2023-12-04 00:40

Copyrighted Image by: Reuters. Investing.com -- Gold prices touched an all-time high on Monday, but later pared back some of these gains, as traders bet on the potential for a Federal Reserve interest rate cut next year. By 07:26 ET (12:26 GMT), spot gold was mostly unchanged at $2,071.29 a troy ounce, retreating slightly from an earlier rally that had lifted the typical safe haven asset to a record $2,135 per troy ounce. Gold posted strong gains last week, and also rose for a second consecutive month in November. The yellow metal has appreciated sharply in recent sessions as easing inflation, soft labor market data, and less-hawkish signals from the Fed bolstered speculation that the bank will bring down borrowing costs from a more than two-decade peak in 2024. Near-term demand for gold was also fueled by an attack on an American warship and commercial vessels in the Red Sea, which ramped up concerns over an escalation in the violence in the Middle East. Speaking on Friday, Fed Chair Jerome Powell reiterated his stance that U.S. rates will remain higher for longer. But some changes in his language -- particularly an acknowledgement of progress made towards curbing inflation and the potential for a “soft landing” for the U.S. economy -- reinforced expectations that the Fed will no longer hike rates in December and possibly begin cutting them by March 2024. More economic cues on tap this week Investing.com's Fed Rate Monitor Tool shows an almost 97% chance that the Fed will keep rates on hold at a range of 5.25% to 5.50% when policymakers meet later this month. Meanwhile, there is a more than 50% probability that the central bank will trim rates by 25 basis points as soon as March of next year, up from around 21% one week ago. The prospect of falling borrowing costs bodes well for gold, given that elevated rates push up the opportunity cost of investing in non-interest bearing assets like the metal. This notion had battered bullion prices over the past year. But markets still have a slew of economic figures to assess. Nonfarm payrolls data for November -- a key gauge of the labor market -- is due later this week, while inflation readings for the remainder of the year are also slated for release in the coming weeks. Some facets of the labor market remain strong, while inflation is still comfortably above the Fed’s 2% target -- a trend that, if persistent, may diminish the chances of an early rate cut. https://www.investing.com/news/commodities-news/gold-prices-hit-record-high-above-2100-on-bets-of-early-fed-cuts-3248250

2023-12-01 15:01

Copyrighted Image by: Reuters. Colombia is making significant strides towards integrating cryptocurrency into its economic framework, with President Gustavo Petro now owning Bitcoin (BTC) after engaging in strategic talks focused on national adoption. The discussions, which included Samson Mow of JAN3 and Diego Gutierrez-Zaldivar from IOVLabs, revolved around using blockchain technology to drive societal benefits. The Colombian President's new BTC holdings result from a gift from Mow, a well-known figure in the cryptocurrency sector. This symbolic gesture underscores Colombia's interest in exploring the potential of digital currencies and blockchain technology. The agenda of the meetings covered a range of innovative applications, such as deploying Bitcoin within worker cooperatives and utilizing blockchain for efficient management of public sector operations, including health billing and land restitution. The conversations come at a time when Colombia is eagerly awaiting new cryptocurrency regulatory frameworks. The Financial Superintendency of Colombia is currently piloting a plan that could pave the way for policy adaptations that embrace crypto initiatives. This progressive stance is mirrored by Argentina's President Javier Milei, who, inspired by Max Keiser's initiative, is preparing for a diplomatic mission with El Salvador to delve into the role of crypto in economic freedom and its potential as legal tender. At the time of writing, the market price for Bitcoin is $38,117, reflecting the dynamic nature of the cryptocurrency market. With Colombia's high-level engagement with industry experts and anticipation of regulatory clarity, the country is positioning itself at the forefront of Latin American nations considering the adoption of digital currencies for national prosperity. https://www.investing.com/news/cryptocurrency-news/colombia-explores-bitcoin-adoption-president-petro-receives-btc-93CH-3247948

2023-12-01 14:32

Copyrighted Image by: Reuters Flare Labs has launched a private beta phase for its innovative FAssets system on the Coston testnet, marking a significant step forward in integrating XRP, BTC, and DOGE into the DeFi ecosystem. This development is a precursor to a broader public beta expected in Q1 2024, aimed at expanding user participation and dApp integration. The FAssets project allows for the minting of synthetic assets, representing non-smart contract tokens like BTC, XRP, and DOGE, on a smart contract chain. This process is designed to bring over 70% of value from the non-smart contract token space into the realm of DeFi, according to Flare Labs CEO Hugo Philion. The private beta phase focuses on critical user interactions and internal trials by Flare Labs. The upcoming beta stages will involve affiliated builders and data providers in controlled tests to assess the system's resilience. These tests will include market stress simulations to ensure robustness. The minting of FAssets is secured by collateral and is verified through a State Connector, a system that provides trustless access to external data. Liquidators and challengers play crucial roles in maintaining the collateral balance and monitoring for unauthorized mints, respectively. Once feedback from these controlled tests is incorporated, the FAssets system will move into a public beta phase, which will allow for broader user engagement and the opportunity for developers to integrate decentralized applications (dApps) with the FAssets. Looking ahead beyond the beta testing, the successful deployment of FAssets on both the Coston and Songbird networks will set the stage for a mainnet release. Users can anticipate the opportunity to benefit from a cross-chain incentive pool by earning FLR tokens. The platform is designed to enhance the utility of blockchain by providing decentralized and trustless access to external data, which is crucial for the functionality of smart contracts through the Time Series Oracle (NYSE:ORCL). The integration of FAssets into the DeFi space is a significant move towards bridging the gap between traditional cryptocurrencies and smart contract capabilities, offering a new avenue for token holders to engage with the DeFi sector. https://www.investing.com/news/cryptocurrency-news/flare-network-advances-with-fassets-testing-on-coston-testnet-93CH-3247926

2023-12-01 14:03

Copyrighted Image by: Reuters. The decentralized exchange dYdX has broadened its trading horizons by introducing five new perpetual contracts to its platform, including XRP, Uniswap (UNI), Tron (TRX), Optimisim (OP), and Cardano (ADA). This expansion brings the total number of cryptocurrencies available on dYdX to 13, enhancing the exchange's liquidity and maintaining competitive trading fees. On November 30, dYdX launched XRP perpetual contracts that offer traders the ability to leverage up to ten times, with a minimum order size set at ten XRP. This addition was made available through the trading portal dydx.trade. The move comes as part of the exchange's broader strategy to diversify its market offerings and cater to an increasing demand for varied trading options in the cryptocurrency space. The last trading day before the new contracts were announced saw a substantial $47 million in trading volume and $3 million in open interest on dYdX. These figures reflect the platform's robust activity and traders' enthusiasm for the new trading instruments. However, it's important to note that access to these new services is not universal. Residents of certain regions, including the U.S. and Canada, are restricted from using these services due to regulatory limitations in those jurisdictions. In addition to the market expansion, it was highlighted that both the dYdX Chain and the trading portal are governed autonomously under DOS governance. This structure ensures that neither dYdX nor dYdX Trading Inc. has direct control over the operations, underscoring the decentralized nature of the exchange. This operational independence is a key characteristic of decentralized finance (DeFi) platforms, which aim to operate without the need for a central authority. https://www.investing.com/news/cryptocurrency-news/dydx-adds-new-crypto-perpetual-contracts-including-xrp-and-ada-93CH-3247878

2023-12-01 13:14

Copyrighted Image by: Reuters. Cryptocurrency traders have gained new opportunities for leveraged trading as the decentralized exchange (DEX) dYdX has rolled out perpetual contracts for Ripple's XRP, alongside markets for other tokens such as UNI, TRX, OP, and ADA. This expansion brings the total number of cryptocurrencies offered on the platform to thirteen, all paired against the U.S. dollar for advanced trading services. Traders looking to leverage their positions can now do so with up to 10x leverage on XRP trades through the platform's website. The minimum order size for these trades is set at 10 XRP. In the past day, dYdX has seen a trading volume of $47 million with open interest reaching $3 million, indicating robust activity following the launch. One of the key features of dYdX is that users maintain custody of their cryptocurrencies while trading. Additionally, they have the potential to earn DYDX tokens as a reward for conducting transactions on the platform. However, it is important to note that these services are not accessible to users in certain regions, including the U.S. and Canada, due to regulatory restrictions. https://www.investing.com/news/cryptocurrency-news/dydx-introduces-perpetual-contracts-for-xrp-and-other-tokens-93CH-3247766

2023-12-01 11:34

Copyrighted Image by: Reuters Investing.com -- Shares in companies with ties to the cryptocurrency industry rose in premarket U.S. trading on Friday, buoyed by the price of Bitcoin touching its highest level since May 2022. Crypto exchange Coinbase (NASDAQ:COIN), as well as digital coin miners Marathon Digital (NASDAQ:MARA) and Riot Platforms (NASDAQ:RIOT), all climbed by more than 3%. Underpinning the gains was a jump in Bitcoin, which had added 1.81% to $38,585.4 by 06:06 ET (11:06 GMT). At one point, the world's largest digital asset had surged to $38,834 -- its highest price so far this year. Bitcoin has soared by over 133% in 2023, as bets that the Federal Reserve will soon end its long-standing campaign of interest rate hikes bolstered risk appetite amongst investors. Excitement around the token has also been spurred on by hopes that U.S. regulators will approve an initial batch of exchange-traded funds that invest directly in Bitcoin. Several top asset managers, including BlackRock (NYSE:BLK) and Invesco, have already filed applications with the U.S. Securities and Exchange Commission. The increase marks a rebound for Bitcoin from a sharp drop last year that was sparked in part by the collapse of the TerraUSD stablecoin network. https://www.investing.com/news/cryptocurrency-news/cryptolinked-shares-rise-premarket-as-bitcoin-hits-highest-price-since-may-2022-3247619