates until inflation is within its 2% annual target- with December’s CPI reading showing little progress. Upgrade your investing with our groundbreaking, AI-powered InvestingPro+ stock picks. Use coupon INVSPRO2024 to avail a limited time discount on our Pro and Pro+ subscription plans. Click here to know more, and don't forget to use the discount code when checking out! https://www.investing.com/news/forex-news/asia-fx-heads-for-weekly-losses-dollar-strong-amid-early-ratecut-doubts-3277880

2024-01-19 01:32

Copyrighted Image by: Reuters. Investing.com -- Oil prices settled lower Friday, but eked out a gain for the week as elevated Middle East tensions and a healthier demand outlook overshadowed worries about the impact of slowing global growth. By 14:30 ET (19:30 GMT), the U.S. crude futures settled 0.9% lower at $73.41 a barrel, though still ended the week in the green, while the Brent contract settled 54 cents lower at $78.56 a barrel. Crude set for weekly gains The crude registered gains this week as the fraught situation in the Middle East means many companies continue to divert cargoes around Africa, adding to journey times and costs. U.S.-led forces continued to clash with the Iran-backed Houthi group in the Red Sea, while Iran and Pakistan have also appeared to open up a new conflict, pointing to further instability in the oil-rich region. Prices were also supported by an unexpected drop in U.S. crude inventories, which also came as severe cold weather knocked off about 40% of oil output in North Dakota. But limited travel conditions spurred a sustained, outsized build in oil product inventories. IEA lifts 2024 demand growth forecast Sentiment has also been boosted by bullish monthly reports from both the International Energy Agency and the Organization of Petroleum Exporting Countries during the week. The IEA raised its 2024 oil demand growth forecast on Thursday, with the agency looking for an economic recovery in China and an eventual decrease in interest rates. Global growth remains weak That said, traders remains wary after weak U.K. retail sales reminded the group that economic growth, and thus demand for energy, remains fragile in many parts of the globe. U.K. retail sales slumped 3.2% on the month in December, the biggest drop for almost three years, according to data released earlier Friday, raising the risk that this economy entered recession in the fourth quarter. This followed weaker than expected growth data from top importer China in the fourth quarter, released earlier in the week, indicating sustained economic weakness in the world’s largest oil importer. https://www.investing.com/news/commodities-news/oil-prices-steady-set-for-mild-weekly-gains-on-positive-demand-forecasts-3277851

2024-01-19 00:03

Copyrighted Image by: Alpha Footage NEW YORK - Bitcoin experienced a significant pullback today, retreating below the $42,000 mark after a recent surge close to $49,000. This fluctuation in Bitcoin's value comes in the wake of the sanctioning of a Bitcoin Exchange-Traded Fund (ETF), which initially boosted the cryptocurrency's price. Currently, Bitcoin is hovering near a critical support level at $41,500, with altcoins also witnessing declines alongside it. The market's sentiment has taken a bearish turn despite the optimism earlier generated by the ETF news. This change in investor outlook is reflected in the fear and greed index, which currently stands at a "Greed" level of 63, suggesting a shift in market attitude towards caution and concern. In stark contrast to the downturn in the cryptocurrency sector, the US stock markets have closed with gains of over 1%. This divergence highlights the ongoing volatility and unique market dynamics affecting digital currencies compared to traditional equity markets. https://www.investing.com/news/cryptocurrency-news/bitcoin-retreats-below-42k-following-initial-etfdriven-surge-93CH-3277839

2024-01-18 20:32

Copyrighted Image by: Reuters. Bitcoin Extends Decline, Down 4.4% Bitcoin Extends Decline, Down 4.4% https://www.investing.com/news/cryptocurrency-news/bitcoin-extends-decline-down-44-432SI-3277682

2024-01-18 19:56

Copyrighted Image by: Reuters. GLOBAL - Tether, the company behind the widely-used stablecoin USDT, has recently increased its Bitcoin holdings, positioning itself as the world's eleventh-largest holder of the cryptocurrency. The company's Bitcoin reserves now amount to 66,465 BTC, valued at approximately $2.79 billion. This significant holding underscores Tether's robust financial position and its transparent reserve management strategy. In a recent quarterly report, Tether disclosed its substantial Bitcoin holdings, which were then valued at $1.5 billion. Since that time, the value of Tether's Bitcoin assets has appreciated, allowing the company to realize profits exceeding $1.11 billion. This growth reflects the company's strategic investment decisions and the overall positive momentum in the cryptocurrency market. Moreover, Tether has reported an excess reserve totaling $3.2 billion. This indicates that the company maintains a strong financial health, with reserves that exceed the total value of its stablecoin in circulation. Such financial transparency and the size of the excess reserves are designed to provide reassurance to USDT users about the stability and reliability of the stablecoin, which is pegged to the US dollar. https://www.investing.com/news/cryptocurrency-news/tether-becomes-eleventhlargest-bitcoin-holder-with-279-billion-in-btc-93CH-3277667