2024-03-18 03:39

Copyrighted Image by: Reuters. Investing.com-- Most Asian currencies kept to a tight range on Monday, while the dollar steadied near two-week highs as focus turned squarely to a swathe of central bank meetings helmed by the Bank of Japan and Federal Reserve. Strong U.S. inflation readings from last week put traders on guard over any hawkish sentiments from the Fed, while positive wage data and sticky inflation spurred mass speculation over whether the BOJ will end its ultra-loose policies this week. USDJPY steady, BOJ rate hike in focus The Japanese yen moved little on Monday after clocking a volatile week on speculation over an end to the BOJ’s negative interest rate and yield curve control policies. The BOJ kicked off its two-day meeting on Monday, with a hotly anticipated decision due on Tuesday. The USDJPY pair had fallen as far as 146 to the dollar, especially after reports showed Japanese labor unions won large wage hikes this year. Recent data also pointed to inflation remaining sticky, with both factors giving the BOJ enough confidence to end its ultra-dovish policies. But analysts still remained split over whether the bank will raise rates in March or April, with general consensus leaning slightly towards an April move. The BOJ is expected to raise rates by 20 basis points to 0.1% from negative 0.1%. While any rate hikes bode well for the yen, speculation over the timing of the hike saw the USDJPY pair mark volatile moves in recent weeks. The currency pair hovered around 149 on Monday. Fed meeting awaited for more rate cut cues The dollar index and dollar index futures moved little in Asian trade on Monday, steadying near two-week highs with focus squarely on the conclusion of a two-day Fed meeting on Wednesday. While the Fed is widely expected to keep rates unchanged, any signals on its plans for interest rate cuts in 2024 will be closely watched. But the central bank may also strike a more hawkish chord than markets are hoping for, especially as recent data showed stickier-than-expected inflation in February. The prospect of higher-for-longer U.S. rates bodes poorly for Asian markets. This caution kept most regional currencies moving little on Monday, with a few more regional central bank decisions also on tap later in the week. RBA, PBOC rate decisions also on tap The AUD/USD rose 0.1% ahead of a Reserve Bank of Australia rate decision on Tuesday. The RBA is widely expected to keep rates on hold and offer few signals on when it plans to begin easing policy, especially in the face of sticky inflation. The Chinese yuan tread water on Monday, with the USDCNY pair hovering around 7.1973. The People’s Bank of China is also set to decide on its loan prime rate this week, but is widely expected to leave the rate unchanged. Data released on Monday offered mixed cues on the Chinese economy. While industrial production grew more than expected in the first two months of 2024, retail sales missed expectations and unemployment unexpectedly rose. The South Korean won moved little with the USDKRW pair hovering around 1,332.01. The Singapore dollar was flat with USDSGD around 1.3378 following weaker-than-expected non-oil exports data from the island state. The Indian rupee firmed slightly, with USDINR moving down 0.1% to 82.841, amid signs of continued support from the Reserve Bank of India. https://www.investing.com/news/forex-news/asia-fx-muted-dollar-steady-ahead-of-fed-boj-meetings-3341202

2024-03-18 01:13

Copyrighted Image by: Reuters. Investing.com-- Oil prices settled higher Monday as a pledge from Iraq to cut crude exports just as defacto OPEC leader Saudi Arabia saw oil exports slip for second-straight month, easing concerns about a global supply surplus. At 14:30 (18:30 GMT), West Texas Intermediate crude futures rose 2.1% to settle at $82.72 a barrel, and Brent oil futures expiring in May rose 1.8% to $86.89 a barrel. Iraq, Saudi export cuts lift optimism Fed, central bank bank meetings sought for more economic cues The Fed is set to conclude a two-day meeting on Wednesday and is widely expected to keep rates steady. But markets were wary of any potentially hawkish signals from the central bank, especially following hotter-than-expected inflation data in recent months. Before the Fed, the Bank of Japan is set to decide on interest rates on Tuesday, and could potentially mark an end to nearly a decade of ultra-loose policy. Tighter global monetary conditions point to more pressure on the economy and could potentially stymie oil demand- which has been a key point of concern for oil markets over the past two years. Beyond the Fed and the BOJ, the Reserve Bank of Australia and the Bank of England are also due to meet this week, and are expected to signal few changes in interest rates. Oil markets await more China data A string of key economic indicators, as well as an interest rate decision in top oil importer China are also on tap this week. China is set to release industrial production and retail sales figures for the first two months of 2024 later on Monday, while the People’s Bank of China will decide on its key loan prime rate on Wednesday. Any signs of improving economic conditions in the country are likely to provide positive cues to oil markets. Retail spending in particular is expected to have been buoyed by the Lunar New Year holiday. But the world’s largest oil importer is still struggling with a broader slowdown in economic growth- a trend that could potentially hurt its appetite for crude. https://www.investing.com/news/commodities-news/oil-prices-tread-water-after-strong-week-as-fed-cbank-meetings-loom-3341188

2024-03-16 14:28

Copyrighted Image by: Reuters Investing.com -- Bitcoin supply growth is set to drop below 1% for the first time ever next month, when the ‘halving event’ gets underway, underscoring the popular crypto’s scarcity premium and likely fueling the current bull run just as institutional investors join the race to ‘hodl’ the popular crypto. "Bitcoin supply growth is currently about 1.7% and that will be reduced to a bit under 1% for the first time in bitcoin history,” at the next halving event, expected “sometime on April 17”, Bill Laboon, Director of Education and Governance Initiatives at Web3 Foundation told Investing.com’s Yasin Ebrahim in an interview on Thursday. Halving events, which occur once every four years, cut the amount of bitcoin that is produced on the bitcoin blockchain, or network, by miners in half --- hence, ‘halving.’ But what exactly gets halved? The only way to make bitcoin is by producing blocks for the Bitcoin network. Each block currently produces 6.25 bitcoin that is distributed to the miners responsible for validating transactions stored in blocks on the blockchain. But at the next halving event, this reward will be halved to 3.125 BTC, slowing the rate at which new bitcoin is minted and increasing its scarcity as well as price. About 19.6 million bitcoin, roughly 93.59%, of the total 21 million bitcoin has already been mined. “Going forward miners are going to be fighting for a much, much smaller issuance of Bitcoin in every block,” Laboon said, adding that there’s still aways to go until the last block is mined, expected sometime in 2140. Since its inception in 2009, there have been three halving events that have reduced the supply growth of bitcoin from a 25% rate to just under 2% currently. Halving history appears to be smiling bitcoin bulls During previous four-year halving cycle, the price of bitcoin has followed a distinct path across three main periods: pre-halving, halving, and post-halving. In the prior cycle in May 2020, Bitcoin was trading around $9,000 pre-halving, but after the halving on 11 May 2020 started a bull run to an all-time high of $68,982.20 by November 2021 before undergoing a significant correction. The 18-month period between bitcoin halving and the peak price is consistent across historical data from previous halving cycles. With the current peak in BTC price expected to be reach during the third week of October 2025 at a time when institutional investors are entering the fray -- following the launch of a spot-bitcoin ETFs in January this year -- many are optimistic that there is plenty of runway left in the current bull market. US-based spot Bitcoin ETFs have racked up over $60 billion in assets under management as of Mar. 16, data from Coinglass showed, with Blackrock''s iShares Bitcoin Trust (NASDAQ:IBIT), and Fidelity's Fidelity Wise Origin Bitcoin Fund (NYSE:FBTC) leading the charge. Bitcoin is evolving . . . After the last block is mined and 21 million bitcoin is in circulation, many worry about what the future holds for the bitcoin blockchain as the miners may be less incentivized to continue network upkeep without the reward for producing new blocks. But the use cases for bitcoin -- beyond just transferring bitcoin from one user to another – are beginning to emerge, increasing activity on the network and the related transaction fees that may turn to out be much more lucrative than the reward miners receive for churning out new blocks. “We've actually seen over the last year or so, there have been other uses of the Bitcoin network besides just transferring Bitcoin around, most famously ordinals,” which can be thought of as a “super NTFs (non-fungible tokens),” Laboon said. “As time goes on, this fee market is going to take over from new issuance of Bitcoin in order to ensure that miners are still are paid to do the work of continuing security in the network,” he added. The rise in the creation of layer-two technologies or off-chain networks -- built on top of layer-1 blockchains like bitcoin – is a “very big area for growth,” for bitcoin, Laboon added, as it allows people “to use the security of bitcoin to run more complicated programs that were done, sometimes on other blockchains.” https://www.investing.com/news/cryptocurrency-news/bitcoin-bulls-eye-supply-growth-drop-below-1-for-first-time-ever-in-april-halving-3341046

2024-03-15 15:19

Copyrighted Image by: Reuters. Bitcoin ETF weekly inflows the largest since launch - analyst In a note covering cryptocurrency markets, JPMorgan said that Bitcoin ETF inflows were at their largest since the launch this week. The investment bank estimates preliminary net sales of U.S. spot Bitcoin ETFs of ~$ $132 million on Thursday, March 14, the group's 44th day of trading. "Daily gross flows (excl. GBTC) were $389mn, a significant step down from the record >$1.1bn daily gross flows seen just a few days ago," said analysts. "Nonetheless, the group still reported the largest week of inflows since launch totaling ~$2.6bn of net sales (incl. GBTC) and $4.0bn of gross sales (excl. GBTC) for the 5 trading days ended March 14." The bank noted that Grayscale's GBTC redemptions were -$257mn yesterday, while they also said BlackRock (NYSE:BLK)'s IBIT accounted for nearly 90% of the gross flows recorded yesterday as "many other issuers saw significantly more muted flow." https://www.investing.com/news/cryptocurrency-news/bitcoin-etf-weekly-inflows-the-largest-since-launch--jpmorgan-432SI-3340291

2024-03-15 14:27

TAMPA, FL - LM Funding America, Inc. (NASDAQ:LMFA), a cryptocurrency mining and specialty finance firm, announced today that it will receive an early delivery of 300 Bitmain S21 Antminer machines. The company expects to deploy the new mining hardware by early April, which is anticipated to enhance its mining capacity to 673 petahash. The Bitmain S21 Antminers are high-efficiency mining rigs with a hash rate of 200 terahash per second and a power consumption rate of 3,500 watts. They are designed to mine the SHA-256 algorithm, which is used by Bitcoin and several other cryptocurrencies. Bruce M. Rodgers, Chairman and CEO of LM Funding, stated that the early delivery of the S21s, originally expected by the end of March, is a positive development for the company. Rodgers expressed confidence that these machines will be significant contributors to the company's revenue growth, especially during the upcoming Bitcoin halving event this year and the subsequent one projected for 2028. LM Funding America began its Bitcoin mining operations in September 2022 and also operates a technology-based specialty finance company. This segment of the business provides funding to nonprofit community associations in Florida, Washington, Colorado, and Illinois, by purchasing a portion of the associations' rights to delinquent accounts. The information in this article is based on a press release statement from LM Funding America, Inc. InvestingPro Insights As LM Funding America, Inc. (NASDAQ:LMFA) gears up to expand its cryptocurrency mining operations with the introduction of new Bitmain S21 Antminer machines, the company's financial health and market performance provide a broader context for investors. With a focus on growth, analysts are anticipating an increase in sales for the current year, aligning with the company's expansion efforts in the mining sector. This optimism is reflected in the company's impressive revenue growth over the last twelve months, which stands at 993.94%, showcasing a substantial increase in the company's financial activity. Investors seeking value might find LMFA's low Price / Book multiple of 0.2 particularly interesting, suggesting that the company's stock could be undervalued in relation to its assets. This metric often attracts investors who are looking for potential bargains in the market. Despite these positive indicators, potential investors should be aware that LMFA is trading with high price volatility, which could indicate a higher risk profile. The company is also quickly burning through cash, with an operating income margin of -173.77% over the last twelve months, underscoring the need for careful financial management in the future. For those looking to delve deeper into LM Funding America's financials and future prospects, there are additional InvestingPro Tips available. With the use of the coupon code PRONEWS24, readers can get an extra 10% off a yearly or biyearly Pro and Pro+ subscription to access these insights, which include analyses on stock performance, profitability forecasts, and more. InvestingPro Data metrics reveal a market capitalization of 7.11 million USD, highlighting the company's size in the financial markets. The revenue figures and the recent significant return of 17.1% over the last week could be indicative of a positive investor sentiment following the announcement of the early delivery of mining hardware. For investors who wish to explore further, there are over ten additional InvestingPro Tips available, offering a comprehensive analysis of LMFA's financial health and market trends. https://www.investing.com/news/cryptocurrency-news/lm-funding-boosts-mining-capacity-with-early-delivery-of-antminers-93CH-3340166

2024-03-15 13:41

Copyrighted Image by: Reuters The mysterious identity of Bitcoin's creator, Satoshi Nakamoto, has been a topic of discussion and speculation since the cryptocurrency's inception. The possibility of unmasking Nakamoto has sparked intense debate within the crypto community, with many speculating about the potential outcomes for Bitcoin if the figure behind it were to be revealed. Who is Satoshi Nakamoto Satoshi Nakamoto is the pseudonymous person or group that created the cryptocurrency Bitcoin. The true identity of Satoshi Nakamoto remains unknown, and there has been much speculation and investigation into who or what group is behind the pseudonym. The name first appeared in a paper published in 2008 that detailed the design of Bitcoin. Satoshi is said to have stayed active in Bitcoin’s creation and the blockchain until around 2010 but hasn’t been heard from since. Despite various claims and theories, the true identity of Satoshi Nakamoto continues to be shrouded in mystery. How many bitcoin Satoshi Nakamoto has Most believe Satoshi Nakamoto holds around 1.1 million BTC. However, this is only an estimate, with some speculating it is between 600,000 and 1.1 million, worth between approximately $43 billion to $80 billion at current rates. This amount is said to be spread across various addresses, and it is believed that these bitcoins were acquired as a reward for mining during the early days of Bitcoin. Despite the widespread belief that these addresses belong to Satoshi Nakamoto, it is impossible to confirm with 100% certainty. Satoshi Nakamoto unmasking As mentioned, there have been various attempts at unmasking Satoshi Nakamoto, while some people have also come forward claiming to be the Bitcoin creator. For example, recent reports about a UK court case involving Craig Wright have brought significant attention to the elusive identity of Satoshi Nakamoto. A UK High Court ruled on Thursday that Wright, an Australian computer scientist, is not Satoshi Nakamoto, despite his claims to the contrary. Wright was taken to court by the Crypto Open Patent Alliance (COPA) to stop him from suing Bitcoin developers. COPA asked for a ruling that Wright was not Satoshi. Judge James Mellor, presiding over the case, said there was “overwhelming” evidence that Wright was not Satoshi. "Dr Wright is not the author of the Bitcoin white paper," said the judge. "Dr Wright is not the person who adopted or operated under the pseudonym Satoshi Nakamoto in the period 2008 to 2011." COPA’s members include Twitter founder Jack Dorsey's payments firm Block. Dorsey tweeted the judge’s comments on Thursday. Impact on Bitcoin price and crypto market So, what would be the impact on Bitcoin if Satoshi Nakamoto was to be unmasked? Gady Kohanov, the founder of BitcyClub, an educational app designed to help novice investors learn how to predict asset price movements of cryptocurrencies and commodities, told Investing.com that Satoshi’s “anonymity adds to the allure and uniqueness of Bitcoin, contributing to its mystique and widespread adoption.” Kohanov believes the decision to conceal the identity of Bitcoin's creator was intentional and “reflects a deep understanding of human behavior,” as people tend to judge products based on their creators rather than evaluating the solutions they offer. “Poking the bear often leads to undesirable consequences,” said Kohanov. “I predict that if the world continues to obsess over uncovering the identity of Satoshi Nakamoto, we may be inviting trouble.” “If the veil of secrecy surrounding Bitcoin's creator is lifted, it could shatter the idealized image that many hold of the cryptocurrency,” he added, explaining he sees two potential outcomes if Satoshi Nakamoto's true identity is revealed. “Firstly, Bitcoin may lose its mystique and appeal as a secure and unassailable digital asset,” argues the BitcyClub founder. “The introduction of a human element, complete with past mistakes and history, could tarnish Bitcoin's reputation and erode investor confidence.” Secondly, he believes existing investors could face significant losses based on the market reaction to the potential revelation. According to Kohanov, this could potentially result in a drastic decline in Bitcoin's value. “Its enigmatic creator and the anonymity surrounding its origins have contributed to its allure,” he stated. “However, attaching a human face with a history, especially one potentially fraught with controversy, could irreversibly alter Bitcoin's perception and value in the eyes of future investors.” Overall, Kohanov believes that even if Bitcoin's fundamentals were to remain unchanged, the revelation of Satoshi Nakamoto's identity “could trigger a seismic shift in the cryptocurrency landscape, leaving existing investors reeling from substantial losses.” https://www.investing.com/news/cryptocurrency-news/two-potential-outcomes-for-bitcoin-if-satoshi-nakamotos-true-identity-is-revealed-3340095