2024-01-10 11:32

Copyrighted Image by: Reuters. Ault Alliance (AULT) to Begin Holding Bitcoin on Its Balance Sheet Ault Alliance, Inc. (NYSE American: AULT) today announced that the Company has decided that it will start holding up to 20 percent and minimum of five percent of the Bitcoin it mines on the Company’s balance sheet. This strategic move is part of the Company’s broader plan to adjust its asset management approach to ultimately create a more valuable enterprise and drive stockholder value. Milton “Todd” Ault III, Founder and Executive Chairman of Ault Alliance, commented on this development, saying, “Our confidence in Bitcoin as a sustainable asset class is consistent with the insights from Michael Saylor, Executive Chairman of MicroStrategy, documented in their white papers on the topic. We are aligning our approach to capitalize on this digital asset’s short term and long-term potential.” Ault Alliance, through its wholly owned subsidiary, Sentinum, Inc. (“Sentinum”), has made significant strides in Bitcoin mining, with December 2023 marking the highest single monthly run rate for Bitcoin miners in the Company’s history, as Sentinum mined approximately 151 Bitcoin during the month. Around 77 Bitcoin were mined at Sentinum’s data center in Michigan, while approximately 74 Bitcoin came from mining machines hosted with Core Scientific, Inc. This monthly run rate amounted to about $6.9 million, setting an annual run rate for current Bitcoin mining operations at approximately $83.3 million, based on a Bitcoin price of around $46,000. Kenneth S. Cragun, Chief Financial Officer of Ault Alliance, remarked, “The new accounting guidance will require companies to measure Bitcoin at fair value on their balance sheets with changes recorded in net income each reporting period. Our financial team is well-equipped to manage the new accounting and disclosure requirements related to holding Bitcoin on our balance sheet, ensuring compliance and optimal asset utilization.” This decision underscores Ault Alliance’s commitment to staying abreast of the digital economy’s evolution by strategically adjusting its overall asset management strategy. For more information on Ault Alliance and its subsidiaries, Ault Alliance recommends that stockholders, investors, and any other interested parties read Ault Alliance’s public filings and press releases available under the Investor Relations section at www.Ault.com or at www.sec.gov. https://www.investing.com/news/cryptocurrency-news/ault-alliance-to-begin-holding-bitcoin-on-its-balance-sheet-432SI-3271165

2024-01-10 09:32

Copyrighted Image by: Reuters. Investing.com - The U.S. dollar edged lower Wednesday, trading in a tight range with traders on edge before key U.S. inflation data that could influence the future path of interest rates. At 04:35 ET (09:35 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, traded 0.1% lower at 102.147, after gaining 0.2% on Tuesday. U.S. CPI set to drive dollar sentiment The dollar has rebounded from December’s 2% fall as the traders have chosen the new year to reassess the likely speed and magnitude of the interest rate cuts most expect the Federal Reserve to deliver in 2024. The Fed's surprising dovish tilt in December has resulted in the market projecting around 150 basis points of cuts this year, but this is reliant on inflation continuing to retreat. This brings Thursday’s December U.S. CPI release firmly into focus, as it is likely to drive market sentiment until the next Fed meeting at the end of this month. The headline figure is expected to rise 0.2% on the month, an annual rise of 3.2%, just up from 3.1% the prior month. However, the core figure, which excludes volatile food and energy prices, is expected to fall to 3.8% on an annual basis, the lowest since mid-2021. A speech by New York Fed President John Williams will also be studied carefully later in the session, as the influential policy maker has been on the hawkish side of the rate cut debate. Euro helped by French industrial production In Europe, EUR/USD traded 0.2% higher at 1.0947, with the single currency helped by data showing that French industrial production rose 0.5% on the month in November, an improvement from the fall of 0.3% in the prior month. That said, this presented a rare piece of good news from the region, with European Central Bank Vice President Luis de Guindos saying earlier Wednesday that the eurozone may have been in recession last quarter and prospects remain weak. The European Central Bank has tried to make the case for keeping interest rates at record highs for some time, but is likely to come under pressure to ease monetary policy in the near future. GBP/USD rose 0.1% to 1.2721, with Bank of England Governor Andrew Bailey set to testify before the U.K. Parliament later in the session on the financial stability report published in December. “Any reference to the future path of monetary policy may follow the tone of the latest BoE meeting, where Bailey focused on pouring cold water on rate cut bets,” said analysts at ING, in a note. Yen weakens close to 145 mark Elsewhere, USD/JPY traded 0.3% higher to 144.94, inching closer to the 145 mark as traders grew more convinced that the Bank of Japan will delay a pivot away from its ultra-dovish policies, particularly in the wake of the recent devastating earthquake in central Japan. USD/CNY traded largely flat at 7.1682 ahead of key inflation and trade data later this week, which is expected to show little improvement in Asia’s largest economy. AUD/USD rose 0.4% to 0.6710, as data showed CPI inflation eased in November, but still remained well above the Reserve Bank’s 2% to 3% annual target. https://www.investing.com/news/forex-news/dollar-trades-in-tight-range-ahead-of-key-us-inflation-release-3271035

2024-01-10 05:47

Copyrighted Image by: Reuters. Investing.com-- Gold prices moved little in Asian trade on Wednesday, retaining most of their losses from the prior week as investors questioned bets on early interest rate cuts by the Federal Reserve. Focus was largely on upcoming U.S. consumer price index data, which could indicate U.S. inflation remained sticky in December. Gold was nursing steep losses over the past week as traders steadily scaled back bets that the Fed could begin trimming interest rates by as soon as March 2024. This notion triggered sharp gains in the dollar, which also weighed on bullion prices. Still, the yellow metal managed to hold above the coveted $2,000 an ounce level, after handily crossing the level in early-December. Gold prices were also up about 10% for 2023. Spot gold steadied at $2,029.30 an ounce, while gold futures expiring February steadied at $2,034.65 an ounce by 00:28 ET (05:28 GMT). US CPI data in focus for more rate-cut cues CPI data due on Thursday is expected to show inflation grew slightly in December. Sticky inflation, coupled with recent signs of resilience in the labor market, give the Fed more headroom to keep rates higher for longer. Traders were seen steadily cutting bets that the Fed could begin trimming rates by as soon as March 2024. The CME Fedwatch tool showed bets on a 25 basis point rate cut in March at a 63.6% chance, down from a 69.6% chance seen a week ago. Fed officials were also seen pushing back against expectations for early rate cuts, with Atlanta Fed President Ralph Bostic stating that he remained biased towards monetary policy remaining tight in the near-term. While the Fed has signaled it will eventually cut rates in 2024, it has provided scant information on the timing of the cuts. The central bank has so far maintained a largely data-driven approach to trimming interest rates. Higher rates push up the opportunity cost of investing in gold, which offers no yield. This trade had pressured the yellow metal over the past two years, with steady gains in gold only coming on expectations of lower rates in 2024. Copper sinks on weak economic outlook Among industrial metals, copper prices rose slightly on Wednesday after falling sharply over the past week, amid growing concerns over a demand slowdown this year. Copper futures expiring in March rose 0.3% to $3.7717 a pound, but were trading down more than 2% so far in 2024. A swathe of weak economic readings from across the globe battered copper prices, with weak readings from top importer China acting as a major point of contention. Markets fear that slowing economic activity will chip away at copper demand this year, especially as the effects of high interest rates are baked into the economy. Focus is now on Chinese inflation and trade readings due on Friday, for more cues on the world’s largest copper importer. 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/commodities-news/gold-prices-under-pressure-from-ratecut-angst-before-inflation-data-3270872

2024-01-10 04:57

Copyrighted Image by: Reuters. Investing.com-- Most Asian currencies retreated on Wednesday, while the dollar steadied from recent losses as markets remained on edge before key U.S. inflation data that is expected to factor into the path of interest rates. Regional currencies were nursing steep losses over the first week of 2024, as markets questioned whether the Federal Reserve will begin trimming interest rates early in 2024. This notion boosted the dollar, helping the greenback rebound sharply from five-month lows. While the currency saw a spot of profit-taking on Tuesday, it remained well above its December lows. Japanese yen battered by dovish BOJ bets The Japanese yen was the worst performer among Asian currencies so far in 2024, extending a slump from the prior year as traders grew more convinced that the Bank of Japan will delay a pivot away from its ultra-dovish policies. Rebuilding and stimulus measures in the wake of a devastating earthquake in central Japan are expected to offset any notion of policy tightening in the BOJ, at least in the near-term. Such a scenario points to extended pressure on the yen, particularly from a wide gulf between local and international lending rates. Japanese interest rates have remained at ultra-low levels for nearly eight years. Weak inflation and wage growth data also pointed to less pressure on the BOJ to change its ultra-dovish course. Broader Asian currencies trended lower, as doubts over early rate cuts by the Fed saw traders remaining largely biased towards the dollar. The Chinese yuan fell 0.1% ahead of key inflation and trade data later this week, which is expected to show little improvement in Asia’s largest economy. Weakening sentiment towards China had battered the yuan through most of 2023, while the People’s Bank also steadily ran out of headroom to support the currency. The Indian rupee fell 0.1% after recovering sharply from near record lows, although the uptick was largely attributed to central bank support. Indian consumer price index (CPI) inflation data is due this Friday. The South Korean won was flat before a Bank of Korea meeting on Thursday, where the bank is expected to keep rates static. The Australian dollar was among the few outliers for the day, rising 0.3% as data showed CPI inflation eased in November, but still remained well above the Reserve Bank’s 2% to 3% annual target. Underlying inflation also remained sticky amid high food and service prices. Dollar steady, inflation awaited for more rate-cut cues The dollar index and dollar index futures moved little in Asian trade on Wednesday, after seeing some strength in overnight trade. Focus remained chiefly on upcoming U.S. CPI data, which is expected to show inflation rose slightly in December. But sticky inflation, coupled with recent signs of strength in the labor market, give the Fed more headroom to keep rates higher for longer. While the central bank is expected to eventually cut interest rates this year, markets have grown increasingly doubtful over whether rate cuts will come by as soon as March 2024. Fed officials also pushed back against bets for early rate cuts, given that inflation is expected to remain well above the Fed’s 2% annual target in the near-term. 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-weak-dollar-sturdy-as-inflation-ratecut-uncertainty-persists-3270859

2024-01-10 04:07

Copyrighted Image by: Reuters Investing.com -- Social media platform X said on Wednesday that the Securities and Exchange Commission’s account was compromised when it made a fake post about the regulator approving a spot Bitcoin exchange-traded fund. In a post, the social media platform formerly known as Twitter said that a preliminary investigation showed the account was compromised by a third party gaining access to a phone number associated with the SEC, and that the account did not have two-factor authentication enabled at the time of the breach. The announcement comes just a few hours after the SEC’s official X account issued a post that appeared to say that the regulator had approved the listing of an ETF directly tracking the spot price of Bitcoin. The fake post read: "Today the SEC grants approval for #Bitcoin ETFs for listing on all registered national securities exchanges." Chair Gary Gensler almost immediately responded to the announcement, stating that the official SEC account was compromised and that the post was “unauthorized.” Bitcoin jumped following the original SEC post, but later retreated after Gensler revealed that it was fake. Anticipation has been at a fever pitch over the possible approval of spot Bitcoin ETFs, which proponents of the cryptocurrency argue could spur a deluge of capital inflows into the digital asset. Bitcoin traded down 2.1% at $45,449.9 by 06:42 ET (11:42 GMT), after briefly surging to nearly $48,000 after the fake SEC post. The world’s largest cryptocurrency saw a sharp melt-up in the first week of 2024, fueled by growing speculation that the SEC was close to approving a spot Bitcoin ETF. The regulator is expected to unveil a decision this week regarding applications from several fund managers for the ETF. Aspirants including BlackRock Inc (NYSE:BLK) and Wisdomtree were seen altering their ETF applications last week, following guidance from the SEC. But the securities regulator has so far shot down any attempts at listing a spot Bitcoin ETF, citing a lack of proper protections for investors from price manipulation of the cryptocurrency. Proponents of the cryptocurrency argue that the SEC’s rejections are unfounded, and that the approval of a spot ETF is likely to draw in widespread institutional capital into the token, given that it grants investors exposure to the token without needing to directly invest in cryptocurrencies. But critics have questioned just how much institutional capital will flow into Bitcoin after such an approval, given that current ETF offerings tracking Bitcoin futures on the Chicago Mercantile Exchange have seen dwindling investor interest over the past two years. The broader crypto industry is also struggling with a massive loss of faith following a series of high-profile frauds and bankruptcies through 2022 and 2023. Meanwhile, trading volumes, particularly in Bitcoin, are well below highs seen during a bull run in 2021. https://www.investing.com/news/cryptocurrency-news/x-confirms-sec-account-was-compromised-in-bitcoin-etf-debacle-3270839

2024-01-10 03:18

Copyrighted Image by: Reuters ATLANTA - BitPay, a leading cryptocurrency payment service provider, has expanded its digital currency offerings, enabling transactions with several new cryptocurrencies at high-end retailers. The company now supports Uniswap (UNI), Chainlink (LINK), Binance Coin (BNB), and Basic Attention Token (BAT (LON:BATS)), alongside its existing options. This move allows customers to use these currencies at notable retailers such as Gucci and Ralph Lauren (NYSE:RL). Founded in 2011, BitPay has come a long way from its origins as a Bitcoin-centric platform. Having secured over $70 million in funding from investors, BitPay has broadened its scope to accommodate a diverse range of digital currencies. The CEO, Stephen Pair, has highlighted BitPay's dedication to making crypto payments more accessible globally. In addition to facilitating purchases at luxury retailers, BitPay's service portfolio caters to substantial transactions, including those for high-value items like cars and homes. Moreover, the company has enhanced its Bill Pay feature to support major banks and auto financiers, reflecting the growing trend of integrating cryptocurrencies into everyday financial activities. This expansion by BitPay underscores the cryptocurrency industry's ongoing efforts to diversify the practical uses of digital currencies in various transactions. https://www.investing.com/news/cryptocurrency-news/bitpay-adds-new-cryptocurrencies-for-retail-transactions-93CH-3270834