2023-11-30 02:02

Copyrighted Image by: Reuters. Investing.com -- Oil prices settled lower Thursday as OPEC+ members agreed to make additional voluntary production cuts that fell short of estimates amid signs of ongoing divisions among members for deeper production cuts. By 14:30 ET (19:30 GMT), U.S. crude futures settled 2.4% lower at $75.96 a barrel and the Brent contract fell 0.3% at $82.83 a barrel. OPEC+ production cut agreements underwhelm Excluding Saudi and Russian production cuts, OPEC+ members plan to make additional voluntary production cuts, totalling about 684,000 barrels per day, which fell short of expectations for cuts of about 1 million barrels. In unusual move that points to signs of potential divisions in the group, the plans for voluntary cuts were announced by individual OPEC+ members that than the secretariat. Saudi Arabia pledged to extend its voluntary cut of 1 million barrels per day until the end of Q1, while Russia said it would deepen its crude export curbs to 500,000 bpd from 300,000 bpd previously. Dollar rebound to keep lid on oil prices despite ongoing slowdown in inflation The dollar jumped on Thursday, keeping a lid on oil prices even as data showed that inflation continued to slow October. The October personal consumption expenditures price index,preferred inflation measure, slowed to a 0% pace, compared with forecasts for a 0.1% rise, from a 0.4% pace last month, taking the annualized figure to 3.4%, down from 3.7% the prior month. As oil is priced in dollars, a stronger greenback makes the commodity less attractive to foreign buyers. Bearish U.S. inventories continue to weigh The bearish report from the Energy Information Administration, meanwhile, also continued to weigh on sentiment as U.S. crude inventories rise by an unexpected 1.6 million barrels in the week to Nov. 24, confounding expectations for a small draw. The unexpected build in supplies comes as signs of continued economic decline China spurred concerns about the demand outlook. The country built up a large level of stockpiles this year, which could reduce its appetite for crude imports going into 2024. https://www.investing.com/news/commodities-news/oil-prices-dip-as-china-pmis-disappoint-opec-cuts-in-focus-3246309

2023-11-30 00:30

Copyrighted Image by: Ink Drop In a move to boost investor interest in cryptocurrency funds, BlackRock (NYSE:BLK), the world's largest asset manager, has refined its proposal for an in-kind Bitcoin Spot Exchange-Traded Fund (ETF). The revised proposal, which was presented to the Securities and Exchange Commission (SEC) and Nasdaq officials on Monday, seeks to enable direct trading of Bitcoin (BTC) rather than relying on futures as cash-based ETFs do. This update to the ETF model aims to address the SEC's persistent preference for cash-oriented Bitcoin Spot ETFs. Despite BlackRock's efforts to provide a product that would allow investors to trade actual Bitcoin, the SEC has historically been cautious about approving ETFs tied directly to the volatile cryptocurrency market. The initial proposal for the in-kind Bitcoin Spot ETF was put forward to the SEC on November 20. The latest refined version from BlackRock comes after receiving feedback from the SEC staff, indicating the asset manager's commitment to aligning with regulatory standards while also catering to the growing demand for cryptocurrency investment vehicles. As the market awaits the SEC's response to this new model, BlackRock's push for innovation in the ETF space reflects the ongoing interest in integrating digital assets into traditional investment portfolios. The outcome of this proposal could signal a significant shift in how investors can engage with Bitcoin through regulated financial products. https://www.investing.com/news/cryptocurrency-news/blackrock-refines-bitcoin-spot-etf-proposal-to-attract-investors-93CH-3246283

2023-11-29 21:39

The cryptocurrency Waltonchain (WTC) has experienced a significant drop in value, with its market capitalization shrinking to $4.55 million. The digital asset, which integrates RFID technology with blockchain for supply chain management solutions, saw its price fall to $0.0515 or 0.00000136 BTC as of Wednesday, midday ET. This decline is part of a broader downward trend for WTC, which has seen a dramatic 66.7% decrease in value over the past week. Waltonchain's trading activity has been robust despite the price fall, with $7.33 million worth of tokens changing hands. The project, launched on July 21, 2017, by Xu Fangcheng, has a total token supply of over 88 million tokens. These tokens are available for trade and utility within the Waltonchain ecosystem, which aims to enhance transparency in supply chain management through its innovative technology. The broader cryptocurrency market has also faced volatility, with various tokens experiencing fluctuations. KILT Protocol, for instance, managed to gain nearly 4%, contrasting with Waltonchain's losses. Meanwhile, other cryptocurrencies like Aidi Finance (BSC) and Zoo Token saw declines of over two percent, with Kitty Inu posting an increase of around two percent. CareCoin, along with other smaller tokens, mirrored Aidi Finance's downturn. Lego Coin held steady at its price point, Lumi Credits saw minor growth, and AXIA Coin endured a slight reduction. https://www.investing.com/news/cryptocurrency-news/waltonchain-value-plummets-market-cap-shrinks-to-455-million-93CH-3246222

2023-11-29 20:33

Copyrighted Image by: Reuters. In the aftermath of Ethereum's recent Shanghai upgrade, a significant trend has emerged in the validator landscape, with an uptick in average daily exits from Ethereum's staking pools. Glassnode's analysis revealed that, since early October, there has been a peak of approximately 1,018 validator departures per day, coinciding with a rise in cryptocurrency spot prices. This movement marks the first reduction in the Total Effective Balance engaged in Ethereum's Proof-of-Stake (PoS) consensus mechanism since the upgrade. The majority of these exits appear to be voluntary, with validators choosing to leave rather than being forced out due to protocol violations. Only a minority of exits were a result of slashing, which occurs when validators are penalized for actions that breach the network's rules. Interestingly, during this period, two notable outages were reported, one of which led to significant penalties for multiple validators. Amidst this backdrop of validator movement, there has been a discernible shift in investor behavior, with capital moving away from centralized exchanges and towards Liquid Staking Providers (LSPs). This shift is partly driven by increased regulatory scrutiny, which has investors seeking alternatives that offer liquid staking options. Lido, a leading LSP, has benefited from this trend, reporting a substantial net increase of 468,000 ETH in staked assets. In contrast, centralized exchange Kraken experienced a decrease of 19,400 ETH in its staked balance. Other staking service providers have not been immune to these shifts. HTX and Staked.us have also seen reductions in their staked balances, signaling a broader trend of capital rotation within the staking ecosystem. Investors are also diversifying into secure assets like US Treasuries, seeking stability amidst the uncertain regulatory climate. The Ethereum network is undergoing a dynamic phase as it adjusts to post-upgrade conditions. The validator exits and the migration of staked capital reflect the evolving nature of the cryptocurrency markets and the strategies deployed by investors in response to regulatory developments and market opportunities. https://www.investing.com/news/cryptocurrency-news/ethereum-staking-sees-validator-exits-and-capital-shifts-postshanghai-upgrade-93CH-3246151

2023-11-29 20:21

Copyrighted Image by: Reuters Geometric Energy Corporation's DOGE-1 satellite, funded by the cryptocurrency Dogecoin, has received a critical approval for its X-Band frequency from the National Telecommunications and Information Administration (NTIA). This marks a significant step toward obtaining the necessary Federal Communications Commission (FCC) license, as announced today by CEO Samuel Reid. The satellite is scheduled for a SpaceX Falcon 9 launch in January 2024 after experiencing previous delays. The DOGE-1 mission, which will broadcast advertisements from space, was initially announced in May 2021 by SpaceX founder Elon Musk in partnership with Geometric Energy Corporation. It was intended to be part of a rideshare mission involving Intuitive Machines. However, the development of DOGE-1 faced postponements, pushing its anticipated launch to the new year. The DOGE-1 satellite is set to join the payload of Intuitive Machines' mission aboard SpaceX's Falcon 9 rocket as part of this broader space exploration and marketing initiative. These ventures highlight the growing intersection of space technology and cryptocurrency, with Dogecoin enthusiasts eagerly anticipating the outcomes of these missions. In a related development, a physical Dogecoin token is being prepared for a lunar mission by Astrobotic, a Pittsburgh-based firm. This mission is part of NASA's Commercial Lunar Payload Services initiative and is scheduled for December 23. It will carry various payloads, including the physical Dogecoin, a BitMEX-sponsored Bitcoin token, and a Genesis Block replica commissioned by Bitcoin Magazine. https://www.investing.com/news/cryptocurrency-news/doge1-satellite-gets-ntia-approval-eyes-january-2024-spacex-launch-93CH-3246147

2023-11-29 19:41

Copyrighted Image by: Reuters. The recent surge in Bitcoin's value past $38,000 has brought not only profit to investors but also heightened concerns over the cryptocurrency's environmental impact. A study published in Cell Reports Sustainability draws attention to the substantial water usage of Bitcoin transactions, which averages 16,000 liters per transaction. This amount is equivalent to filling a garden swimming pool and contributed to a staggering global total of over 1,600 gigalitres in 2021. The environmental ramifications are particularly troubling in water-scarce areas such as Central Asia and the U.S. Alex de Vries, a researcher examining the cryptocurrency's footprint, projects a more than 40% increase in water consumption if the trend continues, driven by the energy-intensive Proof of Work (PoW) mechanism that underpins Bitcoin mining. This process requires significant computational power, leading to the need for extensive cooling systems for data centers and power plants. The reliance on renewable energy sources, often touted as a solution, is criticized by de Vries for being insufficient to offset the environmental impact due to their limited availability. Instead, he points to the Proof of Stake (PoS) model, which Ethereum transitioned to in 2022, as a more sustainable alternative. PoS reduces the need for energy-intensive hardware by allowing cryptocurrency holdings to increase the likelihood of validating transactions, a move that has not diminished Ethereum's popularity or functionality. As the crypto community looks toward the future, particularly around 2040 when Bitcoin mining is expected to end with the mining of the final coin, de Vries warns that miners must pivot away from unsustainable practices. Without adapting their technology, they risk being caught in a losing game against environmental sustainability, a scenario that could have severe implications for the industry's long-term viability. https://www.investing.com/news/cryptocurrency-news/bitcoin-transactions-water-consumption-rivals-swimming-pools-says-new-study-93CH-3246134