2024-01-09 13:59

NEW YORK - InQubeta, an emerging decentralized finance (DeFi) platform, has successfully completed a significant funding milestone, raising over $8 million through a presale of its native QUBE tokens. The presale event saw more than 700 million tokens sold, each priced at $0.01925, with investors drawn to the platform's deflationary token model and the broader market's positive sentiment. The QUBE token is designed with a deflationary mechanism that includes a 2% burn tax on transactions and a 5% transaction reward tax. This structure is intended to benefit holders by providing staking rewards and incentivizing long-term holding. The successful presale and the attractive tokenomics have led to expectations of a price increase for QUBE in the upcoming funding round. Investors are particularly keen on InQubeta's potential within the AI and smart contracts space, sectors that are increasingly seen as pivotal for the future of the blockchain and cryptocurrency industries. The platform's successful fundraising effort is a testament to the growing interest in DeFi solutions that leverage these technologies. https://www.investing.com/news/cryptocurrency-news/inqubeta-presale-raises-over-8-million-amid-crypto-market-optimism-93CH-3270342

2024-01-09 13:42

Copyrighted Image by: Reuters GLOBAL – Binance, one of the world's leading cryptocurrency exchanges, has officially listed a new gaming blockchain token named Xai (XAI) today. Xai, which operates on the Arbitrum network, aims to revolutionize web3 gaming by facilitating in-game item trades without the necessity for crypto wallets. The listing of Xai follows its recent inclusion in Binance's Launchpool, a platform that allows users to stake their tokens for rewards, where it was featured from last Thursday to Sunday. With the listing now complete, traders can engage with Xai through various trading pairs, including XAI/BTC and XAI/USDT, enhancing the token's accessibility to the market. Xai's introduction to the Binance ecosystem is not limited to spot trading. The exchange has expanded the token's presence by incorporating it into its Futures platform. Traders now have the opportunity to engage in Xai's new Perpetual Contract, which offers up to 50x leverage, potentially amplifying the outcomes of their trades. Additionally, Xai is now part of Binance's Margin service, giving traders more tools to interact with this asset. The token itself is designed with a governance aspect, allowing holders to have a say in the future development of the platform. With a maximum token supply capped at 2.5 billion, Xai sets out to democratize the gaming space within the web3 environment, a sector that continues to grow as blockchain technology becomes more intertwined with gaming. https://www.investing.com/news/cryptocurrency-news/binance-adds-gaming-blockchain-token-xai-with-leverage-options-93CH-3270331

2024-01-09 11:50

The recent surge in Bitcoin (BTC) prices has prompted a revision of projections for 2024. Analysts at Compass Point Research and Trading attributed the price surge to factors like a tighter BTC coin supply, increased enthusiasm for spot BTC ETF approvals, and expectations of interest rate cuts in 2024. Analysts were looking for Bitcoin to end 2023 at about $36,500 while the world’s largest digital coin closed at above $42,000. Looking forward to this year, analysts see Bitcoin prices averaging $64,400 and ending the year at $85,000. This compares to their previous forecast for $50,900 and $75,000, respectively. “While our outlook for spot BTC ETF approvals in early January has remained our base case for several months now, the run up in BTC prices ahead of the event have outpaced our expectations due to even tighter coin supply than we initially expected,” analysts wrote. They also added that “long-term, large-scale holders continued to accumulate coins without selling, which we believe will persist for the foreseeable future given how long-term holders have acted during prior bull cycles and could potentially intensify after the ETF catalyst materializes.” Another factor that is supporting prices is the improved visibility into interest rate cuts, “which we expect to buoy all risk assets, but BTC in particular.” “Furthermore, BTC prices tend to rise into halving events, so we expect at least some tailwinds ahead of the 2024 halving in April. We believe the set up for 2024 is particularly bullish given these dynamics and believe there could even be upside to our outlook, especially if ETF adoption is stronger than expected,” analysts also noted. As far as 2025 is concerned, Compass Point Research and Trading sees Bitcoin prices averaging $103,500 and ending the year at over $120,000. This projection is based on expectations that “increased liquidity from interest rate cuts in late 2024 will continue to buoy risk assets, bolstered by continued adoption of BTC via spot ETFs as retail and institutional investors get more comfortable with the newly accessible asset class, as well as generally increased BTC adoption by US institutional investors in particular.” On the other hand, their projection could go wrong “if BTC fails to gain increased adoption, whether via ETF or direct exposure, especially amongst institutional investors, and/or economic conditions deteriorate relative to our expectations.” Bitcoin price is currently trading at $46,487. https://www.investing.com/news/cryptocurrency-news/analysts-who-predicted-bitcoins-2023-rally-are-out-with-their-forecast-for-2024-and-2025-3270063

2024-01-09 09:24

Copyrighted Image by: Reuters. NEW YORK - The XRP Ledger, a blockchain platform associated with the digital currency XRP, has reached a new high with over 5 million wallet addresses registered. This milestone aligns with a period of resurgence in the broader cryptocurrency market, highlighted by Bitcoin's ascent above the $45,000 threshold. Ripple, the company closely linked with the XRP Ledger, holds a significant portion of XRP with about 45 billion tokens in both escrow and spendable accounts. An analysis of the ledger reveals that the majority of XRP holders possess a modest amount, with twenty to five hundred tokens in each wallet. This distribution indicates a broad base of users with smaller investments in the digital asset. Moreover, data shows that over two million XRP accounts collectively maintain around one hundred eighty-two million XRP. The total value of the XRP supply, which is close to 100 billion tokens, is currently estimated at $56.41 billion USD. https://www.investing.com/news/cryptocurrency-news/xrp-ledger-wallet-addresses-exceed-5-million-amid-market-recovery-93CH-3269991

2024-01-09 08:46

Copyrighted Image by: Reuters. Investing.com - The U.S. dollar rose in early European trade Tuesday, rebounding after slipping from its 3-week high overnight, while weak German economic data weighed on the euro. At 03:45 ET (08:45 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, traded 0.1% higher at 102.067, after falling from three-week highs in the prior session, as uncertainty over rate cuts in 2024 spurred some profit-taking. Dollar off three-week high after dovish Fedspeak The dollar posted gains of around 1% last week as doubts started to emerge over whether the Federal Reserve will begin cutting interest rates as early as the first quarter of 2024. However, it drifted lower on Monday following relatively dovish Fedspeak, with Governor Michelle Bowman calling monetary policy "sufficiently restrictive" and Atlanta Fed President Raphael Bostic repeating his view that rate cuts are likely this year. Additionally, the New York Fed's latest Survey of Consumer Expectations showed that U.S. consumers' projection of inflation over the short run fell to the lowest level in nearly three years in December. Thursday's U.S. CPI remains the week’s key focus, as it is likely to determine future expectations of the Fed’s interest rate moves. Euro dips on weak German economic data In Europe, EUR/USD traded 0.1% lower at 1.0945, after data showed that German industrial production unexpectedly fell by 0.7% in November on a month-on-month basis, marking the sixth monthly decline in a row. 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 given the weakness of the German economy, Europe's biggest. Eurozone inflation jumped to 2.9% in December from 2.4% in November, data showed on Friday. But this was widely expected, and growth in the region remains difficult to find. GBP/USD fell 0.1% to 1.2733, with traders looking ahead to Friday’s release of GDP data for November for further guidance. Japanese inflation drops Elsewhere, USD/JPY traded 0.1% lower to 144.09, after data showed inflation in Tokyo fell closer to the Bank of Japan’s 2% annual target range in December. The BOJ has signaled that it will begin tightening its ultra-dovish policy only after the 2% target is achieved. USD/CNY rose 0.1% to 7.1595, as sentiment towards China remained weak. Inflation data due this Friday is expected to show a continued deflationary trend in the country, while trade data is likely to show sustained weakness in its export engines. https://www.investing.com/news/forex-news/dollar-edges-higher-euro-falls-after-weak-german-economic-data-3269984

2024-01-09 05:22

Copyrighted Image by: Reuters. Investing.com-- Gold prices rose slightly in Asian trade on Tuesday, recovering from a rough start to the year as markets reassessed expectations for early interest rate cuts by the Federal Reserve before key U.S. inflation data due this week. The yellow metal fell sharply below the $2,050 an ounce level over the past week, tracking a rebound in the dollar as strong labor market data brewed uncertainty over just how much impetus the Fed has to begin loosening policy early. But gold prices saw some relief this week as the dollar fell from three-week highs, amid some profit-taking. Still, the yellow metal remained well below highs hit in December. Spot gold rose 0.2% to $2,032.91 an ounce, while gold futures expiring in February rose 0.3% to $2,038.85 an ounce by 00:07 ET (05:07 GMT). US inflation data awaited for more rate-cut cues Traders remained heavily biased towards the dollar ahead of key consumer price index data due this Thursday. The reading is expected to show a mild pick-up in inflation in December which, coupled with the strong nonfarm payrolls reading, gives the Fed more headroom to keep rates higher for longer. This spurred some trimming in expectations for early interest rate cuts, which in turn saw gold give up some gains made in December. The yellow metal still ended 2023 with a 10% gain. Fed officials also pushed back against expectations for early interest rate cuts. Atlanta Fed President Ralph Bostic said that with inflation still well above the Fed’s 2% annual target, he remained biased towards policy staying tight in the near-term. While Bostic still expects rates to eventually fall in 2024, he flagged only about 50 basis points of cuts- much smaller than what markets are expecting. Traders were also seen steadily trimming bets that the Fed will begin cutting rates by as soon as March. The CME Fedwatch tool now showed traders pricing in a 59.4% chance for a March cut, down from 64% seen on Monday and 70.7% seen a week ago. Higher-for-longer rates bode poorly for gold, given that they push up the opportunity cost of investing in the yellow metal, which offers no yield. Copper treads water amid dollar pressure, China anticipation Among industrial metals, copper prices moved little on Tuesday amid pressure from a strong dollar, while anticipation of key economic readings from top importer China also kept traders wary of the red metal. Copper futures expiring March rose 0.2% to $3.8288 a pound. They had fallen over 2% in the first week of 2024. Apart from the U.S. data, focus this week is also on Chinese inflation and trade figures for December, due on Friday. The world’s biggest copper importer is expected to have remained in disinflation in December, while trading activity- particularly its exports- are expected to have also fallen. But despite overall economic weakness, China’s copper imports remained surprisingly resilient through most of 2023. Data on Friday is expected to show whether this trend continued in December. 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-steady-from-new-years-losses-inflation-data-awaited-3269942