2024-01-15 01:02

Copyrighted Image by: Reuters. Investing.com-- Oil prices retreated Monday as markets awaited new developments in the Middle East conflict, while anticipation of several key U.S. and Chinese economic readings this week kept sentiment on edge. By 05:15 ET (10:15 GMT), Brent oil futures fell 0.8% to $77.66 a barrel, while West Texas Intermediate crude futures dropped 0.9% to $72.16 a barrel. A U.S. market holiday is expected to keep trading volumes thin. Crude prices consolidated in early trade Monday, after last week saw strong gains on the back of U.S. and British strikes against the Iran-backed Houthi group in Yemen. This ramped up concerns over a broader conflict in the Middle East, which, coupled with the Israel-Hamas war, threatened to disrupt oil supply from the region. Markets were now awaiting any potential retaliation by the Houthis for last week’s strikes, after the group said it will continue targeting ships headed towards Israel. "While geopolitical risks are certainly building, we are still not seeing a reduction in oil supply as a result of developments in the region," said analysts at ING, in a note. "But, the more escalation we see in the region, the more the market will have to start pricing in a larger risk of supply disruptions." Oil prices were also nursing a weak start to 2024 after tumbling over 10% in the past year, as markets remained convinced that global crude demand will see little improvement this year amid pressure from high interest rates, cooling economic growth and sticky inflation. China, US data awaited for more demand cues Focus was now squarely on key upcoming economic readings from the U.S. and China this week, for more cues on the potential path of demand. China’s central bank decided against cutting medium-term lending rates earlier Monday, raising concerns of the extent it has to shore up a slowing economic recovery. Chinese fourth-quarter gross domestic product data is due on Wednesday, and is expected to potentially set the tone for the Chinese economy in 2024. GDP is expected to have slightly edged past the government’s 5% annual target, but the rise also comes from a lower basis of comparison from the prior year. Fuel demand in the country appeared to have improved, as trade data on Friday showed China’s oil imports reached record highs in 2023. But the outlook for Chinese demand remained uncertain in the face of high inventories and persistent weakness in the country's biggest economic engines. In the U.S., markets will be watching for addresses from a string of Federal Reserve officials for more cues on when the central bank plans to begin cutting interest rates this year. Retail sales data is also expected to offer more cues on inflation, after data last week showed consumer price index (CPI) inflation grew more than expected in December. Sticky inflation is expected to potentially delay the Fed’s plans to begin cutting interest rates. The dollar found some strength on this notion, which also weighed on oil prices. Net longs in Brent at largest since October Despite Monday's weakness, speculators boosted their positions in ICE Brent over the last reporting week, increasing their net long positions by 38,905 lots, leaving them with a net long of 208,748 lots as of last Tuesday - the largest position they have held since October. "The move was predominantly driven by fresh longs with the gross long increasing by 29,942 lots over the period," ING added. Net longs in Nymex WTI also rose, with the net long position increasing by 21,799 lots to 111,129 lots, with this move largely driven by short covering. https://www.investing.com/news/commodities-news/oil-prices-muted-before-dataheavy-week-meast-jitters-persist-3274176

2024-01-14 22:22

Copyrighted Image by: Reuters NEW YORK - In the wake of the approval of multiple spot-based Bitcoin exchange-traded funds (ETFs), blockchain specialist Samson Mow from Jan3 has made a bold prediction that Bitcoin's value could surge to $1 million. Mow's optimism is fueled by several market dynamics, including the growing participation of institutional investors and the anticipated increase in trading volumes due to these new ETFs. Despite a recent dip in Bitcoin's price to $42,800 and a market capitalization of $841 billion, as reported by Coingecko, the launch of the spot Bitcoin ETFs has been received positively. These financial products are expected to make it easier for investors to gain exposure to Bitcoin and could further establish the legitimacy of cryptocurrency investments. While there are concerns about short-term selling pressures from stakeholders of the Grayscale Bitcoin Trust and the potential for increased volatility, these are viewed as temporary challenges. Mow suggests that investors should instead pay attention to the strong demand for Bitcoin against the limited supply, especially with the Bitcoin block reward halving event anticipated in less than 100 days. This occurrence is historically known to impact Bitcoin's price significantly. The cryptocurrency community is keeping a keen eye on these developments, as the realization of Mow's $1 million Bitcoin price target would represent a significant milestone for the digital asset. https://www.investing.com/news/cryptocurrency-news/bitcoin-could-reach-1-million-after-spot-etf-approvals-says-blockchain-expert-93CH-3274164

2024-01-14 12:31

Copyrighted Image by: Reuters. NEW YORK - Grayscale Trust ETF has transferred $41 million worth of Bitcoin to an exchange platform yesterday, as the cryptocurrency's price experienced a downturn. The movement of funds by the exchange-traded fund (ETF) comes at a time when Bitcoin's value fell to $42,719. The transfer has raised questions about its potential influence on the redemptions of Grayscale's Bitcoin Trust (GBTC). Grayscale has not provided a comment on the transfer or its timing in relation to the Bitcoin price drop. However, the correlation between the transfer and the dip in Bitcoin's price has become a point of discussion among market participants, who are monitoring the situation to gauge the ETF's strategy and the possible effects on Bitcoin's liquidity and market stability. https://www.investing.com/news/cryptocurrency-news/grayscale-trust-etf-moves-41-million-in-bitcoin-amid-price-drop-93CH-3274098

2024-01-14 12:14

Copyrighted Image by: Reuters. WASHINGTON - MicroStrategy's executive chairman, Michael Saylor, has raised alarms today about an influx of sophisticated Bitcoin scams using AI-generated deep-fake videos on YouTube. These fraudulent videos falsely portray Saylor promoting barcode scanning schemes, potentially misleading viewers and investors. The software company's team is actively combating this new wave of cybercrime, working tirelessly to identify and remove approximately 80 of these deceptive videos from the platform daily. In response to the threat, Saylor has issued a clear warning to the crypto community, advising individuals to exercise caution and verify the legitimacy of any cryptocurrency-related offers they encounter. He has reiterated that MicroStrategy does not engage in Bitcoin giveaways, a common lure used in digital currency scams. https://www.investing.com/news/cryptocurrency-news/microstrategys-michael-saylor-warns-of-aigenerated-bitcoin-scam-videos-93CH-3274094

2024-01-14 12:12

Copyrighted Image by: Reuters. HONG KONG - In a significant reshuffle of its cryptocurrency index, the Hong Kong Virtual Asset Consortium (HKVAC) has announced the removal of XRP due to market underperformance. The consortium has introduced Solana into the top five global cryptocurrency index, marking a shift in the digital asset landscape. The HKVAC's revision of its index also includes the addition of several new assets. NEAR Protocol, Internet Computer, Immutable X, Optimism, and Injective are now part of the index, reflecting the evolving preferences and performance metrics in the crypto market. Furthermore, in another notable change within the top ten rankings, Tron has taken the place of Avalanche (AVAX). Cryptocurrency indices like the one managed by HKVAC are crucial for investors as they provide a benchmark for the performance of digital assets. These indices are often used to track the health of the cryptocurrency market and can influence investment decisions. The inclusion and exclusion of assets from such indices can impact the visibility and perceived market strength of the cryptocurrencies involved. https://www.investing.com/news/cryptocurrency-news/solana-replaces-xrp-in-hong-kongs-top-five-crypto-index-93CH-3274093

2024-01-13 22:28

Copyrighted Image by: Reuters NEW YORK - Ark Invest, the investment firm spearheaded by CEO Cathie Wood, has obtained approval from the U.S. Securities and Exchange Commission (SEC) to launch a Bitcoin Exchange-Traded Fund (ETF). In a bold projection, the firm anticipates that Bitcoin could achieve a valuation ranging from $600,000 to $1.5 million by the year 2030. This forecast was detailed in ARK Invest's "Big Ideas" report, which presented a spectrum of market scenarios for Bitcoin's future value. The report outlines three potential market conditions for Bitcoin over the next decade: a bearish scenario with a price point of $257,500, an average scenario where the price could hit $682,000, and an optimistic bullish scenario that could see the cryptocurrency soar to nearly $1.48 million per unit. The wide range of these projections reflects the inherent volatility and uncertainty in the cryptocurrency market, yet underscores ARK Invest's confidence in Bitcoin's long-term growth potential. Wood's optimism comes on the heels of the SEC's green light for spot Bitcoin ETFs, a significant development for the cryptocurrency industry. The approval is a milestone for Ark Invest, which has been known for its focus on innovative and disruptive investment strategies. Despite the setbacks and volatility that characterized the crypto sector in 2022, Ark Invest has maintained a forward-looking approach, concentrating on the transformative potential of digital assets. The factors that are anticipated to drive Bitcoin's valuation include corporate investments and various global economic challenges. These elements are expected to play a crucial role in shaping the trajectory of Bitcoin and the wider cryptocurrency market. Ark Invest's ETFs, notably ARKK, have previously included substantial holdings in Coinbase (NASDAQ:COIN) Global, indicating the firm's commitment to the cryptocurrency sector. The latest SEC approval and the ambitious price targets set by ARK Invest signal a steadfast belief in the future of Bitcoin and its integration into the broader financial landscape. https://www.investing.com/news/cryptocurrency-news/ark-invest-secures-sec-nod-for-bitcoin-etf-eyes-15m-target-by-2030-93CH-3274011