2023-12-11 01:13

Copyrighted Image by: Reuters. Investing.com -- Oil prices settled slightly higher Monday, attempting to steady from the longest drop in five years as investors awaited further catalysts this week as central banks including the Federal Reserve are set to deliver updates on monetary policy. By 14:30 ET (19:30 GMT), West Texas Intermediate crude futures settled up 0.13% at $71.32 a barrel, while Brent oil futures expiring in February settled up 0.25% at $76.03 a barrel. Crude prices were nursing seven straight weeks of losses, the longest losing streak in five years. Central bank decisions on tap this week Major moves in oil were limited before a string of key central bank meetings and economic readings this week. The Fed is tipped to keep borrowing costs steady at a range of 5.25% to 5.50% when policymakers gather for their final two-day meeting of 2023 this week, meaning that special attention will likely be focused on comments from Chair Jerome Powell. Powell, who has stressed that the Fed will only move "carefully," is expected to attempt to give the bank some flexibility with its upcoming decisions. Prior to the end of the gathering, Fed officials will have the chance to pour through U.S. inflation data for November, as they try to gauge the impact of a long-standing and unprecedented campaign of rate hikes on price gains. Beyond the Fed, interest rate decisions from the Bank of England, the European Central Bank and the Swiss National Bank are also due this week. Global monetary conditions are likely to remain tight well into next year, which could temper economic growth and weigh on crude demand. Supply glut concerns remain in focus Concerns that global crude supplies could outpace demand continued to weigh sentiment as recent pledges by OPEC and its allies, or OPEC+, to cut production by about 2.2 million barrels per day earlier for three months next year isn't expected to make a significant dent in global supply. Growing doubts about whether the three-month cut, which is not only shorter than recent OPEC+ cut agreements but also voluntary, will be extended has also weighed on expectations for supply deficit next year, as the most recent deal showed divisions among members to cut production. As worries about a supply surplus persist, the demand outlook has been soured by recent data from China, the biggest oil consumer, pointing to a sluggish post-pandemic recovery. Data last week showed that the country’s oil imports sank to a four-month low in November amid high stockpiles and muted demand. Upgrade your investing with our groundbreaking, AI-powered InvestingPro+ stock picks. Use coupon code INVESTPRO to get a limited time discount on our Bi-Yearly subscription plan. Click here to find out more, and don't forget to use the discount code when checking out. https://www.investing.com/news/commodities-news/oil-prices-rise-on-us-economic-hopes-as-cbankheavy-week-begins-3253313

2023-12-10 14:12

BENGALURU - The Karnataka Special Investigation Team (SIT) is intensifying its probe into the alleged use of cryptocurrencies for bribery by hacker Srikrishna Ramesh, also known as Sriki, while he was in police custody. The investigation has unearthed connections implicating members of the Bharatiya Janata Party (BJP) and law enforcement officers in corruption activities. The SIT, following a deeper examination of a chargesheet filed back in 2021, is now seeking to cancel Sriki's bail. This decision comes after he admitted to bribing officials with cryptocurrency during his detention by the Bengaluru crime branch police. The inquiry is also revisiting interviews and details from a 2018 case that involved a crypto-linked dispute and political lineage. In an earlier development dated April 14, 2021, as Sriki was nearing release from the Bengaluru central prison, blockchain analysts alongside Whale Alert flagged suspicious Bitcoin transactions. These transactions were linked to the infamous Bitfinex exchange heist. Home Minister G Parameshwara referenced these findings while addressing past investigations related to BJP-led cover-ups. However, local Bengaluru police have denied any local connections to these transactions. The current focus of the SIT includes not only the chargesheet analysis but also allegations that emerged from Congress-initiated scrutiny which points towards systemic corruption involving high-profile individuals and crypto transactions. The outcomes of this investigation could have significant implications for all parties involved. https://www.investing.com/news/cryptocurrency-news/karnataka-sit-moves-to-revoke-hacker-srikis-bail-over-crypto-bribes-93CH-3253260

2023-12-10 14:10

Copyrighted Image by: Reuters. Crypto Rover (@rovercrc), a recognized voice in the cryptocurrency community, raised a flag of caution for Bitcoin investors today. In a tweet, they highlighted a significant risk looming over the market: if Bitcoin's price falls to $42,800, it could trigger the liquidation of long positions worth an estimated $400 million. This warning comes as Bitcoin experiences a week of gains, with its price at $43,801 at the time of writing. This reflects an 11.05% increase over the past seven days and a slight 0.03% uptick since Saturday. The alert underscores the fragile state of Bitcoin's current support level and the potential impact of market movements on investor positions. Data from CoinGlass has recently shown that $13.21 million in long positions have already been liquidated, which serves as a stark reminder of the crypto market's volatility. Investors are now on high alert, watching Bitcoin's price action closely. The possibility of such a substantial liquidation event has put additional pressure on traders to remain vigilant and well-informed as they navigate through potential price dips in an already unpredictable market. https://www.investing.com/news/cryptocurrency-news/bitcoin-investors-face-risk-of-400-million-liquidation-if-support-level-breaks-93CH-3253259

2023-12-10 14:08

Copyrighted Image by: Reuters LONDON - Charles Hoskinson, a prominent figure in the cryptocurrency industry, recently highlighted the need for Bitcoin to evolve beyond its current technology to remain competitive. He pointed to the historical importance of Bitcoin but stressed that technological advancements are crucial for its continued relevance in the crypto space. Hoskinson drew parallels between Bitcoin's current market position and Microsoft (NASDAQ:MSFT) Windows' past dominance in the computing industry. He suggested that just as Windows had to adapt to the rise of mobile technology or risk losing its leading status, Bitcoin must also embrace change to maintain its influence within the cryptocurrency infrastructure. As of the time of writing, Bitcoin has not exceeded its previous peak and is trading at $43,724, after attempts to breach the $44,000 mark were unsuccessful. This comes despite the digital currency achieving weekly gains of over 10%. The failure to establish a new high has sparked discussions about Bitcoin's future and its potential need for a strategic roadmap. Hoskinson cited Cardano's implementation of smart contracts and non-interactive proof-of-work (PoW) as examples of the type of innovation that could help Bitcoin stay relevant. These developments within Cardano are seen as steps forward in making blockchain technology more accessible and efficient. The comparison with Microsoft Windows serves as a cautionary tale; without a willingness to innovate, even the most established technologies can be overtaken as industry paradigms shift. Hoskinson's comments reflect a growing sentiment within the crypto community that Bitcoin must evolve or risk being surpassed by more technologically advanced platforms. https://www.investing.com/news/cryptocurrency-news/bitcoin-needs-roadmap-for-future-competitiveness-says-charles-hoskinson-93CH-3253258

2023-12-10 12:21

Copyrighted Image by: Reuters In the wake of recent volatility in Dogecoin's price, a prominent supporter of the cryptocurrency has issued a warning about fraudulent schemes. Mishaboar, a known advocate for Dogecoin, has raised concerns over new tokens that are exploiting Dogecoin's brand to deceive investors with "pump-and-dump" tactics and potential long-term devaluation strategies. Mishaboar's cautionary note comes at a time when Dogecoin enthusiasts have been observing fluctuating prices, with a recent peak reaching $0.01 followed by a sharp decline. The advocate stressed the importance of investor vigilance to recognize and avoid the complex scams and outright falsehoods being spread by those looking to capitalize on the popularity of Dogecoin. The alert specifically points to the dangers of new tokens that mimic Dogecoin's image, which could lure individuals into investing under false pretenses. Scammers often employ strategies involving sudden price surges that tempt buyers to invest quickly, only for the value to plummet shortly afterward when the scammers sell off their holdings in bulk. Furthermore, Mishaboar warned that these schemes might also involve trademark-related legal issues that could further harm investors. With these risks in mind, Dogecoin supporters are advised to exercise caution and conduct thorough research before engaging with any cryptocurrency that appears to be associated with Dogecoin or its community. https://www.investing.com/news/cryptocurrency-news/dogecoin-advocate-warns-of-scams-mimicking-popular-meme-coin-93CH-3253243

2023-12-10 12:19

In a major milestone for the Tron network, founder Justin Sun announced plans for an airdrop to celebrate the platform reaching 200 million accounts. The airdrop, which will be distributed through Binance Square's Red Packet feature, aims to thank users for their continued support and to bolster the network's growing community. This announcement comes in the wake of recent security breaches at cryptocurrency exchanges Huobi and Poloniex. Sun has committed to fully compensating affected users and has also promised an additional reward airdrop for those using the exchanges. While specifics regarding the reward airdrop are still under wraps, Sun's assurance of asset restitution highlights his commitment to maintaining user trust amidst challenges in the crypto space. The Tron network's achievement is significant in the blockchain industry, marking its expansion and adoption across various user bases. The planned airdrops are expected to further incentivize participation and engagement within the Tron ecosystem. Details on the timing and eligibility criteria for the airdrops are anticipated to be released soon, as users await further updates from Sun and the Tron network team. https://www.investing.com/news/cryptocurrency-news/tron-network-celebrates-200-million-accounts-with-upcoming-airdrop-93CH-3253238